How Do I Apply Online for An Instant Personal Loan?

There are times in life when you might feel that you need a little extra money – just for fulfilling your dream of going on your dream vacation, buying an electronic item for the house or a personal gadget, getting your home remodeled, or if you are facing a potential financial crisis like the loss of a job or a medical emergency. In situations like this, a personal loan could come in handy to help you stay afloat in times of crisis and sta.

First, what is a Personal Loan?

  • A personal loan is an unsecured loan—meaning that you need not pledge any collateral or guarantor. It is given on the basis of your credit history, repayment ability, age, income, and other important factors.

  • It has relatively high interest rates – Since there is no security or collateral offered, the banks charge a high rate to cover their risk in case of default.

  • There are no restrictions on how you can use the money – unlike a housing or auto or student loan where you can use the loan amount only to buy a house, vehicle or for fees.<

  • Payments are usually done by way of EMIs (Equated Monthly Instalments), which means you need to carefully plan your finances. Even one missed payment could hurt your credit score.  

While shopping for a personal loan, the most important thing to look for is the interest rate. It is important that you don’t just settle in for the first offer you get. Having a healthy credit score helps with negotiation for the best interest rates. Even a 0.05% reduction in interest rate would save you a lot of money over the entire tenure of the loan.

How do I apply online for an instant personal loan?

There are several lenders that offer instant personal loans. For instance, if you are a holder of HDFC Bank Credit Card, you could apply for an HDFC Insta Loan. This is basically a pre-approved loan within the credit limit on your HDFC Bank Credit Card. The loan amount will be blocked against the credit limit of your credit card. Some of its features are as mentioned below:

  • Instant Credit – the loan amount is credited directly to your HDFC Bank savings account instantly if you apply through PhoneBanking.

  • Attractive Rate of Interest

  • Nil Documentation since you are an existing customer. No hassles of documentation if you are in urgent need of funds.

  • Flexible Repayment tenure

Other Banks like ICICI and SBI might offer instant approvals for personal loan based on your relationship with them and approve your loan application accordingly. You can apply on their website online or apply through Net Banking to check whether you are eligible for any pre-approved offers on their personal loans.

How to apply online:   

Log onto the bank website

Click on Loans/Personal loans

Fill in the form with your requisite personal details

Depending on the bank, you may be eligible for a loan instantly or a customer representative will get in touch with you.

Need help with the application process? CreditMantri can help you identify the personal loan offer that best suits your credit profile, and help you obtain it.