Instant loan is a type of unsecured personal loan which is approved and disbursed by the lender in very quick time. This reduction in processing time happens because of technological intervention. In most cases, the complete loan application process is completed with a few taps on the mobile phone or laptop. The loan is disbursed in a completely hassle free manner within a matter of few minutes to a few hours. The quantum of instant loan normally varies from ₹ 5000 to up to ₹ 5 lakh (sometimes even higher) depending upon the applicant’s eligibility.
Some of the commonly known lenders that offer instant personal loans include banks, nonbanking financial companies (NBFCs), credit card companies and online lenders.
By making instant loans so easily accessible to the potential borrowers, the lending establishments have caused a major shift in the financial industry. These loans are rapidly changing India’s lending landscape in the following ways:
Ease of application – By far the most standout feature of instant loans is their ease of application. One can apply for these loans within a few minutes through GoSahi platform or lender’s website / mobile app. There is no need of filling up lengthy application forms or submitting endless number of documents. All you need to do is provide some basic information and upload scanned copies of your documents.
Instant approvals and rapid disbursals – As soon as you provide your details and upload your documents, the lender carries out an assessment of your creditworthiness with the help of latest technologies like AI (Artificial Intelligence). An offer is sent to you right away and if acceptable, the money gets credited into your account in a matter of few hours.
Automation – As the entire application and disbursal process is automated, there is no need of running from pillar to post for submitting your application. The removal of human element also does away with the possibility of prejudicial treatment.
More transparency – The introduction of automation technologies such as artificial intelligence make instant loans far more transparent than other lending products. These are offered entirely on borrower’s merit, with a standard procedure getting followed from starting to the end. In case you are ineligible, you will be told exactly what’s wrong with your profile, so you can take remedial measures and reapply.
Live tracking – Another major standout feature which is enabling instant loans to revolutionize the lending industry is live tracking of the loan application. You can easily track the application status through your laptop or smartphone, after submitting the loan application. Not just that, you’ll be sent a regular updates regarding it too.
Some of the other ways in which instant loans are becoming a hot favourite amongst personal loan applicants in India are their competitive interest rates, flexible repayment options and round the clock customer support.
The best place to find instant personal loans is the GoSahi website where you can easily compare offers from multiple reputed and reliable lending establishments. All you need to do is provide some basic info regarding your loan requirement and eligibility. Once you do that you’ll be presented with potential instant personal loan offers from multiple lending establishments.