Getting quick cash loans are gaining popularity due to their swift processing and minimal paperwork. Whether it’s for an unexpected expense, medical emergency, or other urgent needs, quick cash loans provide a prompt solution. This piece delves into the process of obtaining a quick cash loan, the essential documents, advantages, prerequisites, interest rates, and crucial information about various banks offering these loans.
What is an Instant Cash Loan?
An instant cash loan is a short-term unsecured loan provided by banks and financial institutions that can be disbursed within 5 minutes to 24 hours. These loans are typically offered through online platforms or mobile applications and are designed to meet urgent financial needs.
How to Get an Instant Cash Loan in 5 Min?
Getting an instant cash loan is easy and can be done online:
- Visit Website or Mobile App: Log in or register on the bank’s website or mobile app.
- Check Eligibility: Provide basic information such as age, income, and credit score to check eligibility.
- Choose Loan Amount and Tenure: Select the desired loan amount and repayment tenure.
- Submit Required Documents: Upload documents like ID proof, income proof, etc.
- Instant Approval and Disbursal: Once the application is submitted and verified, the loan amount is credited to the bank account within minutes.
Documents Required for Instant Cash Loan
The following documents are generally required for an instant cash loan:
- Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License.
- Address Proof: Utility Bill, Aadhaar Card, Passport, or Rent Agreement.
- Income Proof: Salary Slips, Bank Statements (last 3-6 months), or Income Tax Returns (ITR).
- Bank Details: Canceled Cheque or Bank Passbook.
- Photographs: Passport-sized photographs.
Instant cash loan EMI Formula:
The formula to calculate EMI is:
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12)
- n = Loan tenure in months
Example Calculation:
Let’s consider an example where:
- Loan Amount (P) = ₹1,00,000
- Annual Interest Rate = 12%
- Tenure = 12 months
EMI Calculator for Personal Loan
Instant Cash Loan EMI Calculation Table:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure (Months) | EMI (₹) |
|---|---|---|---|
| 1,00,000 | 12% | 12 | 8,885 |
| 1,00,000 | 12% | 24 | 4,707 |
| 1,00,000 | 12% | 36 | 3,321 |
| 2,00,000 | 15% | 12 | 18,035 |
| 2,00,000 | 15% | 24 | 9,718 |
| 2,00,000 | 15% | 36 | 6,936 |
Benefits of Instant Cash Loan
- Quick Disbursal: Funds are credited to your account within minutes to a few hours.
- Minimal Documentation: Less paperwork compared to traditional loans.
- No Collateral Required: These are unsecured loans, so no need to provide any asset as collateral.
- Flexible Repayment: Various tenure options are available to repay the loan.
- Digital Process: The entire process is online, making it convenient and hassle-free.
Need for Instant Cash Loans in 5 Min
- Emergency Situations: Medical emergencies or urgent travel needs.
- Debt Consolidation: To consolidate multiple high-interest debts into one manageable loan.
- Short-term Cash Requirements: Unexpected expenses such as home repairs, tuition fees, or utility bills.
- Business Needs: Immediate working capital requirements for small businesses or startups.
Why Choose CreditWalle for Instant Cash Loans?
CreditWalle provides a seamless online loan process with minimal documentation, competitive interest rates, and flexible repayment options. Here’s why it stands out:
Quick approval in just 5 minutes
100% online process – no paperwork required
Instant fund transfer to your bank account
Flexible repayment options
Minimal documentation
Eligibility Criteria for Instant cash loan in 5 min
Before applying for an instant cash loan, make sure you meet the following eligibility criteria:
| Criteria | Requirement |
|---|---|
| Age | 21 – 60 years |
| Employment Type | Salaried / Self-employed |
| Minimum Monthly Income | ₹30,000 and above |
| Credit Score | 650+ (preferred) |
| Nationality | Indian |
Conclusion
Instant cash loans are an excellent option for those needing quick funds without the hassle of lengthy paperwork and approvals. With digital advancements and the ease of access provided by banks and financial institutions, getting an instant cash loan has become easier than ever. However, it is essential to read the terms and conditions, understand the interest rates, and have a good credit score to avail of the best deals.
Disclaimers
All the information has been mentioned as per the general notions as per the scenario going on in the digital lending industry. However, at every step of the personal loan, the terms and conditions pertaining to the eligibility criteria, documents, approval timing, and document requirements finally depend on the lender’s policies. Therefore, in case of the demand for any other documents and overall time consumption for the disbursal, can vary on the lenders. In those cases, the lender’s decision will be final where you must go through the terms and conditions before loan applications.
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