An instant personal loan is a type of loan that provides quick access to funds, is processed and disbursed rapidly, without extensive documentation or collateral.
Published Aug 20, 2024 4 Min Read Link copiedSelecting different sizes will adjust the size of these words accordingly. Any changes made here will affect the majority of the text displayed on your device.
APPLY CHANGESAn instant personal loan offers a quick and straightforward way to access funds for various needs, such as emergencies or personal projects. The key advantage is the easy approval process, which allows borrowers to receive funds rapidly without extensive paperwork or delays. These loans are designed for convenience, with many lenders providing instant loan disbursement upon meeting basic eligibility criteria like age, income, and credit score. With fast processing and minimal hassle, instant personal loans are ideal for those needing immediate financial relief or quick access to cash without lengthy approval procedures.
Apply online for an instant personal loan from Bajaj Finance to benefit from approval within 5 minutes. Our eligibility criteria are simple, and the documentation requirement is basic. This speeds up the loan application process, and you get the funds you need within 24 hours* of approval and verification. You can avail up to Rs. 40 lakh without needing to pledge any security as collateral.
Use an instant personal loan to cater to unplanned expenses that come your way. You can repay the funds at your convenience over a repayment term of up to 96 months.
Bajaj Finance offers competitive interest rates on personal loan offerings to make repayment affordable for you. Check the other fees and charges to make a repayment plan before applying. You are assured of zero hidden charges.
For flexibility in borrowing, we offer the Flexi Hybrid feature. It allows you to make multiple withdrawals and deposits from your pre-approved sanction on the go. You do not incur additional charges to withdraw or pre-pay funds. Moreover, you pay interest-only EMIs for the initial part of the repayment term. This allows you to access instant funds and ease your way into repayment.
Instant personal loans bear no end-use restrictions, which makes them suitable for meeting diverse urgent funding needs, such as
Instant loan for wedding: An instant loan for a wedding provides quick access to funds for covering wedding expenses such as venue, catering, and decorations. With minimal paperwork and fast approval, these loans help manage the financial demands of a wedding, allowing you to celebrate without worrying about immediate financial constraints.
Instant loan for higher education: An instant loan for higher education offers rapid funding to cover tuition fees, books, and other educational costs. Designed for swift approval, it helps students or their families meet educational expenses without delays, ensuring smooth academic progress.
Instant loan for travel: An instant loan for travel provides immediate funds for booking flights, accommodations, and other travel-related expenses. This type of loan is ideal for those who need quick financing to take advantage of travel opportunities or handle unexpected travel costs.
Instant loan for home renovation: An instant loan for home renovation allows homeowners to quickly access funds for remodelling projects or repairs. With a streamlined approval process, this loan helps facilitate timely improvements and upgrades to your living space.
Instant loan for medical emergencies: An instant loan for medical emergencies offers immediate financial support for urgent medical treatments or hospitalizations. This loan type ensures you have quick access to necessary funds during critical health situations, providing peace of mind in emergencies.
Instant loan for second-hand car purchase: An instant loan for a second-hand car purchase provides fast financing for buying used vehicles. With easy approval and quick disbursement, this loan helps you secure a vehicle promptly without the need for extensive delays or lengthy application processes.
Opt for an instant approval personal loan online as per your financing needs. Use the online personal loan EMI calculator to estimate your fixed monthly outgo and choose a repayment term accordingly.
The instant personal loan interest rate is the percentage of the loan amount that borrowers pay to the lender as the cost of borrowing. For personal loan instant approval, this rate is based on factors like creditworthiness. With personal loan instant disbursal, you receive funds quickly when approved. Personal loan charges include processing fees, a one-time cost for loan application handling, and foreclosure charges, which are incurred if the loan is paid off early. Bajaj Finance offers competitive personal loan interest rates and charges. Moreover, you are assured of zero hidden charges and 100% transparency.
Term Loan – Not applicable
Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi charges above are inclusive of applicable taxes
*Loan amount includes approved loan amount, insurance premium, and VAS charges.
Full prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI
Term Loan: Not applicable
Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.
Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.
Broken Period Interest/Pre-monthly instalment Interest" shall mean the amount of interest on loan for the number of day(s) which is (are):
Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan.
Method of recovery of Broken Period Interest/pre-monthly instalment interest:
Scenario2: Less than period of 30 (thirty) days from the date of disbursement of the loan, interest on first instalment will be charged for actual number of days.
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
For Micro Finance Loans, please note below: Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 35%, and 35.40% per annum respectively. Part-prepayment and foreclosure charges are NIL.
Eligibility criteria refer to the specific requirements or conditions that an individual must meet to qualify for a personal loan. These criteria are set to ensure that applicants have the necessary qualifications, characteristics, or circumstances to be considered suitable. For example, in personal loans, eligibility criteria might include age, income level, and credit score. Below are the eligibility criteria for a personal loan from Bajaj Finance.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for personal loan typically include proof of identity (like a passport or driver’s license), proof of income (such as pay stubs or tax returns), proof of residence (like utility bills or lease agreements), and details of existing debts or liabilities. Some lenders might also ask for bank statements and employment verification. These documents help the lender assess your creditworthiness and ability to repay the loan. You may require the following documents when you apply for Bajaj Finserv Personal Loan:
Type of document
Requirement
Proof of identity
PAN card, Aadhaar Card, voter ID, passport, or any other government-issued photo identity proof
Proof of address
Aadhaar Card, voter ID, passport, ration card, utility bills, or any other government-issued proof of address
Salary slips for the last 3 months and bank account statements for the previous 3 months
Choosing Bajaj Finserv for an online instant loan offers numerous benefits. With personal loan instant approval, you can receive quick funds with efficient processing. Bajaj Finserv provides a seamless experience for those looking to apply online for an instant personal loan, simplifying the application process and reducing paperwork. Their competitive interest rates and flexible repayment options make it an attractive choice for borrowers. Additionally, Bajaj Finserv's user-friendly platform ensures that the entire process, from application to disbursal, is fast and hassle-free, meeting your financial needs with ease and convenience.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.