Should we apply for personal loan from instamoney
In this article, you’ll be getting familiar with, whether to apply for a personal loan from instamoney or not.
An overview
Friends, if you are interested to apply for a personal loan to meet your financial requirements and want an instant personal loan. Today we will tell you about an application that provides personal loans for only salaried employees or persons. The name of the application is Instamoney, an organization providing instant personal loans organized by the LenDen club and an RBI-registered NBFC-P2P (non-banking financial company).
Eligibility criteria
✔ You must be a salaried individual.
✔ You must be an Indian citizen.
✔ Your age should be between 21 to 45.
✔ You must take a minimum salary of ₹12000.
✔ Your full salary must be received in the bank account for verification purposes.
Required documents
for getting instant approval for personal loan from instamoney you should have only four major documents.
Photo
PAN card
Adhar card/ Address ID proof
Bank statement–for verification of salary, you received.
Basic details
These are the basic details regarding personal loans from instamoney.
| App name | Instamoney |
| Downloading | 1M+ |
| Type | P2P |
| Loan range | ₹ 5,000 to ₹ 25,000 |
| Interest rate | 24% to 35.88% per annum |
| Tenure | 3 to 5 months |
| Processing fee | ₹ 199 ( Non-refundable) |
Key features
The basic important features which make your personal loan from instamoney approved, so simple and easy.
- Instant loans approval up to ₹25, 000
- Flexible repayment tenure from 3 months to 5 months
- No paperwork
- The amount value of your loan will be transferred to your bank account.
- No prepayment charges except the processing fee which is 199, you have to pay interest only on the amount used.
Steps to activate the loan
These are the basic steps that you have to follow to activate your instant personal loan from the app.
- Log in to the app using your google account
- Fill in basic details such as PAN no. , name, DOB, gender, and personal details
- Answer all the questions, submit and check the eligibility
- Pay the processing fee which is non-refundable if your loan is rejected.
- Upload the required documents
- After some time your loan will be approved. If you follow all precautions and fill in all details accurately, your loan could be approved within 10 minutes
- Once your personal loan is approved, you will be notified of your approval status and the loan amount gets transferred to your bank account within 2 hours-approx (as claimed by the app).
Conclusion
So the conclusion is that if you are a salaried person and follow all the norms and conditions of the company, they have mentioned on their website, So there is more chance of getting a loan here.
But the thing to keep in mind is there is a processing fee that you have to definitely pay to activate the loan process and which is non-refundable, If the information entered by you is found to be incorrect in any respect then your loan will be rejected.
I have told you all the pros and cons, but now the decision is up to you whether you want to apply for the loan or not. If you have any queries regarding this article, comment.
If you want to apply for a personal loan from instamoney, for more detail contact instamoney.
related topic–how to apply online for an education loan.