Insta Loan

An insta loan is usually a short-term personal loan that Banks or NBFCs offer with instant disbursal. These loans are perfect if you need urgent funds for unexpected expenses like medical emergencies or sudden travel expenses. Banks and NBFCs offer you these loans with minimal documentation through a highly digitised process, making the loan application and disbursal processing fast. Helping you get your funds in time to meet your immediate requirements.

You will get an Instant personal loan at attractive interest rates starting from 9.25% p.a. which can be repaid in monthly instalments for tenures of up to 72 months. Here are the details of Insta personal loan:

Loan Amount ₹5000 - ₹1,10,00,00
Interest Rate 9.25% p.a. onwards
Tenure 6 - 72 months
Note- The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.

Insta Personal Loans Interest Rates by Banks & NBFCs

There are many banks and NBFCs that offer insta personal loans online, helping you meet your emergency financial requirements within minutes or hours. These banks offer competitive interest rates making it an affordable option during emergencies. Here are the various banks and NBFCs Insta personal loan interest rates:

Bank/NBFC Interest Rate
Karur Vysya Bank Limited 9.25% p.a. onwards
MoneyView 10.00% p.a. onwards
SMFG India Credit (Fullerton) 11.99% p.a. onwards
Piramal Finance 12.99% p.a. onwards
Fibe 10.99% onwards

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Note- The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.

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Insta Personal Loan Fees & Charges

When taking an Insta personal loan, you will need to consider the fees and charges associated with it. These charges represent the cost of processing the loan as well as other charges like prepayment costs, late payment costs, cash collection charges, and more. Here are the insta personal loan fees and charges:

Types of Charges Costs
Processing Fees Up to 5% + GST
Bounce Charge Up to ₹700
Foreclosure Up to 5%
Cancellation Fee Up to ₹2500

Insta Loan Eligibility Criteria

Several eligibility requirements are there to get an Insta loan, especially regarding your credibility. Usually, you will get an Insta loan if you have a high credit score along with a perfect repayment history. However, some lenders may consider those with zero or low credit scores as well. Here are the eligibility criteria for an Insta loan:

  • Must be an Indian Citizen.
  • Must be 21 to 80 years of age.
  • Must be salaried or self-employed with stable income and job security.
  • Must have a minimum income of ₹10,000.
  • Should have a credit score of 700 or above.

Documents Required For Insta Personal Loan

Insta loans usually require minimal documentation to make sure you get the funds you need immediately. These documents are required for proof of identity, address, and income. It is important to have your documents ready before applying to make the application process more convenient. Here are the documents required for an Insta personal loan:

  • Proof of Identity:PAN card,Aadhaar Card,Voter ID, Passport, Driver’s Licence, etc.
  • Proof of Address:Electricity Bill, Water Bill, Rental Agreement, Bank Account Passbook.
  • Income Proof:6 Months Salary Slips, Bank Account Statements, Income Tax Returns.
  • Selfie or Passport Size Photograph

Features & Benefits of Insta Loan

Insta loans offer you a quick financial solution to your emergency requirements. They offer a convenient way to get the help you need. Here are the features and benefits of Insta loans:

  • Flexible Loan amounts:You can get loan amounts for any requirement, whether small or significant. Lenders offer you loans starting from ₹ 5000 to ₹11 lakhs.
  • Competitive Interest Rates:The interest rates offered by lenders for insta loans range from 9.25% to 36% p.a. making sure you can afford to pay back the loan at a reasonable rate.
  • Flexible Loan Tenures:You can choose repayment terms starting from 6 months to 72 months. Giving you ample time to repay your loan comfortably.
  • Quick Approvals:Insta loans are known for their quick processing of applications, as decisions are made in a few minutes because of minimal documentation.
  • Minimal Documentation:Insta loans are given based on pre-existing information and usually require little documents like KYC and financial documents only.
  • Fast Disbursal:You quickly get the funds you need with an Insta personal loan, this is because of fast approvals and minimal documentation.
  • Relaxed Eligibility Requirements: Insta loan apps often offer loans to people with poor credit scores, making it widely accessible even for those who do not qualify for traditional loans.

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Insta Personal Loan EMI Calculator

When taking a loan, it is important to know the EMI you need to pay towards your loan. Knowing how much EMI you need to pay monthly can help you understand if the loan and its terms are comfortable for you or if you need to take a longer tenure. You can use an online insta personal loan EMI calculator to know your EMI. It is an easy-to-use tool that you can use to plan your monthly finances effectively.

To use the calculator, you need to enter the loan amount, interest rate, and tenure. After which you will get the estimated EMI amount.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Here’s the formula that is used to calculate your EMI:
EMI = P x R (1 + R)n(1+R)n-1

P = principal amount
R = rate of interest
n = tenure

Let’s calculate using an example to help you understand the calculation process better.


P = ₹1,00,000
R = 10% = 10100 = 0.10
n = 24 months

We can input the above amounts into the calculation formula:

EMI = 1,00,000 x 0.10 (1 + 0.10)24(1+0.10)24-1

Calculate the above, and you will get an EMI to be ₹4,614.

Therefore, for a loan amount of ₹1,00,000 at an interest rate of 10% p.a. and a tenure of 24 months, the EMI amount is estimated to be ₹4,614 approximately.

Steps to Get Insta Personal Loan On The Same Day

Several lenders offer Insta personal loans that are disbursed on the same day. However, the disbursal of the loan will depend on your credibility and the documents you provide. To apply for an insta loan on the same day, here are the steps you can follow:

  • Step 1: Choose a lender, you wish to borrow from, then visit their website.
  • Step 2: Navigate to the Insta Personal Loan page and click the ‘Apply Now’ button.
  • Step 3: Register using your phone number and enter the OTP in the required field.
  • Step 4: Provide all the required information.
  • Step 5: Upload all the necessary documents.
  • Step 6: The lender will process and verify your application.
  • Step 7: Once verified and you qualify for the loan, the amount you require will be disbursed to your bank account within the same day.

Steps to Apply For Insta Loan Through Buddy Loan

You can also apply for an insta personal loan through Buddy Loan, a digital fintech marketplace that will offer you solutions to your financial requirements through their lenders. Here are the steps you can follow to get an Insta loan online:

  • Step 1:- Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

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Frequently Asked Questions

Insta loans are short-term loans that you get disbursed quickly, giving you fast access to money in times of emergencies.

Insta money works by giving you quick instant cash loans through online applications. It is a completely digital process that requires minimal documentation.

Yes, you can foreclose an insta loan, with some lenders charging a fee while some lenders will not charge any extra fee for closing the loan before the tenure.

You will need a credit score of 650 or above to be eligible for an Insta personal loan.

The benefits of an insta personal loan are instant disbursal, minimal documents, flexible eligibility requirements, flexible loan amounts, tenure, and more.

You can take an insta loan when you need emergency cash for medical bills, car or bike repair, sudden travel requirements, etc.

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