An instant loan can help you access funds quickly for urgent personal expenses such as medical bills, travel bookings, home repairs, education fees, short-term cash gaps, or emergency purchases. It is usually an unsecured instant loan, so you do not need to pledge gold, property, fixed deposits, or other assets. The interest rate may start from a similar point, but instant loans are generally designed for faster access, smaller amounts, and shorter repayment needs.
With Buddy Loan, you can apply instant loan online and check offers from lending partners through a digital process. The platform helps you compare eligibility-based options, repayment tenure, interest rate, processing fee, and loan amount before you proceed.
Instant Loan Offers from Top NBFCs & Banks
Instant loan offers are commonly available through private banks, digital-first banking apps, NBFCs, and RBI-regulated lending partners. Public sector banks may offer personal loans, but they are not generally positioned as instant digital loans in the same way private banks and NBFC apps are.
Top NBFCs Providing Instant Loans
NBFCs and digital lending platforms often focus on quick cash loan online journeys, paperless instant loan processing, and fast disbursal. However, these offers may carry higher rates or shorter tenures compared to standard bank personal loans.
| NBFC | Interest Rates | Processing Fee | Apply Online |
|---|---|---|---|
| Bajaj Finserv | 16% to 30% p.a. | Up to 3.93% inclusive of GST | Apply Now |
| KreditBee | 12% to 28.5% p.a. | Up to 5.1% + GST | Apply Now |
| Fibe(Early Salary) | 18% p.a. Onwards | Starting from 2% of loan amount + GST | Apply Now |
| Moneyview | 14% p.a. Onwards | Starts at 2% of approved loan amount | Apply Now |
| CASHe | Flat monthly rate varies by tenure | Usually 2.5% to 6% depending on tenure/product | Apply Now |
| Tata Capital | 10.99% to 29.99% p.a. | Processing and other charges apply as per lender policy | Apply Now |
| Pay Sense | Varies as per eligibility | Standard processing fee shown as 3% of loan amount | Apply Now |
| Muthoot Finance | 14% p.a onwards | Up to 3.5% | Apply Now |
| StashFin | 11.99% p.a onwards | Up to 10% | Apply Now |
| Faircent | 9.99% p.a onwards | Up to 8% | Apply Now |
| Money Tap | 13% p.a onwards | Up to ₹499 + GST or 2% of the borrowed amount + GST | Apply Now |
| Dhani Loans | 13.99% p.a onwards | 3% onwards | Apply Now |
| HDB Financial Services | Up to 36% p.a | Up to 3% | Apply Now |
| Home Credit | 24% p.a onwards | Up to 5% | Apply Now |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
List of Banks Providing Instant Loan
Avail the best instant loan in India from the banks mentioned below on the table. Now choose & secure your desired loan offer according to your convenient from the table below:
| Bank | Interest Rate (p.a.) | Processing Fee | Apply Online |
|---|---|---|---|
| SBI | 10.00% – 15.00% | Nil (Xpress Credit) or Up to 1.50% + GST | Apply Now |
| HDFC Bank | 10.40% – 24.16% | Up to ₹6,500 + GST | Apply Now |
| ICICI Bank | 10.60% – 16.50% | Up to 2.50% + GST | Apply Now |
| Axis Bank | 9.99% onwards | 1.50% – 2% + GST | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Up to 5% + GST | Apply Now |
| IDFC FIRST Bank | 9.99% onwards | 0% – 3.5% + GST | Apply Now |
| IndusInd Bank | 10.49% onwards | Up to 3.50% + GST | Apply Now |
| Yes Bank | 10.99% onwards | Up to 2% + GST | Apply Now |
| Federal Bank | 11.99% onwards | Up to 3% + GST | Apply Now |
| Union Bank of India | 8.85% – 12.55% | Up to 1% + GST | Apply Now |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.
Banks Vs NBFCs – Which is Better for Instant Loans
Embark on a financial expedition but first compare! Below is a comprehensive comparison between instant loan provided by NBFCs and banks for you to make an informed choice for your financial needs.
| Factors | NBFC | Bank |
|---|---|---|
| Interest Rates | May vary, generally higher than banks | Generally lower interests than NBFCs |
| Loan Amounts | Usually offer smaller loan amounts | Often provide higher loan amounts |
| Processing Fees | Potentially higher fees and charges (Ranges from 1% to 3% of the loan amount) | Varies but typically lower than NBFCs |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Instant Loan EMI Calculator
An Instant Loan EMI calculator(Equated Monthly Installment) helps you determine your monthly payments towards your instant loan. It takes into account the loan amount, the interest rate, and the loan tenure to calculate the EMI.
To use an instant loan EMI calculator, you only need to enter your loan amount, loan period and interest rate.
Instant Loan Interest Rates & Processing Charges
Taking your time and carefully choosing the right lenders and interest rates will help you to get the best offer for you. The table below entails the latest instant loans interest rate and charges provided by various lenders.
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
|---|---|
| Interest Rates | 9.99%* p.a. onwards |
| Processing Fees | Up to 2% plus applicable taxes |
| Instant Loan EMI | Starting from ₹2,124* per Lakh for 60 months |
| Instant Loan Tenure | 12-60 months |
| Foreclosure/Pre-Payment Charges | 0%* If paid from own sources |
Instant Loan Eligibility Criteria
Unlocking financial freedom keeping your eligibility criteria in check!
Before you apply for the instant loan, please ensure that you fall under all the instant loan eligibility criteria as outlined below:
| Age | 24 years-58 years |
|---|---|
| Citizenship | Indian citizen |
| Employment | Applicant should have stable income source |
| Work Experience | 6 months – 24 months |
| Monthly Income | ₹15,000 |
Documents Needed to Apply for Instant Loan
To apply for an instant loan or small cash loan, you’ll typically need these essential documents. Here’s a list of documents required for an instant loan.
For Salaried Employee
- Proof of Identity- Passport, Voter’s ID, Driving License or PAN Card
- Proof of residence- Passport or utility bills
- Proof of income- Bank statement of salary account for the past two years
For Self-Employed
- Proof of Identity- Passport, Voter’s ID, Driving License, or PAN Card
- Proof of residence- Passport or utility bills
- Proof of income- Audited financial of the past two years
Instant Personal Loan Features & Benefits
Let’s check the features and benefits of an Instant Loan from below:
Quick Approval
Loan approval within minutes.
Instant Disbursal
Funds are credited to your account without delay.
No Collateral Required
No need to pledge any assets.
Minimal Documentation
Simple process with very little paperwork.
100% Digital Process
Apply anytime from anywhere.
Flexible Usage
Use the loan for any personal financial need.
Steps to Get an Instant Loan in 10 Minutes
Before you proceed to apply for an instant loan you should ensure to check eligibility. Here’s the step-by-step process that you can follow to apply for an instant loan on Buddy Loan:
- Step 1: Visit buddyloan.com 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.
Instant Loan Repayment
Borrowers can choose from flexible installments, lump-sum payments, and penalty-free prepayment. These options allow borrowers to customize their repayment schedule, ensuring a stress-free experience
Such easy repayment options allow borrowers to tailor their repayment schedule according to their financial situation, ensuring a smooth and stress-free loan repayment experience.
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