InstaMoney Personal Loan: How to take personal loan from InstaMoney app? Know interest rates and features

Do you need quick cash to meet your personal financial needs? If yes, then you should look at InstaMoney App which offers instant personal loans.

In this blog post, we will delve deeper into the eligibility criteria, required documents, interest rates and application process for InstaMoney Personal Loan. So let us know how InstaMoney app can become your trusted companion in times of financial crisis.

InstaMoney Personal Loan Highlights

Application NameInstaMoney Personal Loan App
loan amount5,000 to 50,000
Rate of interest2.99% per month
loan period3 to 5 months
processing fee5% of loan amount + taxes

InstaMoney Personal Loan App

InstaMoney Personal Loan App is a digital platform that provides instant personal loans ranging from Rs 5,000 to Rs 50,000 to salaried individuals in India. This app offers repayment tenure ranging from 3 to 5 months with interest rates of 2.99% per month.

To get a loan from InstaMoney, you have to pay a registration fee of Rs 199 and a processing fee of 5% of the loan amount. However, this app does not charge you any prepayment charges which means that you can repay your loan before time without any charges.

Interest Rate for InstaMoney Personal Loan

When it comes to taking a personal loan, one of the most important factors is the interest rate. The interest rate determines how much you will pay on top of your borrowed amount. With InstaMoney Personal Loan, you can expect competitive and affordable interest rates.

Instamoney Personal Loan interest rates start from 2.99% per month. These rates are influenced by many factors such as your income, age, employment, credit history, loan amount and tenure etc. If you have a good credit history, you can expect to get the loan at attractive rates.

Essential Eligibility Criteria for Instamoney Personal Loan

To apply for InstaMoney Personal Loan, you need to meet certain eligibility criteria. These requirements ensure that the loan is given to individuals who are able to repay it. The eligibility criteria are given below:

  • age: Your age should not be at least 21 years and more than 45 years.
  • employment: The applicant must be a salaried person with a stable source of income.
  • Income: The minimum monthly income of the applicant should be Rs 12,000.
  • Citizenship/Nationality: You must be an Indian citizen or resident in India.
  • Credit Score: A good credit score greatly improves your chances of getting approved for a personal loan with favorable terms and interest rates.

Documents required for Instamoney Personal Loan

Before applying for InstaMoney Personal Loan, it is important to have all the necessary documents ready so that you can have a smooth and hassle-free experience. This document is as follows:-

  • KYC Documents: Aadhar Card and PAN Card
  • Bank statement:Bank statement of the last 3 months in which salary is deposited.
  • NACH Mandate (e-NACH option available)

Features and Benefits of InstaMoney Personal Loan App

The InstaMoney Personal Loan app is loaded with a number of features and benefits that make it a convenient option for people in need of quick money. These features and benefits include:

  • Fast and easy application process: The entire InstaMoney loan application process can be completed online in just a few minutes. No need to visit a branch or submit any paperwork.
  • Competitive Interest Rates: InstaMoney offers the most competitive interest rates (2.99% per month) on Personal Loan, making it an affordable option for borrowers.
  • Flexible Repayment Options: Borrowers can choose from a variety of repayment options (3 to 5 months) to suit their needs.
  • No prepayment charges: You can repay the loan taken from Instamoney app ahead of time without any prepayment charges.
  • No collateral required: InstaMoney Personal Loan is unsecured, so there is no need to pledge any collateral against the loan.
  • Hassle Free Documentation: You can easily submit all the required documents online through InstaMoney App, with minimal paperwork.
  • Transparency: The app provides transparency throughout the entire loan journey. You can track the status of your application in real time and get regular updates on any changes or progress made regarding your loan.

How to apply for Instamoney Personal Loan?

Applying for InstaMoney Personal Loan is a simple and hassle-free process. Here’s a step-by-step guide to help you with the application process:

  • download app: From your smartphone’s app storeInstaMoney Personal Loan App download. It is available for both Android and iOS devices.
  • Login: Once the app is downloaded, logging in with your email ID or Facebook ID.

Login on InstaMoney Personal Loan AppLogin on InstaMoney Personal Loan App

  • Eligibility Check:Provide all the necessary information required to check your eligibility for loan application such as personal details, PAN card number, name, date of birth, employment information, etc.

Check Eligibility For InstaMoney Personal Loan ApplyCheck Eligibility For InstaMoney Personal Loan Apply

  • Select loan amount and tenure: If you are eligible for the loan, choose your loan amount and repayment tenure that suits your financial needs and repayment capacity.
  • Submit Documents: Upload scanned copies of mandatory documents including KYC documents and bank details etc.

KYC Documents Upload For InstaMoney Personal Loan ApplyKYC Documents Upload For InstaMoney Personal Loan Apply

  • Wait for approval: After submitting your application with relevant documents, wait for approval from Instamoney’s team of experts who will verify your details. The process is completed within 2 hours and the amount is disbursed into your account.

Wait for Approval For InstaMoney Personal Loan ApplyWait for Approval For InstaMoney Personal Loan

Factors to be considered for InstaMoney Personal Loan eligibility assessment

When applying for a personal loan through Instamoney, there are certain factors that they take into account to assess your eligibility. These factors play an important role in determining whether you are eligible for the loan or not.

  • Credit Score: One of the most prominent factors is your credit score. This is a three-digit number that reflects your creditworthiness and helps lenders determine how likely you are to repay the loan on time. A high credit score increases your chances of being eligible for a loan.
  • Stability of Income: Lenders want to make sure that you have a steady source of income to make your payments on time. They consider factors such as employment history, current job stability, and monthly income when assessing eligibility.
  • Purpose of Loan: The InstaMoney app can see if you plan to use the money for loan consolidation, home improvements, education, or any other legitimate reason. This helps them understand how responsible and sensible you are when it comes to borrowing money.
  • Financial Obligations: Lenders may consider your existing financial obligations such as loans or credit card loans. Your debt-to-income ratio plays an important role here as it shows how much of your income is spent on paying off existing loans.
  • Other evaluations: Some lenders may also evaluate other personal details such as age, residential status (owner or rented), and relationship with your existing customers.

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