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Instamoney Personal Loan App 2024: Take personal loan up to Rs 5 lakh from Instamoney in just 5 minutes

Instamoney Personal Loan  App 2024: How would it be if you apply for a small personal loan and get the entire personal loan amount in your bank account within 10 minutes to 2 hours. We are talking about Instamoney Personal Loan  App Which provides hassle-free loan up to Rs 50000 within 2 hours with starting interest rate of 13% to its users and customers. If you need such an instant loan, then read the entire article carefully to know its application process and understand the eligibility criteria.

Instamoney Personal Loan App 2024

Instamoney एक  mobile application Is. Which is operated by Innofin Solution Private Limited. It is an NBFC- P2P company registered by RBI. Instamoney Loan  App Provides loan assistance to such people who are not able to easily get loans from traditional banks and other financial institutions.

Instamoney Loan  App Under this, a person can get instant loan amount ranging from Rs 5000 to Rs 50000 as per his need. The interest rate charged on loans provided by Instamoney ranges from 13% to 36% per annum. The loan recipient can repay this loan within 1 month to 6 months.   

Instamoney Personal Loan App: Overview

Name of article Instamoney Loan App
objective of the planto persons  mobile app Providing instant loan facility through.     
Beneficiaryall citizens of india
application systemOnline
official websitehttps://www.instamoney.app/

Benefits and features of Instamoney Loan App

  1. The applicant can get a quick loan up to Rs 50000.
  2. You can apply for a loan through your mobile while sitting at home.
  3. The amount is sent to your bank account within 2 hours of successful applicant.
  4. The loan recipient gets up to 6 months to repay this loan.
  5. Insta Money may charge its customers a processing fee ranging from 0% to 5%.  Which will depend on the credit score of the person.
  6. This entire process is paper-based and digital.
  7. Including interest rate and other charges, its total APR ranges from 24% to 48%.

Eligibility for loan from Instamoney

  1. The applicant must be a citizen of India.
  2. The age of the applicant should be between 18 years to 45 years.
  3. The applicant may be either salaried or self-employed.
  4. If the applicant is working then he should have at least 3 months experience.
  5. Monthly income should be Rs 12000 or more.
  6. The CIBIL score of the applicant should be 650 or more.
  7. There should not be any previous loan outstanding.

Required Documents

  1. Any identity card, such as Aadhaar card or Voter ID card
  2. PAN card
  3. 3 months salary slip for salaried employees
  4. Bank statement of last 6 months
  5. Address proof
  6. email id
  7. Passport size photo or selfie photo

How to apply for loan from Instamoney Loan App?

Before applying, ensure that you have Instamoney Loan in your mobile phone.  App Is it installed or not? If not then –

  • Instamoney by going to Google Play Store  mobile app Search for it and download it.
  • After downloading, you have to complete your application process in three steps.
  • First of all you have to setup your profile by SIGN UP.
  • To setup the profile, enter email ID, mobile number, and some personal information.
  • After your profile is completely set up, go to the main dashboard and CLICK for loan.
  • On the next page you will have to enter your PAN number.
  • After this, you will get an application form where you will have to enter some of your personal details.
  • After entering all the information carefully, save it and verify your bank account.
  • In this step you have to scan and upload all the documents and complete the e-KYC process.
  • Finally click on Apply For Loan or Submit.
  • After successful application, after verification of your documents, the entire loan amount will be sent to your bank account within 2 hours.

Other charges and interest rates charged by Instamoney app

However, Insta Money charges interest rates ranging from 13% to 36% per annum for its customers. But along with this, some other charges may also have to be paid to the loan recipient. For example, Insta Money can charge 1% to 4% of the total loan amount taken by you as processing fee. Similar foreclosure charges can also be taken. Overall, Instamoney offers loans at an initial interest rate of 24%.

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