How instant loan different from personal loans
Today, you can easily get any type of loan much quicker and faster due to the implementation of technology-driven advance lending practices. This digitization of the banking sector has revolutionized the financial market. With attractive features like paperless processing, availability of loan comparison app, and instant loan approvals, you can easily avail these unsecured personal or cash loans via any online route i.e. website or mobile app.
But do you know how instant loan is different from personal loans? Yes, you read it right instant loans are slightly different from personal loans in terms of their applicability which many of us don’t know.
Instant Loans Vs Personal Loans
- Tenure: Instant loans are of short duration up to 12 months whereas personal loan tenures are up to 60 months.
- Loan Amount: With an instant loan you can apply from 10K to 2 lakh whereas personal loan amount usually starts with 50k and can go up to 20-30 lakh, depending upon the borrower need.
- Eligibility: For a personal loan, you need to have a stable job with a minimum salary of 25K but you can avail an instant loan with a minimum of 18K salary per month.
- CIBIL Score: Personal loan need higher credit ratings i.e. more than 700 whereas in instant loans you don’t need a credit rating.
- Interest Rates: In personal loans, interest rates are higher and are calculated per annum whereas in instant loans interest rates are much less and are monthly calculated.
- Turnaround Time: Instant loans are approved and disbursed within a few hours without any wait but in the personal loan, you need to wait for 2-3 days for loan sanction as the loan amount is higher.
Thus, it makes sense to go for instant loans as compared to traditional personal loans. To avail, the instant loans, come at Yelo or download the app!