How Can I Get an Instant Cash Loan for Urgent Requirement?

Tied up in an urgent situation where you need quick access to funds? You think of a traditional bank loan only to realise it is a lengthy process. Many of us find ourselves in such crossroads, unsure about what to do next.
Whether you are facing an unexpected medical crisis or need to pay for a vehicle repair, you can opt for a reliable and fast instant cash loan. Unlike traditional loans, they are secure, fully digital, and instant, as the name suggests, requiring minimal documentation.
Wondering where and how to get an instant cash loan? This blog walks you through the simple steps to apply for an instant cash loan and get approved instantly.
 

What is an Instant Cash Loan?

Mohan was caught off guard when his car broke down. He needed quick funds for repair, but did not have time to go through a lengthy loan process. This is when he heard about an instant cash loan and opted for it.
Instant cash loans are secure, short-term borrowings designed for emergencies. With the right documents in place, Mohan’s application got approved in minutes without the requirement of any collateral. And, the best part? The entire process was digital and hassle-free.
Just like Mohan, you can get approved for an instant cash loan in just 10 minutes by applying with NBFCs like Hero FinCorp. This loan type is a safety net, specifically when you are on a time crunch.

Easy Steps: How Can I Get an Instant Cash Loan?

Let's take a look at how to easily apply for an instant cash loan.

Step 1 - Check Your Eligibility and Credit Score

First things first, get a clear picture of where you stand. Your eligibility for an instant loan depends on your
•    Age (21 to 58 years old)
•    Income (Minimum Rs. 15,000 per month)
•    Work Experience (6 months for salaried and 2 years for self-employed)
Most lenders will check your credit score. Think of it as your financial report card. In India, a CIBIL score above 750 can boost your chances of quick approval and better interest rates. You can check your CIBIL score online for free here.

Step 2 - Keep Your Documents Ready

If you wish to fast-track the application process, ensure you keep the following documents handy. This is because the timely submission of required documents helps build trust.
For salaried professionals
•    Duly filled loan application form
•    Passport-sized coloured photograph
•    Identity proof (Driver’s Licence/ Passport, PAN Card (mandatory)/ Aadhaar card)
•    Residence proof
•    Residence ownership proof
•    Income Proof
•    Job Continuity Proof
For self-employed
•    Duly filled loan application form
•    Passport-sized coloured photograph
•    Identity proof
•    Residence proof
•    Office address proof (Maintenance bill/ utility bill/ property documents/ rent agreement)
•    Business existence proof
•    Income proof
Concerned about how long the verification process takes? Digital verification and e-KYC have made document verification quicker and easier.

Step 3 - Opt for a Trusted Lender or NBFC

Look out for a reputable RBI-registered bank or NBFC to ensure the following -
•    Reasonable interest rates
•    Quick approval
•    Timely disbursement
•    Seamless support
Additionally, you must check the online reviews and testimonials to avoid unscrupulous lenders.

Step 4 - Submit Your Application Online or in Person

Most lenders allow their customers to make online applications, which is really convenient. All you need to do is fill out a form online with proper documentation and sit back till your loan is approved.
With the Hero FinCorp app, you can easily submit your application online in a few clicks. The approval takes less than 10 minutes, and funds are credited to your account in 24-48 hours after final verification.
You can also opt for an offline loan application by visiting your nearest branch. However, the speed and convenience of digital applications outweigh offline modes during exigencies.

Step 5 - Verification and Loan Disbursal

After receiving your application, the lender will perform a credit check and verify your identity through e-KYC. They will look at your
•    Repayment history
•    Credit utilisation
In most cases, once the loan is approved, funds are transferred directly to your bank account within a few hours of business time. This speedy procedure indicates that assistance is only a few clicks away during emergencies.

Ensure Quick Access to Funds with an Instant Cash Loan!

When you apply for an instant cash loan, always start off by evaluating your loan repayment capacity. You must choose interest rates and tenures that offer you ample repayment flexibility. Doing so ensures your financial goals are on track and you don't feel overburdened.
Streamline your finances today! Apply with Hero FinCorp for instant cash loans up to 5 lakhs. No collateral and approval in just 10 minutes. Get the funds you need without delay!

Frequently Asked Questions

1. Can I get an instant cash loan with a poor credit score?

Yes, but you may be subjected to higher interest rates and stricter terms, like co-signer requirements. So, compare rates before making a decision.

2. How soon can I get the loan amount after approval?

The loan amount for an instant cash loan is generally paid out within one day after approval. Hero FinCorp makes the process of transferring the loan amount directly to your bank account very convenient, and it is done within 24 to 48 hours after the final verification.

3. Are instant cash loans safe and legal in India?

Yes, but only if you pick a lender who has the proper license. Furthermore, you must do a background check on the lender, as this will ensure that your data is secure.