In today’s fast-paced world, financial emergencies can arise at any time—whether it’s a medical emergency, urgent home repairs, or an unexpected travel expense. In such situations, an instant loan under ₹1,00,000 can be a lifesaver. Unlike traditional bank loans that take days or weeks for approval, instant loans offer quick disbursal, minimal documentation, and easy eligibility criteria.
This comprehensive guide will walk you through everything you need to know about applying for an instant loan under ₹1,00,000 in India, including eligibility criteria, required documents, application process, interest rates, and tips to secure approval quickly.
Table of Contents
- What is an Instant Loan Under ₹1,00,000?
- Why Choose an Instant Loan Under ₹1,00,000?
- Eligibility Criteria for Instant Loans
- Documents Required for Instant Loan Application
- Step-by-Step Process to Apply for an Instant Loan Under ₹1,00,000
- Interest Rates and Fees
- Top Lenders Offering Instant Loans Under ₹1,00,000
- Tips to Get Instant Loan Approval Quickly
- Pros and Cons of Instant Loans
- Alternatives to Instant Loans
- Frequently Asked Questions (FAQs)
1. What is an Instant Loan Under ₹1,00,000?
An instant loan under ₹1,00,000 is a small-ticket personal loan that is disbursed quickly—often within minutes to a few hours—without requiring extensive paperwork or collateral. These loans are typically unsecured, meaning you don’t need to pledge any asset to avail of them.
They are offered by:
- Banks (like HDFC, ICICI, Axis Bank)
- NBFCs (Non-Banking Financial Companies like Bajaj Finserv, Tata Capital)
- Fintech Lenders (like PaySense, MoneyTap, KreditBee)
These loans usually have a repayment tenure ranging from 3 months to 5 years, depending on the lender.
2. Why Choose an Instant Loan Under ₹1,00,000?
Here are some key benefits of opting for an instant loan under ₹1,00,000:
✅ Quick Disbursal – Funds are transferred within hours or even minutes.
✅ Minimal Documentation – Requires only basic KYC and income proof.
✅ No Collateral Needed – Being unsecured, you don’t need to pledge assets.
✅ Flexible Repayment – Choose tenure as per your convenience.
✅ Online Process – Apply from home via mobile apps or websites.
✅ Improves Credit Score – Timely repayment boosts your credit history.
3. Eligibility Criteria for Instant Loans
While eligibility varies by lender, common requirements include:
✔ Age: 21-60 years
✔ Income: Minimum ₹15,000-₹25,000 per month (salaried/self-employed)
✔ Employment: At least 6 months with current employer (salaried) / 2 years in business (self-employed)
✔ Credit Score: 650+ (varies by lender)
✔ Residence: Indian citizen with a stable residential address
4. Documents Required for Instant Loan Application
Most lenders ask for:
📄 Identity Proof – Aadhaar, PAN, Voter ID, Passport
📄 Address Proof – Aadhaar, Utility Bills, Rental Agreement
📄 Income Proof – Salary slips (last 3 months) / Bank statements (6 months)
📄 Employment Proof – Company ID / Business registration (for self-employed)
📄 Passport-size Photograph
5. Step-by-Step Process to Apply for an Instant Loan Under ₹1,00,000
Step 1: Check Eligibility
- Visit the lender’s website or app.
- Enter basic details (age, income, employment status).
- Check pre-approved offers (if any).
Step 2: Choose Loan Amount & Tenure
- Select loan amount (₹10,000 – ₹1,00,000).
- Pick repayment tenure (3 months – 5 years).
Step 3: Fill the Application Form
- Provide personal, employment, and bank details.
- Upload necessary documents.
Step 4: Verification & Approval
- Lender verifies details via call/email.
- Credit score is checked (soft inquiry in some cases).
- Approval decision is made within minutes.
Step 5: Loan Disbursal
- Once approved, the loan amount is credited to your bank account within 2-24 hours.
6. Interest Rates and Fees
| Lender Type | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Banks | 10% – 24% | 1% – 3% of loan amount |
| NBFCs | 12% – 30% | 1.5% – 4% of loan amount |
| Fintech Apps | 18% – 36% | 2% – 5% of loan amount |
💡 Tip: Compare interest rates and hidden charges before applying.
7. Top Lenders Offering Instant Loans Under ₹1,00,000
| Lender | Loan Amount | Interest Rate | Processing Fee |
|---|---|---|---|
| HDFC Personal Loan | Up to ₹1,00,000 | 10.5% – 21% | Up to 2.5% |
| Bajaj Finserv | ₹15,000 – ₹1,00,000 | 12% – 30% | Up to 3.99% |
| MoneyTap | ₹3,000 – ₹5 Lakh | 13% – 36% | 2% – 3% |
| KreditBee | ₹1,000 – ₹2 Lakh | 16% – 30% | 1% – 5% |
| PaySense | ₹5,000 – ₹5 Lakh | 18% – 36% | 2.5% – 5% |
8. Tips to Get Instant Loan Approval Quickly
✔ Maintain a Good Credit Score (650+) – Improves approval chances.
✔ Apply for the Right Amount – Don’t borrow more than needed.
✔ Keep Documents Ready – Speeds up verification.
✔ Choose a Lender Matching Your Profile – Salaried? Prefer banks/NBFCs.
✔ Avoid Multiple Applications – Multiple inquiries hurt credit score.
9. Pros and Cons of Instant Loans
Pros:
✅ Quick approval & disbursal
✅ No collateral required
✅ Minimal documentation
✅ Flexible repayment options
Cons:
❌ Higher interest rates than traditional loans
❌ Short repayment tenure may increase EMI burden
❌ Risk of fraud with unregulated lenders
10. Alternatives to Instant Loans
If an instant loan doesn’t suit you, consider:
- Credit Card Cash Advance (Higher interest but instant)
- Gold Loan (Lower interest, requires gold pledge)
- Peer-to-Peer (P2P) Lending (Moderate interest, online platforms)
- Borrow from Friends/Family (Interest-free but relationship risk)
11. Frequently Asked Questions (FAQs)
Q1. Can I get an instant loan with a low credit score?
Yes, some lenders offer loans to borrowers with a 500+ credit score, but interest rates will be higher.
Q2. How long does it take to get an instant loan?
Approval can take 10 minutes to 24 hours, and disbursal happens within 2-48 hours.
Q3. What if my loan application is rejected?
Check for errors in application, improve credit score, or try alternative lenders.
Q4. Can I prepay an instant loan?
Yes, but some lenders charge prepayment penalties (2-5%).
Q5. Are instant loans safe?
Yes, if taken from RBI-approved lenders. Avoid unauthorized apps.
Final Thoughts
An instant loan under ₹1,00,000 is a convenient financial solution for urgent needs. By comparing lenders, maintaining a good credit score, and submitting accurate documents, you can secure funds quickly. Always borrow responsibly and ensure timely repayment to avoid debt traps.
Need an instant loan? Apply now through trusted platforms and meet your financial needs without stress!
Would you like recommendations for the best loan apps based on your credit score? Let me know in the comments! 🚀