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Instamoney Loan App : Many times such situations arise in life that suddenly a lot of money is needed. Normally we are not able to fulfill this type of need from our salary or income. Sometimes you may suddenly have to bear hospital expenses and suddenly family members may need money. To avoid all these problems, we often take help of loan.
Many times it takes a lot of time for us to take a loan from the bank. For this we now have to resort to loan application. When you apply for a loan through Instamoney Loan App, the entire process is completed very fast, and you get the loan instantly, in which you do not have to submit any documents anywhere.
Today in this article, we will give you complete information about Instamoney Loan App, and will also tell you how much loan you get in how much time from this loan application and what interest rate you have to pay for it.
What is Instamoney Loan App?
Insta Money Loan Application is a service of LenDenClub, an Indian fintech company. This company provides personal loan service. You can get loan from this company through Instamoney Loan App. This loan application is designed for people who have limited access to banks or have limited time. Through this loan application, they can fulfill their needs by taking any loan immediately.
How much loan can one get from Instamoney Loan App?
Through Insta Money Loan Application you can apply for personal loan ranging from ₹5000 to ₹50000. You can select your loan amount while applying as per your need, the higher your CIBIL score, the higher the loan amount you can get.
How much interest is charged for Instamoney Loan App?
When you take any loan from Insta Money Loan Application, you may have to pay interest ranging from 24% to 48%. The minimum interest rate will be 24% and the maximum interest rate can be 48%. The interest rate depends on your CIBIL score, salary and your credit history.
What will be the repayment period of Insta Money Loan App?
When you get a loan from Insta Money Loan Application, you get 3 months to 5 months to repay it. When you apply for a loan, you have to select your loan amount and its tenure.
Documents required for Instamoney Personal Loan
- For KYC you need PAN card, Aadhar card and address proof.
- You will have to provide bank statement of last 3 months in which your salary is also visible.
- While applying online, you will have to give NACH permission.
Eligibility for Instamoney Loan App
- Only Indian citizens can apply for this loan.
- Your age must be between 21 years to 45 years.
- Your monthly minimum salary must be more than ₹ 12000.
- Your CIBIL score must be more than 600.
Benefits of Instamoney Loan App
- The entire loan process through Insta Money Loan App is very easy. You can complete the entire process online for which you do not have to submit hard copies of documents anywhere.
- The loan is processed very fast, you can get the loan amount in your bank account in just a few minutes.
- When you apply for a loan, you also get the option to select the loan amount and its repayment period.
- When you apply for a loan through Insta Money application, information about all types of charges and processing fees is given to you in advance. Apart from this, no hidden charges are taken from you.
- You get 24/7 customer support of Insta Money Loan application. Customer service representatives help you in case of any problem with the loan.
Disadvantages of Instamoney Loan App
- If you take a loan from Insta Money then you have to pay a very high interest rate which is higher than that of Indian banks.
- When taking a loan from Insta Money, you may have to pay processing fees and many other types of charges.
- If you do not pay your installments on time, your credit score may be negatively affected.
- Insta Money Loan Application is only for those people who want to take small amount of loan and want to complete the loan process without any hassle.
How to Apply for Instamoney Loan App
- If you want to apply for a loan through this application, then first of all you will have to open the Google Play Store.
- Here in the search bar Instamoney Loan App You will have to search by typing.
- After this you have to download and install the application in your mobile.
- The first time you complete the application, you will be asked to provide information like your mobile number, email ID.
- After this, select the loan amount you want? Select for how long do you want it?
- After this you will have to complete the KYC process. For this, information like Aadhar card, PAN card, bank statement has to be uploaded online.
- Finally you have to final submit your application form.
- After a few minutes of processing, you will be informed whether your loan has been approved or not.
- After the loan is approved, the loan amount is credited to your bank account within a few minutes.
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