Nowadays, taking a loan has become completely digital. InstaMoney is an application that provides personal loans up to ₹50,000 with a 100% online process. After approval, the loan is disbursed directly to your bank account in less than 2 hours.
InstaMoney loan app is a trusted lending platform, ₹14k crore plus successfully disbursed to over 20M+ borrowers, which proves that InstaMoney Loan is a safe option.
If you are considering taking an InstaMoney loan – read the InstaMoney loan review; brought By the MTLC team!
Table of Contents
Instamoney Personal Loan
| Loan amount | upto ₹50,000 |
| Interest Rate | 24%-60% per annum |
| Processing Fee | 0% – 5% of the amount used |
| Eligible borrowers | All |
| Age | 21 – 45 years |
| Tenure | 3 months to 5 months |
What is instamoney
InstaMoney Loan App is a digital lending application owned by Innofin Solutions Private Limited, India’s largest peer-to-peer (P2P) lending platform registered with RBI as NBFC-P2P (Non-Banking Financial Company – Peer to Peer). InstaMoney offers short-term personal loans to salaried and self-employed individuals in India.
Key Features of InstaMoney Loan:
- Loan Amount: Instamoney offers ₹5,000 to ₹50,000 personal loan.
- Quick Disbursal: Loans are typically disbursed within 2 hours.
- Eligibility: It caters to both salaried and self-employed individuals.
- Large User Base: InstaMoney serves over 3 million users across India.
- Online Process: The entire loan application process is online.
InstaMoney offers short-term personal loans ranging from Rs 5000 to Rs 50,000, with interest rates varying from 24% to 60% per annum depending on the borrower’s profile and creditworthiness. The InstaMoney app charges a processing fee of 0% to 5% of the loan amount used. Both salaried and self-employed individuals are eligible for InstaMoney loans, with ages ranging between 21 and 45 years. The loan tenure can vary from 3 to 5 months, offering a short-term lending option for individuals seeking quick financial assistance.
Comparison: InstaMoney Loan vs. Other Loan
| Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Prefr Loan | 15% to 36% | 3% to 5% |
| Fibe Loan | 16% | 2% |
| CASHe Loan | 2.50% per month | ₹500 to ₹1,200 |
| Bharat Loan | 35% | 2% |
| RupeeRedee Loan | 12% to 36% | 10% to 15% |
| Olyv Loan | 18% to 30% | 2% to 12% |
| PayRupik Loan | 29% | 10% + GST |
| InCred Loan | 16% to 36% | 2% to 5% |
| IndiaLends Loan | 10.25% to 29.99% | 1% to 6% |
InstaMoney Personal Loan Eligibility
Here are the eligibility requirements for Prefr Personal Loan:
- Age between 21 and 45 years old.
- Both salaried and self-employed individuals.
- Have a minimum of ₹12,000 monthly income.
Documents required for InstaMoney Loan
The following documents are required for Prefr Personal Loan;
- Aadhaar Card for KYC
- PAN Card
- Last 3 months’ bank statement.
- Selfie photo
Instamoney loan interest rate and fees
| Interest Rate | 1.84%- 3.43% per month |
| Assessment Fee | Rs. 199 if you are found to be eligible for loan approval & Rs. 199 is charged every time you reapply for a loan |
| Processing Fee | 5% of the loan amount +GST |
Apply for Instamoney personal loan
To apply for an InstaMoney personal loan, follow these simple steps for an easy and quick process:
- Download & log in to the InstaMoney app.
- Check your eligibility.
- Provide the required details.
- Upload necessary documents.
- Complete the verification process.
- Once approved, the loan amount will be transferred to your bank account within 30 minutes.
Instamoney review: Instamoney Loan App
InstaMoney is a leading financial platform in India that offers personal loans and lines of credit. Users can quickly and easily borrow short-term personal loans up to Rs 50,000 using the InstaMoney app. The loan application process is 100% online, with minimal documentation and no collateral required.
Instamoney loan app RBI registered
Yes, the InstaMoney loan app is owned by Innofin Solutions Private Limited, an RBI-registered NBFC-P2P (Non-Banking Financial Company – Peer-to-Peer). The InstaMoney app is regulated by the Reserve Bank of India (RBI) and follows specific guidelines prescribed for P2P lending platforms.
Instamoney is real or fake
InstaMoney is a safe and legitimate loan application owned by Innofin Solutions Pvt. Ltd., an RBI-registered Non-Banking Financial Company – Peer-to-Peer (NBFC-P2P). It follows all the regulatory guidelines set by RBI for P2P lending platforms.
If you are looking for a legitimate loan platform, you can consider InstaMoney for short-term personal loans which serves 19101+ pin codes in India.
Instamoney customer care number
Email: [email protected]
Address: Office no. 1006, Tenth Floor, DLH Park, S. V. Road, Goregaon West, Mumbai – 400062, Maharashtra, India.
FAQs
Who is eligible for InstaMoney?
Any Indian citizen who is a salaried person aged 21-45 years with a minimum monthly salary of Rs 12,000 is eligible for InstaMoney instant personal loan. With this, four documents are required – a selfie, PAN card, Aadhaar card/address ID proof, and your bank statement.
What is the maximum loan amount for InstaMoney?
The maximum loan amount available through InstaMoney is ₹50,000. Borrowers can apply for a loan up to this limit depending on their eligibility and credit profile.
What is the minimum CIBIL score for InstaMoney?
Applicants generally need a minimum CIBIL score of 650 to be eligible for an InstaMoney loan.
How long does InstaMoney take to process?
InstaMoney process and disburse the loan within 2 hours after successful application.
What is the fee for InstaMoney?
The fee for InstaMoney includes an interest rate of 1.84% to 3.43% per month, an assessment fee of ₹199 for loan eligibility and reapplication, and a 5% processing fee on the loan amount plus GST.
Is InstaMoney NBFC approved?
Yes, InstaMoney is part of Innofin Solutions Pvt Ltd, which is an RBI-registered NBFC-P2P (Non-Banking Financial Company – Peer-to-Peer), which means InstaMoney is approved and regulated by the Reserve Bank of India (RBI).
Is instant money app safe?
Yes, InstaMoney is a safe loan app as it is owned by RBI-registered NBFC-P2P, Innofin Solutions Pvt. Ltd.
In conclusion, InstaMoney is a reliable and secure lending application for quick personal loans. With efficient processing time, transparent fee structure, and user-friendly application process, it can provide a convenient solution for your short-term financial needs.