InstaMoney Personal Loan- Digital Loan Rs. 50,000

InstaMoney offers instant personal loans ranging from Rs. 5,000 to Rs. 50,000. InstaMoney which is operated by Innofin Solutions Pvt Ltd, is RBI registered peer-to-peer NBFC company. InstaMoney also joined with LenDenClub. InstaMoney personal loan maximum tenure is 5 months at 2.99% per month.

InstaMoney Personal Loan

Loan Amount	Rs. 5,000 to Rs. 50,000
Interest Rate	24% – 48% per annum
Tenure	3 to 5 months
Individuals Income	Rs. 12,000/ month
Borrower Age	21 to 45 years
Credit Score	-1 / 650+

Key Futures of InstaMoney Loan

• InstaMoney loan is a swift online process without going to a traditional branch.
• It will take 2 hours to credit the money to a bank account.
• A bad credit score of 650 is eligible for InstaMoney personal loan.
• Fulfill small cash requirements up to Rs. 50,000 without additional hassle.
• The lowest processing fee is up to 5% of the approval loan amount.
• InstaMoney not taking prepayment charges.

Eligibility Details

• Applicant income must come from Salary / Self Employed
• Your salary income should be credited to the account
• The age under 21 to 45 years
• Applicant income of Rs. 12,000 required
• CIBIL report score -1 or 650+ is an eligible customer

Also Read: 6 Factors to know before choosing a digital loan

Documents needed for InstaMoney Loan

• Applicant KYC proof (Aadhaar Card/Pan Card)
• Update 3 month salary slip copy
• Applicant updated bank statement of 6 month
• Utility bill or Gas bill for residential proof
• Applicant selfie picture

InstaMoney Interest Rate & Other Charges

Interest Rate	24% to 48% per annum
Processing Fee	Up to 5% + GST
Prepayment Charge	NIL

Pros & Cons of InstaMoney Personal Loan

Pros	Cons
Approval process is 100% online.	The interest rate is 2.99% per month which is a little high.
Minimal documents are required to apply for a loan.	A minimum income of 12K is required to get the loan.
The prepayment charge is zero.	Minimal documents are required to apply for a loan.
650 credit score owner eligible for loan.	A Lower than 650 credit score is not eligible.

How to Check Out for InstaMoney Loan

Step 1: Applicant must sign up from a Gmail or Facebook account.

Step 2: Go through the eligibility process with answers to a few questions and pay the assessment fee.

Step 3: The third step is to complete the KYC process to submit documents.

Step 4: Now, check your loan eligibility offer.

Step 5: Transfer your approved cash amount to the bank from the E-Nach link.

Also Read:

InstaMoney Customer Care

Email: [email protected]

Twitter: @InstaMoneyApp

Office Address:

Unit No. 5. Mezzanine Floor,

DLH Park, S V Road.

Goregaon West, Mumbai,

Maharashtra, India 400064

FAQs