What Should I do If I Need Money Immediately?

What Should I do If I Need Money Immediately?

Last Updated : June 23, 2020, 12:34 p.m.

Instant fund requirements are not new in this fast-paced life. But the scarcity of funds disallows many to fulfill the same. If you can wait for say 3 days to a week, you can apply for a personal loan and get it during the said duration. As a personal loan is an unsecured loan, lenders require such time to check your documents thoroughly before disbursing the same. But if your need is such that you can’t wait for that much time, maybe you should look for a pre-approved personal loan or take a against gold. Let’s check out these instant loan alternatives in this post.

Pre-approved Personal Loans and their Specialties

Pre-approved personal loan , as the name suggests, is a type of personal loan where the lender has already decided on the deal it likes to offer you. You could see the same on your email address or your mobile number. Such offers can also be checked by logging on to net banking. If you find the deal good, you can give your consent to the same. You could even visit the branch of the lender and ask the official to disburse the loan amount in your account. The fact that a pre-approved personal loan does not require any documentation helps you access it immediately. So, it’s an instant loan. Once the instant loan is disbursed to your bank account, you will receive an intimation on your email address and mobile number.

But on What Basis Does the Lender Give You a Pre-approved Personal Loan?

The lender grants you a pre-approved personal loan based on your existing relationship, which could be in the form of a credit card, salary account or any other loan you might have. Instant loan against credit card could be over and above or within the credit limit. Check out the table below to know the loan against credit card offers of different lenders.

LendersInterest Rate (In per annum)Quantum of Loan (In ₹)Tenure (In Years)Turnaround Time
State Bank of India (SBI)Around 19%-20%Minimum Loan - 5,000

Maximum Loan - Upto 75% of the cash limit available
As applicableMoney gets credited to your account via NEFT within 48 working hours
HDFC BankCustomizedWithin the credit limit of the credit card1-4 yearsThe amount gets credited to your account in a few seconds
ICICI BankCustomizedUpto 10 LakhUpto 5 YearsThe money comes to the account in 3-4 working days via NEFT. For those wanting credit transfer via demand draft, it will take 11 working days
Axis Bank11.40%-22.20%It will depend on your income, credit score and repayment potentialMultiple tenure options availableInstant credit to your Axis Bank Savings Account
Kotak Mahindra BankCustomizedUpto 5,00,0006-48 MonthsInstant credit to your bank account

Personal Loan Apps

Innovation is at its peak. Now-a-days, several personal loan apps are in the market offering instant loan approval and disbursal. All you need to do is to download those apps on your mobile number, enter your KYC details and apply for the loan. If the details are correct, you will get an instant loan approval. These apps have tie-ups with numerous banks and financial institutions. The executive of these lenders will come soon to collect documents. Once details are verified, you can get a loan in your account.

Loan AppsMinimum Loan AmountMaximum Loan AmountInterest Rate (Per Annum)TenureWho is EligibleMinimum Monthly Income Required
EarlySalaryINR 8,000INR 2,00,00024%-30%90-365 DaysSalariedINR 18,000 (Metro Cities)
INR 15,000 (Non-metros)
PaySenseINR 5,000INR 5,00,000Around 26.50%3-36 MonthsBoth Salaried & Self-employedSalaried - INR 12,000
Self-employed - INR 15,000
CASHeINR 9,000INR 3,00,00033%-36%2-12 MonthsSalariedINR 15,000 - INR 40,000
MoneyTapINR 3,000INR 5,00,000Starts from 15%2-36 YearsSalaried & Self-employed professionals like doctors, lawyers, shop ownersINR 20,000

Gold Loan – One of the Most Convenient Option You’ve!

If you have gold ornaments lying at your home, this is the time you should use the same and get an instant loan against it. Yes, lenders offer instant loans upto 65%-90% of the value of gold ornaments as a loan. Just visit the branch of the lender with gold ornaments where the concerned official will weigh the precious metal and ascertain its value. While ascertaining the value, the lender checks the purity of gold in the ornaments or coins you may have. An ornament can have other metals besides gold. So lenders while ascertaining the value will only add the weight of gold and deduct the weight of other metals. You will be pleasantly surprised to know that the lender will not check your credit score while assessing the loan eligibility.

List of Banks/LendersLoan AmountTenureGold Loan Interest RateProcessing Fees
State Bank of India (SBI)INR 20,000 to INR 20 lakhsUpto 3 years7.50%0.50% + GST
ICICI BankINR 10,000 to INR 15 lakhUpto 12 months10.00% - 19.76%1% + GST
Manappuram FinanceUpto INR 1.5 croresUpto 12 months12.00% - 29.00%
Axis BankINR 25,000 to INR 20 lakhsUpto 3 years13.00%1% + GST
Kotak Mahindra BankINR 25,000 to INR 25 lakhsUpto 3 years10.50% - 17.00%Upto 2% + GST
Muthoot FinanceINR 1,500 onwardsUpto 1 year12.00% - 27.00%Upto 1% + GST
YES BANKINR 25,100 onwardsUpto 3 years9.00% - 15.00%0.75% + GST
Canara BankINR 10,000 to INR 20 lakhsUpto 1 year7.65%Upto 1% + GST

Loan Against Fixed Deposit, Shares, Mutual Funds

Other options would be to take an instant loan against your fixed deposit , shares, or even mutual funds. The lender will not check your CIBIL score before disbursing such loans. While you can get upto 90% of the FD value as the loan amount, the loan amount on shares can be upto 50% of the present value of the security. Mutual funds can be of various types – equity, debt and hybrid. If you have equity funds, the maximum loan can be upto 50% of the net asset value (NAV). Whereas, the maximum loan in the case of debt funds can be upto 80% of the NAV. As equities carry relatively higher risk than debt instruments, the loan eligibility is lesser in the case of the formert. Hybrid funds can be both equity and debt-oriented. The maximum loan quantum remains upto 50% of the NAV in equity-oriented hybrid funds and upto 80% of the NAV in debt-oriented hybrid funds.

But How Much Will be the Interest Rate on These Products?

Loan against fixed deposit will come at an interest rate of 1%-3% above the prevailing rate of the said deposit. As Fixed Deposit Interest Rates are declining, the loan rate could now be lower than before. The interest rate on a loan against fixed deposits could be around 8%-12% per annum across banks in India. Whereas, loans against mutual funds and shares will depend on the current investment value as the movement of the market.


So, if you don’t have savings, you can choose any of these instant loan alternatives and meet your needs. Even though you will be in a hurry to meet your instant needs, it pays to consider factors like interest rate. A loan when taken after doing due diligence doesn’t pinch later on as opposed to when you take it without studying the same carefully.

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