When money is needed right now, knowing how to get an instant personal loan or a same day personal loan can make all the difference. This guide walks you, step-by-step, through soft pre-approval, documents required for instant loan, lender timelines, and a priority checklist for medical emergencies.
Quick hook — people search “instant personal loan apply online” and “same day personal loan online” because time matters. In this post you’ll learn who should use these loans, which lenders move fastest, how to run a pre approved personal loan check without hurting your credit score, and exactly what to have ready for an urgent personal loan for medical emergency. If you want to move fast, Check pre-approval in 60s.
Who should consider an instant / same-day personal loan?
Instant loans are best for genuine short-term needs where time is the main constraint. The classic use cases are:
- Medical emergencies: hospital bills, urgent procedures, immediate cash for treatment.
- Urgent home repair: sudden plumbing, electrical, or structural fixes that can’t wait.
- Unexpected travel: last-minute travel for family or business that requires immediate funds.
- Bridging payroll: small gaps between pay cycles for critical expenses.
When not to use instant loans: avoid them for long-term spending (home renovations, education, business capex). Instant disbursal sometimes comes with higher convenience fees or slightly higher rates; for planned, large expenses a normal application to get a lower APR is usually better.
Types of lenders that offer fast disbursal (banks vs NBFCs vs fintech apps)
Each lender type balances speed, documentation, and cost differently. Here’s a quick comparison to help you choose:
| Lender type | Typical disbursal time | Typical ticket size | Docs required |
|---|---|---|---|
| Fintech / App-based lenders | 1–12 hours | ₹5k–₹2L | Minimal: Aadhaar, bank access, OTP |
| NBFCs | 6–24 hours | ₹10k–₹5L | Bank statements, ITR (if self-employed), KYC |
| Banks (retail) | 24–72 hours | ₹50k–₹10L+ | Salary slips, bank statement, PAN, more checks |
Which to pick? For small-ticket urgent needs, fintech or NBFCs usually offer the fastest path. For larger loans or the cheapest long-term option, traditional banks often give lower headline rates but take longer.
Eligibility & documents checklist
Before you apply, confirm basic eligibility and have digital copies ready. Common eligibility criteria include:
- Age: usually 21–60 years (varies by lender)
- Income: minimum income varies — salaried usually ₹12k+/month; self-employed judged by bank inflows/ITR
- Employment: stable employment or regular business receipts
- Bank relationship: active account with transaction history (3–6 months)
- Credit history: many lenders perform soft checks first (no CIBIL impact) and hard checks only after you formally apply
Documents required for instant loan (keep these ready)
- Photo ID: Aadhaar / PAN (clear photo or PDF)
- Address proof: Aadhaar / utility bill
- Bank statements: last 3 months (downloadable PDF best)
- Salary slips: last 2–3 months (salaried) OR ITR / GST & bank statements (self-employed)
- Cancelled cheque / bank passbook image (for account verification)
- Passport-style photo or selfie for eKYC
Step-by-step process to get funds in 24 hours
Here’s a practical HowTo you can follow — treat it like a checklist. Complete steps quickly and respond to verifications promptly for the best chance of same-day disbursal.
Step 1 — Pre-check your eligibility (2–3 minutes)
Run a soft pre-approved personal loan check on a comparison or lender site (no hard pull). Provide basic details — name, mobile, last 4 of PAN, monthly salary or turnover. The tool returns likely offers and indicative amounts. This saves you time and prevents unnecessary hard enquiries.
Step 2 — Shortlist 2–3 lenders (5–10 minutes)
Use filters: required ticket size, published TAT (same-day or instant), effective APR, and processing fee. Check recent customer feedback for support responsiveness — a reactive support team shortens delays.
Step 3 — Fill quick-apply form & upload docs (5–15 minutes)
Upload clear PDFs or photos. Tips:
- Use netbanking to download statements (PDFs are preferred over screenshots).
- Scan/photograph documents in daylight; ensure edges are visible and text is legible.
- Compress PDFs if they’re too large — many mobile uploads fail due to size limits.
Step 4 — Soft KYC / verification (phone + automated checks)
Lenders will call to verify identity and bank account. They may ask simple questions: employer name, monthly salary, recent large transactions. Some use micro-deposit verification (small credit to your account you must confirm) or UPI/Aadhaar eSign. Answer calls and OTPs immediately — each delayed minute increases TAT.
Step 5 — Final approval & e-sign (10–30 minutes)
Once underwriting clears, you’ll get an e-sign request (Aadhaar OTP or emailed link). Complete the e-sign/eMandate quickly. Read the loan agreement and check processing fees. Some lenders send SMS/email confirmation with application ID — save it for follow-up.
Step 6 — Disbursal to bank account (within 24 hours)
After e-sign and account verification, funds are usually credited. If disbursal is delayed, call support with your application ID and a screenshot of approval. For faster movement, mention Infinity Finance support if you applied via our platform (Apply / Get Help).
HowTo schema note: follow these numbered steps, and treat verification responses as the single most important time-saver.
Speed hacks: How to actually shave hours off the process
- Use the bank where you receive salary — same-bank disbursals often clear faster.
- Choose a smaller ticket if possible — approvals are quicker for lower amounts.
- Use lenders with Aadhaar eSign / UPI auto-verify to avoid manual checks.
- Keep a scanned/cropped selfie + ID ready for instant upload.
- Respond fast to every verification call or OTP — that’s where most time is lost.
Costs, fees & effective interest
Instant loans may carry processing fees, convenience fees for faster payout, and normal interest. Always compare the effective cost (APR) — not just the headline rate. For small emergencies, a slightly higher APR may be acceptable for speed, but document the total cost before signing.
Mini example (₹50,000 at 18% p.a. for 12 months)
Monthly rate = 18% / 12 = 1.5% (0.015). Using the standard EMI formula, EMI ≈ ₹4,584. Total repayable ≈ ₹55,008. Add processing fees (e.g., 1%–2%) to this total when comparing offers.
Use Infinity Finance’s EMI calculator to preview amounts for different tenures and rates.
Risks, red flags & how to avoid scams
Watch for these warning signs:
- Guaranteed approval claims with no checks — likely a scam.
- Requests for up-front “release” fees via non-official channels — legitimate lenders deduct fees from disbursal or show them clearly.
- Unverified agents asking for OTPs or bank login — never share OTP or CVV.
- Mismatched lender names on documents vs website — verify official details and registration.
Safety checklist: verify the lender’s registration (if a bank or regulated NBFC), read recent reviews, insist on written T&Cs, and use secure (HTTPS) portals. When in doubt, contact Infinity Finance for verification help.
Real example — Ramesh from Sikar (anonymised)
Ramesh needed ₹50,000 for urgent treatment. He ran a soft pre-approval check via Infinity Finance, chose a fintech lender with same-day claims, uploaded Aadhaar, three months of bank statements and a salary slip, answered the verification call, e-signed and got funds in about 6 hours. Final cost: ~18% APR with a small processing fee. Key lessons: clean docs, active salary credits, and immediate response to verification calls.
Alternatives if you can’t get an instant loan
If instant disbursal isn’t possible, consider:
- Overdraft from salary account: often cheaper and immediate if approved.
- Credit card cash advance: immediate but expensive — check fees.
- Employer salary advance: quick and low-cost if available.
- Short family loan with documentation: zero fees but handle professionally.
- Pawn/secured loan: immediate if collateral is acceptable.
Conclusion & clear next step
Instant and same-day personal loans can be lifesavers for urgent needs if you prepare in advance. Run a pre approved personal loan check, keep documents ready, pick verified lenders, and respond quickly to verification. Ready to try? Check pre-approval in 60s or use our EMI calculator.
Frequently Asked Questions
How fast can I get an instant personal loan?
Many fintech lenders and some NBFCs disburse within a few hours to 24 hours for small-ticket loans. Banks typically take 24–72 hours. Actual time depends on document readiness and how quickly you respond to verification.
What documents do I need for a same-day personal loan?
Keep Aadhaar/PAN, last 3 months’ bank statements, last 2–3 months’ salary slips (or ITR if self-employed), a cancelled cheque, and a selfie for eKYC ready.
Can I get ₹50,000 same day without a credit score?
Some lenders use bank-behaviour underwriting (transaction history) instead of strict credit score checks for small tickets. Interest may be higher. Use reputable fintechs or NBFCs and avoid offers with “guaranteed approval.”
Which lenders disburse personal loans in 24 hours?
Fintech apps and many NBFCs advertise 24-hour disbursals for eligible applicants. Pick lenders with clear TATs and recent positive reviews for speed and support.
Will a soft check affect my CIBIL score?
No. Soft pre-approval checks do not impact your credit score. A hard credit inquiry is usually performed only when you submit a formal application.
What fees should I expect for instant disbursal?
Expect processing fees (flat or percentage), possible convenience/priority fees for instant payouts, and the standard interest. Always check the APR and total payable before accepting an offer.
Is it safe to share documents online for quick loans?
Yes if you use verified lenders and secure (HTTPS) portals. Never share OTPs, CVVs, or banking passwords. If unsure, contact Infinity Finance before submitting sensitive details.
What should I do if my loan is delayed after approval?
Contact lender support with your application ID and screenshots of approval. If unresolved, escalate through Infinity Finance (if you applied via our platform) and keep records of all communications.