FAQs

Using InstantCredit, you can apply for a personal loan instantly and choose to establish funds for any situation, whether secured or unsecured.

InstantCredit is an instant personal loan from InstantCredit of upto Rs. 5 lakhs. You can apply for a personal loan online, which will be sent directly to your bank account after approval. Approvals usually take 5 mins without needing paperwork or physical documents.

Eligibility for InstantCredit is based on your tenure and history with InstantCredit. Once you are eligible, when you apply for a personal loan, you will see a message on your app home screen indicating the eligible amount.

When you apply for a loan at InstantCredit, the minimum amount is Rs. 50,000, while the maximum amount is Rs. 50 lakhs.

You can get InstantCredit by completing your KYC, submitting your bank details, setting up auto-pay and signing a loan agreement.

When you apply for a personal loan, InstantCredit will instantly be credited to your bank account after approval.

You can choose a repayment duration that suits your financial situation, ranging from 3 to 24 months.

i. Profile Confirmation Document – PANCARD
ii. Current Address Proof – Aadhaar Card
iii. Bank Statement ( Details)

 A credit score is a representation of a person’s credit profile, representing the creditworthiness of an individual. Lending institutions like Banks and Non-Banking Financial Companies use Credit Score to underwrite the Loan Application of the customer by determining the potential risk attached to the customer and thereby making an attempt to mitigate bad debt losses. 

i. Please access our website, www.instacreditcash.com, by following the link provided on the same website
ii. Register yourself via your phone number.
iii. Fill in your basic information and upload your KYC documents
iv. Select the loan amount and tenor of loan you want to apply for
v. After submitting your application, we will review it as soon as possible, during which time you may receive a call to verify the information. The results will be reviewed in the fastest 5 minutes, and we will notify you of the results by SMS and email
vi. E-sign loan agreement after the approval
vii. Upon successful e-signature, we will proceed with the disbursement and notify you through both SMS and email.

Salaried individuals or Self-Employed individuals with steady income verifiable through their bank account(s) are accepted in the Income category while applying for loan

No

Interest fee is paid to the lender on the Loan Repayment Date as per loan agreement executed between the borrower and the Lender. Even if the customer repays the loan early, the interest amount would be applicable for the tenure of the loan amount approved as a fee to close the loan early.

The interest will be computed according to the system-generated calculations. If the customer is unable to pay the loan for any reason on the due date, the customer will not be assessed any Interest past the due date of the loan repayment date as agreed in the loan agreement.

We have a cooling off period of 4 days in this period users can close their loan by paying only Loan amount and Processing fee.

I. Interest Amount is accrued in a block 30 days if loan tenor is 30 days or more. It will be accrued for the tenor of loan if the loan tenor is less than 30 days.
Ii. On a 60-day or 90 Day loan tenor, if loan is paid before the 8th Day of loan tenure, then 30 Days of Interest Amount for the applicable instalment will be assessed.
Iii. On a 25-day loan tenor or less, if loan is paid off before the 15th Day of loan tenure, then interest amount will be charged for the entire loan tenor defined at the time of loan origination.

Non-repayment of loan on the due date as per loan agreement will lead to your Credit score getting updated as a defaulter with credit rating entities. This will make it challenging to get access to future loans with other banks or financial institutions. Having a bad credit score could also lead to non-offering of job offers by Private Companies as the practice of checking an individual’s credit score before rolling out an offer is fast getting adopted by many companies. Also, you will be charged a late payment fee for each day you are late on your loan amount as per the below slabs.

UNPAID PRINCIPAL BALANCE AS ON DUE DATE

You will be given 2 days of grace period post the loan repayment date during which no Late Payment Fee will be charged. Post the grace period is over, a Late payment fee will be charged on a daily basis for a maximum of 30 days post grace period is over. However, at all times Lendplus India platform will work with the customer to engage and assist the customer to ensure the customer repays the applicable loan amount as per the loan agreement executed.

Mobile linked with Aadhaar is the mobile number that is updated in your Aadhaar. For verifying your address on Aadhar Card and e-signing the Loan Agreement, UIDAI will send you an OTP on this number.

The loan application’s processing time ranges from 12 to 24 hours, contingent on the details provided by the applicant.

Once the loan agreement has been executed, the approved loan amount will be disbursed within 24 hours.

The Loan Agreement is a legally binding agreement that has to be executed before availing of a Loan. The agreement is an indicator that once a loan is disbursed to you, you have agreed to pay back the entire amount with interest and other charges as indicated in the loan agreement.

While applying for the loan, we will request you to update your Bank account details which we will verify. After you e-sign the agreement, the loan amount will be transferred to your verified bank account.

While applying for the loan, we would have set up an auto-debit of your loan repayment amount from your verified bank account.(Skip the option if the auto-debit feature is not needed) In case you choose to pay off the loan early, you can click on the repayment tab on the website and make the payment using payment gateway using repayment methods: Debit Card, UPI, or Net banking.

You will be notified VIA SMS and email once the loan has been successfully closed. Additionally, details can be verified by logging to your credential on Lendplus India Website

No. Any given time you can only have one active loan

Once the loan agreement has been executed using e-sign, the loan request cannot be cancelled. However, you can repay the loan early by paying the applicable Fee.

Basis information shared while filling the loan application, KYC documents submitted, credit score, credit history, and the applicable credit policy of the Lending company, loan application underwriting is executed.

Based on our Credit Policy, we are unable to approve your loan request at this time. However, you are welcome to submit a new loan application on our platform after a waiting period of 60 days from the date of your previous request’s rejection. We appreciate your understanding and look forward to assisting you in the future. If you have any questions or concerns, please feel free to contact our customer service team.

Once we receive your loan application, we will provide you with the specific details regarding the approved loan limit and tenure in accordance with our internal credit policy.