What Is Instacash In Indmoney?
INDMoney INsta Cash is a flexible credit line that is exclusively available for INDMoney members. Insta Cash allows its members to withdraw amounts as per their needs and get money in their bank accounts instantly.
Key Highlights
- Get quick personal loans (₹1,000 – ₹5 lakh) within minutes through the app/website.
- No collateral, flexible EMIs, competitive rates (1% per month onwards).
- Compare offers from multiple lenders, and withdraw only what you need.
- Pay interest only on the used amount, not the entire loan.
- Currently, it is for select INDMoney users only.
- Borrow responsibly; late payments hurt your credit score.
What is INDMoney Insta Cash?
INDMoney Insta Cash is a platform that facilitates instant personal loans from various lenders through its app and website. It acts as a loan aggregator, connecting borrowers with lending partners, including Kisetsu Saison Finance India Pvt. Ltd. (Credit Saison), IDFC FIRST Bank Limited , Fairassets Technologies India Pvt Ltd & NDX P2P Private Limited (“Liquilaons”). Users can compare loan offers, check eligibility, and apply for loans quickly within the platform.
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Key Features of INDMoney Insta Cash
- Fast Disbursement: Loans are approved and disbursed within minutes to fulfil your urgent needs.
- Unsecured Loans: No collateral is required for INDMoney insta cash.
- Flexible Loan Amounts: Loan amounts typically range from INR 1,000 to INR 5 lakh, catering to various needs.
- Competitive Interest Rates: Rates start from around 1% per month, depending on the borrower’s profile and lender.
- Digital Process: The entire process, from application to approval, is paperless and convenient.
- Credit Score Check: INDMoney checks your credit score to determine your eligibility and offer customized rates.
Benefits of Using INDMoney Insta Cash
- Convenience: Quick access to funds from your smartphone.
- Comparison Shopping: Compare offers from different lenders to choose the best rate and terms.
- Transparency: Clear information about interest rates, fees, and repayment terms.
- No paperwork required: You don’t need to provide any document for insta Cash.
- Multiple Lenders: Access to a wider pool of lenders potentially increases your chances of approval.
- Flexible EMI options: Choose EMIs that fit your budget and stretch payments comfortably over extended periods.
- Zero closure charges: Insta Cash lets you say goodbye to hefty foreclosure charges, empowering you to close your loan on your terms. Insta Cash also has no extra charges for early closure.
- Withdraw as low as ₹1,000: Withdraw as little as ₹1,000 to handle those immediate needs, offering you the ultimate control over your loan utilization.
Not sure your ideal loan is here? Explore more options to find the perfect fit:
How is Insta Cash Better Than a Traditional Loan?
1. Pay only What You Use: Traditional loans force you to take the entire amount and pay interest on the whole loan amount, even if you don’t need all of it. InstaCash is different. You can withdraw only the exact amount you need, and you only pay interest on what you start or use. Think of it as a flexible line of credit, not a rigid loan.
2. Need More Cash Later? No worries !! With InstaCash, if you need extra Cash later, you can simply tap into your available balance and withdraw again. And the best part? No matter how many withdrawals you make, your credit bureau gets reported only once, saving you the hassle of multiple inquiries impacting your score.
3. Customize your repayments: Choose the EMI tenure that fits your budget. You can choose among multiple EMI tenures as per your need. The interest rate remains the same for all EMI options.
4. Change of plans? No Issue !! You can close your withdrawal early without any penalty fees. Just remember, early closure means clearing your outstanding balance in one go, not through EMIs.
INsta Cash Product Details
- Loan amount – Upto 5 lacs
- Repayment tenure – 3 to 60 months
- Loan processing fee – 0.5% to 4% (incl. GST)
- Max APR – 12% – 28% p.a. (APR is the annual percentage rate. It reflects the annualized borrowing cost – including interest amount and fees.
- Bounce charges – INR 400 to 500 (excl. GST)
- Penal charges – 18% to 36% p.a. on overdue amounts.
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How Much Time Does It Take To Receive Insta Cash?
After you activate insta Cash and set up your EMI autopay, insta Cash will be credited to your bank account in 2 minutes.
Need Cash, fast? Activate InstaCash, set up autopay, and say goodbye to financial delays in just 2 minutes.
Does INsta Cash Impact My Credit Score?
Activating InstaCash won’t touch your credit score yet, meaning your INsta Cash offer does not impact your credit score. Only after you activate your INsta Cash will your lending partner report your activity to credit bureaus, and it will show up in your credit report.
Your credit score is negatively impacted when you miss EMI repayments, or there is a delay in your payment. But here’s the good news: once you do, making timely EMI payments can actually give your score a positive bump! To unlock the positive impact, make sure you have enough funds in your linked account before each EMI date. Remember, responsible borrowing is key to building a healthy credit score.
Is INDMoney Insta Cash Right for You?
While INDMoney Insta Cash can be handy for urgent financial needs, responsible borrowing is crucial. Always assess your finances, understand all costs and risks involved, and consider alternative options before committing.
INDMoney Insta Cash Customer support
If you have any questions regarding Insta Cash, you can reach out to the INDMoney Insta Cash team via email. Here is the Email ID:[email protected]. Explore More: INDMoney Customer Care Numbers
Conclusion IndMoney Insta Cash
By understanding the features, benefits, and limitations of INDMoney Insta Cash, you can make an informed decision about whether it’s the right solution for your financial needs. Remember, borrowing responsibly is key to maintaining financial stability.
I hope this detailed article provides a comprehensive overview of INDMoney Insta Cash. If you have any further questions, feel free to ask!
Let’s have some quick FAQs related to INDMoney Insta Cash.
Frequently Asked Questions
Is INsta Cash available for everyone?
Currently, INsta Cash is available for a select group of INDMoney users only.
Is there any security/ collateral required?
No, there is no collateral or security required to avail of INsta Cash.
Do I need to withdraw my entire INsta Cash in one go?
No, you can withdraw the exact amount you need!
For example, If your INsta Cash balance is Rs. 4,00,000 and you withdraw Rs. 50,000. Your available balance will be decreased accordingly, and now it will show the available balance as Rs. 3,50,000. As you keep repaying the withdrawal through EMIs, your INsta Cash balance will increase by the repayment amount.
Can I use Instacash for investing or trading?
No, as per lending regulations, you cannot use Insta cash for investing or trading purposes.
Where can I access insta Cash? Why is it not visible on my INDMoney app dashboard?
Insta Cash is currently available to a selected group of INDMoney users only.
What are the documents required for Insta Cash?
You don’t need to upload any documents for Insta Cash. Withdrawing insta Cash is a 100%digital process. The lending partner uses the Govt. KYC registry to get the relevant data.
Disclaimer: The information provided on this website is for general informational purposes only and should not be construed as financial advice, investment recommendations, or guarantees of any kind. This information is not intended as a substitute for professional financial advice. You should always seek the advice of a qualified financial advisor before making any investment or financial decisions.
