Instamoney Review: Instamoney is Real or Fake

If you’re considering taking a loan from the InstaMoney app, the first thing you should know is whether the app is legitimate (real) or fraudulent (fake). Giving a brief answer might lead to misunderstandings, so the purpose of this article is to provide you with accurate and detailed information. To know the truth about the InstaMoney app, make sure you carefully read each point mentioned here.

Positive Aspects of InstaMoney Loan App

1. This loan app is authorized by RBI-registered NBFC (Non-Banking Financial Company) called LendDen Club.
2. It follows all RBI regulations related to loan distribution.
3. The loan amount is transferred to the bank account within 2 hours.
4. The entire loan application process is online.
5. Even individuals with minimal income can get a loan through this app.

Negative Aspects of InstaMoney Loan App

1. The app charges ₹199 as a loan assessment fee, which is non-refundable even if the loan application is rejected.
2. Some users receive a coupon code via email to apply for a loan without paying the ₹199 assessment fee through Google Pay, but those without a coupon code may lose ₹199.
3. It’s hard to get a loan without a good credit score or if your credit score hasn’t been generated yet.
4. The only way to contact InstaMoney is via email, as they do not provide customer support via phone.
5. The interest rate and additional charges on the loan amount are quite high.

InstaMoney Loan App Review

• App Name: InstaMoney Instant Loan App
• Loan Amount: ₹5,000 to ₹50,000
• Repayment Period: 3 to 5 months
• Google Play Store Rating: 4.2
• Downloads: Over 5 million
• RBI Registered: Yes
• Processing Time: Within 2 hours
• Company Name: Innofin Solutions Private Limited
• Country: India

Eligibility for InstaMoney Personal Loan

• Age: 21 to 45 years
• Employment: Salaried or self-employed
• Citizenship: Indian
• Credit Score: Minimum 750

Required Documents for InstaMoney Personal Loan

• PAN Card: Only the PAN number is needed.
• Address Proof: Aadhaar card or other valid documents. Aadhaar must be linked to a mobile number for OTP verification.
• Income Proof: Last 6 months’ bank statements, which can be uploaded as a PDF or verified through OTP linked to the bank account.
• Selfie: A live selfie is required during the online loan application process.

InstaMoney Personal Loan Interest Rate and Charges

• Interest Rate:
  • Minimum: 2.99% per month
  • Maximum: 4% per month
• Processing Fee: 0% to 5% of the loan amount
• Assessment Fee: ₹199

Additional charges like late payment fees, EMI bounce charges, etc., may also apply.

Customer Care and Contact Information

• Phone Number: Not available.
• Email: loan@lendenclub.com
• Registered Address: Unit no. 5, Mezzanine Floor, DLH Park, SV Road, Goregaon West, Mumbai – 400062

If you have taken or are planning to take a loan from InstaMoney and have any doubts or need to resolve an issue, you can:

1. Email their official customer support.
2. Visit their website’s Contact Us page and search for a solution under the “Borrower Support” section. If you don’t find the solution, submit a request, and InstaMoney will respond within 48 hours.

Is InstaMoney Safe or Not?

InstaMoney is reliable as it is backed by an RBI-registered NBFC. No fraud cases have been reported against it. However, the ₹199 assessment fee, which is non-refundable even if the loan is not approved, is a major drawback.

Applying for InstaMoney Personal Loan

Here’s how you can apply for an InstaMoney loan:

1. Download and log in to the InstaMoney app.
2. Check your eligibility.
3. Provide the necessary details.
4. Upload the required documents.
5. Complete the verification process.
6. Once approved, the loan amount will be transferred to your bank account within 30 minutes.