The approval time for a personal loan in India typically ranges from 1 hour to 7 days, depending on the lender, your eligibility, and document verification. Some digital lenders even offer instant approval (within minutes) for pre-approved customers.
At Today Finserv Consulting India, we help borrowers understand the loan approval process and ways to get faster disbursals. Here’s a detailed breakdown.
Personal Loan Approval Timeline in India
1. Instant Approval (30 Minutes – 2 Hours)
⚡ Pre-approved offers (for existing bank customers)
⚡ Digital lenders & NBFCs with automated verification
⚡ Minimal documentation (e-KYC, bank statement linking)
2. Fast-Track Approval (24 – 48 Hours)
🏦 Private banks & fintech companies
📄 Complete documents submitted online
💳 Good credit score (750+)
3. Standard Processing (3 – 7 Days)
🏛 Public sector banks (SBI, PNB, etc.)
📑 Manual verification for self-employed applicants
🔄 Additional checks if documents are incomplete
Factors Affecting Loan Approval Time
| Factor | Impact on Approval Speed |
|---|---|
| Credit Score | High score (750+) = Faster approval |
| Income Proof | Salaried (faster) vs Self-employed (slower) |
| Documentation | Complete docs = Quick processing |
| Lender Type | NBFCs > Private Banks > Public Banks |
| Loan Amount | Smaller loans (<₹5L) get approved faster |
How to Get a Personal Loan Approved Faster?
✔ Check pre-approved offers (via net banking/ lender app)
✔ Apply online (reduces branch visits & delays)
✔ Keep documents ready (ID, address, income proof)
✔ Maintain CIBIL 750+ (avoids additional scrutiny)
✔ Choose NBFCs/fintech lenders for instant disbursal
FAQs: Personal Loan Approval Time
1. Can I get a personal loan in 1 hour?
✅ Yes, if you’re pre-approved or apply through digital lenders like PaySense, MoneyTap.
2. Why do some loans take 7+ days?
⏳ Public banks and high-value loans (>₹10L) require stricter checks.
3. Does a low credit score delay approval?
📉 Yes, lenders may ask for extra documents or reject applications.
4. How long after approval is the loan disbursed?
💸 Same day to 48 hours, if bank details are verified.
5. Can I track my loan application status?
📱 Yes, most lenders provide updates via SMS/app/email.
Today Finserv Quick-Approval Tips
🔹 Apply early in the week (avoid weekend delays)
🔹 Avoid multiple applications (hurts credit score)
🔹 Opt for automatic bank statement fetching (saves time)
