Quick Loan vs Express Loan: Know the Difference

Financial urgency has the nature of arriving at the most unexpected times – whether it’s an unforeseen expense or a last-minute trip. In such moments, selecting the right type of loan becomes essential.

Two popular terms you may have come across are quick loans and express loans. While both serve similar purposes, there are a few differences in terms of the loan amount, the repayment tenures, and so on.

In this article, we’ll delve into the differences between quick loans and express loans to help you make an informed decision.

What Is a Quick Loan?

A quick loan can be considered a type of personal loan that offers smaller loan amounts, ideal for minor emergencies such as immediate medical bills or small-scale home repairs.

The key features of quick loans include:

• Loan amounts typically ranging from a few thousand rupees to a few lakhs.
• Shorter repayment tenures, generally 1 to 2 years.
• Quick disbursals, often within minutes of final approval.

Please note that the exact loan amount, tenure, and disbursal time are subject to lender policies.

What Is an Express Loan?

Now, how do express loans work? An express loan is another type of personal loan that provides access to a larger loan amount with speedy processing (subject to eligibility and document verification). These loans are suitable for more significant financial needs such as major home renovations, wedding expenses, higher education, and similar big-ticket costs.

The key features of quick loans include:

• Larger loan amounts, usually going up to INR 30 lakhs* or more.
• Longer repayment tenures, generally ranging from 1 to 5 years.
• Quick approvals, though higher loan amounts may require additional processing.

Please note that the exact loan amount, tenure, and disbursal time are subject to lender policies.

What Are the Key Differences Between Quick Loan and Express Loan

Here’s a quick glance at quick loans vs express loans:

Which One Should You Choose According to Your Need?

If you need a smaller loan amount that you can comfortably repay over a short tenure, a quick loan may be the right fit. On the other hand, if you require a larger amount with a more flexible repayment period, an express loan might be ideal.

Why SMFG India Credit Personal Loan Is an Ideal Choice

At SMFG India Credit, you can access personal loans of up to INR 30 lakhs*. Interest rates starting at 13%* per annum and a flexible repayment tenure ranging from 12 to 60 months* help keep EMIs manageable. Additionally, existing customers with a strong repayment history can benefit from preferential interest rates.

Our hassle-free 100% paperless application process requires minimal documentation, and the funds are disbursed within 30 minutes* of final approval, allowing you to address urgent financial needs promptly. Estimate your monthly payments using our personal loan EMI calculator and apply online today!