Best Personal Loan Apps in India
At times, your bank balance does not match with the irregular expenses. You do not want to discuss your financial problems with friends and relatives. And then, you look for a lender. An easy way to overcome this problem is to apply for a personal loan online
Personal loans, these days, are available in a very easy manner. Go to play store and see how the app will tell you all about the loan and you immediately get the soft approval.
About Personal Loan
A personal loan can be taken for any personal need say medical emergency, wedding expenses, vacation, home renovation, studies, buying a car, etc. Being an unsecured loan, the rate of interest on personal loans is naturally on the higher side. However, if you have an excellent credit score and meet other eligibility criteria set by the bank, there are chances that you could get a reasonable rate on loan.
Why should you take a Personal Loan?
- Easy to Avail
- Finance for home remodeling
- Easy travelling
- Quick disbursal
- No need for collateral
- Fixed Rate of Interest
- Choose the loan tenure
- Tax benefit
Read more : Why Should You Take a Personal Loan?
Personal Loan Eligibility Criteria
- Age Criteria : availing a personal loan a salaried individual must between the ages of 21 to 60 years while a self-employed person has to be within 25 to 65 years of age.
- Income: A personal loan applicant must be earning the minimal wage criteria defined by the lender and also should be able to repay the loan on monthly,
- Tenure : The tenure of repayments ranges from 6 months to 5 years
- Credit Rating: The credit history of the loan applicant is another major factor that lenders would like to look into while approving personal loans. The preferred credit score is 750
There are many app-based loans providers. Each of them has different criteria for granting the loan. The Personal Loan interest rates, tenure and terms and conditions may differ but the documentation required is the same.
Best Instant Personal Loan Apps
There are so many online lenders in the market today that you may get confused as to where you should apply. To help find what you are looking for, here is a list of ten most Best Personal Loan App popular and easy to access apps:
1.# Afinoz Instant Personal Loan App
- Simple and complete end to end digitalized loan application process
- There are additional benefits like cash back upto Rs 5000 on disbursal
- With a single application, you can compare and apply to the best suitable lender
- There will be complete security of your financial data.
- You get real time updates about different financial products.
- You can enjoy access to all your records anytime, anywhere.
This is digital lending app that was founded by professionals who are using their experience in finance, banking and technology in various multinational firms to lend money online.
- They offer loans from Rs. 500/- to Rs. 5,00,000/.
- These loans can be repaid in equated monthly installments only electronically.
- The interest rates start from 11.99% per annum
- Tenure of the loan can be from three months to thirty-six months.
- Apart from a processing fee, there are no other hidden charges.
ZestMoney is a fast way to get a loan and to repay it by using digital, equated monthly installments.
- There is no need for a credit card.
- Zestmoney does not require you to have a credit score.
- The loan process is so streamlined that it takes only five minutes online.
- Loans up to one lakh are sanctioned instantly.
- You can earn 100% cashback on your EMIs
- You get a gift card from online partners such as Amazon, Flipkart, Makemytrip and Myntra.
4.# Smartcoin Loans App for Personal Loan
- Here is an app that gives personal loans starting from Rs. 1000 and going up to Rs. 50,000.
- Loans are given to professionals, executives and businessmen.
- Tenure of the loan varies from fifteen days to four months.
- This is an easy to use app.
- The processing of the loan is quick.
- The money is credited in to your account within two working days.
- This app grants personal loans within minutes to the tune of Rs. 15,000/.
- You can also avail a loan for a sum as small as Rs. 1000/.
- This app is supported by Indiabulls ventures.
- Loans have tenure beginning from three months and going up to twenty months.
- These are unsecured loans.
- You get the money in your account instantly.
- The online process takes only five minutes.
- A loan up to Rs. 15,000 is available online.
- The interest rate is 11.99%.
- The processing fee is 5% of the loan amount.
Buying as many things as you want, desire or need immediately has become very easy with this app. It has been offered to online users by Arthashastra Fintech Pvt. Ltd.
- There is a buy-now-pay-later option for which you get a fourteen-day interest free window from the date you place the order.
- Payments can be made to many online merchants.
- Loans start from Rs. 1,500 and go up to Rs. 20, 000.
Self-employed and professionals can both avail loans on this app. You need to have a monthly salary of Rs. 22,000 and above. You need to create your profile on this app and upload your documents.
- This app will also tell you about the pre-approved loan amounts available to you.
- There is a very low rejection rate of loan applications.
- In case you do not withdraw the entire amount sanctioned, you will be charged interest only on the amount you have withdrawn.
- The maximum loan amount offered is Rs. 5 lakhs.
This is an app that helps young professionals reach out to their dreams. It has the facility of direct money transfer to your bank account.
- This offers you a loan up to Rs. 1 lakh.
- The entire process is online, starting from applying to cash being disbursed and is so efficient that it takes only fifteen minutes.
- Loans are available from Rs. 1,500 to Rs. 1 lakh.
- The monthly interest rate is 3% of the principal.
- Funds are transferred immediately to the seeker’s bank account.
This is a unique app. Even before you enter all your details, you can access your loan limit by entering your mobile number.
- LazyPay sanctions more than a million loans a month.
- Personal loans up to Rs. 1 lakh are disbursed quickly.
- This app is very safe.
- There is a fourteen-day-interest-free window for repayment.
- The loan comes with borrower friendly equated monthly instalments.
- This is an app designed especially for students.
- It is easy to use and offers loans to students at competitive rates.
- Very few documents needed for sanctioning the loan and money is quickly disbursed to the account.
11.# Flex Salary
This app is offers loans to even those people who do not live or work in the metropolitan cities. They offer loans to professionals in salaried jobs in tier one and tier two cities.
- Borrowers can get loans up to Rs. 2 lakhs from Flex salary.
- Loans are disbursed in a hassle-free environment.
- You can download this easy to use app from play store.
It is a digital platform to get an online personal loan. PaySense has partnered with IIFL and Fullerton for the disbursal of personal loans.
- With this app, you can avail of a maximum loan amount of Rs 2 lakh.
- The rate of interest starts at 16.8% p.a.
- Based on your risk profile, the loan amount and tenure are decided.
- Salaried individuals having a salary of Rs 12,000 per month and self-employed individuals earning Rs 15,000 per month are eligible to apply for the loan.
- The KYC documents and bank statements are required to establish your eligibility for the loan.
- Post submission of the documents, if you are eligible, the loan will be approved within 5 hours.
- It takes 3-5 days to get the funds, by using this app.
CASHe is a digital platform powered by an RBI registered NBFC known as Bhanix Finance and Investment Limited. This is a unique app, which considers Social Loan Quotient (SQL) of the applicant, to process the loan application.
- Register in the app with either of your social media profiles-Facebook/LinkedIn/Google+ accounts.
- You can also transfer a part of your loan amount directly to your Paytm wallet.
- With this app, you can get instant loans for a short tenure of 15,30, 90, and 180 days.
- The Social Loan Quotient (SQL) feature of the app, assists in making your unique credit profile. This feature differentiates it from other users.
- You will have to enter your name, age, mobile number, income details, address etc. at the Social Loan Quotient Calculator, to find out your eligibility.
14.# Bajaj Finserv
This app has 12,000+ partner outlets in over 150 cities with Croma, Vijaya Sales, Hometown, Home Centre, Urban Ladder, Helios, and more, which allow consumers to shop around in any of them. You can get your loan amount disbursed within just 24 hours with this app.
- This app lets you to login using the Aadhar Card, and social media profiles.
- You can edit the personal details easily on the app.
- You can share the first 6 digits of your Credit Card to increase the chances of getting an approval. This will also make you eligible for higher loan amounts.
- The app ensures not to use your Credit Card details for any banking purpose. And no money will be deducted from the card.
- After disbursal of the loan amount, you can shop across any of the partnered outlets like, HomeTown, HomeStore, Helios, etc.
15.# Early Salary
This app can be used to avail loans at specific cities. Early salary is gaining popularity among the young generation, with its easy payback option in easy EMIs within 50 days.
- To avail of the loan using this app, no credit history is required.
- Loan ranging from Rs 15,000 to Rs 2 lakh can be availed using this app.
- For EMI purchase, this app can be utilized at Amazon, Flipkart, and Big Bazaar.
- You will have to pay a 2% processing fee for availing the loan through this app.
16.#. PayMe India
This Fin-tech company is based out of Noida, which has raised $2 million from Singapore-based investors. To provide quick cash to salaried corporate employees, this app offers short term loans.
- The minimum loan amount offered is Rs 1,000, and the maximum you can avail is Rs 1,00,000.
- The lending process is fast and reliable.
- It has a strong customer support team, which is very responsive.
This app has been expanding rapidly over the last few years and is now present in several Indian cities.
- The minimum loan amount approval can be availed using this app is Rs 10,000.
- The repayment period with Money View ranges from 3 months to 5 years.
- Once you upload the required documents, based on your eligibility, the loan amount will be disbursed to your bank account very soon.
18.# Home Credit
Home Credit operates in over 20 states and 150 cities and is one of the oldest money lending apps in India. The company has a presence in over ten countries in Asia and Europe and is a part of the International Home Credit Group.
- The app allows repaying the loan amount within a period of 9 months to 4 years.
- To help you fix the short term financial requirement, this app provides loans up to Rs. 2 lacs.
- The services are simple, transparent, and easily accessible to you.
Having its base in Gurgaon, RupeeLend is now operational in major cities of India. It is part of the Casinity Group that provides short term credit to its users.
- You can get the loan amount using this app within two hours.
- Existing customers have the benefit of availing the loan amount within 10 minutes.
- The loan customization feature helps customers select the loan amount quickly.
- If you wish to foreclose the loan, you can do so without any extra charges.
- Rupeelend follows the disbursal of the loan amount, which is quick and reduces excessive paperwork.
- The company currently operates in Bangalore, Mumbai, and NCR.
20.# Loan Tap
Loan Tap offers customized loans to borrowers. With the tagline “Bringing Dreams to Life,” this app is one of the popular ones in the market.
- Loan Tap provides loans in the category of two-wheeler loans, flexible personal loans, lifestyle and celebration loans, home loans, and lower instalment loans.
- Repayment options of the app include accelerated payment options and bullet repayment to the principal outstanding. Depending on your preference, you can choose either of them.
- The minimum loan amount that can be availed by using this app is Rs 50,000, and the maximum is Rs 10,00,000.
- The process of applying for the loan is simple and requires minimal documentation.
Currently operational in Bangalore, Chennai, Pune, Mumbai, and Hyderabad Credy is a new but strong entrant in the market.
- Applicants having a minimum salary of Rs 15,000 can apply for the loan.
- Tenure for applying for the loan can be chosen between 3 to 12 months.
- The minimum loan amount that can be availed from the app is Rs 10,000, and the maximum is Rs 1,00,000.
- The loan application process is simple and requires minimal documentation.
Documents required for Personal Loan Apps
You need the following documents to apply for a personal loan:
- Aadhaar card,
- A photograph,
- Bank account details and statements,
- Salary slips
- You need to fill in a Know Your Customer form or KYC form
All this can be done online. The loan amount is decided on merit of your salary and your credit history after looking at the risk factors involved.
You can opt for any of the above-mentioned apps to get funds immediately in financial crisis and pay easily in EMIs. However, while getting a loan is easy, it is essential for the borrower to go through the terms and conditions carefully so that there is no scope for misunderstandings and mistakes which may cause hardships later.