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.
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 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 popular and easy to access apps:
1. Afinoz Instant 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
- 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.
5. Indiabulls Dhani
- 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.
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.