The instant personal loan apps are secure to use, require zero or minimal documentation, and offer quicker approvals and disbursals. They allow users to fulfil their immediate financial needs, whether they are medical emergencies or other needs. Normally, raising a personal loan is a time-consuming process, but with the help of these instant loan apps, the process becomes hassle-free. Whether it is a 1 Lakh Loan or a 10 Lakh personal loan, any amount can be raised using the loan apps available.
Features of Instant Personal Loan Apps
Let us now discuss the features of these Instant Personal Loan apps:
- The processing time of a personal loan is a minimum as there is zero or minimal documentation.
- The loan application process is completely digital.
- The loan gets disbursed within 24 hours and, in some cases, within minutes, depending on the lender’s bank.
- Applicants with a healthy credit score and stable income are eligible to get pre-approved personal loans from banks and NBFCs with whom they have a relationship.
- Personal loans can be raised to meet any kind of requirement, such as marriage, travel, education, home renovation, or medical emergencies.
- Applicants should first look for pre-approved offers from the bank in which they have a savings or salary account. Or they can go for the credit card issuer bank from whom they have accessed the loan earlier also.
Top 10 Personal Loan Apps
Let us now discuss the features of the 10 Best Personal Loan Apps:
- MoneyView
- Once the loan application gets approved, the loan amount gets credited within 24 hours.
- The eligibility for a loan can be checked within minutes from anywhere in India.
- Only name, identity, and income proofs are required to be submitted.
- An amount ranging between INR 5000 and INR 10 lakh.
- Get an interest rate starting from just 1.33% per month, having a flexible repayment tenure of up to 60 months.
- No collateral is required.
- Loans can be repaid through auto-debit options.
- The unique credit rating model allows applicants with low credit scores to avail themselves of a loan.
- MoneyTap
- As per the no-usage, no-interest feature, one is required to pay interest only on the amount used and not on the entire amount availed.
- A loan amount of up to INR 5 lakh and interest rates starting at 1.08% per month should be available.
- Whenever in need of funds, any amount can be borrowed up to the entire credit limit.
- Get a flexible repayment from 3 to 36 months.
- Get a free Mastercard credit card and get the entire credit limit as cash.
- The minimum age of an applicant is 23 years.
- The minimum monthly income required is INR 30,000.
- KreditBee
- Get a loan amount ranging between INR 1000 and INR 4 lakhs.
- Get quicker disbursal of loan within 10 minutes.
- The interest rate may range from 5% to 29.95%, and it may vary depending on the credit history and other factors.
- The repayment tenure available ranges between 3 months and 10 months in the case of a Flexi loan. It may go up to 24 months in the case of salaried individuals.
- The complete loan application process is done online.
- PaySense
- It is offered to new applicants with no credit history.
- The loan amount can range between INR 5000 to INR 5 lakhs.
- The interest rate may range between 1.4% to 2.3% p.m.
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- The repayment tenure of a loan can range between 3 – 60 months.
- The loan can be availed both by salaried and self-employed applicants.
- CASHe
- Get a loan amounting to INR 1000 to INR 4 lakhs.
- The repayment tenure may range from 3 months to 18 months.
- The minimum salary requirement is INR 12,000 per month.
- The loan application process is quite easy and convenient as it is online.
- The age of an applicant should be between 23 and 58 years old.
- It offers a loyalty program for applicants, who can choose between lower interest rates or a higher loan amount.
- Nira Finance
- Get a line of credit up to INR 1 lakh.
- No credit history is required for new applicants; otherwise, a CIBIL score of 681 is required.
- The repayment tenure can go up to 12 months.
- One is required to pay interest only on the amount used and not on the entire amount availed.
- Interest rates start from 2% per month.
- Submit the hard copies for KYC, though the loan application process is paperless.
- Navi
- Get a personal loan amounting to INR 20 lakhs.
- Get a flexible repayment option of up to 72 months or 6 years.
- The interest rate may start from 9.9% p.a.
- The complete loan application process is digital.
- Fibe
- Get a loan ranging between INR 5000 to INR 5 lakh.
- One can apply for multiple loans in a single day even when a loan is already continuing with the lender bank.
- Get 24*7 availability to apply for a loan altogether with an instant disbursal.
- Get an advance salary whenever extra cash is required at an interest rate starting with 14% p.a.
- The loan application process is completely online.
- Get the loan repaid in a span of 24 months.
- LoanTap
- Get a loan amount ranging between INR 2.5 lakh to INR 10 lakh.
- Get the loan disbursed within 24-36 hours into your bank account.
- An individual must be an Indian citizen aged 21-60 and have a minimum monthly income of INR 30,000.
- Get a flexible repayment tenure of 3 months to 60 months.
- The loan process is transparent, i.e. there are no hidden charges or pre-payment charges.
- Switch to an EMI-free loan after 6 months of disbursement of the loan or an accelerated repayment option, as per your convenience.
- mPokket
- Whenever low-salaried individuals or low-income earners have urgent financial needs, they can get a personal loan between INR 500 and INR 30,000.
- The loan amount will be disbursed within a few hours of the eligibility criteria being met.
- This loan can be availed by college students once the enrolment ID, student ID, mark sheet, or letter of admission is provided as proof.
- Get the loan repaid within 120 days.
- Get the interest rate starting from 4% p.m.