Best Instant Personal Loan Apps – All your dreams can be fulfilled by taking an instant personal loan. There are multiple Instant personal loan apps available to address your quick cash requirement. Instant personal loan via an app is a fast, hassle-free and paperless way of getting money.
Suppose you have emergency cash requirement. The first step you would take is asking friends or relatives for the money, but what happens if the amount is big. You may approach banks for taking a personal loan. Banks generally takes 2-3 days for approval and disbursal of personal loan. If your requirement is urgent you can make use of Instant Personal Loan Apps. Here is List of 10 Best Instant Personal Loan Apps for your quick cash requirement.
Also Read – 5 Best Banks for Personal Loan in India
10 Best Instant Personal Loan Apps for Quick Cash Requirement
#1 PaySense
PaySense is an online platform to get an instant personal loan. PaySense has partnered with IIFL and Fullerton for the disbursal of personal loans. A PaySense app is available on Google Play. You can install the PaySense app and get a personal loan for medical emergencies, marriage expenses, buying a two-wheeler, or any other requirements.
The maximum amount of loan permissible by this app is 5 Lakh. The rate of interest rate starts at 16.8% per annum. The loan amount and tenure are decided based on the Rrisk profile. You need to submit KYC documents and bank statements to get a loan. It will take 3-5 days to get a loan using this app.
#2 EarlySalary (Fibe)
EarlySalary is projected as salary advance and Instant Personal Loan App. You can get loan ranging from Rs.15000 to Rs.2 Lakh using this app. No credit history required for availing loan using this app. This app can be used at Amazon, Flipkart and Big Bazaar for easy EMI purchase.
The interest rate applicable on loan amount is 2-2.5% per month. EarlySalary app can be used to avail loan at specific cities. You need to pay 2% processing fee for availing loan using this app.
#3 Indiabulls Dhani
Indiabulls Dhani is one of the best personal loan apps. It is backed by Indiabull ventures. You can get unsecured Instant personal loan instantly using this app. The best part of this app is no physical documentation required and interest rates are very low 11.99%.
You can get personal loan up to 15 Lakh using this app. The processing fee of loan is 5%. To get loan using this app, you need to download this app and provide your PAN number and address for verification. After entering loan amount, you will receive loan amount in your bank account within minutes.
#4 MoneyTap
MoneyTap is among the best instant personal loan apps where you pay interest only on the withdrawn amount. MoneyTap has partnerships with leading NBFCs in India. You can get an instant personal loan online with zero collateral and interest rates starting from as low as 13-24.3% pa for 2 to 36 months duration using this app.
The maximum loan amount offered by this app is 5 Lakh. You just need to download app and apply online by creating your profile and uploading documents. You can find out pre-approved loan amount before applying.
#5 CashE
CashE provides instant short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm based machine learning platform. CASHe is completely automated and requires no personal intervention and no physical documentation for availing personal loan. You can avail loan from Rs.5000 to Rs.2 Lakh using this app. The interest rate applicable on loan is 1.5% per month.
#6 MoneyView
MoneyView offers instant and paperless personal loans. You can take quick and easy loan by using MoneyView App. You can avail loan up to amount Rs.5 Lakh using this app. It is completely app based, no physical document required for availing loan. Annual interest rate varies from 16-24%. Processing fee is in the range of 2.5-4%.
#7 FlexSalary
FlexSalary is also known as salary advance and instant cash loans app. This app offers loan to salaried people up to 2 Lakh. To apply loan via FlexSalary, you need to sign up or login via social account. After filling up basic data and PAN card detail your application will be submitted for approval. Once your loan is approved you will receive amount directly in your account.
#8 PaymeIndia
PayMe is an innovative FinTech app which offers short term loan or quick cash support to corporate employees. The primary focus area of this app is to address quick cash requirement of salaried. The maximum loan amount offered by PaymeIndia is 1 Lakh. The interest rate applicable on loan amount is 2-6% per month.
#9 Cred
Cred distinguishes itself in the competitive personal loan app industry by utilizing advanced technology for credit scoring and rewards. Providing customized loan options based on individual credit profiles, Cred offers competitive interest rates and a straightforward application process, making it a popular choice for users.
#10 LazyPay
LazyPay is known for its ease and convenience, providing quick credit through a few taps on your smartphone. Geared towards youthful, tech-savvy individuals, LazyPay simplifies the loaning process, removing the requirement for extensive paperwork. By seamlessly connecting with online retailers, LazyPay boosts users’ buying ability.
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Key Features and Benefit Analysis
Seamless Application Process
The best personal loan apps in India provide a simple application process, guaranteeing fast approval and distribution of funds. Through the digitization of the lending process, these apps remove the requirement for extensive paperwork, making borrowing easier and more effective.
Competitive Interest Rates
These apps are characterized by competitive interest rates, making them appealing to borrowers looking for affordable credit options. By providing lower interest rates compared to conventional lenders, these apps make borrowing easier and more economical for users.
Flexible Repayment Options
These apps also stand out for their flexibility in repayment options, letting users adjust their repayment schedules according to their financial situations. They cater to a variety of needs by offering customizable repayment plans for both short-term loans and long-term credit choices.
Instant Disbursal of Funds
One of the key advantages of these applications is the immediate distribution of funds, allowing users to promptly access money as needed. Through fast approval procedures and smooth connection to banking systems, users can easily receive funds in their accounts within minutes.
Minimal Documentation
The era of never-ending paperwork is over! Leading personal loan apps in India focus on user convenience by reducing documentation needs. Using technology for identity verification and credit assessment, these apps simplify the lending process, helping users save time and energy.
Personalized Loan Recommendations
Personalization plays a crucial role in improving user experience, and these apps stand out by providing custom loan suggestions based on individual needs. Through analyzing user information and financial backgrounds, the apps recommend loan choices that align with the user’s preferences, guaranteeing high levels of satisfaction.
FAQs
How do I apply for a loan using these apps?
Applying for a loan is simple and can be done directly through the app. Just download the app, complete the registration process, and follow the prompts to submit your loan application. Ensure you have the necessary documents handy for verification.
What are the eligibility criteria for availing a loan?
Eligibility criteria may vary depending on the app and the type of loan you’re applying for. Generally, you need to be a resident of India, aged between 21 and 60 years, with a stable source of income. Salaried individuals and self-employed professionals may have different eligibility criteria.
How long does it take to get loan approval?
Loan approval times vary from app to app, but most apps offer instant approval within minutes of submitting your application. Once approved, the funds are usually disbursed directly into your bank account within a few hours.
Are these apps safe to use?
Yes, the top personal loan apps mentioned here adhere to strict security protocols to ensure the safety and privacy of user data. They use encryption and other security measures to safeguard sensitive information, making them safe and secure platforms for financial transactions.
Can I repay the loan before the tenure ends?
Yes, you can prepay the loan before the tenure ends. However, some apps may have prepayment charges or penalties, so it’s essential to check the terms and conditions before making early repayments.
What happens if I miss a loan repayment?
Missing a loan repayment can have adverse consequences, including late payment fees, increased interest rates, and negative impacts on your credit score. It’s crucial to ensure timely repayment to avoid such consequences and maintain a healthy credit profile.
Conclusion
In summary, the top 10 personal loan applications in India provide a handy and trustworthy option for people requiring fast financial help. These apps make borrowing easier with their easy-to-use interfaces, competitive rates, and repayment flexibility, enabling users to achieve their financial objectives smoothly.
Note – I have not used any of the app mentioned above for availing a personal loan. The information given above is collected from various sources. Readers are requested to carry out due diligence exercise before selecting a lender.
