Instant loan apps are like mini banks in your pocket that provide instant access to credit in case of a financial emergency. In this article we are going to see the Best Loan Apps in India.
How to apply for a personal loan through App?
The process to get a personal loan through instant personal loan apps is quick and takes a few seconds for approval. You need to follow the following steps to get a loan through these apps.
Documents Required for Personal Loan Apps
Instant personal loan apps provide loans with the following minimal documents.
Here is a list of best instant personal loan apps in India 2021
1. KreditBee Personal and Business Loans App Online – Download
KreditBee is an instant personal loan app trusted by 1 Crore+ Indians. Avail personal loans starting from ₹ 1,000 to ₹ 2 Lakhs, as per your approved credit. On approval, get a direct bank transfer within minutes.
Get approved for personal, salary loans & EMIs with minimal documentation & small transaction fees.
Loan amount: From ₹1,000 to ₹200,000
Interest rates: From 0% to 29.95% per annum
Tenure: 62 days to 15 months
2. MoneyTap – Credit Line & Loan – Download
Best Instant Personal Loan App in India – Get Instant approval for a credit line of up to ₹5,00,000 & pay interest only on the amount you withdraw from your MoneyTap balance.
✅ Salaried employees only. Minimum salary = ₹30,000 per month.
Interest rates starting from as low as 13% per annum* for 3 to 36 months. Interest payable on the exact loan amount used from your approved credit line.
3. mPokket: Personal Loan & Instant Student Loan App – Download
Best Online Loan App. Instant loan app for students, Instant loan for salaried, Loan upto Rs 30,000. Get instant loan for college students and instant loan for salaried employees. Avail personal loan instantly ranging from Rs 500 to Rs 30,000. Just open this online loan app and consider this as a borrowing option whenever you are short of pocket money or you want to avail urgent cash loan in any emergency or even to settle your travel plans and much more. Get everything settled with the best instant loan app.
Loan amount – Rs 500 to Rs 30,000
Interest rates – from 2% to 6% per month
Tenure – 61 days to 120 days
4. Personal Loan & Salary Advance App – EarlySalary – Download
EarlySalary is the most innovative Personal Loan App for Salaried Professionals.
Loans range from ₹8,000 to ₹500,000
Tenure: 90 days to 24 months. Interest rates range from 0%-30% per annum depending on the product availed.
5. Instant Personal Loan App – SmartCoin – Download
Personal Loans range from ₹4,000 to ₹ 1 Lakh
Tenure: 62days to 1year. Interest rates range from 0%-30% depending on the risk profile of the customer and product availed. This app provide premium Instant Loan for both salaried and self-employed individuals. A personal loan worth ₹1,000 to ₹1 Lakh with flexible disbursement tenure ranging from 91 to 270 days on our Small Loan App. The funds will be credited directly to your bank account. 100% online. Minimum documentation. Fastest disbursal.
6. Personal Loan App: Cash Loan, Loan App by CASHe – Download
CASHe is the easiest way to get personal loan online for salaried professionals with monthly net take-home of ₹20,000 or more. Our online loan app disburses short-term loans as soon as possible.
The CASHe personal loan app reduces paperwork eliminating human intervention. Apply for personal loan in minutes and get personal loan from ₹7,000 to ₹4,00,000 using the CASHe app.
CASHe fully adheres to RBI’s Fair Practice Code & is committed to promote best practices in digital lending.
7. PaySense: Personal Loan App – Download
PaySense provides personal loans from Rs.5,000 to Rs.5,00,000 with an Annual Percentage Rate (APR) between 16% to 36% on a reducing balance basis.
PaySense is present in 60+ cities in India, including Mumbai, Bengaluru, Kolkata, Chandigarh, Chennai, and Delhi NCR. PaySense has partnerships with NBFCs/Banks registered with RBI such as Credit Saison India, Fullerton, IIFL, and PayU Finance.
They have disbursed over 1 lakh personal loans in the last 12 months. They are a personal loan app in India that offers easy and quick loans to salaried individuals.
8. Dhani: Medicines, Cards, Credit, Payments & Stocks – Download
Dhani is a one-stop-shop for all your financial & healthcare needs. You can get yourself an instant Dhani OneFreedom card with card credit limit up to ₹ 5,00,000 at 0% interest or order medicines & healthcare products at 25% Discounts with Dhani Pharmacy, and get them delivered to your doorstep.
9. Bajaj Finserv – Instant Loans,Credit Card,EMI Card – Download
Introducing Bajaj Finserv, a one-stop solution for personal loan, credit card, EMI card, insurance, investments, bill payments & more. Through the Bajaj Finserv app, users can instantly apply for the following loan, investment & insurance product/services:
* Personal Loan with EMI calculator
* Bajaj Finserv RBL Credit Card
* EMI Card, Health Card, Add-on Card
* Home Loan Balance Transfer with EMI calculator
* Business Loan and EMI calculator
* Doctor Loan and CA Loan
* Fixed Deposits with Interest Calculator
* Insurance services
* Loan Against Property
10. Instant Approval Personal Loan – Download
IndiaLends is an online marketplace for credit products and offer free credit report, range of credit cards and personal loans from different Banks and NBfcs. IndiaLends offers instant personal loans to its customers with most products being fully digital. IndiaLends also provides technology, data and credit analytics solutions along with a loan management platform to financial institutions. IndiaLends is run by a team of credit risk professionals and data scientists with multiple years of experience in consumer credit.
Factors to Consider While Taking Instant Loan
#1. Repayment Capacity
Before you apply for an instant loan, check your cash needs and the repayment capacity. If you can manage from your savings, withdrawing investment or borrowing from your colleagues then do that instead of taking a loan.
If you still want to go for an instant loan then make sure that you have a cash flow in the coming months to repay the loan. Otherwise, instant loans can be a trap because of high-interest rates.
#2. Rate of Interest
The interest rates on instant loans vary from 12% to as high as 72% per annum and differ from app to app.
The rate of interest charged is very high and if you default then the interest gets accumulated. Look for instant loans that charge a reasonable rate of interest that you can repay easily.
#3. Repayment Period
The repayment period also varies from 60 days to 5 years. Few apps offer a very short repayment period which can be difficult to manage because of high repayment amounts.
Select a repayment period where you are comfortable and your monthly finances do not get impacted.
#4. Loan App Ratings
The app ratings and reviews tell a lot about the experiences of the people already using the app. The popular loan apps with higher ratings have a better user experience, application process and loan management features.
#5. Processing Fees & Other Charges
Processing of instant loans is fast but it also eats up 1% to 6% of your loan amount.
Look for instant loan apps that charge a lower processing fee or other charges like sign up charges or service fees.
Instant loan apps provide you an option to get a fast cash with minimum documentation, less effort in the least possible time.
Instant loan apps are really helpful in situations of urgent cash needs. But you need to be careful in using the facility only in extreme financial needs because of the high-interest rates they charge