Best 12 Instant Personal Loan Apps in India
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Best 12 Instant Personal Loan Apps in India
Traditional banks take a long time to process personal loan applications, and money lenders are known to charge high-interest rates making the process very dubious. In this whole financial setup, personal loan apps have emerged as an excellent idea to provide safe and hassle-free immediate cash loans in India within 1-hour.
When you are in urgent need of a quick cash loan, there are very few options available. One is to seek a personal loan from traditional banks, which can be a time-consuming process requiring a lot of paperwork and multiple document submissions.
The other option is taking a loan through a credit card, but interest rates are extremely high. Asking your friends or relatives for money is another option, but it can be embarrassing. And not everyone is lucky enough to get a salary advance loan in India from their employers. So, the best option for a quick cash loan in India is through personal loan apps. The internet has revolutionized the way India works. Today you can purchase anything from vegetables to a Smart TV and more, sitting in the comfort of your home.
The situation is no different if you need fast and easy instant personal loans in India. There are the best instant loan apps in India, which can make your personal loan process a lot easier and more convenient. You can apply online with the requisite scanned documents, and the loan amount can be delivered to your doorstep or credited to your bank account, depending on your convenience.
MoneyTap is India’s first app-based credit line. The best part is its no-usage-no-interest feature, which has made taking credit more affordable. Thanks to this feature, you only pay interest on the amount used. It is a personal loan app that provides a line of credit to customers, which works as an instant loan or a credit card.
MoneyTap is essentially a money lending company with flexible interest rates, currently servicing clients in Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai as well as 30+ cities in India.
Let’s take a look at a hypothetical example to understand how MoneyTap’s Personal Loan 2.0 works.
Arjun has been approved for a credit line of ₹ 1 Lakh with MoneyTap but he uses only ₹ 50,000 out of it. If he had taken a traditional personal loan he would have been charged interest on the entire ₹ 1 Lakh from day 1. But, with MoneyTap, he will only be charged interest on the amount he uses (₹ 50,000).
With the MoneyTap Amount to be paid after 1 year, assuming a 13% interest rate, loan amount = ₹ 100,000, used only = ₹ 50,000: 50,000 X 13 = 56,500 Arjun will end up paying ₹ 56,500 by the end of the year. With a traditional personal loan Amount to be paid after 1 year, assuming a 13% interest rate, loan amount = ₹ 100,000: 100,000 X 13 = 113,000 Arjun will end up paying ₹ 113,000 by end of the year.
mPokket is an instant loan app in India for college students. It works on the concept of pocket money for students. Once your personal loan application is approved the personal loan amount is sent to your bank account or your Paytm wallet. The initial amount approved is ₹ 500 and your borrowing limit will increase over time with good usage. You can repay your loan within 1 to 3 months.
LazyPay is powered by PayU. You just need to enter your mobile number to find out your personal loan eligibility. With quick approvals and safe online loan application processing, LazyPay disburses 1 million+ loan every month. Its key offerings include pocket-friendly EMIs, an instant personal of up to ₹ 1 Lakh through an easy digital process with minimal documentation.
Home Credit India is a part of the international Home Credit Group that has a presence across ten countries in Europe and Asia. The India chapter started in 2012 and it already has operations in over 60 cities across 15 states. The personal loan app sanctions personal loans of up to ₹2 Lakh with a repayment tenure ranging from 9 months to 4 years. The instant loan app in India makes financial services simple, transparent, and easily accessible to you.
SmartCoin is a FinTech company with a mission to offer its HomeCredit1 customers a user-friendly and scalable lending platform. It is a personal loan app in India that provides instant loans for individuals looking for short-term personal loans. Use its mini loan app to get loans from ₹ 1,000 to ₹ 25,000. The company caters to all profiles like support executives, business owners, salaried professionals, managers, stay-at-home moms, teachers, and more with no minimum limit on salaries, unlike other personal loan apps.
Fibe, a FinTech startup in Pune has been creating ripples in the way money lending happens in India. Its personal loan app allows an easy and fast way to get instant loans. The loan amount limit is up to ₹ 5 Lakh at an interest rate starting from 12%.
With Money View personal loan app, you can get a personal loan in just 2 hours. Whether you want to remodel your home, buy an expensive ride, or cover your wedding expenses, a personal loan from Money View is completely paperless, fast, easy, and flexible. Money View loan amount ranges from ₹ 10,000 to ₹ 5 Lakh. The repayment period is flexible and ranges from 3 months to 5 years.
CASHe is an app-based digital lending platform that provides short-term personal loans for various financial needs, but only to salaried individuals. You need to provide documents such as salary slips, bank statements, address proof, and PAN card, which can all be uploaded through the cash loan app while applying for a loan. The capital you can also check loan eligibility and interest rates online, using a quick calculator. The approved loan amount can range from ₹ 5,000 to ₹ 2 Lakh, with tenures ranging from 15 days to 6 months. Repayments can be made through a bank transfer or cheque deposit every month.
NIRA is a FinTech company that offers a line of credit to salaried professionals in India. The personal loan offered to you is in the form of a line of credit, which has a credit limit range starting from ₹ 3,000 to ₹ 1 Lakh. The loan tenure ranges from 3 months to 1 year. You can withdraw a minimum of ₹ 5,000 each time. The interest applied to the loan amount depends on how much you borrow and when you repay the borrowed amount.
KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account.
IndiaLends is one of the cash loan apps in India for instant personal loans, credit cards, and free credit reports.IndiaLends offers instant personal loans online with the best interest rate and disburses the loan within 48 hours. IndiaLends’ instant loan app in India extensively makes use of data and technology to improve workflows and risk assessments so that the loan disbursal process is efficient, shorter, and easier.
Dhani popularly marketed as a phone loan app, instantly disburses the loan amount to your bank account. You can apply for a personal loan anytime, anywhere. You can get a loan of up to ₹ 15 Lakh instantly at an interest rate starting at 12%. You can download the Dhani loan app for free, enter your Adhaar card number, and your loan amount, and get the loan amount in your account instantly.
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