It’s the world of technology and automation! The same is observed in different sectors of the economy. Look for any product or service, you’ll easily find an app related to it. That’s what our today’s topic of discussion reflects, popular loan apps. So, let’s get familiar with some of the Best Personal Loan Apps in India.
Personal Loans: Importance
Every individual has varied personal needs. May it be for your home re-modelling, buying a car, a family vacation, covering your wedding expenses etc. personal loans can come to your rescue. These are the unsecured loans that are not secured against any asset.
With the advent of digital India and centralization of the banking system, the online services have expanded enormously. These days, banks provide maximum banking facilities at the click of a button. And, when it comes to choosing a good application (app) to apply for personal loans, we ought to be very careful.
You know, apart from our traditional banking institutions, there are many more organizations which have started giving out loans to the general public on an instant basis. Forget the long waiting and processing periods and customary procedures that you used to follow under traditional banking. Current day financing has become much more quicker and convenient.
Best Personal Loan Apps India
Let’s begin learning about few trending personal loan apps in India.
1. Paysense:
An instant money app that provides quick online cash loans.
- With more than 50 lakhs downloads with 1.20 Lakh loans disbursed and presence in 43 cities across India, Paysense is an upcoming and expanding brand in easy loans in the market.
- The instant credit limit is Rs.5000 to Rs.500,000
- Easy EMI repayment option ranging from 3 months to 60 months.
- Offers 2 minute loan disbursement guarantee.
- This personal loan application also doesn’t have any collateral requirement.
2. Moneytap:
An instant personal loan app that offers an instant line of credit similar to an instant loan or a credit card.
- Founded by ex-IIT & ISB’s, it is the first app in India to provide instant credit in India.
- Allowable repayment option in easy EMI from 3 to 36 months.
- The instant credit limit is Rs.3000 to Rs.500.
- It offers a 100% paperless process.
- “No-usage, No interest” is the most attractive feature of this personal loan application. This means, you are charged interest on the amount that you use.
- Every time you pay back your credit limit is recharged, hence you can withdraw n-number of times.
- You don’t need to provide any collateral for money withdrawn, thus your assets are secured and untouched.
3. IndiaLends
Another instant personal loan app in India that disburses personal loans much faster than traditional banks.
- A platform wherein the borrowers and lenders meet to bargain and get the best deal.
- It’s an app which along with loan feature provides application and repayment feature for credit cards.
- It aims to provide affordable interest rates and simplified procedure to enable its user to benefit the most.
- IndiaLends also provides services like data analytics, risk assessment and verification, and work-flows on loan process from application to repayment.
4. Dhani
A 3-in-one app offering instant personal loans, credit line and a wallet for managing your payments.
- It is a sister concern of Indiabulls Ventures Ltd. and is a popular online application which enables its users to apply and get a loan anywhere and anytime.
- Credit limit ranges from Rs.10,000 to Rs.15 Lakhs with interest rates @ ranging in and around 13.99%.
- Along with personal loan it provides two-wheeler, travel and shopping loans which can be broken down into affordable and simple EMI payments.
- You can do mobile recharge, gas & electricity payments and ticket bookings through the Dhani App.
5. Kreditbee:
A personal loan application for the young professionals who need instant money.
- This application targets young population with stable income.
- The instant credit limit is up to 2 Lakh.
- There are majorly 3 types of loan provided viz., Flexi personal loan, Personal loan for salaried people and Online purchase loans.
- Flexible EMI process ranging from 62 days to 15 months.
- It provides an easy window to shop on partner websites Like Flipkart, Amazon, Myntra MakeMyTrip, etc using e-voucher from Kreditbee and then making the payment in easy and flexible EMI.
6. Credy
- Credy app aims and guarantees loan approval within 1 minute which makes it the fastest loan disbursement application.
- The instant credit limit is up to Rs. 1 Lakh.
- Its highly automated platform wherein your income verification is done through your linked bank account.
- It provides flexible interest and repayment schedule to suit the users need and requirement.
7. MoneyView:
- MoneyView started as a money management application which used to track your expense and income to manage your budget on monthly basis.
- They have recently entered the loan market.
- The instant credit limit ranges from Rs.10,000 to Rs. 1 Lakh.
- Tailor-made EMI schemes with period spread from 3 months to 60 months.
Personal Loan Apps in India
All these personal loan applications or apps can be easily downloaded on your mobile and with simple KYC upload can be accessible to all. They can be used by registering on the app, uploading KYC, providing your loan requirements and initiating the claim.
Also, many of these portals provide direct bank transfer, thus you don’t have go and collect any such money. What next, if you meet the eligibility criteria, the money gets credited to your bank account within few days or hours. Once the amount is withdrawn, the EMI option can be re-adjusted to meet your pocket. Voila!! You are all set! You can link your account and the same can be used for loan pay-outs and EMI deduction.
These are just a few of the personal loan apps in India which we can think of, but there are many more such applications which can help you through your finances instantly. The only trick to adopt while choosing the correct and reliable digital application is to understand the terms and conditions. Finally, go ahead with the right option which not only suits your requirements but can prove helpful in the long term.
Have you tried any of the above Personal loan apps or any other? Which one do you like and why? Do share your feedback.