A personal loan is an unsecured loan that helps individuals meet current financial needs. These loans are given to individuals based on credit history and ability to repay the loan. One of the main benefits of personal loan is that the lender offers the flexibility to use the funds as per needs.
Repayment is usually through fixed monthly installments (EMI) over a period of time. The timeframe of those payments is determined by the specific terms of the loan. The interest rate is determined by credit score of the individual.
Generally, no collateral or security is needed to avail a personal loan. Personal loans are availed to meet financial expenses during an emergency or to pursue personal goals. The interest rate of personal loans in India can range from as low as 13% to as high as 24% per annum.
The interest rate depends on multiple factors. Other than the interest rate, there are other fees associated with the personal loan like processing fees, pre-closure charges, and late payment charges. Almost all the leading banks in India offer personal loans for both salaried and self-employed individuals.
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How do you apply for a personal loan? Normally, people either visit the bank branch in person or apply online. Is there any other option? Yes, there is. People seeking to apply for a personal loan can now use customized applications. This article outlines the top 10 Indian applications providing instant personal loans.
A personal loan is basically an unsecured loan and may be instrumental during financial emergencies. Loan seekers should be extremely cautious while applying for such loans. This is because personal loan interest rates are higher than the interest rate on other loan categories. The best thing you can do is understand your needs first and how you can finance them and then go for a personal loan if you really require it.
Below mentioned are the documents needed to apply for the loan:
Applying for a personal loan online is simple and hassle-free. The online process saves you the inconvenience of going through extensive paperwork. The online application process becomes simpler if you have an account with the bank from which you intend to take the loan. Even if you don’t have a net banking account with the bank, you can apply for personal loan online through the bank’s website as well as any loan aggregator website.
Visit the website and fill the form by entering the requisite details. You can check eligibility and proceed with filling up the application form online. You also must upload scanned copies of KYC documents for the loan processing to begin.
There are times when you are going through a cash crunch and are in dire need of cash. Banks and other credit institutions may not be the most viable options as they take time to process loans. In such cases, instant personal loan apps may be the best option as they provide instant and hassle-free loans. Check the apps listed below to get instant personal loans:
Kredit Bee is one of the best instant loan Apps. An individual above 18 years can get an instant loan from Kredit Bee ranging from Rs 1000 to Rs 1 Lakh. The disbursement may take anywhere between 5 minutes to 24 hours. The money is directly transferred to bank account.
Interest rates are very minimal when applied via this platform. A flat interest rate of 1.48% is charged for a 15 days’ loan and 2.96% for a 30 days’ loan. The processing will be in the range of Rs.130 to Rs.850.
Why is eligible?
India Bulls Dhani is one of the best personal loan apps which offer instant personal loans ranging from Rs 1000 to Rs 15 Lakhs. This app can be downloaded free from the Google play store. Those who meet eligibility criteria can get loan amount disbursed within a day to a bank account.
IndiaBulls Dhani is a unique mobile app crafted to offer personal loans instantly. The salaried individuals and self-employed professionals who have attained the minimum age of 21 years can make use of this platform to apply for a personal loan starting from Rs.1,000 to Rs.15 lakh. No collateral is required against the loan. Loan seekers need to produce their address proof and PAN card for verification and instant loan approval. The loan tenure is 3 months to 36 months.
Moneyview was founded by Mr. Sanjay Agarwal in 2014. It is the market leader in the area of Personal Finance Management Money. This platform also offers collateral-free personal loans instantly. Users can easily track their loan status and other loan related details. The loan amount starts from Rs.10,000 and goes up to Rs.5 lakh. The minimum loan tenure is 3 months whereas the maximum loan tenure is 36 months. The interest rate starts from 16% pa and goes up to 24% pa based on the spending pattern of the customer.
Moneyview is a personal loan app that allows customers apply for a loan through app, without collateral. All you have to do is upload relevant documents and in a few hours, get to know if they have been approved or not.
PayMe India is a unique and innovative FinTech application that provides short-term loans to salaried individuals up to Rs.1 lakh. The loan tenure ranges from 10-31 days, Customers are expected to pay a fixed processing fee of Rs.300. The interest rate varies from 1% of the total loan amount to 3.1% of the total loan amount based on the loan tenure. The customers from Bangalore, Mumbai, Chennai, Hyderabad, Pune and New Delhi can apply for personal loans through this mobile application. Who can apply? The Indian citizens above the age of 18 years can apply.
PayMe India is an excellent solution for funding short-term credit requirements. This company provides two types of services: advance salary and loan advisory. The advance salary service is meant for salaried individuals to fulfil short-term financial needs. On the other hand, the loan advisory service aims to help customers repay debts that he/she might be paying higher interest for.
Credy technologies are a quick loan app that offers instant personal loans. Credy is a biometrically verified peer lending network. It enables users get personal loans for urgent requirements, refinancing loans as well as credit card bills and offers investors an online platform for lending in exchange for investment returns.
Credy has been a financial partner for the residents of India. It is completely customer-friendly and deploys technology for financing solutions to cater to the needs of its customers. Just like the applications discussed above, even Credy technologies provide instant personal loan to salaried individuals. The process is simple. You just need to download the mobile application and start applying using that application.
Money In Minutes is an online lending platform. It is a specialized app giving instant payday loans to people with low credit score at a moderate interest rate. It is suitable for salaried individuals, drawing a minimum monthly salary of Rs 15,000. The company offers between Rs 5,000 to Rs 1 Lakh and charges interest between 0.1% to 0.7%. The loan repayment period ranges from 60 to 180 days. The company rewards loyal customers through cashbacks, interest discounts and an increase in loan tenure. This is one of the Android loan apps for quick cash loan payments that is available on the Google Play Store.
Money in minutes is one of the leading mobile applications for personal loans. This app has been listed in the finance category of app store. It can be downloaded and installed only on android devices supporting 19 api and above. Just use your favorite browser to download the application.
Upwards is India’s preferred instant loan application for salaried people who can avail personal loans for a minimum amount of Rs.20,000 and a maximum loan amount of Rs.2,00,000.
The people belonging to all types of profession can benefit from the application. So far, over one million people have downloaded this application. The app has produced over 10,000 happy customers across the country. The applicants should have a minimum monthly salary of Rs.15,000.
Upwards is a loan app that offers quick and easy personal loans to salaried individuals within 24 hours. This app offers a host of benefits like paperless processing, 1-day approval, super fast processing and a prompt customer care service. Upwards uses an innovative, easy to use personal loan app, to process the loan application. It claims to deliver an amazing lending experience to customers.
SmartCoin is a FinTech company with a mission to offer customers a user-friendly and scalable lending platform. It is a personal loan app in India that provides instant loan to people seeking short term personal loans. You must use their mini loan app to get loans from Rs 1,000 to Rs 50,000.
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 the salaries, unlike other personal loan apps.
SmartCoin, an app-based lending platform, provides personal loans to salaried professionals, business owners, support executives and others. So far, it has disbursed over 3,00,000 personal loans to its valued customers. The app has been designed in a way that it can assess the profile of customers and estimate the risk factor prior to disbursing the loan. Just download and install the mobile application from Google Play Store and get registered with personal and employment-related information.
AnyTime Loan is an online P2P lending platform, which acts as a personal loan app. AnyTimeLoan App offers on-demand, instant, 24×7 loans to both salaried and self-employed professionals. The loan through its personal loan app is 100% paperless, contactless and frictionless. This loan app offers various unsecured personal loans like education loans, business loans within a minute without any documents, collateral or guarantor.
The platform also helps to obtain K12 education loans, MSME business loans. No documentation is needed. The ultimate objective of this platform is facilitate loans or mortgages to unbanked individuals.
Home Credit India Finance Private Limited provides mini cash loan up to Rs 50,000. The loan amount starts from Rs 25,000. It is an instant loan facility and completely online.
Home credit application is a comprehensive solution for individualized persona loans. The app is easy to download and navigate. The loan amount ranges from Rs.10,000 to Rs.2,40,000 whereas the loan term ranges from 1 year to 51 months. The loan borrowers should have attained the minimum age of 19 years to apply via this application.
In the age of digital, where everything is available at the click of button, the instant loans apps provide a hassle free avenue to avail personal loans. Listed below are some of the 10 best Indian apps that provide instant personal loans:
-Uploading KYC documents
-Get money directly transferred to your bank account. A borrower can install the PaySense app and avail up to 2 Lakh instant cash.
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