Best Personal Loan Apps In India

Personal loans are funds that are available to borrowers to fulfil their dreams like vacation, expensive weddings, renovation or building of house, medical emergency or any other financial emergency. Personal loan apps are a quick and easy way to get personal loans. They make the loans available at a short span of time without much paperwork.

These personal loan apps approve the loan not only on the basis of the credit score of the borrower but also take into consideration the social credibility score of the borrower. In other words, a borrower having a bad credit or CIBIL score can also get a personal loan within short time of applying.

Some Of The Best Personal Loan Apps

There are various mobile personal loan apps which provide instant loans. Some of them are listed below.

• IIFL Loans Mobile App -

It can be downloaded from Play Store and can be used to apply for new loan, including personal loan and business loan with end-to-end digital journey. You can also use it to check your credit score, apply for mutual funds, trading accounts and even insurance. The details of all your loan accounts can be viewed on the app. You can also use the IIFL Loans Mobile App to make payment, top-up a loan or take an instant loan.

• MoneyTap -

It provides loan for amount of Rs 3,000 to Rs 5 lakhs. It has no-usage-no-interest feature which makes it affordable for the borrower. It charges interest only on the amount used from the loan amount. Interest rate varies from 1.08 to 2.3% per month. It has user friendly interface, flexible EMI tenure ranging from 2 to 36 months and is collateral free loan.

• Dhani -

It initially started as a pharmacy store online but now has incorporated medicines too on its portal. It provides loan less documents so it is helpful for outstation students who work part-time. Its loan amount varies from Rs 1,000 to Rs 5 lakhs. Per month interest rate varies from 1 to 3.17%. Every transaction earns you some cash back. It can be used on all kinds of e-commerce platforms.

• India Lends -

This app is known to compare all kinds of loans before finding the best. It also gets the lowest rate of interest from banks and NBFCs. It also provides gold loans, property-backed loans, credit cards etc. It also allows checking the credit score using PAN card details. It offers loan from Rs 15,000 to Rs 50,00,000. You need a secure bank for all transactions and right KYC and a good score to get faster approvals.

• IndusInd Bank -

It is one of the trusted loan providers amongst its customers. It has a complete transparent and trustworthy process to grant loans. It requires a good credit score and minimum amount disbursed is Rs 30,000.

• PaySense -

This app is known for approving your loan as soon as possible. If opted, it can get the documents collected from the home hence no need to scan and upload the documents. Loan repayment is simple and hassle-free because it offers low EMI plans. Interest rate per month ranges from 1.08% to 2.33 % and loan amount ranges from Rs 5,000 to Rs 5 lakhs.

• Nira -

It instantaneously approves loans of higher amounts up to Rs 5 lakhs. It has a supportive customer service. You need to have a proper KYC and a bank account. It provides easy repayment options and charges interest only on the used up money.

• CASHe -

It provides loans from amount Rs 5,000 to Rs 5 lakhs. It has a user friendly interface. It provides the option of auto-debit for the EMIs. It also lets the borrower to insure the loan. It is associated with various e-commerce site for buy now and pay later options. Users can transfer money to their friends.

• Home Credit -

This app provides loan to retired senior citizens and students as well as salaried people. It instantly transfers money to the bank account associated with the app. It provides loan of a maximum amount of Rs 2,00,000 and a minimum amount of Rs 10,000. You need only two documents – PAN card and address/identity proof. It does not consider your credit score but you need to read its terms and conditions thoroughly before taking a loan. The EMI plans are flexible.

• PayMe India -

It provides instant loan with all the needed steps done digitally. It provides a maximum loan of Rs 1,00,000 with a higher rate of interest if it is a short-term loan. You can have a maximum repayment term of two years.

• Navi -

It requires less paperwork and documentation. It has easy and convenient process to approve the loan within minutes of applying. You can avail a loan of up to Rs 20 lakhs.

Summarized Features Of Most Of The Personal Loan Apps

• Fast disbursement of cash to help you meet financial obligations in real time.
• 100% paperless application and every process is done digitally.
• Apart from credit score, social quotient is also taken into consideration.

Conclusion

Personal loan apps provide instant loans with less documentation. Many of them charge a higher rate of interest than banks. But these apps can be used if you need money instantly and do not have time to go through cumbersome bank formalities.

IIFL Finance Loan App provides customised  loans  around your capital requirements with a hassle-free application process. This quick personal loan can accomplish your plans such as marriage, vacations, home renovation and much more.

IIFL Finance personal loan comes with attractive, affordable, and lowest interest rates to help you raise funds instantly. When you apply to get an instant personal loan, it is processed in less than 5 minutes without any extensive documentation. Personal loan EMIs are flexible and allow for better liquidity and easy achievement of set personal goals.