If you do not have the means to manage your finances, a personal loan can be the best option to save your day. It is an unsecured loan which means that you do not need to pledge your asset as collateral, and you have the freedom to use the loan amount for whatever reason you want. Since it is unsecured, lenders consider your credit score to determine your eligibility.
With the advent of online loan apps, the process of applying for a personal loan has been simplified and made more convenient. The benefits of applying for a personal loan through an instant online loan app are:
- Quick loan approval and disbursal
- No paperwork involved
- Apply for a personal loan from anywhere at any time.
- Affordable interest rates and flexible loan tenure.
- 100% digital
- Instant application status tracking
Due to numerous instant loan apps available, it is difficult to choose one that best serves your needs. Here is a list of instant loan apps to help you find your preferred loan app:
Fullerton India InstaLoan App
- The loan app’s interface is simple.
- It is available 24×7.
- The sanctioned loan amount can be disbursed to your registered bank account within 30 minutes of approval.
- You can avail of up to Rs. 25 lakhs as a loan, depending on your age, income, and current financial obligations.
- The interest rates start from 11.99%.
- There are additional benefits for existing customers.
ePaylater Loan App
- Availability of Buy Now, Pay Later option with a 14-days interest-free window from the date of purchase.
- You can use ePaylater to shop at any online merchant such as Amazon, Flipkart, or Bigbasket.
- The maximum loan amount you can avail of is Rs. 20000.
MoneyTap Loan App
MoneyTap is available for salaried individuals with a salary income flow of Rs. 22000 or above.
- It informs you about the pre-approved loan amounts available to you.
- Loan applicants are hardly rejected.
- Interest chargeable only on the amount withdrawn.
- You can get up to Rs. 5 lakhs as a loan.
KreditBee Loan App
The primary purpose of KreditBee is to help young professionals achieve their short-term goals.
- There is a facility to transfer the amount directly to your bank account.
- The maximum loan amount offered is Rs. 1 lakh.
- The entire personal loan application process is digital.
- The monthly interest rate is 3% on the principal amount.
- The minimum loan amount is Rs. 1500.
LazyPay Loan App
What is unique about LazyPay is that you can assess your loan limit by entering your mobile number before applying for a loan.
- If you meet the eligibility criteria, you can get up to Rs. 1 lakh as a loan.
- LazyPay is safe and secure.
- It has a 14-day interest-free window from the date of purchase.
- You can repay the loan amount through equated monthly installments (EMIs).
mPokket Loan App
mPokket is specially designed to address students’ needs and aspirations by offering short-term loans at competitive rates.
- Students can borrow from Rs 500 to Rs. 10,000.
- You can choose to repay via Paytm wallet, UPI, or Debit Card.
- The repayment is from 61 days to 90 days.
- The interest rate can range from 1% to 6% per month.
Flex Salary Loan App
The beauty of Flex Salary instant loan app is that it is available for people who do not live in metropolitan cities in India. The loans are offered to salaried professionals.
- You can get up to Rs. 2 lakhs as a loan.
- It promises to disburse loans in a hassle-free environment.
- Flex Salary app is available in all play stores.
PaySense Loan App
It is another instant loan app that provides access to instant cash and has the most relaxed eligibility norms.
- The maximum eligible loan amount is Rs. 200,00/-
- The rate of interest starts at 16.8% per annum.
- The eligible loan amount and repayment tenure are dependent on your risk profile.
- Both salaried employees of an organization and self-employed individuals can apply for a personal loan through PaySense. For salaried, a minimum income of Rs. 12000 per month and for self-employed, a minimum income of Rs. 15000 per month would be required.
- The loan application can get approved within 5 hours, provided you have submitted accurate documents.
CASHe Loan App
CASHe is a loan app powered by Bhanix Finance and Investment Limited. It considers SQL of the applicant to process the loan application
- You can register with any one of your social media accounts.
- It allows you to transfer part of your sanctioned loan amount directly to your Paytm wallet.
- The loan tenure starts from 15 days and can go up to 180 days.
- Use the Social Quotient Calculator to know your eligibility.