With the increased digitization of every sphere, finance and personal loan matters have also shifted to a virtual platform. Days when individuals had to stand in a long queue at the bank and explain the purpose of their loan in order to get it approved and then wait for another few days to receive the loan amount, are long gone.
To fulfill the common people’s dreams of studying abroad, buying a house or a car, going on a vacation, or in times of need during a financial emergency – online moneylenders have now begun to provide instant and hassle-free service.
Many Indian money lending companies have launched instant personal loan apps to facilitate a fast, paperless transaction process to access the funds one needs quickly.
With low rates of interest and varying loan amount limits, these apps have quickly gained traction in the Indian economic scene.
Let us find out what are the most popular instant personal apps trending at this moment.
Top 5 Most Popular Instant Personal Loan Apps in 2021:
Many finance apps provide instant solutions online for all your money-related headaches. But not all of them are particularly trustworthy or flexible. In this article, we are going to discuss the following apps which have performed extraordinarily well in market research and can be trusted completely:
- Money View Loans
Here is a detailed review of their features:
Money View Loans
With a quick eligibility check and 24 hour fast loan approval, Money View is the most popular instant personal loan app at this moment.
It lets a customer between the age of 21 to 57 years with a minimum monthly income of INR 13,500 register with just a valid email ID and allows easy documentation with KYC data from anywhere in India.
- It has really affordable interest rates starting at 1.33% per month or 16% p.a.
- Available for both salaried and self-employed people.
- One can borrow any amount between INR 5,000 to 5,00,000.
- Money View allows extended repayment plans for as long as 5 years.
- People can quickly check their eligibility for applying for a personal loan with Money View on their app within 2 minutes.
- They can apply for a loan by uploading only 3 KYC documents: formal identity proof, address proof, and the statement for the last 3 months, along with salary credits.
- With Money View, loan cancellation is also easy with no extra charges.
- The loan will be approved instantly within 24 hours of application.
- People with low credit scores do not have to worry. With Money View’s unique credit model, they can still get a loan if they are eligible.
Some of India’s most important NBFCs like IDFC First Bank, IIFL, Credit Saison India, Fullerton, Northern Arc, and PayUFinance are linked with the PaySense app.
It offers instant loans alongside affordable EMI plans to users aged between 21 to 60 years of age. If they need any subsequent loans, PaySense stores the user’s information for a seamless process.
- Interest rates range between 1.08% to 2.33% per month, depending on the amount requested.
- The loan amount limit can start from INR 5,000 to 5,00,000.
- PaySense has different minimum income requirements for people from different financial backgrounds. Salaried customers must have a monthly income of INR 12,000, while self-employed people should earn INR 15,000 in hand.
- It provides the service of doorstep collection of KYC documents for the comfort of the borrowers.
- Users with no collateral or credit history are also eligible for the loan if they meet the rest of the criteria.
- PaySense has the unique feature of an EMI Calculator that lets borrowers decide the amount and period they are most comfortable with.
Now users can access easy repayment options with Nira Finance’s instant personal loan app. Interestingly, this app has a low minimum loan limit to let users request their needed amount. With a superfast application and approval process, Nira Finance is easy to use for first-time borrowers aged from 21 to 65 years.
It has partnered up with trustworthy organizations like Muthoot Finance, Ujjivan, Pincap, DFL Dhanvarsha, OML, and Liquiloans.
- Nira Finance offers affordable interest rates between 1.5% to 2.5%.
- Borrowers can request a loan for an amount as low as INR 3,000. The upper limit for this instant personal loan is INR 50,000.
- One does not need any credit score in order to apply for a loan, so first-time borrowers would not face any problems here.
- Customers who already have a CIBIL score should have a score above 681 to make an application.
- There is no fine print loan amount in Nira Finance. Customers who have used only a portion of the loan amount they had been eligible for may pay the interest on the amount they take during the period they have registered for.
- Customers who have been employed for the last 6 months with a monthly in-hand income above INR 12,000 are allowed to apply.
Small business owners and emergency borrowers prefer KreditBee because of its very low loan amount limits. For salaried people above 21 years of age, this is a great choice.
KreditBee has bigshot partners like Usha Financial Services, Fullerton, Northern Arc, Western Capital, etc., so the borrowers will be in good hands.
- Users can borrow money on interest between 1.02% to 2.49% per month.
- Loans of any amount between INR 1,000 to 2,00,000 can be drawn from KreditBee.
- There are flexible tenure options as low as 62 days, going up to 15 months.
- Only salaried customers having a monthly income above INR 10,000 can apply for an instant personal loan.
- The entire process is smoothly completed with minimal documentation, and the amount is disbursed within 15 minutes.
- KreditBee approves personal loans even on low credit scores.
Dhani offers instant credit in under 3 minutes with the option for low EMIs. Customers can also avail of 10% cashback on EMI if they are using the Dhani Cash tool. It also has the option of no EMI personal loan that can be paid back after 90 days with just the principal amount. Its high upper limit on loan amount is a useful feature.
Initially started in the commercial space as Dhani Pharmacy, this integrated online moneylender has been climbing up the ranks for a while now.
- Dhani provides interest rates between 1% to 3.17% per month.
- It has an interest-free credit line on a 90 days cash payback plan.
- Loans requested should be between INR 1,000 to 15,00,000 in Dhani.
- It provides a free cashback RuPay card that gives the customers a 5% cashback on all pharmacy bills and a 2% cashback on other purchases.
In 2021, safe and secure mobile apps have made accessing loans easier than ever. With so many instant personal loan apps trending in India, this comprehensive list of loan apps will come in handy.
It is advisable for the users to do some background research on the company they borrow from. One should check a company’s credits while choosing the loan app that suits them the best.