Personal loans are very popular as they are easy to avail and comes without the need for any collateral. The documentation needs are easier and in addition, personal loans are also processed faster in comparison to other loans like home loans or auto loans.
Going a step further are the apps or the fintech lenders who disburse personal loans almost instantly and involve a totally digital process right from application to approval to disbursal. Due to the added convenience, these personal loan apps have got extremely popular in recent days.
As they are many such apps and lenders allowing instant personal loans individuals find it difficult to make the right choice. To help individuals make the choice easier, here is a list of the best apps that offer instant personal loans with unique features of each of them and corresponding Google Play Rating as in Oct 2019.
1. Money View – 4.2/5
One of the best and the most popular apps for availing Instant Personal Loans – Money View comes with its unique set of features which makes availing a personal loan a breeze for its users. It can be used for a variety of reasons like meeting medical emergencies, paying school or college fees, paying the down payment for any other loan, etc. The loans are trusted by over 1 crore users across India due to their unique features as given below.
- Eligibility Check for an instant loan in 2 minutes
- Borrow any amount starting from Rs. 10,000 and going up to Rs. 5,00,000
- Enjoy flexible repayment terms of up to 5 years
- The loan amount is disbursed to your account in just 2 HOURS of approval
- Benefit from low-interest rates starting from 1.33% per month
- From documentation to repayment, the entire process is done digitally
- Available even for those with low credit score and those new to credit
- Allows personal loans even to the self-employed.
2. Smart Coin – 4.0/5
Another app that provides mini personal loans, Smart Coin works well for those looking for smaller amounts of loans. This app doesn’t look for a minimum income criterion and be availed by gig workers, businessmen or even housewives.
- Their loan amount can be anywhere from Rs 1000 to Rs 25000
- Another feature of this app being increasing limits of loan, once the earlier loan is promptly paid, thereby building the habit of prompt repayment of loans.
3. Money Tap- 4.3/5
Money Tap is one of its kind apps on which you can open a line of credit which decides the upper limit of the amount that you can borrow.
- The upper limit of the credit limit approved is Rs 500000.
- A beneficial feature of this app is that you are charged interest only on the amount utilized out of the overall approved credit limit.
- The rate of interest charged on their line of credit ranges between 12.96% to 27.96% per annum.
- Applicants have the option to decide the tenure of the credit limit.
- Available only in certain cities
4. Credy – 4.0/5
Credy offers instant hassle-free personal loans that can be personalized according to the needs of the applicant. You would require to fill in your employment details after ensuring loan eligibility. Post which, submission of personal details and 6 months bank statements complete the loan application.
- The maximum loan amount allowed is Rs 1 lakh.
- The loan disbursal happens within 24 hours
- The loan tenure of instant personal loans from Credy can carry a tenure of anywhere between 3-12 months.
- The rate of interest charged is between 1-1.5% per month.
5. Kredit Bee – 4.5/5
Kredit Bee is an instant personal app that provides loans between Rs 1000 to Rs 2 lakhs that are disbursed in a matter of a few minutes. The documentation needs are extremely minimal.
- Repayment of the loan on time can get you higher amounts of loan the next time.
- For Personal Loan for Salaried products, the annualized interest rate varies between 15-29.95% and their processing fee ranges between Rs. 750 to up to 3% of the loan amount.
- Kredit Bee allows various methods of repaying the loan including Wallets and Debit Cards, however, some of them may carry a convenience fee.
6. Early Salary – 4.3/5
Early Salary allows instant cash loans which could be either short- or long-term advances on your salary. These advances come with minimum paperwork and hassles. The loan eligibility is decided based on your credit bureau score, payroll records, and employment.
- The interest rate on the loan availed does not increase 2.5% pm and the processing fees charged are according to the amount of the loan.
- Currently, Early Salary loans are available only in select cities across the country.
7. Cashe – 3.9/5
Another instant personal app, Cashe offers loans to cover a variety of reasons like meeting expenses of a vacation, medical needs, paying other big-tickets EMIs, etc. Their loans are based on Social Loan Quotient, where your internet presence on various social networking sites is used to assess the creditworthiness of an applicant. This enables an applicant can get loans even without any credit history.
- The loan size can vary between Rs 10000-Rs 300000 which is disbursed in a matter of a few minutes.
- There are various repayment plans allowed for tenures of 60+7 days, 90 days, 180, 270 days or even a year.
- The processing fees charged are based on the tenure of the loan and the loan amount.
8. Pay Sense – 3.5/5
Pay Sense is another app-based instant personal loan lender that is available in 43+ cities in India. Personal loans from Pay Sense help individuals meet a variety of needs.
- Pay Sense offers a credit line to its applicants which is the maximum amount of loan that can be availed by the applicant.
- These instant loans are available in the range of Rs 5000 to Rs 500000
- The interest rate charged ranges from 1.4% to 2.3% per month.