Thursday, December 8, 2022

10 Best Instant Personal Loan Apps in India

Best Instant Personal Loan App: Personal loans help you to borrow money for a price of a personal nature – be it for any other need such as an emergency, education, family marriage, or home renovation. Most people in India have low incomes. Due to this, only their average expenses, so if they have to pay for higher education, family marriage, or medical expenses, they need Instant money to meet them. An instant personal loan is a great option to get this money. Taking a personal loan in India is becoming a financial necessity.

Here we will tell you about the 10 Best Instant Personal Loan Apps in India that offers you the best personal loan.

10 Best Instant Personal Loan Apps (Top Small Instant Personal Loan Apps)

All the apps mentioned here provide you with instant personal loans. But before taking a loan, you should understand your need and apply for the loan amount accordingly.

Navi Instant Personal Loan App

Navi Instant Personal Loan is available with fair interest rates and flexible EMI for a long tenure. The loan is available from this app through a fully digital and contactless process. You will get Navi personal loan with an annual interest rate of 12% to 36% to meet your monetary requirements. You can use this money for Bill payments, home renovation, personal expenses, etc. Navi Instant Personal Loan can prove profitable for you Due to a low-interest rate, bearing a paperless process, repayment tenure, etc.

Interest RateCompetitive Interest rates starting at 12% to 36% p.a.
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 3.99% will be deducted from the loan amount + GST (Minimum Process fee 1499 + GST)
Loan tenure90 days to 36 Months
Maximum Loan Amount10k to 5lakh at flexible EMIs
Age Limit18 years or above.
CitizenshipIndian Citizen

True Balance Instant Personal Loan App

The True Balance App is a personal loan application that provides personal loan services to its customers. If you have a loan requirement? You must include the True Balance personal loan app in your list. You also get the option of an Instant Cash Loan on this application, which you can avail yourself of easily. Here a person gets a personal loan of up to 50 thousand with an interest rate of 5% per month, which has got 180 days to repay.

True Balance Personal Loan Interest RateCompetitive Interest rates starting at 5%
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 3% will be deducted from the loan amount
Loan tenure62 Days to 180 Days.
Maximum Loan Amount5k to 50k at flexible EMIs
Age Limit21 to 50 years old.
CitizenshipIndian Citizen

Bajaj Finserv Instant Personal Loan App

Bajaj Finance Personal Loan is offering you loans up to 25 lakhs at low-interest rates to meet your financial needs. The entire loan process is online. You can apply for a loan here with very few documents. This loan is available to you with a long tenure and low interest.

Bajaj Finance Personal Loan Interest RateCompetitive Interest rates starting at 13% p.a.
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 4% will be deducted from the loan amount (Inclusive of applicable taxes)
Loan tenure12 to 60 Months.
Maximum Loan Amount10k to 25lakh at flexible EMIs
Age Limit21 to 67 years old.
Example LoanLoan Amount: Rs 50,000
Tenure: 12 Months
Interest Rate: 24% (on Reducing Principal Balance Interest Calculation)
EMI Amount: Rs 4,728
Total Interest Payable: Rs 6,736
Processing Fees (incl. GST): Rs 1,475
Disbursed Amount: Rs 50,000 – 1,475 = 48,525
Total Amount Payable: 56,736
Part-Payment Charges2% + Applicable Tax on Part-Payment Amount Paid
Bounce ChargesRs.600- Rs. 1200 per bounce (Inclusive of applicable taxes)
Mandate Rejection ChargesRs. 450/- (Inclusive of applicable taxes) per month from the first months of the due date of the mandate rejected by the customer’s bank until the new mandate is registered.

Early Salary Instant Personal Loan App

Early Salary Personal Loan App To meet your financial needs, personal loans up to Rs 5 lakh are available with an annual interest rate of 12% to 36%. You get 3 to 24 months to repay this loan amount. If your salary is more than 15 thousand, you can apply for a personal loan on the Early Salary Loan App.

Application NameEarly Salary – Instant Personal Loan App
Interest Rate0% to 30% Per Annum.
Processing feeProcessing Fees of 2% to 8% will be deducted from the loan amount + GST
Salary CardEarly Salary co-branded card for all your digital spends
Loan Tenure90 days to 24 Months
Minimum Income RequireSalaried 15000 to 18000
Amount of Money8000 to 5 Lakh
Age Limit21 – 55 Year
Available Locations in IndiaOver 5000 locations

Home Credit Instant Personal Loan App

Home Credit Personal Loan is available with fair interest rates and flexible EMI for a long tenure. The loan is available from this app through a fully digital and contactless process. You will get a Home Credit personal loan with an annual interest rate of 12% to 36% to meet your monetary requirements. You can use this money for Bill payments, home renovation, personal expenses, etc. Home Credit Instant Personal Loan app can prove profitable for you Due to a low-interest rate, bearing a paperless process, repayment tenure, etc.

Interest RateCompetitive Interest rates starting at 12% to 36% p.a.
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 5% will be deducted from the loan amount
Loan tenure12 to 48 Months
Maximum Loan Amount10k to 5lakh at flexible EMIs
Age Limit19 – 69 Years
CitizenshipIndian Citizen

IDFC First Bank Personal Loan

The IDFC first bank personal loan is available with a long period of fair interest rate and repayment. The loan is available from this bank through a minimum document and online basis. You will get the IDFC first bank personal loans to meet your monetary requirements annually with a 12% interest rate. You can use this money for bill payments, home renewal, personal expenses, etc. Due to low interest, minimum document, repayment period, etc. The IDFC first bank personal loan can prove to be profitable for you.

Interest RateCompetitive Interest rates starting at 10.49% to 24% p.a.
Personal loan ProcessCompletely digital, Paperless Online Process
Processing FeeProcessing Fees of Up to 3.5% will be deducted from the loan amount + GST
Loan tenure1 to 5 years
Minimum Income RequiredRs. 20,000
Maximum Loan Amount20k to 40L
Age Limit23 to 60 Years
Foreclosure Fee5% on Outstanding Loan Amount.

KreditBee Instant Personal Loan App

KreditBee Instant Personal Loan is available with a reasonable interest rate and longer repayment tenure. The app offers instant personal loans digitally with minimal documentation. KreditBee personal loan is available with an annual interest rate of 0% to 29.95% to meet your monetary requirement. This app is providing Flexi Personal Loan, Personal Loan – Salaried, and Online Purchase Loan through E-Voucher. You can use this money for Bill payments, home renovation, and personal expenses.

Interest RateCompetitive Interest rates start at o% to 29.95% p.a.
Personal loan ProcessCompletely digitally Online Process
Processing FeeProcessing Fees of Up to 5% will be deducted from the loan amount + GST
Loan tenure62 Days to 15 Months
Minimum Income RequiredRs. 15,000
Maximum Loan AmountRs 1000 to Rs 2,00,000
Age Limit21 – 45 Years
Customer Care Services24*7 and 365 days

Money View Instant Personal Loan App

Money View Personal Loan is available with a fair interest rate and 3 Month to 5 Years period of repayment. Through this app, you can get a loan of 10000 to 500000 with very little interest. Money View Loan is available with an annual interest rate of 16% to 39% to meet your monetary requirement. You can use this amount to repair the home, domestic expenses, wedding expenses, etc. Money View Instant Personal Loan App can prove to be very beneficial for you due to a long period of interest and repayment.

Application NameMoney View Loan: IPersonal Loan App, Instant Loan
Interest Rate16% to 39% Per Annum.
Processing feeProcessing Fees of 2% to 8% will be deducted from the loan amount + GST
CardMoney View co-branded card for all your digital spends
Loan Tenure3 months to 5 Years
Minimum Income RequireSalaried 13,500 and Self-Employed 25,000
Amount of MoneyUp to 5 Lakh
Age Limit21 – 57 Year

MoneyTap Instant Personal Loan App

MoneyTap instant personal loan is available with a fair interest rate and 3 Months to 3 Year period of repayment. The app provides an instant personal loan with minimal documentation digitally. MoneyTap Instant Personal loan App is available with an annual interest rate of 13% to meet your monetary requirement. This app is providing Wedding Loans, Medical Loans, Travel Loans, Home Renovation Loans, Mobile loans, laptop Loans, Consumer durable loans, and Debt consolidation loans. So MoneyTap Instant Personal Loan can prove profitable for you.

Application NameMoneyTap – Instant Personal Loan & Credit Line
Interest Rate13% to 30% Per Annum.
Processing feeProcessing Fees of Up to 2% will be deducted from the loan amount + GST
Annual line-up setup feeRs.499+GST
Loan Tenure3 months to 3 Years
Minimum Income RequireRs 20000 to 30000
Amount of MoneyUp to 5 Lakh
Age Limit23 – 55 Year
Late payment Fee15% of the due amount

StanhFin Instant Personal Loan App

StashFin Personal Loan is available with fair interest rates and flexible EMI for a long tenure. The loan is available from this app through a fully digital and contactless process. You will get Stashfin Instant Personal Loan up to Rs 5 lakhs with a tenure of 3 years with an annual interest rate of 11.99% to meet your monetary requirements. You can use this money for bill payments, home renovation, personal expenses, etc. StashFin Instant Personal Loan can prove profitable for you Due to a low-interest rate, bearing a paperless process, repayment tenure, etc.

Interest RateCompetitive Interest rates start at 11.99% p.a.
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 10% (excluding GST of the loan amount)
Loan tenure3 to 36 Months
Maximum Loan Amount5lakh at flexible EMIs
Age LimitAge Group: 20 – 55
Minimum IncomeRs. 15000+
CIBIL Score:Self-Employed should be 675+ and for Salaried CIBIL/Bureau should be 650+

How do we choose the best personal loan application for ourselves?

There are many applications available online these days that provide you with an instant personal loan. So, it becomes difficult to decide which app loan is right for us. To make this decision easier, you need to consider a few factors, which are as follows:

1. Eligibility Requirements

You can apply for any instant personal loan application that has a wide range of eligibility requirements. Age, geography, credit score, employment status, source of income, and other factors all play a role in eligibility.

2. Processing of Documents

This is important to consider when choosing a platform. The speed at which your paperwork is processed will determine how quickly you can get a personal loan. While some platforms support completely paperless transactions and paperwork, others require in-person KYC verification.

3. Maximum interest rate

The interest rate is especially important in the case of short-term personal loans as you have to repay the money quickly. Because if you miss a single payment, it will be carried over to a larger amount, most applications offer interest rates every month.

4. Freedom to access the loan amount

When you apply for a loan on the instant loan app, you should take a loan that you can use for any purchase, as more instant loans can be used for home renovation, marriage, medical emergencies, etc.

5. Additional costs and conditions

Apply for a loan on such an app. Here it becomes possible to apply for a quick personal loan App without any hidden terms and conditions. They do extensive research on processing rates as well as other intuitions.

6. Customer Service of the Application

Some platforms have an excellent customer support team that responds to all inquiries 24 hours a day, seven days a week, and these programs also assist with payments, processing, failures, and refunds.

FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation.

What is an EMI?

EMI Stands for Equated Monthly Instalment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

How can we borrow money instantly?

A personal loan application is the best way to borrow money instantly without hassle. The best Ten applications are listed above according to their ranking.

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