The advancements in technologies have made it easier for borrowers to avail a personal loan online. Several lending institutions have their own personalized personal loan apps that have made it convenient for anyone to apply for a loan through their phone.
With the introduction of mobile apps, getting a personal loan has become quite an easy process. Paperless and minimal documentation have made the loan process even simpler. So, let’s have a look at some of the best instant personal loan apps in India.
MoneyView
Money View is an application that helps in tracking and organizing expenses, bills, and account balances. It is able to derive finance information through SMSs to understand a customer’s creditworthiness. MoneyView offers personal loans up to Rs. 50 lacs approved within hours for a tenure up to 60 months.
The Money View app enables its users to set and follow budgets, view their bank account balance, obtain reminders about bills, and split bills with the other users.
Features & Benefits
- Apply for a personal loan ranging from Rs. 10,000 to Rs. 5,00,000 directly with the Money View app.
- You can choose a loan tenure from 3 months – 60 months.
- Offering flexible personal loan interest rates from 16 36 percent p.a*
- The loan processing fee varies from 2.5- 4 percent.
NIRA
NIRA is a consumer finance business that offers small-ticket loans to working Indian citizens on low incomes. The Nira app offers a loan amount of up to rupees 1 lakh which you can use at any time and pay only for the amount used. Anyone with a monthly salary of rupees 12,000 or above can apply for a credit line on Nira.
You can choose from the flexible loan interest rate of 1.5 to 2.5 percent per month. The interest rate would be charged only on the withdrawn loan amount from your approved credit line.
Features & Benefits
- Get a loan ranging from rupees 5000 to Rupees 1 lakh instantly
- Once your Credit Line is approved you have the flexibility to withdraw any sum within the approved credit limit without any further approval required.
- Flexible loan repayment tenure of 3 to 12 months.
- An individual working from the last 6 months with a monthly income of Rs. 12,000 per month is eligible to avail a personal loan on the app.
PaySense
With the PaySense app, you can apply for a loan up to Rs 5 lacs and get it approved within 2 hours directly using the personal loan app. You can choose from the flexible loan tenure for repayment of your loan at affordable interest rates. A self-employed individual can apply for personal loans on PaySense.
Features & Benefits
- You need to be an Indian citizen to apply for a personal loan from PaySense.
- The applicant needs to be above 21 years old and not above 60 years to get a loan from PaySense.
- A self-employed person with monthly earnings of 15000 rupees and above can easily apply for a personal loan up to 5 lacs directly using the personal loan app.
- Offering flexible personal loan interest rates starting from 13 percent per annum.
- The PaySense app is currently operational in 50 plus cities in India.
MoneyTap
MoneyTap app [Earlier coverage – review and founder interview] offers a personal credit line in partnership with banks. With the tap of a button, this app offers you a loan of up to Rs.5 lakhs depending on the approved credit limit. The app offers a flexible loan repayment tenure with variable interest rates. More importantly, you pay interest only on the loan amount that is used.
Features & Benefits
- To be eligible you need to be above 23 years old
- Avail personal loan amount from Rs. 3,000 to 5 lacs
- They offer flexible loan repayment tenure ranging from 2 to 36 months.
- The rate of interest charged on the loan is variable from 13 to 24.3 percent per annum.
- An individual with a salary of Rs 20,000 or above per month is eligible for a personal loan from MoneyTap.
Finserv MARKETS App
The Finserv MARKETS app is a mobile app that is designed to cater to all kinds of financial needs. The online application process for instant personal loans on the Finserv MARKETS app is quite convenient and their personal loans require minimal documentation which makes it an ideal choice for getting a loan at attractive interest rates. You can access your loan application, track your purchase history, or simply make payments through the app.
Features & Benefits
- An individual with Indian citizenship is eligible for a loan
- No collateral is required on a loan
- Avail loan of any amount up to Rs. 25lakhs
- The applicant needs to be between the ages of 23 and 55 years
- Borrowers income should be based on their location, a minimum net monthly salary must be between Rs. 25,000 and Rs. 35,000
- Affordable rate of interest starts at 12.99 percent p.a.*
- Avail flexible tenure for repayment of 12 to 60 month on a personal loan.
- Quick processing and disbursal of the loan amount
Do let us know your preferred finance app in the comments section…