When facing a financial crunch, personal loans stand out as an excellent solution due to their quick processing and minimal paperwork. Instant personal loan apps elevate this convenience. They allow you to apply for loans and receive funds instantly, all without the hassle of collecting and submitting physical documents.
Here’s a list of some of the top personal loan apps in India, offering smooth financial assistance with flexible repayment plans.
Some of the Best Instant Personal Loan Apps in India
OneScore: OneScore, a personal loan app, offers instant disbursal without any documents based on your credit score. With 50 million app downloads, its popularity stems from the free credit score check it provides, along with spam-free features that let you monitor all your credit accounts under one roof.
- Maximum Loan Amount: ₹5 Lakhs
- Interest Rates: 5% per annum
- Maximum Loan Tenure: 48 months
Fibe: Previously called EarlySalary, Fibe is a well-known personal loan platform in India that offers fast and flexible loan options. The entire application process is online and requires very little paperwork.
- Maximum Loan Amount: ₹5 Lakhs
- Interest Rates: 12% per annum
- Maximum Loan Tenure: 36 months
PaySense: PaySense is a digital lending platform in India that provides personal loans with a simple application process. It has partnered with some of India’s top banks and Non-banking Financial Companies (NBFCs).
- Maximum Loan Amount: ₹5 Lakhs
- Interest Rates: 4% – 2.3% per month
- Maximum Loan Tenure: Not available
MoneyTap: This app-based personal credit platform in India offers a smart solution for quick access to funds. Its simplified interface and flexible repayment options make it a top choice for many users.
- Maximum Loan Amount: ₹5 Lakhs
- Interest Rates: 25% per month
- Maximum Loan Tenure: 36 months
Bajaj Finserv: This comprehensive personal loan app allows you to quickly and easily access funds. The app also lets you view your pre-approved loan limits, streamlining the borrowing process.
- Maximum Loan Amount: ₹40 Lakhs
- Interest Rates: Not available
- Maximum Loan Tenure: 8 years
Moneyview: It is a digital financial platform in India that offers a range of services, including personal loans. The app also helps you track your expenses and monitor your credit behaviour with built-in tools for better financial management.
- Maximum Loan Amount: ₹10 Lakhs
- Interest Rates: 10% per annum
- Maximum Loan Tenure: 5 years
NIRA Finance: This is another digital lending platform in India that offers personal loans via its easy-to-use app. Loans are disbursed to approved customers within 24 hours.
- Maximum Loan Amount: ₹1 Lakh
- Interest Rates: 2% per month
- Maximum Loan Tenure: 12 months
Navi: Navi is a digital financial services platform in India that provides a variety of products, including personal loans, investment opportunities, and health insurance, among others.
- Maximum Loan Amount: ₹20 Lakhs
- Interest Rates: 26% per annum
- Maximum Loan Tenure: 84 months
CASHe: This is a widely used personal loan app designed to offer financial inclusion to those whom traditional banks and lending institutions often overlook. The app also lets you check your credit score.
- Maximum Loan Amount: ₹3 Lakhs
- Interest Rates: 79% up to 3% per month
- Maximum Loan Tenure: 5 years
Benefits of Borrowing from Instant Personal Loan Apps
With the recent advancements in technology, online lending platforms are growing and updating their services for added convenience. Here are some benefits of using these apps for getting loans:
- Flexibility in Loan Amount: You can apply for smaller as well as more significant loan amounts, making it easy to borrow precisely what suits your situation
- Accessible and Convenient Option: You can apply for a loan anytime, anywhere, as long as you have a smartphone and internet access
- Credit Score Flexibility: Many apps help those with lower credit scores, giving you a chance to borrow even if you don’t qualify for traditional loans
- Quick Disbursal of Funds: Once approved, the funds are transferred to your bank account within minutes, helping you meet urgent financial needs quickly
- Real-Time Loan Tracking and Management: You can track the status of your loan application and EMIs, keeping you informed every step of the way
- Secure Transactions: Your personal and financial information is protected with strong encryption, ensuring your data stays safe
- No Requirement of Collateral: You don’t usually need to pledge any assets to get a loan, making it a convenient option if you don’t want to risk your assets
Before you apply for a personal loan, it’s crucial to check your credit score to understand what you qualify for and avoid potential rejections that could harm your financial standing. This is why the OneScore app is an excellent tool to view both your Experian and CIBIL scores for free and apply for a loan – all in one place.
Simply download the mobile app to access your credit score and detailed credit report. The app also provides valuable insights that can help you boost your credit score and improve your loan eligibility. It also lets you keep track of your current loans and credit cards, helping you get a clear picture of your monthly obligations.
With the Score Planner feature, you can set and achieve your target credit score without constantly stressing over your finances. In addition to that, you can report a suspicious account on your credit repeat that can lower your score. Download the app now and take the smart step toward a successful borrowing journey!
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