The internet has digitised the entire world - and everything is just one click away. From buying groceries, vegetables, electronic appliances everything is available through apps. When you are facing a shortage of funds, then loan apps in India can help you.
Traditional banking involved a lot of paperwork, and tedious procedure, however, technological advancement has caused a fintech revolution. The instant loan app has made the entire process simpler, quicker and easier within 5 minutes.
Based on common reviews, let us look at some of India's best instant personal loan apps.
Best Instant Personal Loan apps in India
1. Fullerton India Personal Loan App: Whether it is your wedding, a vacation with family, funds for your education, some medical emergency or home renovation, Fullerton India offers personal loan up to Rs 25 Lakhs.
The app allows individuals to borrow funds based on their credit score and other eligibility criteria. The loan is offered at an interest rate starting at 13.99% up to 36% at flexible repayment tenure.
The Fullerton India app is available for download on Google Play Store and Apple Store. All you must do is download the app, fill the application, upload documents, and submit the form.
The loan application will be approved within 24 hours, and the amount will be disbursed 30 mins after the approval.
2. Bajaj Finserv Loan App: With 12000+ partner outlets in over 150 cities, Bajaj Finserv allows customers to shop for their favourite item and take care of all their finance.
With your Aadhar Card and social media profiles, you can easily log in to the app and easily edit all your details. To increases your approval chances, you can just mention the first six digits of your credit card number too. This will help you get a higher loan amount at a reasonable interest rate.
3. Indiabulls Dhani Loan App- Indiabulls Consumer Finance Limited is supported by Dhani. It is one of the fastest digital loan fulfilment platforms in India offering instant loan disbursal from ₹ 1000 to ₹ 15 Lakhs within 3 minutes, into the customer's bank account.
The loan is offered for tenure beginning from three months and going up to thirty-six months.
Dhani and personal loan also help customers earn rewards, which can later help reduce your EMI by converting into cash. Indiabulls Dhani has a wide customer base and offers a higher loan amount too.
4. PaySense Loan App- Another digital platform for an online instant personal loan, PaySense, has partnered with IIFL, Fullerton and Northern ARC for the disbursal of personal loans. You can avail of a loan starting from ₹ 5000 to ₹ 5 lakh, which is decided based on the applicant's risk profile.
All individuals with a monthly salary of over ₹ 12,000 and self-employed individuals earning ₹ 15,000 per month can apply for the personal loan through the loan app.
The KYC documents and bank statements have to be uploaded for checking eligibility and once the loan is approved, it is disbursed within 5 hours. It has a presence in 43+ cities.
5. EarlySalary Loan App- An innovative lending platform for salaried individuals, EarlySalary has transformed the lending structure in the country. Most popular among young professionals, it offers loans from Rs 5000 to Rs 2 Lakhs which can be paid back in small easy EMIs.
The repayment tenure varies from 90 to 365 days, with no prepayment charges applied. There is no credit history required for the loan, and one can use the amount on shopping via Amazon, Flipkart and Big Bazaar. The best feature of Early Salary is that the applicant only pays interest on the amount used.
Conclusion
With so many loan apps to choose from, make sure you make a wise choice. Also, ensure that you are sure of the loan amount, usage, and repayment plan beforehand.
This will ensure that you do not find the EMIs a financial burden. You can use the Fullerton India EMI calculator to make a better-informed decision.
Additional Read: Top 5 User Friendly Personal Loan Apps in India
