I, Sushrut, at Capitalist Cabin, have been advising people to get out of debt, manage personal finance, gain financial literacy and whatnot. So then why am I here talking about Best Personal Loan Apps in India? Because the future is unpredictable!
No one can predict when the next emergency is going to fall upon them. Nobody has the power to control the uncontrollable. Even if not an emergency, you can be void of sufficient funds at any point. Say you have to fund a wedding, travel somewhere, or anything which you can’t postpone.
At times like this, Personal Loan can prove to be a boon for you. However, the strict recommendation is to manage your finance in such a way that you never face such situations. But again, the future is unpredictable.
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Personal Loans and why are they Helpful when Needed
Traditionally, banks are where we used to go whenever we needed a loan. But today, times have changed, and things have become fast. Banks take a lot of time to process, approve, and transact loans. Personal Loans were even harder to get.
But today, the market is full of Instant Personal Loan Applications. Any need, any emergency can be helped by getting instant personal loans but at slightly high interest. That is how personal loans work. Some of the reasons for using such Apps to get Personal Loans are –
- Easy & Fast Approval
- Minimum questions asked
- No Collateral needed
- Fixed Interest Rate
- Tax benefits too!
But hey, what about the documents required? Is the process hectic? No!
What are the Documents Required?
The process is easy. In fact, its super easy. You only need the below documents to avail Personal Loans from these apps –
- Aadhaar Card
- Your Salary Slip
- Passport size Photograph
- KYC Form
- Your Bank Details
As the process is easy and quick, you save a lot of Time, Effort, and Runaways. One thing to note is – The whole process is Digitalised! The documentation, too, is via digital means. You can get a loan anytime, anywhere, with no need for Collateral.
No Credit Score? No problem. You won’t need that!
Personal Loan Applications –
I consider it the fastest Personal Loan application in India. Doesn’t matter if you are a working professional or self-employed, you can easily avail a personal loan. It was founded in 2015 and had been serving since then.
The minimum and maximum loan amount you can avail of on this app are Rs. 3000 and Rs. 5,00,000 respectively. The denial rate of loan requests is as minimum as it could be!
Also, the EMI tenure that you can choose ranges from 2 to 36 months. On each loan, you have to pay an interest of 13-36% per month.
It is not the perfect application as it also has a few demerits. The initial KYC process is a bit tidy than others, and you have to pay the processing fee of 499 per loan.
This application is second on our list because of the firms it is backed by. Founded in 2015, this application has witnessed more than five million downloads on Google Play Store. PaySense enjoyed its recent popularity because of the faster loan process.
This application lets you enjoy the benefits of a personal loan with a processing fee of just 2.5% of your loan amount. The tenure ranges from 3 to 36 months, with loan amounts ranging from Rs.5000 to Rs.5,00,000. The rate of interest starts from 13% and varies according to amount and tenure.
Being available in more than 50 cities, the reach of this application is wider than that of MoneyTap. However, you need to have a decent credit score if you want a personal loan from PaySense. This makes the denial rate at the higher end.
The vision of this application is to fund personal loans in times of crisis and emergency. Founded in 2016, its initial motto was to make a credit system for young people who do not have the privileged salary slip.
Through CASHe, you can avail loans up to Rs. 4,00,000. However, the rate of interest starts from 27% per annum, and the tenure can be anything from 15 days to 12 months. Yes, 15 days! You can avail the loans for a short period, such as 10,30,90 days!
The services provided by this application are super-fast with a 100% digitalized process. You don’t even have to pay processing charges for your loan.
Update – You might require a decent Credit Score.
Dhani (Personal Favorite)
My favorite part about this application is that Mahendra Singh Dhoni is the one endorsing this. Wait, this is not the only good thing about Dhani.
This application sends the loan amount directly to your bank account within minutes, as soon as your loan is approved! You can avail loans ranging from a thousand to Rs. 15,00,000. The rate of interest is crazily low, 10-14% only!
This is by far the most lucrative application to avail a personal loan. I mean, what else do you want? Look at the points below –
- Loan amount: Rs. 1000 – 15,00,000
- ROI: 10-14%
- Personal and Health loans
- Unlimited access to doctors online
- 100% paperless
- Quick money transfer
- 24×7 Support
- 0 processing fee and no hidden charges
- MS Dhoni endorsements! Damn!!!
This one is undoubtedly among the best Personal Loan apps in India. The services is provides, and the way it provides services is impeccable. For small loan amounts and tenure, this is the best in the market.
The loan amount it provides ranges from Rs. 1000 to Rs. 2,00,000 with tenure varying from 50 days to 15 months. Your rate of interest can be anything between 0% and 30%. The processing fee is Negligible, and you only have to pay the service fee once when you onboard. That’s it.
This is the best personal loan app for people earning around 10-25 thousand rupees a month.
Eligibility Criteria for Personal Loans
To avail personal loans from the above-mentioned applications, you need to be eligible in certain criteria. Here is the small list –
- Income: Your income on a monthly basis must be more than 10,000 rupees. In some cases, the minimum number is Rs. 12,000.
- Age: You need to have a legal age, i.e., more than 21 years. Below that, you are not able to avail personal loans.
- Occupation: You need to have a job; it is as simple as that. It doesn’t matter if you work for someone or some company or if you are self-employed.
If you stand at par for the above criterion, voila! You are more than welcome by personal loan application services. However, I still firmly stand on the point of managing your finance in such a way that you never have to ask for one!
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