In a world that is rapidly growing, we the people are growing right alongside! And the rush and demands may often land us in situations where we require quick money, and that too, of a considerable amount. Whether it is for your studies overseas, or a lavish dream wedding you want for yourself or your loved ones, a holiday or house renovations, the option of getting an instant personal loan is the best one to meet your cash demands within a day or even minutes.
Taking a loan from a bank can be a long and tiresome process. But this is the age of the internet, and like everything else, there are apps for instant personal loan disbursal as well. They are quick, easy to use, user – friendly and have multiple benefits like customizable loans, availability of online credit cards, low interest-rates, and 24*7 tracking facility.
Among the various instant personal loan apps available in India, here is a list of the top 10 apps for an instant, paperless and hassle-free loan:
Top 10 Instant Personal Loan Apps in India
PaySense is an instant personal loan app where both salaried and self-employed professionals can apply for an instant loan up to an amount of Rs. 2 lakhs. A minimum income of Rs. 12000 for salaried professionals and Rs. 15000 for self-employed individuals is required to apply for a loan from PaySense. The app has partnered with Fullerton and IIFIL for the disbursing of the loan. The maximum amount of money that can be taken as a loan from PaySense is Rs. 5 lakhs and the rate of interest starts from 16.8 % per annum. You can choose the loan tenure as anywhere between 3 to 60 months. There is no requirement of collateral or even a high credit score, making it one of the best instant personal loan apps to use.
Dhani is one of the topmost apps to use for getting a personal loan. It is backed by the Indiabulls Ventures and you can apply for a loan using Dhani with an interest rate as low as 11.99 % without any physical documentation being needed. The maximum permissible loan amount is Rs. 15 lakhs and the processing fee is 5 %. To avail of a loan using Dhani, all you need is your PAN and Aadhar Number, and an address for verification. You can repay your loan within 3 to 72 months and no foreclosure fee is charged for an amount less than Rs. 20000.
CASHe is great for securing short-term instant personal loans. The approval of the loan is based on the borrower’s social profile, merit, and earning potential using a proprietary algorithm based machine learning platform. No physical documentation is required and the loan amount may vary anywhere from Rs. 5000 to Rs. 2 lakhs with an interest rate of 1.5 % per month.
This is a specialized instant loan app for salaried professionals in need of cash before their payday. You can avail of a loan anywhere from Rs. 15000 to 2 lakhs with an interest of 2 – 2.5% per month. The processing fee for using the app is 2%. You can repay the loan in easy EMIs within 50 days.
With a unique approach of no-usage-no-interest, MoneyTap is one of the best apps you can use for availing of an instant loan. There is no collateral needed and interest rates are 13 to 24% p.a. The maximum permissible loan amount on MoneyTap is Rs. 5 lakhs and the minimum monthly income required to be eligible for the loan is Rs. 20000.
PayMe is a Noida-based FinTech company for corporate employees requiring a short-term loan or instant cash. The minimum and maximum amount of money disbursed is Rs. 1000 and Rs. 1 lakh respectively with an interest rate of 2-6% per month based on the loan amount.
For a relatively higher amount of emergency cash requirements, MoneyView is your best option. You can borrow anywhere from Rs. 10000 to 5 lakhs with a comfortable tenure of 3 months to 3 years. The process of securing a loan from MoneyView is easy and paperless with an approximate interest rate of 1.33% – 2% per month. The processing fee is 2.5% to 4%.
Credicxo is a great app for instant personal loan disbursal. With a blend of finance and technology, the Credicxo app is a mobile application that makes a safe instant credit system possible for all Indians with ease. The requirements are simple. You have to be an Indian citizen, be above 18 years of age, have a valid government-issued photo ID (PAN or AADHAR), and have a valid bank account for a secure and instant loan disbursal.
Credy is the to-go solution for fast and paperless availing of loans. It is hassle-free and does not require collateral or security. Loan disbursal is from Rs. 10000 to Rs. 100000. The loan tenure is anywhere from 3 to 12 months and has an interest rate of 1-1.5 % per month. Credy is only functional in the cities of Pune, Bangalore, Mumbai, and Chennai.
KreditBee offers a loan starting from Rs 1000 up to Rs 1 lakh to young professionals in need. To avail of the loan, you need to be of 18 years of age with a monthly income of Rs. 15000. You can upload the necessary documents online and if approved, the loan amount will be transferred to your bank account immediately.