Best Instant Personal Loan Apps in India

A personal loan is a lump-sum amount available to the borrower with no security deposited. It is estimated that an individual can borrow money at lower rates of interest than those offered by financial institutions. The possible uses for this loan are widespread and include expenses like medical treatment, travel bills, vehicle repairs, higher education fees etc. Personal loans are always ideal for medical emergencies, weddings, buying vehicles, education purposes, debt consolidation etc. The interest rates offered on personal loans are lower than the interest rates offered on other types of loan. Personal loan has been an important part of life for most people.

Introduction

Instant personal loan or short term loan are now available online with the help of best instant personal loan apps.

 

  • Personal loans  are a great way for many people to access a little extra cash when the need arises, and they are something that those who may not have access to other forms of credit can turn to for help.
  • People should be aware, however, of the potential pitfalls of such loans as well as their advantages.

 

The apps that offer Instant Personal Loan in India are as follows :

1. Money View

Money View is a personal loan app that matches the borrower with lenders, therefore it does not facilitate direct loan offers. However, Money View has a user-friendly website & an android app that provides you with all the information that you need.

 

  • Personal loan at Money View could be a suitable financial aid in your time of need. If you’re a salaried or self-employed individual, you can avail a personal loan up to 5 lakhs from Money View in 24 hours.
  • Money View is trying to make things easier by providing an app through which you can check your loan eligibility in 2 mins.

2. PaySense

Instant Personal Loan by PaySense is a personal loan intended for all your financial needs. With us, you can apply for a personal loan of up to Rs. 5 lakhs.

 

  • So whether it’s wedding, foreign vacations, paying medical bills, acquiring consumer durables, or home improvement, the benefits are endless! PaySense saves you time, effort, and unnecessary paperwork.
  • However, these benefits are just the beginning and for the later stages, one needs to read the agreement terms in which other benefits are clearly stated.

 

3. MoneyTap 

When you have a MoneyTap Personal Loan, you are free to use the funds in whatever way you wish. Repay your credit line anytime—even if you haven’t used up all of the funds. You are free to use the loan amount for whatever purpose(s) you choose, whether it’s medical expenses or home repairs or paying off credit card debt.

 

  • MoneyTap Personal Loans come with simple and transparent repayment terms and no hidden costs so you pay less and stay in control.
  • There are no cash cards, promissory notes, or other intermediaries between you and your money. That means borrowing is convenient and secure.

4. India Lends

IndiaLends personal loan app in India is a complete end-to-end underwriting and disbursal solution that minimizes manual intervention.

 

  • It is a new generation technology platform that has been built for the digital age.
  • It uses artificial intelligence to recommend the right credit product, personalize the process of filling up forms, facilitates instant approvals with no paperwork, and delivers funds within 48 hours from disbursement.
  • They operate in partnership with financial institutions and non-banking financial companies in India who use our technology platform to quickly approve loans to consumers.

5. NIRA

NIRA is a global peer-to-peer lending and borrowing platform that enables individuals and businesses to borrow money from the investors globally based on their credit score.

 

  • It handles all the transactions including servicing, recovery and administration.Innovative or disruptive technologies often have a disruptive effect on existing markets and create new markets.
  • The credit line that they offer is not only accessible but also hassle-free. The technology that has been used plays a significant role in delivering a transparent, yet personal service to the customer.

6. CASHe

 Commonly, if someone takes a personal loan and gets into trouble later on, they will use the loan to spend on unnecessary things and then end up using their credit cards without thinking about their spending habits.

 

  • This creates credit card debt and the interest rate on the card is often much higher than what it would be if they used a personal loan.
  • With CASHe, we are helping borrowers to make better decisions before applying for a loan by providing transparent information on how their social network reacts to different products.

7. LazyPay

LazyPay is a play on words that explains exactly what the company does. It was coined to ‘laziness’ about going out to take a loan from a lending institution and ‘payments’ being made online.

 

  • For LazyPay, online payday loans have been an attractive proposition for business as it has assured them of a larger market and lesser frictions in the form of middle-men involved in offline transactions.
  • LazyPay’s entire process is designed to be fast and easy on the borrower’s end. There are no forms to submit, no documents to upload, and no waiting for loan approvals.

8.    AnyTime Loans

An online personal loan is an important requirement of today’s day-to-day life. A person working in some salaried job cannot expect the support of his/her employers for monetary needs.

 

  • The AnyTimeLoan android app allows the borrower to – apply for a personal loan on-the-go, view/ track/ cancel any open application, receive instant notifications about status of a loan request etc.
  • Basically, the new-age mobile first app has thought of everything a borrower might need to access his loans! It takes three minutes of your time to fill up an application form for a personal loan & get instant approval.

9. PayMeIndia

PayMeIndia is a FinTech startup that provides short term loans to salaried individuals through its app that gives attractive interest rates to customers across India.

 

  • PayMeIndia has been set up with a vision to transform the lives of millions of people who are suffering from financial disabilities.
  • PaymeIndia follows the conventional working of a bank and also on the other hand, it isn’t tied up with any formalities or procedures. It ensures an instant disbursal of the application based on the parameters set by the customer themselves.

 

10. mPokket

As most college students are burdened with heaps of study loans and college expenses, MPokket provides pocket money to such students who need instant financing to pay off college fees and other expenses.

 

  • MPokket has partnered with the best banks in the country for this purpose. At MPokket you can apply for a personal loan and get the amount either in your bank account or in your Paytm wallet and use it instantly without any delay.
  • All this is done automatically via machine learning algorithms which assess your usage pattern on the app.

 

11. Capital First Limited

If you’re a company looking to raise a loan in a quick and hassle-free way, Capital First is the right place for you. The best part of this process is that you don’t need to go to a bank branch for this.

 

  • Just log on to the Capital First website and fill up the application form. It takes 2 minutes and within 24 hours, your loan is processed. There are a variety of loans available through this app.
  • These include personal loans, education loans, business loans and affordable housing loans. So you can take out a loan at the lowest interest rate and enjoy enhanced repayment flexibility as per your requirements.

 

12. KreditBee

What’s special about KreditBee instant personal loan? As a borrower, you are under no obligation to subscribe to any Insurance Policy.

 

  • Hence, there are no hidden charges! Also, if you are an Indian citizen with a PAN Card, Aadhaar Card or Driving License, you are eligible for the loan! This makes the loan product even more accessible to more people.The complete loan process is entirely online.
  • You just need to upload your bank account details, and the maximum loan amount you want. A loan is disbursed in 15 minutes, and directly credited to your bank account.

Conclusion

Taking a loan in the traditional bank was a tedious process , but in today’s time taking a personal loan is a cakewalk! With the advent of technology, things have become simpler, and more convenient. There are a number of online platforms that allow one to take a loan in a hassle free manner by providing all the details in an easy online loan filling format. Everything from instant short term loans to credit card debt consolidation is possible with the right free personal loan app download. However, before applying for a loan in the apps, check their terms and conditions properly. There may be some hidden charges and thus it is essential to know them before applying for the loan.

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