Instant Personal Loan Apps

If you do not have a credit history or adequate credit score, alternative borrowing options like instant loan apps can come to your rescue. These apps evaluate your loan eligibility on the basis of your social credibility score and not only on your past credit history or CIBIL Score.

These loan apps require quick sign-up or registration by the customers after which it shares available credit facility for the customer basis the details shared. The request is approved and sanctioned immediately as you complete KYC and share consent for terms & services. The process is 100% digital and contactless. It can be as fast as 5 minutes to a maximum of 2 days.

Nowadays, there are plenty of online personal loan apps, including MoneyTap, Indiabulls Dhani, KreditBee, CASHe, mPokket, PaySense, EarlySalary and so on. It is advisable to learn about the features, charges, and terms & conditions of all the available options before choosing the most suitable one.

The key features of instant loans offered by the apps mentioned above are explained below:

Tata Capital 

• Affordable interest rates starting at just 10.99% p.a.
• Loan amount starting from Rs. 40,000 to Rs. 35 Lakhs.
• Flexible tenure up to 7 years.
• Processing fee ranging from 1% to 3.5% of the loan amount + GST.

PaySense

• Instant personal loans from Rs. 5,000 to Rs. 5 Lakhs to fit all your needs.
• Flexible EMI and tenure options from 3 to 60 months.
• Processing fee is 3% of the loan amount.
• Interest rate starting at 1.25% p.m.
• Prepaymentis allowed after 6 EMI payments with foreclosure charge of 4% + GST on the remaining principal amount.
• Get prompt loan approval and money in your account.

MoneyTap

• Get approved for Rs. 3,000 to Rs. 5 Lakhs personal loan instantly.
• Use any amount from your limit.
• Interest rates is 1.25% p.m. (pay ONLY on used).
• Interest payable only on the exact loan amount used from the approved credit line.
• EMI tenure ranges from 3 to 36 months.
• Low processing fee ranges from 0% to 7% of the loan amount.
• One-time line setup fee of Rs. 199 to Rs. 999 is levied.
• Flexible EMIs of 3 to 36 months.
• Repay and use the limit again.

KreditBee

• Online personal loans from Rs. 3,000 to Rs. 5 Lakhs.
• Interest rates range from 16% to 29.95% p.a.
• Tenure varies between 3 to 24 months.
• Low transaction fees.
• 100% online process with 10 minutes disbursal time.

MoneyView

• Get instant loans online from Rs. 5,000 to Rs. 10 Lakhs.
• Open a pro saver account with a 9% p.a. interest rate and check your credit score reports for free in minutes.
• Interest rate starting at 1.33% p.m.
• Flexible EMI repayment plans starting from 3 months to 5 years..
• Processing fee of 2% to 8% of the loan amount.
• 100% paperless application process with no hidden charges.

CASHe

• Quick personal loans ranging from Rs. 1,000 -to Rs. 4 Lakhs.
• Interest rate starting at 2.50% p.m.
• Repayment tenure of 3 to 18 months.
• Processing fee ranges from 1.5% to 3% of the loan amount.
• No guarantor/collateral required.
• 100% paperless instant loan application.
• Zero foreclosure charges.
• Enjoy online shopping at no cost EMI.
• Instant disbursal of the instant loan amount to your bank account.

Stashfin

• Credit line ranging from Rs. 1,000 to Rs. 5 Lakhs straight to your bank account.
• Interest rates ranging from 11.99% to 59.99% APR.
• Pay interest only on the funds you utilise.
• Flexible payment terms with convenient EMIs.
• Tenure ranging from 3 to 36 months.
• Minimum documentation, instant approval, and quick disbursal.
• Transparent pricing with no hidden fees.
• No joining fees involved.

EarlySalary (now Fibe)

• Instant loan from Rs. 5,000 to Rs. 5 Lakhs.
• Interest rate starting at 16% p.a. on reducing balance method.
• Processing fee starts from just 2% of the loan amount plus applicable GST.
• APR starting from 18%.
• Tenure ranges between 3 to 36 months.
• Zero pre-closure charges.
• Loan disbursed online in just 5 minutes in easy steps.

mPokket

• Instant personal loan up to Rs. 30,000.
• Cash transfer to Bank/Paytm Account in 2 minutes.
• Flexible repayment in 4 months.
• Get rewarded for timely repayments.
• Processing & loan management fees range between Rs. 50 to Rs. 200 + 18% GST depending on the loan quantum.
• Interest rates range between 0% to 4% per month.

Bajaj Finserv 

• Instant loan up to Rs. 40 Lakhs.
• Tenur up to 96 months.
• Interest rates range between 11% to 38% p.a.
• Processing fee up to 3.93% of the sanctioned loan amount.
• Zero hidden charges.

Indiabulls Dhani

• Loan from Rs. 1,000 to Rs. 15 Lakhs.
• Tenure ranging from 3 to 24 months.
• Interest rates starting at 11% p.a.
• Completely online process.
• Money transferred in your bank instantly.

Home Credit

• Loan amount ranges from Rs. 10,000 to Rs. 5 Lakhs.
• Interest rate starting at 1.6% p.m.
• Repayment period varies between 6 to 48 months.
• Processing fees from 2.5% to 5% of the loan amount approved.
• Convenience fees of Rs. 0 to Rs. 250 will be applicable.

LazyPay

• XpressCash loans range from Rs. 3,000 to Rs. 5 Lakhs.
• The entire process is 100% digital and paperless.
• Personal loan interest rate ranges from 15% to 36% p.a. on a reducing balance basis.
• Tenures range from 3 to 60 months.

PayMe India

• Personal loan amount ranging from Rs. 500 to Rs. 5 Lakhs.
• Rate of interest starting from 1.5% p.m.
• Tenure 3 to 24 months.
• Processing fee of 2% to 10% will be levied on the sanctioned loan amount.

Credy

• Personal loan up to Rs. 1 Lakh.
• Loan tenure of 3 to 12 months.
• Interest rate ranges from 1% to 1.5% of loan amount per month.
• Credy charges a processing fee of 3%, with a minimum of Rs. 500.
• Early repayment fee is 2% of outstanding loan amount.
• Late fee of 2% of EMI amount per week.
• Get instant loan approval and receive money within 24 hours.

LoanTap

• LoanTap offers personal loans for amounts of Rs. 25,000 to Rs. 10 Lakhs.
• Tenures range from 3 months to 5 years.
• A processing fee of only 2% plus taxes will be charged.
• Interest rates range from 11% to 30% p.a., based on the type of loan, customer profile and other factors.

CashBean

• CashBean offers instant online personal loans up to Rs. 60,000.
• The interest rate starts from 0.07% per day (25.55% p.a.).
• A processing fee of Rs. 90 to Rs 2,000 + GST will be charged.
• The repayment tenure ranges from 3 to 6 months.
• You can apply for the loan through CashBean’s official website or mobile app.
• Get money within minutes through a digitized process.

NIRA

• Loan amount of Rs. 5,000 to Rs. 1,00,000 is available.
• Minimum APR is 24% and maximum APR is 36% (reducing balance).
• Minimum repayment period is 91 days and maximum up to 24 months.
• Processing fees range from Rs. 350 + GST up to 2% to 7% of loan amount + GST.
• Prepayment fee is zero if paid within 7 days of disbursal and 4% of prepayment amount thereafter.
• In case overdue exceeds 30 days, you will be charged a ate fee of Rs. 500 to Rs. 1,000.

Navi 

• Loan amount up to Rs. 20 Lakhs.
• Interest rate starting from 9.9% to 45% p.a.
• Loan tenure ranges from 3 to 60 months.
• 100% digital process with instant money transfer to your bank account.
• No security deposit required.

ZestMoney

• Instant approval for loan amount up to Rs. 5 Lakhs.
• Tenure of 3 to 36 months.
• Interest rates starting at 14% p.a.
• No extra documents required.
• You can close your EMI without having to pay any additional fees.

Privo

• Borrow instant personal loan up to Rs. 5 Lakhs.
• Interest rate starts at only 1.08% p.m.
• Tenure raes from 3 to 60 months.
• If you do not repay the entire due amount by the due date, an additional interest rate of 42% to 45% will be charged on the total amount.
• No preclosure fee or hidden costs involved.

Olyv (SmartCoin)

• Instant personal loans up to Rs. 5 Lakhs.
• Minimum period for repayment is 2 months and maximum is 24 months.
• Interest starting at 1.5% per month.
• 100% digital loan application journey
• No collateral or paperwork required.
• Flexi EMIs.
• APR ranges from 30% to 90%.

Buddy Loan

• Get instant personal loans starting from Rs. 10,000 to Rs. 15 Lakhs in just a few minutes.
• Interest rate starts at 11.99% p.a.
• The maximum APR can go up to 36%.
• Repayment tenure is 6 months to 5 years.
• A processing fee of 2% + GST will be levied.

One of the best aspects of Personal Loans from app based lenders is minimal or no documentation for existing customers. The basic documentation for KYC is all you need to apply for Personal Loan through a website or smartphone. Furthermore to service maximum customers, most of these loan apps allow customers to borrow with no or minimum credit score. However they evaluate the credit scoring based on the customer’s social profile and other personal factors.

Here is the list of documents for Instant Loans through app:

• Fulfill KYC
• Provide PAN & Aadhaar
• Photograph (Clicked during v-KYC)
• Bank account details & statements
• Income proof/ salary slips

The eligibility parameters may vary from lender to lender. Following are some common eligibility criteria to be met:

• Must be salaried or self-employed, depending on the target audience of the loan provider. The borrower can also be a student if the loan is to be applied through a student loan app.
• Must be aged above 21 years and below 60 years.
• Must be Indian resident.
• The minimum net monthly income required to avail of the loan is Rs. 15,000.

• Download the app of the lender on your iOS or Android mobile phone.
• Register with a social media account and/or some basic details as required, such as your name, mobile number, email id, income, bank account details, and so on.
• Upload and share some basic documents, like your PAN Card, Adhaar Card, Job Proof, Income Proof (salary slips, bank statements, etc.), and so on.
• Lender will verify the details submitted by you.
• Get instant approval on meeting the eligibility conditions of the lender.
• On getting approval, enter the loan amount you require based on your eligibility.
• Get the money transferred to your bank account or wallet within a few minutes.
• Repay the borrowed amount via bank transfer in EMIs.