By taking a personal loan, all wishes can now be fulfilled. There are very few options available when one is in desperate need of financial assistance. It is possible to obtain a personal loan from conventional banks, which can be a long process that involves a lot of paperwork and many stages of the process.
The second could be to take a loan via a credit card, but it is normally high at this rate of interest. Third, it’s possible to borrow money from friends or family, but it could be humiliating. Not everyone is so lucky in India that they get a paycheck in advance. So, here, personal loan apps are the most suitable choice for a quick cash loan.
Several personal loan applications are available that include fast cash loans. The fast, hassle-free and paperless way of getting a loan is through personal loan apps. The way India works has been revolutionized by the Internet. Today, with the comfort of home, one can buy everything from vegetables to a smart TV and more. When an individual wants fast and simple personal loans in India, there is no difference in the situation. Numbers of personal loan apps are available, which can make it much simpler and easy for the personal loan process. With the appropriate scanned documents, a personal loan can be used online, and the loan sum can be delivered to the bank account.
Some of India’s Best Personal Loan Apps:
Suppose there is an immediate financial obligation for a borrower. He/she is then able to use the personal loan applications. But several lenders have come up with the personal loan app due to the huge demand for personal credit. This has made it easier for borrowers to select the right personal loan app with a variety of choices, but it has also created uncertainty.
So, for the fast cash requirement, here is a list of some of the best personal loan applications.
PaySense is a website for getting a personal loan. It’s possible to download this app on Google Play. The PaySense app can be conveniently installed by a borrower and a personal loan for holidays, medical emergencies, wedding expenses, purchasing vehicles or any other financial requirements can be obtained.
Up to Rs. 5 lakhs, PaySense provides the maximum loan sum. The interest rate varies from 1.4 percent to 2.3 percent a month on personal loans. Based on the profile of the borrower, the loan sum is sanctioned. To get a loan, a borrower needs to send the necessary documents. Having a loan using this personal loan app takes a few hours.
One of the best instant personal loan apps where a borrower can pay interest only on the balance of the loan withdrawn is MoneyTap. A borrower can get online immediate unsecured personal loans. In addition to the versatile repayment tenure, this app comes with a low-interest rate ranging from 2 months to 36 months. Through this app, a borrower can access personal loans of up to Rs. 5 lakhs.
- Indiabulls Dhani
One of the finest personal loan applications is Indiabulls Dhani. Through using this app, a borrower can get a collateral-free personal loan. A competitive interest rate of 11.99 percent is provided by Indiabulls Dhani personal loan app. By using this app, a borrower can obtain a minimum personal loan sum of Rs. 1000 to a maximum of Rs. 15 lakhs.
Indiabulls Dhani personal loan comes with flexible repayment tenure from 3 months to 36 months. One of the best aspects of this app is that it charges Rs. 20,000 for the loan without any prepayment fees. A borrower can download this app to get a loan using this application and include the PAN number and address for verification. The borrower’s request will be reviewed until the appropriate loan sum has been entered.
If the loan is accepted, the loan amount is paid directly over a limited period into the bank account of the borrower.
- Kredit Bee
KreditBee is an instant personal loan network that provides young professionals with loans. As per the requirement, a borrower can take advantage of the maximum loan sum from Rs. 1000 up to Rs. 1 lakh. KreditBee is among the first options of young professionals when there is a need for a quick and easy personal loan.
EarlySalary is a mobile-based program for Indian users that serves as a salary advance. Until individuals get their monthly paycheck, it helps in fulfilling the urgent cash requirements. EarlySalary is an online lender that supports the short-term money needs of young professionals.
As its main purpose is to help people face month-end and mid-month financial crises by providing them with small loans before their wages are paid. EarlySalary personal loan comes with a flexible repayment period of 12 months up to Rs. 2,00,000. Via the EarlySalary app, this is an unsecured loan to a person. The approval of the loan is dependent on individual income,
Criteria for Qualifying for a Personal Loan
Depending on different variables, the eligibility requirements may be determined. The following are the generic eligibility conditions that candidates need to fulfill:
- A salaried Indian citizen has to be
- An applicant’s minimum age should be 21 and the median age should be 55 years.
- The applicant residing in a non-metro city should have a minimum monthly wage of Rs.15,000 and the applicant residing in a metro city should have a minimum monthly wage of Rs. 18,000.
Common list of required documents for a Personal Loan
- Passport-sized photo
- Aadhaar Card
- Residential Proof for working experts
- PAN Card
- Bank statement of wage account
The discretion of the lender is read and understood carefully when selecting a personal loan, as few lenders claim to provide instant cash loans in 1 hour but do not. Be aware and alert before you apply for an instant personal loan.