A personal loan is a boon for borrowers as people can use it in an emergency or when they have a shortage of funds. Borrowing money is no longer frowned upon. Young Indians have taken out loans for a variety of purposes, including to study abroad, finance a trip, upgrade their house, buy a car, and even organise their wedding! Many firms have begun to provide cash in order to meet this growing need, and money lending apps in India have grown in popularity as a result of the numerous advantages they offer.
- Should be a full-time salaried employee with a minimum take-home salary of ₹ 15,000/month (OR)
- Should be a self-employed professional with an income of at least ₹ 15,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
- Must be above 18 years and below 60 years of age
- Must be a resident of India or NRI with clear documentation
Top 10 Best Personal Loan Apps
The following are the 10 Best Personal Loan Apps in India
Among various other apps Upwards is considered as one of the best personal loan apps in India as it offers Personal Loans for tenure of up to 60 months at low interest rates starting @ 14%. With this type of unsecured loan, the lender does not require any collateral. Instead, the loan is offered based on your credit eligibility and credit score. Upwards has a minimal documentation process and it provides the applicant with flexible payment tenures.
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Navi is an instant loan-providing platform that provides loans with interest rates starting at 9.99 percent p.a. for terms up to 6 years and loan amounts up to Rs 20 lakh. Through the Navi app, you can obtain a digital personal loan with no processing fees to meet financial emergencies like wedding expenses, medical expenses, etc.
The best thing about this app is that it is entirely paperless since PAN and Aadhaar numbers are used in the loan application process. The loan can be authorised in under ten minutes and can be credited right away to the applicant’s bank account. Furthermore, this digital app offers simple, reasonably priced, and easily accessible financial products and services.
EarlySalary’s online loan app may offer you a personal loan of up to INR 5,00,000 directly from your smartphone if you match their loan qualifying requirements. You just need to meet four primary eligibility criteria’s:
Age – The applicant should be between 21 – 55 years of age
Income – The applicant must have a minimum salary of INR 18,000 in metro cities and INR 15,000 in non-metro cities.
Citizenship – Must be an Indian citizen
KYC – Must have all the required KYC documents
This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field. For any work, you can acquire rapid personal loans ranging from INR 5,000 to INR 5,00,000, and you won’t have to wait long for approval. The best part is that you won’t have to worry about running out of time because this platform is known for approving requests quickly. What makes this platform the best personal loan app? It’s because the documents can be picked up immediately from your house, eliminating the need to courier or scan for digital copies. They also provide a variety of low EMI plans that make loan payments simple and hassle-free. If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.
CASHe is a fin-tech product from Aeries Financial Technologies Pvt. Ltd. which enables short-term personal loans to young salaried professionals over a simple yet powerful app. Powered by The Social Loan Quotient (SLQ), an unique forecasting algorithm that produces a detailed credit profile of customers that is not available to regular banks and credit agencies.
MoneyTap is India’s first instant loan app that provides full-time salaried professionals and self-employed professionals with instant cash on demand. Anyone who is 23 years old and earns a minimum of 20,000 per month can apply for a loan on Moneytap.
You may simply acquire a fast loan with MoneyTap, and all you have to do is download the mobile app. So, how does it function? To get started, you must first download the application and register on the same website. After you’ve registered, you’ll need to fill out the KYC paperwork and wait for final approval. After that, based on your credit score, you can acquire an instant credit up to an approved amount of INR 5,00,000, which you can use to buy everyday essentials, indulgences, travel, and other things. The best aspect is that you won’t have to go through a lot of paperwork or wait long periods. This makes this one of the best personal loan apps in India, and people do not hesitate to use it, as well.
8. Dhani Personal Loan App
Dhani is first of its kind of personal loan apps from Dhani Loans and Services Limited (Formerly Known as Indiabulls Consumer Finance Limited), and was designed to make personal financial requirements easier than before.
It began as a drugstore but has now expanded to include money lending services. Dhani is one of the best personal loan apps without documents, and many outstation students rely on it to make ends meet while working part-time. You can easily obtain a quick loan of up to INR 5,00,000, with interest rates that are both handy and affordable. Every transaction will also earn you 2% cashback, which you may spend for future redemptions and services. There are no bank mandates necessary, and you can easily receive a lifetime cashback card with the help of Dhani, which is why this is the best instant loan app without salary slips. Also, you get a virtually interest-free credit line up to INR 5,00,000 and can easily choose to get a 90-day payback scheme.
9. India Lends
This is one of the most premium and favourite lending platforms for Indians, as they have different kinds of loans available for different classes of loans. They also help in getting the lowest rate of interest from most banks and NBFCs, which makes it the low-interest loan app, which most people tend to look for. Apart from instant loans, you can also avail of gold loans at lesser interest rates, property-backed loans, etc. This platform is also known to provide credit cards, and you can choose from more than 40+ schemes and cards. What makes this the best loan app for students? You can also check your credit score by just uploading your PAN documents, and this in turn helps you to select your scheme of instant loan. This is undoubtedly the gold mine of financial services, and every major piece of information is widely available on their portal.
Freecharge is one of the best personal loan apps in India which offers pre-qualified instant personal loans to its users. A Pre-qualified loan is one that requires minimal documentation with instant application processing and provides the best interest rates possible. All the loans offered by Freecharge are actually disbursed by Axis Bank, but you don’t need to have an account in Axis Bank to avail the loan.