Although there are numerous personal loan apps today, not every app offers a high degree of convenience and flexibility. Here’s a list of the best personal loan apps in India that can offer instant personal loans and/or line of credit easily.
1. Money View Personal Loan
One of the most popular instant loan apps and the only one to have a 4.5 rating on Google PlayStore in the country today, Money View offers an unparalleled range of features and benefits to its customers. Some of these include –
The loan amount, once application is approved, will be disbursed within 24 hours
The eligibility check can be completed within 2 minutes from anywhere in the country
You will only need to submit three documents and the application process is extremely simple
Affordable interest rates starting at 1.33% per month with repayment terms of upto 60 months
Borrowers can avail any amount between Rs. 5,000 to Rs. 5 lakh
Easy loan repayments through auto-debit EMIs and there is no need for collateral
Money View uses a unique credit rating model which is why even those with lower credit scores can apply.
2. MoneyTap Personal Loan
One of the primary highlights of MoneyTap’s line of credit is that you would pay interest only on the loan amount that you use and not the entire approved amount. Take a look at some of the other benefits offered –
The no-usage-no-interest feature ensures that one pays interest only on the amount used and not the entire amount availed
Flexible repayment tenures of 2 months to 36 months is offered
Interest rates start at 1.25% per month and an amount between Rs. 3, 000 to Rs. 5 lakh can be availed
Borrowers will also a receive a MoneyTap-RBL credit card that comes with a number of features and benefits
Rewards and discounts on food, fuel, and entertainment expenses are also offered on this card
The applicants should be between 23 to 55 years old and have a minimum monthly income of Rs.30,000
3. Navi Personal Loan
A digital lending app that provides loans online, Navi is one of the top lenders in the market today. Read on to know some of their features and benefits –
You can avail a personal loan of upto Rs. 20 lakh from the Navi app
The entire process of availing a loan is digital and can be done from anywhere
You can choose a repayment plan of your choice based on your eligibility
The loan amount will be credited to your account within a few hours of approval.
4. EarlySalary Personal Loan
Looking for a personal loan that can be credited to your account within just 10 minutes? Then EarlySalary is your best bet. Check out their salient features and benefits –
You can avail a loan from Rs. 5,000 to Rs. 5,00,000 based on your eligibility
The entire process of application is done online and is fully paperless
A unique feature of this lender is that you can apply for multiple loans in the same day even if you already have a loan running with them
There are no pre-closure charges.
5. Dhani Personal Loan App
Dhani is a credit application by Dhani Loans & Services that provides personal loans at affordable rates. Given below are some of the features and benefits of Dhani personal loans –
Borrowers can avail a loan amount between Rs. 1000 to Rs. 15 lakhs
The loan repayment period ranges from 3 months to 24 months
Loans are offered to both salaried and self-employed individuals
Entire application process is online and requires minimal documentation
Interest rates start at 13.99% per annum but can vary on a case-to-case basis
5. KreditBee Personal Loan
KreditBee offers two types of personal loans – Flexi personal loan which is a small ticket personal loan that is perfect for emergencies or smaller expenses and a personal loan for salaried applicants. Some of the features and benefits are –
Depending on the type of loan availed, borrowers can get a loan amount between Rs. 1,000 to Rs. 2 lakh
The interest rate starts at 1.02% can varies based on the borrower’s credit history and other factors
The repayment tenure starts at 2 months and can go upto 15 months, again, based on the type of loan availed
The entire loan application process from start to finish is done online.
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