Conventional wisdom suggests saving before spending. However, that may not be a viable solution at all points in time. Opting for a loan to make a small purchase, such as a consumer durable or for an emergency, might make a lot of financial sense to many. Hence simple collateral-free personal loans, which can be availed for any purpose, have been introduced!
A loan instantly gives you the purchasing power to go ahead with what you wish to do. It usually comes with a specific amount and largely depends on your creditworthiness. You should contact a good personal loan finance company. If you meet all the conditions, the lender will transfer the loan amount to an account of your choice.
One of the most popular loan types is a personal loan. In the case of a personal loan, a loan lender company usually lends the money to a borrower without defining any specific purpose. You can borrow the money for a variety of uses. For example, you can consolidate your debt using a personal loan, plan for your dream wedding, emergency medical expenses, or renovate your house that you had been putting away for a while.
There are various lender companies that you can reach out to for a personal loan, including private finance companies. A personal loan by a personal loan provider company is usually an unsecured loan, or in other words, there is no need for collateral.
Top 5 Lending Companies in 2022
There are quite a few lender companies out there, and it can be a bit challenging to zero down on where to get your loan from. A personal loan finance company that offers competitive rates and has a hassle-free process would be ideal. If you are looking for such a personal loan finance company, the following are the top 5 in the country.
Navi is a personal loan company that provides instant loans. The loan interest rate starts at 9.99% per annum, and you can opt for a loan with a term up to 6 years and a maximum loan amount of Rs. 20 Lakhs. You can download the Navi app and apply for a personal loan digitally without having to pay any processing fees.
Since the app uses your PAN and Aadhar for authentication and verification, the approval process is almost instant. And you can receive the loan amount in under 10 minutes.
A drawback with Navi is that it takes a lot of time to correct or update any bank-related details.
2. Buddy Loan
Buddy Loan is a leading personal loan finance company. The personal loan company allows you to borrow Rs. 10,000 to Rs. 15 Lakhs. The platform is known for its almost instant approvals, thereby ensuring that you do not have to wait for a longer period of time.
With Buddy Laon, you do not have to worry about scanning documents or sending them via courier. There is a good chance that it might be picked up from your residence. The company also provides a variety of cheap EMI options to choose from.
A drawback with Buddy Loan is that the interest rate is a bit higher, at about 11.99% p.a.
Dhani has grown in popularity as a personal loan finance company. Many outstation students use the app for their expenses while doing part-time jobs. The platform allows up to a maximum loan amount of Rs. 5 Lakhs.
The personal loan company offers affordable loans and a unique cashback mechanism for all transactions. You can use the cashback for all future transactions. You can also avail of a line of credit of up to Rs. 5 lakhs and opt for a 90-day payback scheme.
A drawback with Dhani as a loan lender company is that the initial registration and documentation period takes longer than some of its rivals.
MoneyTap is one of the fastest-growing lender companies in the country, and being a private finance company, their loans are easy to avail. You just need to download the app, register on the app or website, and complete the KYC.
Based on your credit score, the app will let you borrow up to a maximum of Rs. 5 Lakhs. You can opt for private finance company personal loans as low as Rs. 3,000 or as high as Rs. 5 Lakhs with MoneyTap. The smoothness and robustness of the app are earning it a lot of popularity and making MoneyTap a preferred personal loan provider company.
A drawback with MoneyTap is that the credit limit is available only for up to 36 months.
Nira finance is a loan lending company that offers personal loans instantly. To get a loan on Nira, you need to register on the website or the app, followed by uploading relevant documents and linking your bank account. It is then followed by Nira assessing your credit score.
Once your application is approved, you will receive the amount almost instantly in your account. A flexible schedule, along with the option to borrow up to a maximum of Rs. 5 Lakhs, makes the app a popular choice among many. A drawback with Nira is that the higher number of approvals takes longer than its competitors.
Wrapping it Up
People looking for a private finance company personal loan can get them from various lender companies. The above is a list of the top 5 companies offering personal loans in India. Based on your needs and the details mentioned above, you can choose any one of the personal loan finance companies from the list. However, if you wish to play safe, you can opt for a personal loan from Tata Capital, which provides loans from Rs 75,000 to Rs 35 lakhs for a maximum tenure of 6 years at an interest rate of 10.99% per.