Low delay and minimum paperwork make personal loans great in financial crises compared to other loans. Instant personal loan apps take it to the next level with instant application and disbursal without any physical paperwork. And yes, the entire process can be completed online.
Sounds interesting, right? But there’s a caveat. There are a lot of such apps on the market, and choosing the one that suits you best can be confusing.
Worry not. We’ve got you covered.
Here’s a List of India’s Seven Best Instant Personal Loan Apps.
1. Tata Capital app
The first on the list is Tata Capital’s mobile app. Tata Capital is one of the oldest and most prominent names in non-banking financial companies (NBFCs). Tata Capital provides instant personal loans at attractive interest rates.
Taking user security seriously, the Tata Capital app provides login using fingerprint or face ID. Further, you can obtain your credit score for no additional charge on the app. Some other exciting features of this app are access to 24X7 loan account details, personalised offers and instant application and approval options for new loan products.
2. PaySense
The second app on the list of best instant personal loan apps in India is PaySense. PaySense provides instant personal loans to both salaried and self-employed. There’s a minimum income limit to be eligible for a personal loan with PaySense.
The interest rates provided by PaySense are competitive. An exciting feature of PaySense is that the interest is applied on a reducing balance basis. This means that as you pay the loan EMIs, the interest is applied only to the remaining amount each month. Instant loans from PaySense do not require you to offer collateral or have a high credit score.
3. Bajaj Finserv
Bajaj is an old name in the financial services world. Bajaj Finserv provides instant personal loans under 30 minutes at competitive interest rates.
An exciting feature of Bajaj Finserv is that, unlike some personal loan apps, you do not need to complete the entire application process to determine how much you are eligible for. The app pre-assigns a limit using just your mobile number and an OTP. Bajaj Finserv also provides a flexible loan tenure.
4. NIRA Finance
Next on the list is NIRA Finance, an instant personal loan app with a mission of ‘Financial inclusion for all of India.’ NIRA Finance provides personal loans at affordable monthly interest rates.
If you are a first-time borrower, you do not need a credit score to obtain a personal loan from NIRA Finance. However, a credit score is required second time onwards. With NIRA Finance’s loan, you pay interest only on the amount you use and not the entire approved amount.
5. Moneyview
Moneyview is another popular India personal loan app that offers high loan amounts at attractive interest rates and with flexible tenures. Moneyview’s unique credit rating model allows borrowers with low credit scores to apply for personal loans quickly.
Moneyview does not charge for loan foreclosure. However, foreclosure is only permitted under certain conditions, such as payment of a certain number of EMIs.
6. MoneyTap
The next on the list of instant personal loan apps in India is MoneyTap. MoneyTap offers personal loans at affordable monthly interest rates. An exciting feature of the MoneyTap app is that you can borrow money in parts when you require it up to your maximum approved credit limit. However, you only pay interest on the amount you use, not the entire approved amount.
When you get approved for a personal loan, MoneyTap also provides you with a complimentary credit card with exciting benefits. You can use this complimentary credit card for online and offline buys and spend up to the maximum approved credit limit with the option of converting the amount spent on these purchases into EMIs.
7. KreditBee
KreditBee offers multiple personal loan variants: flexi personal loan, salaried personal loan and self-employed personal loan. The flexi personal loans are designed to meet smaller expenses. The maximum loan amount and maximum tenure depends upon the type of personal loan you choose. The interest rates offered by KreditBee are affordable and depend upon a number of factors, like the type of loan and your credit score.
How to Choose an Instant Personal Loan App that Fits You?
As we have seen, several instant personal loan apps are on the market. To choose the app that best suits your financial needs, follow the steps given here:s
1. Check app validity
The first step in filtering out unsuitable apps is to determine whether the app is regulated by RBI. For this, check the RBI website.
2. Read terms and conditions carefully
Instead of going by the app’s highlights, you should read the terms and conditions carefully before choosing. For example, if an app advertises a low interest rate, carefully determine whether it’s annual or monthly.
3. Compare interest rates
Next, look for monthly or annual interest rates suitable for your financial condition. Most apps provide EMI calculators that you can use to determine your EMIs before applying.
4. Check credit score
Knowing your credit score is essential for choosing an instant personal loan app. While some apps allow personal loans at low credit scores, others do not. However, with a high credit score, you can obtain a personal loan from most apps.
Conclusion
Digitisation has made personal loans easier with instant personal loan apps. While these apps have increased customer convenience, the chances of fraud are greater with several apps operating in the market. As an aware customer, you must do thorough due diligence before choosing a personal loan lender.
If you are looking for a reliable personal loan lender, consider Tata Capital. Tata Capital provides all the benefits of instant personal loan apps: online application, minimal processing and quick disbursal, with the added advantages of experience and reliability.
What are you waiting for? Apply for Tata Capital’s instant personal loan now and meet your big-ticket expenses without worry.
20 November 2024
5 mins read
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