When we talk about getting a loan that aids various financial crises, a personal loan is preferred. The reason to go for a personal loan varies from medical emergencies, educational funds to wedding expenses.
Various surveys prove that 77% of the Indian population relies on loans to fulfil their desires. A recent survey conducted by a renowned financial company NIRA magnifies why people go for personal loans. The uninformed crisis falls directly on one’s shoulder without any alert.
The report said that 28% of people took loans in medical emergencies and around 25% to deal with various family matters. Quick processing and minimal documentation in the loan approval make it the utmost life saviour loan.
Due to the reliability of the common man, many lenders provide instant personal loans. To help you through your emergencies, here is the list containing the best personal loan apps in India with their attributes. So, let’s start with the list.
Fullerton Loan App:
Fullerton India is the top instant loan app in India as the procedure is transparent and straightforward. It offers the highest loan amount of up to Rs. 25 lakhs. The interest rate starts from 11.99%.
Features:
- No paperwork is involved
- Get amount credited in 30 minutes after approval Online
- Loans are available for both salaried and self-employed individuals
- The minimum age requirement is 21 years
- Flexible interest rates
PaySense Loan App:
PaySense is another app that provides instant loans at flexible interest rates ranging from 1.08% to 2.33%. The amount one can borrow ranges from Rs. 5,000 to 5 lakhs.
Features-
- Both salaried and self-employed individuals can avail of the loan
- The lender demands the salary of an individual to be more than 18,000/month
- The processing charge applied is 2.5% of the total loan amount
- Provides reasonable loans to people with poor credit scores
- The application process takes only two minutes
MoneyTap Loan App:
One of the best features of this online loan app is that it provides a credit limit after approval. You can use any amount of the money under the proposed limit, and the interest rate will be charged only when you use it.
Features-
- The procedure for acceptance is 4-minute long
- At least a salary of INR 30,000
- Age must be between 23-55 years
- Can avail of the loan amount from Rs. 3000 to 5 lakhs
- Interest rates charged range from 1.08 to 2.03%
CASHe Loan App:
CASHe focuses on providing short term instant loans. No collateral is charged for these short-term loans and are only attainable for salaried individuals.
Features-
- The interest rate is placed at 1.75%
- The loan amount ranges from Rs. 10,000 to 3 lakhs
- The salary of the salaried individual must be more than Rs. 15,000
- No foreclosure fee is charged
- The credit provided to an individual varies based on their profile. The term can range from 2 months to one whole year.
Credy Loan App:
Credy is an Indian personal instant loan app that offers many loans. One can choose to avail a loan as per the customised conditions it provides.
Features-
- No collateral and hidden charges are applied
- One can borrow an amount of Rs. 1000 to 1 lakh
- The interest rate applied is 1.15% of the amount borrowed
- Involves the quick and easy online process
- The loan is exclusively for salaried individuals with a minimum earning of 15,000 per month
- 3% processing charge on the loan amount is applied
These were the best Indian personal loan apps to help you in your emergencies. You can choose any one of these in an emergency. Before choosing any lender to be your financial relief in days of the crisis, check their terms and conditions properly.
To get even better relaxation, you can compare the loans provided by these online loan apps to select the best. You must always go for a loan that helps you through your crisis and has the best repayment format. Consider all these things and then consider the right one for you.
Personal loans are gaining momentum in the market due to their ease of availability. But you should be sure to check all terms and conditions before applying.
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