Top 5 Apps In India That You Can Use To Get Personal Loans
We bring you our analysis of India’s top 5 apps that offer personal loans.
Thanks to the internet, the world is digitized, everything is just a click away and you can buy everything from vegetables to all electrical appliances. And sometimes we all lack the money to buy these things. Traditional banking requires a lot of paperwork and long and tedious procedures for processing loan applications. Alternatively, when borrowing money from moneylenders, you will be stuck with high interest rates and almost every time they would ask for some form of collateral, making the process very questionable. Today, however, with advances in technology and a fintech revolution, we have the immense flexibility to use apps that provide fast, secure, and hassle-free personal loans, sometimes within minutes. We bring you our analysis of India’s top 5 apps that offer personal loans:
Bajaj Finserv offers a personal loan to finance a wedding, to cope with a medical emergency, to finance higher education, to renovating your home. Instant approval, minimal paperwork, no collateral, payout in just 24 hours. The app has over 12,000 partner outlets in over 150 cities with Croma, Vijaya Sales, Hometown, Home Center, Urban Ladder, Helios and more, allowing consumers to shop in any of them.
This app allows you to log in with the Aadhar card and social media profiles. You can easily edit the personal data in the app. You can share the first 6 digits of your credit card to increase the chances of getting approval. This also gives you the right to higher loan amounts. The app ensures that your credit card details are not used for banking purposes. And no money is withdrawn from the card. After the loan amount has been paid out, you can shop in all partner stores such as HomeTown, HomeStore, Helios, etc.
Indiabulls Dhani Loan App
Indiabulls Dhani, supported by Indiabulls Consumer Finance Limited, is the fastest digital loan processing platform in India that enables instant loan disbursement. Dhani instantly provides credits of ₹ 1000 to ₹ 15 lakhs directly to his customer’s bank account within 3 minutes. Loans have terms of from three months to thirty-six months. Indiabulls Dhani is the only lending company that enables its customers to earn rewards along with their personal loans. You have the option to reduce your EMIs by collecting Dhani Points which are converted into cash with every punctual monthly installment. Indiabulls Dhani has a customer base of more than 2 million people and the company offers higher loan amounts for additional loans from Dhani.
PaySense, a digital instant loan acquisition platform that has partnered with IIFL, Fullerton and Northern ARC for personal loan disbursements.
This app allows you to get personal loans from 5000 to ₹ 5 lakh. The loan amount and term are determined based on the person’s risk profile. Applications can be made for employees with a salary of 12,000 per month and self-employed persons with an income of 15,000 per month. The KYC documents and bank statements are required to prove your eligibility for the loan. Once the documents are approved, the loan will be paid off within 5 hours. It is present in more than 43 cities
EarlySalary is an innovative lending platform that is transforming borrowing in India. It’s popular with the younger generation for its easy payback option in simple EMIs. Flexible term from 90 to 365 days. There are no prepayment fees, interest can only be paid on the amount used.
No credit history is required to take out the loan through this app. With this app, loans between 5,000 and 2 lakh can be availed. Cash will be transferred to your bank account in minutes. For EMI purchases, this app can be used on Amazon, Flipkart, and Big Bazaar.
LoanTap uses cutting edge technology to provide the fastest loans online. It grants loans in the two-wheeler loan category, flexible personal loan, lifestyle and fixed loan, home loan and lower installment loan. The app’s repayment options include expedited payment options and a bullet repayment on the principal amount outstanding. They provide the customer with needs-based loans.
LoanTap offers EMI-free loans between ₹ 1 lakh and ₹ 10 lakh. However, the final loan amount is determined based on a suitability and credit check. The term of the loan is 6 months to 5 years. The process of applying for the loan is simple and requires minimal documentation.