10 Best Personal Loan Apps in India (2023)
Table of Contents
How do we pick the best personal loan apps?
Eligibility criteria for obtaining a loan through a personal loan app
List of the 10 Best Personal Loan Apps in India
FAQ
Conclusion
How do we pick the best personal loan apps?
Check the credibility and reputation of the company, whether it is registered with RBI and has a good reputation.
Check and compare the interest rates and fees charged by different companies and choose the best; also factor in prepayment charges, late payment fees, and other hidden charges.
Check the loan amount you need and the repayment charges and terms, whether fixed or flexible.
Check the approval and disbursal time and process. Make sure the process the quick and easy.
Choose an app with strong security features and standards to protect your personal and sensitive information and details.
Choose an app with a user-friendly interface which is easy to use and navigate.
Choose an app with excellent 24*7 customer support via call, chat, or email to resolve your queries and problems.
Check for additional features and benefits like cashback rewards, no prepayment fees, early repayment discounts etc.
Choose an app which is transparent in its terms and functioning, and you understand it clearly.
Before choosing one, go through user ratings and reviews and have a fair idea about the app’s functioning, process, and customer experience.
Eligibility criteria for obtaining a loan through a personal loan app
The basic criteria to avail of a personal loan through a personal loan app are as follows-
Age- You must be of an age or above 18 years of age.
Income- You must have a steady source of income. It varies from lender to lender and the loan amount you want.
Employment Type- To qualify for a personal loan, you must be employed. Some lenders require you to be employed for a certain period of time.
Credit score- Lenders check your credit score to check your credibility and usually look for a score above at least 650.
Residency Status- You must reside in the country where you’re applying for a personal loan.
Bank Account- You must have a registered and functional bank account.
Other Documents- Some lenders may require your income proof, residence proof, and a copy of your ID as additional documents.
Here are the 10 Best Personal Loan Apps in India-
1. Navi
Navi is a digital lending software that offers loans online, and it is one of the leading lenders in the Indian loan market. It offers a variety of loan products to borrowers, like personal loans, home loans and business loans. It is one of the best instant personal loan apps.
Specific Details
Interest Rate: 9.9% to 36% Annual percentage rate(APR)
Loan Amount: Rs. 10,000 to 20 lacs
App Rating: 4.5
Repayment Options: Repayment over a period of 72 months or 6 years in EMIs, Lump sums, and prepayment.
Documentation Required: You need to submit your basic KYC.
Eligibility Criteria: You must be an Indian citizen of age 21-65 with a valid ID, income proof-minimum 3 lakhs per annum, and a good credit score.
Positives
The easy and fast approval process
Competitive rates
The convenient online application process
Flexible repayment options
Good customer service & support
The higher loan amount available
No Pre-closure or Processing Fee
Negatives
Document corrections might take a long time. A good credit score can get this down to under 5 minutes.
Interest rates can go high.
User Feedback
Quick loan approval.
2. Paysense
Paysense is a lending institution that was founded in 2015. It offers instant personal loans for unexpected and unforeseen requirements with minimum documentation requirements amongst the other types of loans it offers. It offers loans to salaried and self-employed individuals ranging from Rs. 5,000 to 5 lacs. It is registered with RBI and is a FIDC and IBA member. It is a transparent, regulated lender with excellent service records and the best personal loan app.
Specific Details
Interest Rate: 18% to 36%
Loan Amount: Rs. 5,000 to 5 lacs
App Rating: 3.6
Repayment Options: You can repay the loan over a period of 3 to 36 months in EMIs or lump sum.
Approval and Disbursal Time: Typical approval time is around 24 hours, and disbursal time of 2-3 business days.
Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, Residence Proof, and a Photograph.
Eligibility Criteria: You must be an Indian resident in the age group (21-60 years) with a minimum monthly income of Rs. 18,000 for salaried employees and Rs. 20,000 for self-employed individuals with good credit scores.
Positives
The quick and easy application process
Competitive Interest rates
Flexible repayment options
24/7 customer support
Secure
Transparent
Negatives
Late payment penalties
Poor credit score will affect your loan
User Feedback
Quick and easy approval of the loan
Excellent service and better than banks
Less paperwork and documentation
3. Buddyloan
Buddy Loan is a registered NBFC with RBI, headquartered in Karnataka. It is a member of IBA and NPCI. This Fintech company provides quick and easy personal loans to borrowers at attractive interest rates and flexible repayment terms. Buddy Loan is one of the top personal loan apps in India.
Specific Details
Interest Rate: 12% to 36%
Loan Amount: Rs. 10,000 to 15 lacs
App Rating: 4.4
Repayment Options: 12 months to 5 years period
Approval and Disbursal Time: 24 to 48 hours
Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
Eligibility Criteria: You must be an Indian citizen in the age range of (21-57) with a minimum monthly income of Rs. 18,000 with a credit score of at least 750.
Positives
Convenient online application
Easy and fast application and approval process
Competitive interest rates
Good customer support
Flexible and easy repayment options and time period
The higher loan amount can be availed
Negatives
Strict eligibility criteria
Higher credit score required(~ 750 and above)
User Feedback
5. Bajaj Finserv
It is a financial service company offering various products and services, including personal loans. It was founded in 1987 and is a subsidiary of Bajaj Finance Limited, an NBFC. It is a leading player in the Indian financial service market and is one of the best personal loan apps.
Specific Details
Interest Rate: 11-35%
Loan Amount: Up to 40 lakhs
App Rating: 4.6
Repayment Options: Up to 96 months
Approval and Disbursal Time: 24-48 hours
Documentation Required: Identity proof, Income proof, and Employee ID card,
Eligibility Criteria: Must be an Indian citizen in the age group of (21-80) with a minimum monthly salary of Rs. 25,001 and a CIBIL score of 685 or higher
Positives
Higher loan amount
Flexible repayment terms
The easy and quick approval process
Excellent customer support
Competitive Interest rates
Negatives
Strict eligibility criteria
High processing fees
User Feedback
Good experience with easy loan approval
Quick personal loan apps
6. Money Tap
Money Tap is the first app-based personal credit line offered in partnership with multiple banks and NBFCs. One of the most interesting features of this personal loan app is that you pay interest only on the amount of money you use. It is one of the top online personal loan apps.
Specific Details
Interest Rate: 13 to 36%
Loan Amount: Rs. 3,000 to 5 lacs
App Rating: 4
Repayment Options: 2 to 36 months
Approval and Disbursal Time: 24-48 hours
Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
Eligibility Criteria: Must be an Indian citizen of age 21 or above with a valid PAN Card, a regular source of income, and a good credit score
Positives
The easy and fast application process
Pay interest only on the amount of money you use
Competitive rates
Flexible repayment terms
The high amount of loan
Good customer support
They match you with the right bank, which will approve your loan as per your profile
Negatives
Less repayment duration
May not find a suitable bank match
Charges a processing fee
User Feedback
Excellent customer service
Easy loan approval but short repayment term
7. Nira
Nira is an online personal loan app that provides short-term and small loans at low-interest rates. It provides a credit line of 1 lakh Rupees, and once approved, money will be disbursed to your account within 3 minutes. It is one of the quick personal loan apps.
Specific Details
Interest Rate: 24 to 36%
Loan Amount: Rs. 5,000 to 1 lakh
App Rating: 4.3
Repayment Options: 3 to 24 months
Approval and Disbursal Time: 24-48 hours
Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
Eligibility Criteria: You must be an Indian citizen in the age group of (22-59) with a minimum monthly salary of Rs. 12,000.
Positives
Quick and super-easy personal loans
Faster approval process
Low-interest rate
No Collateral required
Transparent
Negatives
The loan amount is less
The repayment term is short
User Feedback
Low-interest rates, no collateral, and easy EMI pays
8. Lazypay
Lazypay is one of the top finance companies offering quick and online personal loans. It also provides Buy Now Pay Later options. It is one of the most convenient, flexible, affordable, and instant personal loan apps.
Specific Details
Interest Rate: 15 to 32%
Loan Amount: Rs. 10,000 to 1 lakh
App Rating: 4.4
Repayment Options: 3 to 24 months
Approval and Disbursal Time: 24 hours
Documentation Required: Identity proof and Income proof
Eligibility Criteria: Any salaried individual with a minimum monthly income of Rs. 15,000.
Positives
Easy approval procedure
Less minimum monthly requirement
Competitive and affordable interest rates
Sufficient repayment term
Minimal paperwork required
Quick personal loan apps
Faster disbursal of funds
Negatives
The loan amount is less
User Feedback
Best online personal loan apps
Easy and affordable loans
9. Money View
This Fintech company provides quick and easy personal loans to individuals in India. It checks the borrower’s creditworthiness using its proprietary credit-scoring model, which is more inclusive than traditional credit-scoring models. It is one of the top instant personal loan apps.
Specific Details
Interest Rate: 16 to 39%
Loan Amount: Rs. 10,000 to 5 lakhs
App Rating: 4.7
Repayment Options: 3 to 60 months
Approval and Disbursal Time: 24-48 hours
Documentation Required: Identity proof, Income proof, and Residence proof.
Eligibility Criteria: You must be in the age group of (21-57) with a minimum monthly salary of Rs. 13,500 and a CIBIL score of a minimum of 600.
Positives
The large loan amount available
Quick and easy process
Large and comfortable repayment terms
Good customer support
Less minimum monthly income requirement
Negatives
A CIBIL score of 600 or above is required
User Feedback
Quick personal loan apps
10. mPokket
mPokket offers instant personal loans to students and low-salaried employees in India. It charges slightly higher interest rates because it offers loans to high-risk individuals.
Specific Details
Interest Rate: 15 to 48%
Loan Amount: Up to Rs. 30,000
App Rating: 4.4
Repayment Options: 3 to 12 months
Approval and Disbursal Time: 24 hours
Documentation Required: Identity proof and Income proof.
Eligibility Criteria: Must be an Indian citizen of age above 18 years with a minimum salary of Rs. 9,000.
Positives
Easy and quick personal loans
A good option for small amounts and short-term loans
Best for students and low-salaried individuals
Faster disbursal process
No collateral required
No hidden charges
Negatives
High-interest rates
Small loan amounts
The repayment term is short
User Feedback
The loan was approved within minutes
Best instant personal loan app
Frequently Asked Questions
1. What is the maximum and minimum loan amount that can be availed through an app?
It depends on the lender, but the usual range being offered is from Rs. 5,000 to Rs. 5 lacs. The loan amount depends on several factors, including your credit score, income, and other factors.
2. What is the repayment period offered by an app?
It depends on the lending app and the amount of loan availed. It could be as short as 1 month and as long as 36 months. It entirely depends on the app and the loan amount different apps offer, and the loan repayment period they have for it.
3. How quickly the loan amount be disbursed after approval?
Generally, it gets disbursed within 1-2 business days after approval. It also depends on the type of loan you’re applying for, the lender, and your creditworthiness. Make sure you’re applying with a lender with a fast processing time. And keep all documents ready and be transparent about everything.
4. Are there any additional features or benefits offered by the app, such as loan calculators or credit score monitoring?
Some apps offer additional features and benefits like personal finance education, customer support, budgeting tools, credit score monitoring, and loan calculators to help you calculate and know your monthly payment estimates, interest costs, and total repayme
nt amount.
ચંદ્રયાન 3 મહાક્વિઝમાં રજીસ્ટ્રેશન કઈ રીતે કરવું?
- સૌ પ્રથમ રજીસ્ટ્રેશન માટે https://isroquiz.mygov.in/ જવું.
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ચંદ્રયાન 3 મહાક્વિઝમાં રજીસ્ટ્રેશન અહીંથી કરો
Happy with Buddyloan
Easy approval of the personal loan
Flexible repayment options
Chandrayan 3
જવાબ આપોકાઢી નાખોChandrayan 3 success ful in 2023
જવાબ આપોકાઢી નાખોVishal
જવાબ આપોકાઢી નાખો