As the festive season concludes, marking the end of heightened celebrations and gifting traditions, individuals are often faced with the dilemma of managing expenses without tapping into their savings. In such situations, turning to instant credit from a personal loan app emerges as the optimal solution, particularly for those with a low credit score, no credit history, or those who find traditional banking processes time-consuming. Digital lenders are gaining popularity among the tech-savvy generation for their swift and accessible credit options.
Personal loan apps are mobile applications that allow you to apply for a loan, submit your documents, get approval and receive money in your bank account within minutes or hours. They also offer flexible repayment options, low-interest rates, hassle-free documentation and no collateral requirements – characteristics that make it easier for tier 3 and 4 populations to access credit for their personal needs.
But with so many personal loan apps available in the market, how do you choose the best one for your needs? To help you out, here’s a compiled list of the top 6 personal loan apps in India that you can trust and rely on.
The personal loan app by KreditBee offers a quick and convenient way for users to apply for loans instantly. The entire process is online, right from application to documentation. The loan amount start at ₹3,000 and can go up to ₹5 lakh and usually gets disbursed within minutes of approval. Interest rates varies and the repayment tenure can be extended to two years. Among the RBI licensed lending apps, KreditBee is India’s leading online credit solution provider and also among the most trusted personal loan apps in India for its hassle-free credit solution to those in need of quick financial assistance and who have no credit history.
Another leading personal loan app that caters to the self-employed individuals and the salaried, SmartCoin offer loans up to ₹25,000 with a repayment tenure of 4 months. With PAN card and bank statements as required documentation, the approved amount is credited into the bank account within 24 hours. An additional benefit of Smartcoin is its referral program that gives cashback and discounts.
This digital lending platform provides short-term personal loans starting from ₹10,000 and has a repayment duration of about 12 months. Documentation requires a selfie, Aadhaar card and bank statement details and once verified, the loan amount is instantly disbursed. This loan app also has various features, such as flexible repayment plans, zero prepayment charges, credit score improvement and cashback offers.
The Kissht personal loan app enables the purchase of products on EMI from various online and offline merchants. It offers loans up to ₹5 lakh, with a tenure that can be extended to 36 months. There are no hidden charges and has benefits like low interest rates, no processing fees and free insurance cover.
What’s unique about this personal loan app is that it specializes in providing credit to students and young professionals. Given its niche, loan amounts range between ₹500 – 20,000. Proof of student ID and salary slips are among the essential documents required to verify and disburse the loan. This loan app is one among the many that do not require customers to have a credit history to be eligible for a loan.
This loan app also doubles up as a mobile wallet app that disburses the loan amount into one’s bank account or the TrueBalance wallet. Catering mostly to salaried and young professionals, this personal loan app offers credit up to ₹50,000 with an interest rate starting from 2.5% per month. The repayment tenure ranges from 15 days to 6 months. TrueBalance has a simple and secure application process that requires only your Aadhaar card and PAN card.
These are some of the best personal loan apps in India that you can use to get quick and easy loans for your personal needs. However, before applying for any loan, make sure you compare the interest rates, fees, terms and conditions of different lenders and choose the one that suits your budget and requirements. More importantly, remember to repay your loan on time to avoid any penalties and maintain a good credit score.