Shortage of funds could give you sleepless nights whether you need to pay medical bills in case of a health emergency, become an entrepreneur, or enroll your child into a reputed university. Earlier, people used to approach traditional avenues for obtaining personal loans, but it cost them a lot of time due to the lengthy paperwork and slow verification process. But with the emergence of numerous loan apps in India, one can acquire a personal loan quite conveniently and quickly without any difficulty.
An efficient source to obtain funds with ease, an instant loan app follows a fast and contactless process that allows the borrower to submit their loan application online and the required documents. Upon an online KYC verification and other formalities, the personal loan is approved, and the funds are deposited in the user’s account within a few minutes. By implementing the KYC Compliance Check you can ensure data security and transparency in your business to help you avoid legal risks. In addition to the quick disbursal feature, the loan app also provides extra benefits to the borrower, such as checking your eligibility, calculating EMI amount, comparing loan amount, offering customer support, etc., at no additional cost. Read on to know more about the five loan apps in India that provide instant personal loans.
List of Loan Apps In India Which Give Instant Personal Loan
- Fullerton India Personal Loan App
Easily downloadable for free from Google Play Store or Apple Store, InstaLoan is a user-friendly app with an easy-to-use interface to apply for a personal loan through a few clicks upon registering with your mobile number. Along with minimal paperwork and instant loan disbursal, the app contains various features to help the users check multiple loan-related parameters before applying for approval.
- You can acquire a loan of up to Rs. 25 lakhs without pledging any collateral or security.
- The personal loan is offered at a competitive interest rate, starting from 11.99%, depending upon the user’s eligibility. Additionally, a nominal processing fee, ranging between 0% and 6% of the loan amount, is charged.
- The loan can be easily repaid over a flexible tenure of up to 60 months.
- You can confirm various eligibility factors such as age, income, nature of employment, credit score, etc., through the loan app.
- You can also calculate the EMI amount by comparing different loan amounts, interest rates, and tenure through the online EMI calculator feature present in the app.
- Upon finalizing the parameters, you can fill the loan application form and submit it along with the supporting documents.
- After a thorough verification process, the funds are credited to your bank account within 30 minutes of approval.
- Additionally, the app also provides 24 x 7 customer support services for resolving any loan-related queries.
- Dhani Loan App
Founded in 2017, the Dhani loan app helps you obtain a personal loan between Rs.1,000 and Rs. 15 Lakh at a reasonable interest rate, starting from 12%. One can download the Dhani loan app on their mobile phones for free and apply for a loan anytime.
After the money is disbursed into your bank account upon entering your Aadhaar card number and loan amount in the app, you can repay the money within three to 72 months. If the amount is less than INR 20000, you can close the loan early without paying any foreclosure charges.
- Early Salary Loan App
Offering instant money to salaried professionals only, the Early Salary loan app lets you avail of a personal loan in a few steps. After downloading the app on your Android or Apple mobile phones, you can fill out the loan application form with all the required details and submit it along with the soft copy of relevant proofs. Once the loan department verifies your uploaded document and provides its approval, the loan money is disbursed in your account immediately.
- KreditBee Loan App
Designed to help young professionals, the KreditBee loan app helps acquire a loan amount between Rs.1000 and Rs. 1 lakh with ease. Upon downloading the app, the candidate can submit the application and documents through the app conveniently. Upon proper verification and approval, the loan amount is transferred directly to the bank account.
- StuCred Loan App
It is a secured loan app that provides financial assistance to college students in India by offering them short-term loans, starting from Rs. 500 with an expandable credit limit. Easily downloadable from Google or Apple Store, the app lets students borrow money anytime, anywhere upon quick verification and approval. A good option for building credit for the future, one can quickly repay the amount within 30 days using the StuCred loan app.
These are some of the instant personal loan apps which provide excellent safe and hassle-free services to the borrowers in India. Choose the best loan app according to your needs.