Best instant personal loan apps in India

According to a report, Indians spend nearly 4.6 hours a day on smartphones. This demand can be attributed to digitalisation and custom application.

Financial institutions have also embraced this change by launching their product based applications, such as personal loan apps.

Since instant personal loans are always in demand, installing the credit specific app makes loan applications easier.

Additionally, users can access loan and repayment details and even find lucrative offers. Potential loan borrowers can check the top apps that are available for free in app stores.

What are the top personal loan apps?

During emergencies, availing a traditional loan and waiting for approval seems impractical. 

Instead, one can opt for instant personal loans that offer substantial credit against simple eligibility. Installing a personal loan app for the said purpose makes the task easier.

Here are some personal loan apps that a borrower can check:

1. Bajaj Finserv Experia

Bajaj Finserv Experia app can be easily downloaded from the Google Play store. A user can easily apply for a personal loan in minutes via the app. Individuals need to log in with Experia ID or a registered mobile number and verify with OTP to use the app. 

Some features of the app are-

• Tracking finances
• Process EMI payments
• Quick notifications

Apart from the mentioned features, individuals can avail personalised offers. For instance, the NBFC provides pre-approved offers that make the loan application hassle-free. 

Such offers are available on financial products like business loans, personal loans, etc. You can check your pre-approved offer by entering your name and contact number.

2. KreditBee

Individuals looking for a personal loan for salaried employees and self-employed can check the KreditBee app. It allows both novice borrowers and individuals without credit cards to avail an instant personal loan.

Some features of KreditBee are-

• Three variants of loans- online purchase loan, personal loan for salaried and flex loans.
• One can take a loan for a tenor of 62 days to 15 months
• The app charges a one-time service fee
• Kredit Bee is secured with 128 bit SSL for secure transactions
• Loan availability upto Rs.2 lakh.

3. EarlySalary

Individuals with a salary of Rs.18,000 or above can avail a personal loan of upto Rs.5 lakh via the app. EarlySalary app has been designed for first-time credit borrowers. There are no pre-payment charges on the credit form.

Some features of EarlySalary are-

• Flexible repayment tenor ranging from 90 days to 12 months
• An individual can get the funds within ten minutes after submitting the right documents

4. MoneyTap

MoneyTap is a lending institution that services clients in Banglore, Hyderabad, Chennai, Mumbai, Bangalore and 30+ cities can operate.

Some features of MoneyTap are-

• Individuals need to pay interest on the loan amount used, not the approved amount
• Borrowers receive the flexible repayment tenor ranging from 2 months to 36 months
• Individuals receive MoneyTab RBL credit card, offering benefits and discounts on food, entertainment and fuel expenses
• One can make UPI payments directly from a credit line.

5. Dhani

Dhani is a personal loan app by Dhani Loans and Services. The lending institution levies an affordable interest rate on the said credit form. 

Some features of the Dhani app are-

• Borrowers can avail credit upto Rs.15 lakh
• The loan tenor is flexible, ranging from 3 to 24 months
• Individuals can save time by applying for personal loan online via the app
• Requires minimal documentation
• Both salaried and self-employed applicants can avail personal loan.

6. CashBean

CashBean app is offered by Cash Bean firm, which is registered under the RBI. The app allows all individuals in the age bracket of 21 to 56 years with a stable income to make personal loan applications.

Some features of CashBean are-

• Individuals can avail loan amounts of upto Rs.60,000
• Loan tenor can range from 62 to 120 days
• The transactions are secured by 256 bit SSL

These are some personal loan app that potential borrowers can check before making an application. 

However, to make an informed decision, it is recommended to compare the different apps. Researching on the important things to know before taking a personal loan will be beneficial in this regard.

Individuals can also check the third party sites for reviews or consult a professional for suggestions. Considering the current situation, opting for a personal loan app will be safer.