The scenario of applying for a personal loan in India is witnessing a huge change. Earlier, you could get a loan only through financial banking institutes where the lending and borrowing processes were complicated and time-consuming. Now, even Non-Banking Financial Companies (NBFCs) are offering instant personal loans.
Let’s look at 6 best personal cash loan apps with affordable interest rates.
MoneyTap is India’s first personal credit app in partnership with leading banks and NBFCs. It is one of the most popular instant personal loan apps, where you can get a loan of 3,000 INR to 5 lakhs INR instantly. When you compare personal loan interest rates, you will see that MoneyTap has a low interest rate of 1.08% – 2.03% per month. The interest will be charged only on the money used.
If you are a salaried professional or self-employed with a minimum salary of 22,000 INR, your loan will get approved. You just need to upload the required documents on the app to apply for the instant loan.
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PaySense is a lending partner for IIFL and it offers personal loans right from a small amount of 5,000 INR to 2 lakhs INR. They charge an interest rate of 1.4% – 2.3% per month.
You can choose a tenure of anywhere between 3 months to 24 months. You can use the personal loan to consolidate your debt, expand your business, travel or upgrade your home. Since the EMIs are affordable, you can easily manage the expenses without affecting your budget too much.
It may get difficult to get a personal loan if you don’t have a credit history, but you won’t face this issue with EarlySalary. Even those without a credit history can easily apply and receive an instant personal loan ranging from 3,000 INR to 2 lakhs INR. The interest rate is just 2% – 2.5% per month.
There are no prepayment charges. The app uses a proprietary algorithm that formulates a ‘SocialWorth’ score to provide the best experience to those who need instant loans. The loan amount will be transferred to your account in minutes.
- India Bulls Dhani
This is one of the best personal loan apps that offers the highest loan amount of 15 lakhs INR. You can apply for a loan amount for as little as 1,000 INR too. They have an affordable interest rate of 1% – 3.17% per month.
If you are looking for a long-term loan with a high loan amount, India Bulls Dhani is the best. The loan tenure ranges from 3 months to 72 months. If you meet the eligibility criteria, you can get the loan amount disbursed within a day to your bank account.
If you are a salaried employee, you can turn to Upwards for a quick personal loan. With interest rates as low as 1.5% – 2.7% per month, you can easily afford to pay back the loan amount quickly.
You can take a short-term loan between 15,000 INR to 1 lakh INR. You don’t need any collateral to apply to for the loan. There are minimum foreclosure and prepayment charges. You need to be over 21 years to be eligible for the loan.
Also Read: Top 5 Money Management Apps
MoneyView provides instant loans from 10,000 INR to 5 lakhs INR with an average monthly interest between 1.33% – 2%. You can take the loan for a duration of 3 months to 60 months.
You can get a loan of up to 5 lakhs INR in a matter of minutes.
Getting an instant personal loan was never this easy. Make sure you read all the terms and conditions before applying for the loan.
Author Bio: Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at email@example.com.