We are living in a quick generation where we want all things fast. With the help of technology, we get all the works done in a few minutes. Gone are the days when you have to visit the bank many times just for approving a personal loan. There are now many instant loan app in India available through which you can get the loan in few clicks.
In this article, we will discuss the best instant personal loan app available in India.
- Money Tap
- Indiabulls Dhani
But before going ahead, let’s understand what is personal loan is all about?
What is an instant loan?
The personal loan is a type of loan which is used by the people for meeting their short-term needs. These needs may vary from paying personal expenses, purchase any asset, for marriage expenses, etc. This type of loans is unsecured loans. Means, you don’t have to give any collateral for availing this loan.
The loan can be taken from the bank or any other NBFC(Nonbanking Finance company) to meet their financial needs/emergencies. The loan can be availed by salaried professionals, self-employed professional, businessmen, etc.
This type of loan is given by the bank or NBFCs based on the monthly income of the person like salary, or monthly transactions for businessmen.
Eligibility Criteria for Instant Loan
Banks or NBFCs approves the instant personal loan to the individuals after due diligence and factors like:
- Credit Score from agencies like CIBIL
- Salary/Monthly Income
- Location of applicant
- Credit history
- Repayment capacity
Duration of Instant Loan
Duration for a personal loan generally varies from 1 year (12 months) to 5 years (60 months). The customer can choose the Loan duration according to his needs.
Benefits of Instant Loan app in India
- Personal loans are one of the quickest loan available when you are in urgency. The processing time of the loan is usually less as compared to other types of loans.
- Processing fees are low.
- No embarrassment of loan verification officer visits your place for verification.
- You can choose the loan amount with the selective interest rates.
- Documentation requirements are very minimum for such loan as compare to other loans like home loan, business loan, etc.
- If you make regular and timely re-payment of the personal loan, it will help you to build a good credit score.
- You don’t have to give any collateral for personal loans. These loans are unsecured and hence easily available without any guarantee.
- This type of loan can be avail for any type of needs. You don’t have to give a specific reason for availing the personal loan.
- Applying for the loan and tracking the status is very easy.
Disadvantages of Instant Loan app in India
- The personal loan is unsecured and hence carries higher interest rates as compare to another type of loan.
- Some banks/NBFCs don’t allow foreclosure of the loan.
- Some banks and NBFCs are offering pre-closure of the loans but with the extra fees/charges.
- You really need a very good credit history to get the approval for an instant personal loan. As it is an unsecured loan, banks & NBFCs are taking extra care while approving the loan.
Quick Loan Process
The process for taking a personal loan is really quick once the required docs and application form is submitted. The bank or NBFC check the credit score of the applicant. Based on the credit score the bank will decide whether a loan can be sanctioned or not.
If sanctioned, they further decide the loan amount and tenure of the loan. This process is sometimes instant.
Documentation Requirements for Instant Loan app in India
The documents required are very simple for availing the personal loan. The process of getting a personal loan is simple and easy. All you need is the below set of documents:
- Application Form
- Valid age proof – birth certificate/passport/voter’s ID/Driving License/PAN card/Aadhar card
- Valid ID proof – PAN card/Passport/Driving license/Aadhar card
- Valid address proof – Utility bill/ ration card/passport
- Income proof – Salary slip/ bank statement/ tax return
Best Instant Loan App in India
In this article, we will check the best mobile app for availing an instant personal loan in India. So let’s check the best personal loan app available in India. Here is the list for best Instant Loan App in India.
- Money Tap
- Indiabulls Dhani
PaySense is the Mumbai based venture-backed financial services startup founded in 2015. The main aim of PaySense is making finance more simple, accessible and transparent.
The loan process is hassle-free and simple. The complete process is online so you don’t have to submit any physical proofs and visit the office.
The app already has more than 1 million downloads till now. They already have 150000 happy customers until now.
They have 3 steps process for availing a personal loan. You are required to fill in a few basic details to check the eligibility for PaySense instant loan. You will then be assigned a credit line based on the inputs given by you. The credit line is the maximum loan you can get from PaySense.
There is a loan calculator available, through which you can check the loan amount and EMI options available for each loan disbursement. You can compare and select the different loan tenure and pick the one which suits your needs.
Once you have determined the loan plan and EMI option, you now have to upload a few documents to complete your KYC. You are required to sign the loan agreement and a NACH form for auto deduction of EMI from your bank account. The entire process is paperless. Once you have uploaded all the documents, you get approval within 2 hours.
On the successful approval of the loan, you will get the money right in your bank account quickly.
Eligibility for the instant loan
- The applicant must be a resident of India
- The maximum loan amount is Rs. 2 Lakhs
- Minimum age of the applicant is 21 and the maximum age is 60 years
- Salaried and Self-employed people can avail the loan
- Minimum monthly income for salaried is Rs. 12000 and for self-employed is Rs. 15000
- The loan is available in 40 cities across India, major cities are:
- Navi Mumbai
Salient Features of PaySense App
- Get an instant personal loan from Rs. 5000 to up to Rs. 2 Lakhs
- Quick loan approval and direct disbursement in your bank account
- No paperwork, scan and upload required documents
- Flexible and affordable EMI plans to choose from
- Apt for the first-timers with no credit history
- One-click add on loan
Download Mobile App
MoneyTap is India’s first app-based loan offering company. The company offers an instant personal loan in Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai.
The philosophy of MoneyTap is to provide a short-term personal loan with flexible and low-interest rates. This app is a blessing for those who do not have any source for getting a personal loan as well as do not want to pay a high-interest rate on the credit card loans.
As soon as your KYC is done, you will be assigned a credit line based on your profile. This credit line is the amount you can use for any purpose like marriage loan, travel loan, medical loan, education loan, car loan, laptop loan, two-wheeler loan, mobile loan, home renovation loan & debt consolidation loan.
The process for applying for a loan is simple to a few taps on the mobile app. Any individual having a smartphone and a PAN card can check his/her eligibility in around 10 minutes. The entire process is paperless except for the KYC documents which are a requirement of the lending bank.
Salient Features of MoneyTap App
- Get instant loan limit up to Rs. 5 Lakhs.
- You can withdraw as low as Rs. 3000
- Pay interest only on the amount you use
- Offers MoenyTap credit card with great rewards
- Credit limit once approved, available for a lifetime
- No guarantor or collateral required
How Does MoneyTap App Works?
- Download the MoneyTap app from the Play Store
- Fill up basic details like your age, city, PAN no., income details
- The app will do the rest and determine the credit eligibility in real-time
- Once the pre-approved credit amount is decided, the app will schedule the KYC visit from its partner’s bank to collect certain documents for final approval
- On the final approval, you are ready to use the credit line. You can borrow as low as Rs. 3000 to maximum up to your credit line amount
- You can repay your loan amount in 2-36 months directly from the app
- You can view and keep a track of your MoneyTap credit line amount and statement of EMI debited to your bank account directly through the app
Eligibility for availing loan through MoneyTap
- Address Proof – Driving license, Passport, Aadhar Card
- Identity Proof – Driving license, Passport, Aadhar Card, Voter’s card, PAN card
- Your company’s name and official email address
Download Mobile App
Upwards is a Mumbai based short-term loan provider for salaried people in India. You can take a personal loan between Rs. 15000 to Rs. 50000 through the mobile app. The process of taking a loan is completely paperless and it takes no more than 1 day for loan approval.
The loan can be avail in major 30 cities of India that includes Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Jaipur, Pune, Indore, Bhopal, Coimbatore & Ahmedabad.
You can avail the loan for weddings, home renovation, medical emergencies, travel, gadget purchase, debt consolidation, etc.
Eligibility for availing loan through Upwards
- A salaried person with a minimum take-home salary of Rs. 15000/month
- Age above 24 years and below 50 years
- Resident Indian
- CIBIL score should be above 625
- Purpose of the loan must be matching with the list
Salient Features of Upwards App
- Repayment terms – 6 months to 24 months
- Loan amount from 15ooo to 50000
- Interest rates start from 18% to 32% per annum maximum
- Quick approval within 24 hours
- Loan for many purposes
- Available in 30+ cities
You just need to tell the loan requirement and provide some basic details. Once this is done, the next thing you need to do is to provide some documents of your income and your job for KYC purpose.
After submission of the KYC documents, you will get notified by Upwards on the status of your loan application. The entire application process will take no longer than 15-30 minutes. It’s a completely paperless process.
There is no fee charged by Upwards for applying for an instant loan. Once you get the approval, you will get the loan amount in your bank account within 3-5 working days.
Download Mobile App
CASHe is the mobile app through which you can avail the instant personal loan from Rs. 10000 to Rs. 200000. The loan approval process is really fast and easy. You can avail the loan for 15, 30, 90 and 180 days.
CASHe has a unique credit ranking system called Social Loan Quotient (SLQ). The SLQ system is based on big data analytics, Artificial Intelligence and predictive tool to calculate SLQ score. This basically predicts your current social behavior and future behavior.
The credit risk through SLQ is calculated based on the various aspect like a mobile and social footprint, education, monthly income, etc.
Salient Features of CASHe App
- Send up to Rs. 2000 to any of your mobile phone contact using CASHe app
- Its SLQ (Social Loan Quotient) uses your social media footprint to determine your creditworthiness
- CASHe uses Blockchain technology to offer loans
- Paperless loan application
How Does CASHe App Works?
- Download the mobile app from Google play store and Apple App store
- Register through your Facebook, Google or Linked in account
- Fill in the application form and upload 4 basic documents
- You will then be assigned an approved loan amount
- Chose the loan amount within your approved loan amount
- Get the loan amount directly in your bank account within minutes
- Repay your loan amount in monthly EMI from your bank account
Eligibility for availing loan through CASHe
- Salary Slip
- Bank account
- PAN number
- Address proof
- ID proof
- For 15 days loan – you can avail up to 30% of your take-home salary
- For 30 days loan – you can avail up to 40% of your take-home salary, not exceeding Rs. 50000
- For 90 days loan – you can avail up to 100% of your take-home salary
- For 180 days loan – you can avail up to 200% of your take-home salary
Download Mobile App
Instant Personal loan app Indiabulls Dhani
Indiabulls Dhani is a first of its kind application by Indiabulls Venture which is designed to make your financial needs easier. Through this app, you can get a personal loan from Rs. 1000 to Rs. 15 lakhs.
Salient Features of Dhani App
- Personal loan starting from 11% per annum
- Loan amount credit directly in your bank account within minutes
- Get the loan from Rs. 1000 to Rs. 15 lakhs
- The loan tenure period is from 3 months to 24 months
- Needs only PAN card and address proof to get the instant approval
- You can apply, receive and manage your loan account directly from the app
- For loan amount up to Rs. 20000, no prepayment charges are applicable
How Does Dhani App Works?
- Download the mobile app
- Enter the loan amount
- Enter your PAN card and address proof
- Get money in your bank instantly
Download Mobile App
Tips to get instant loan approval in India
Good Credit Score: You need to maintain a good credit score all the time if you wish to avail an instant personal loan in India. CIBIL score higher than 750 is the basic requirement for availing a personal loan in India.
A good CIBIL score implies that you have good creditworthiness. You have paid all your loans on a regular basis and hence your score is higher than 750. Paying your loan regularly will help you to build a good credit history in the long run. This will make you eligible for availing a personal loan quickly.
Your Employer: If you are doing a job, getting a personal loan is much easier for you as companies are preferring lending money who is earning a regular income.
The icing on the cake, if your employer is a good company or corporate. It implies that you will continue to have a regular income and thus will be able to pay off your personal loan EMI on a regular basis.
Top companies like MNCs have a secure and stable future so if you are working in these companies, your chances of getting an instant loan will be much higher.
Monthly Income: This is the most important factor while availing a personal loan. To repay your loan, you need to pay it in a monthly EMIs. So for that, you should have sufficient income so that you can pay your EMI on a regular basis. The thumb rule here is, your monthly EMI should not exceed 35% of the monthly income. This is to ensure that you are capable of repaying your loan all the time.
Secondly, if you are earning a high income then also you need to ensure that your monthly fixed expenses should not cross more than 60% of the total income. Ensuring this will increase your chances of getting approval for your instant loan.
Job Security: Lender will always look for your job security as one of the major factors while approving your loan. This is to ascertain that you will be able to repay the loan amount during the entire tenure. If you have a frequent job change or gaps in the job tenure, your chances of getting a loan will be minimal.