An instant requirement of funds can come at any point in time. You should ensure that you have sufficient cash in hand to meet out your unforeseen expenditures. What if, in case you have insufficient cash in hand? Still, in that case, you can opt for instant personal loans. These loans come in handy especially when you have a current debt to repay, hospital bills or medical expenses, tuition fee payment of your child, house renovation expenses, funding for wedding, domestic or international travel.
Normally, the customers prefer to get instant personal loans as the application process is quick and not only this, even approval and disbursement is fast. The borrower-friendly policies prescribed by the lender enables the customer to use the money as per their requirements.
To meet the growing demand of customers, several personal loan apps have come in the market that offers various benefits in one place. These multiple instant personal loan apps offer a fast, hassle-free and paperless mode of granting loans that have been quite preferred by many. Read this article to know about some of the Best Instant Personal Loan apps in India that have changed the way the customers borrow:
(1) CASHe Personal Loan
Founded in 2016 CASHe is an app-based instant service provider that offers instant personal loans to salaried individuals for meeting their urgent needs. CASHe app can be downloaded on your mobile phone (Google Play Store for Android users and Apple store for iPhone users). For availing the loans, you are required to upload the required documents on the app; after verification and approval, the personal loan amount gets credited in your account within a few minutes. If you want to transfer a portion of your loan amount, you can do so by directly crediting in your Paytm wallet. The approval of CASHe instant personal loans is subject to the social profile, merit and creditworthiness of the borrower by the CASHe proprietary algorithm based machine learning platform. The personal loan amount ranges from Rs 9,000 to Rs 3,00,000 with a repayment tenure of up to 1 year. And for obtaining the loans, you should be earning atleast a minimum Rs. 15,000 per month.
(2) mPokket Personal Loans
Founded in 2016, mPokket Personal loans are a great way to help the students obtain the money for meeting their immediate financial needs. mPokket personal loans have changed the way for the college students who in any way, do not need to depend on their parents for the pocket money. mPokket app is a user-friendly app that also reduces the reliance on your friends for borrowing the money. The undergraduate, graduate students and post-graduate students who are pursuing their courses from a full-time college or a recognised university are eligible to borrow. The correspondence course pursuing students are not eligible for mPokket Personal loans. For availing the loan, the student needs to create his/her profile and upload KYC details. Once the profile is approved, the student can get the loan money directly to his/her bank account or Paytm wallet. The initial credit amount offered by the app is Rs. 500, and the credit limit gets increased based on your repayment behaviour. There is no maximum range of credit line and it does not increase after each repayment. However, the repayment tenure ranges from 1 to 3 months.
(3) KreditBee Personal Loan
Founded in 2015, Kreditbee Personal Loan offers instant personal loans to individuals such as salaried and self-employed professionals. It is an app-based service provider that shows the list of various non-banking financial companies(NBFCs) in its app, giving the customers a choice to select the one for their personal loans. The personal loans start from Rs. 1,000/- and goes upto Rs. 1 lakh. The age eligibility of the personal loan is of 18 years and the individual needs to earn atleast Rs. 15,000 per month.
The tenure of personal loans goes upto 15 months based on the quantum of personal loan amount availed. The interest rate varies from 0% to 29.95% p.a. on personal loans.
Kreditbee Personal Loan Details
Interest Rate : 0% to 29.95%
Processing Fee: Rs 100 onwards
Tenure: Upto 15 months
Loan Amount : Minumum Rs.1,000
(4) MoneyTap Personal Loans
MoneyTap is an app-based instant personal loan provider that permits you to avail the loan amount, starting from Rs. 3000 and upto Rs. 5 lakhs per as your credit limit. MoneyTap is the first Indian app-based personal loan service provider that works in alliance with the banks.
With the MoneyTap view, you can evaluate your credit limit as predetermined by the partner bank (according to your profile, income, credit history and other factors) and the amount of personal loan you have availed over a period. Also, you are required to pay the interest only on the amount you use.
At the time of withdrawal, you have the choice of selecting your repayment terms that range between 2 months to 3 years. The repayment tenure you choose and so will be your EMIs.
The interest rate offered to you by MoneyTap is identical to the personal loan market rates with zero collateral or security. The lenders offer the interest rate that would be as low as 1.25% per month subject to the partner bank and your credit profile.
Personal Loan interest rates
The personal loans are sanctioned by the banks or NBFCs at affordable interest rates to both salaried employees and self-employed professionals. Based on the borrower's eligibility criteria, one should Apply for the Personal Loans with the lender at the following interest rates:
SBI Personal Loan : SBI Personal loans are offered at a 10.50% rate of interest to its customers.
IDFC First Personal Loan : 11.50% rate of interest is offered on IDFC First Personal Loan.
ICICI Bank Personal Loan: These loans are provided at the interest rate that ranges between 11.25% - 18%.
HDFC Personal Loan: Interest rates provided on HDFC Bank Personal loan ranges between 10.75% - 14.99%
Kotak Mahindra Bank Personal Loan: 10.85% rate of interest is provided on Kotak Mahindra Bank Personal loan.