TechApps & Software

Get Personal Loan from these Lending Apps in India

Money management is not an easy task. Money management has become even more complicated when we can pay with just one tap. Month-end hassles have become so common that we can see a lot of content based on month-end money crunch. However exceptional you may be at money management, there are times when everyone experiences a financial crunch. A financial crunch becomes a liability when there are singular or multiple bills pending. The easiest solution to this problem is an online loan app. 

The market for online loan apps has grown exponentially since 2019. The market is crowded with a plethora of instant loan apps launched by various NBFCs and FinTechs. The borrower is faced with the dilemma of choosing between so many instant loan apps. There are multiple parameters by which we can select the app most convenient and profitable for the borrower. 

The basic parameters by which we can choose the app best for our purposes are

  • Eligibility criteria
  • Loan amount disbursed
  • Interest rates
  • Processing fees
  • Repayment tenure
  • Prepayment/ part payment fees
  • Flexibility in loan amounts and tenure

The borrower can use these various parameters to decide which online loan apps to chose from.  We will list some of the apps which we consider to be the best based on these parameters. These apps aren’t listed in any particular order.

  1. Fullerton India Instaloan App: Fullerton India is a user-friendly loan app with a wide variety of loan options for India’s salaried or self-employed residents. The app claims to disburse the loan amount with 30 minutes of approval. Here are a few of the critical reasons for choosing the Fullerton India Instaloan app
    1. Loan amount of ₹50,000 to ₹25 lakhs: This is the highest credit provided by a loan app in India.
    2. A very flexible repayment tenure ranging from 12 months to 60 months.
    3. Interest rate starts at 11.99% with a maximum of about 36%: One of the loan app market’s lowest interest rates.
    4. Prepayment/ part payment of the loan is also available.
    5. Hassle-free and online documentation and processing
    6. Different types of loan options: Variety of loan options available with varying interest rates, repayment tenure, and processing fees
    7. Extra benefits to existing customers in the form of gift cards
    8. It comes with an EMI calculator, which can help you plan the type of loan, amount, and repayment tenure suitable for you
  2. Kreditbee Loan App: Kreditbee offers instant loans to salaried residents of India who are above 21 years of age.
    1. Loan amount ranging from ₹1000  to ₹2 lacs
    2. Interest rates ranging from 0 to 2.49 % per month
    3. Repayment tenure ranging from 2 months to 15 months
    4. Prepayment option available
    5. One time service fee at the time of onboarding
    6. Excellent customer satisfaction with 4-star Playstore rating
  3. Early salary: Early salary is an innovative personal loan app for salaried professionals
    1. Loans ranging from ₹ 3,000 to ₹ 5 lakhs
    2. Flexible repayment tenure of 90 days to 24 months
    3. Interest rates ranging from 0% to 30%, depending on the service availed
    4. Excellent Play Store rating of 4.4 stars
  4. CashBean: A 4.2-star app that required considerably less info to get the loan as promised by the company.
    1. Loan amounts ranging from ₹ 1,500 to ₹ 60,000
    2. The interest rate of up to 33% per annum
    3. One time processing fee of ₹90 to ₹2000, depending upon the service availed
    4. Loan tenure of 62 days and maximum 120 days
  5. Moneytap Loan App: Asia’s first credit line app as claimed by the company. They have over 10 million downloads with a 4.2-star rating on Playstore.
    1. Minimum salary of ₹30,000 to avail the loans
    2. Loans of up to ₹5,00,000
    3. Interest rates of 13% to 36%, based on the borrower’s risk profile
    4. Repayment tenure of 3months to 36 months
    5. Processing fees of 2%

Most of the online loan apps have 100% online documentation and fast disbursals. However, flexibility is different in different apps. For example, someone may want a loan of just ₹2000 with a repayment tenure of 1 week. Most of the apps may allow prepayment but will charge the interest of an entire month. The borrower should carefully consider when taking the loan from one of the personal loan apps.

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