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Table of Contents
- How do we pick the best personal loan apps?
- Eligibility criteria for obtaining a loan through a personal loan app
- List of the 10 Best Personal Loan Apps in India
- FAQ
- Conclusion
How do we pick the best personal loan apps?
- Check the credibility and reputation of the company, whether it is registered with RBI and has a good reputation.
- Check and compare the interest rates and fees charged by different companies and choose the best; also factor in prepayment charges, late payment fees, and other hidden charges.
- Check the loan amount you need and the repayment charges and terms, whether fixed or flexible.
- Check the approval and disbursal time and process. Make sure the process the quick and easy.
- Choose an app with strong security features and standards to protect your personal and sensitive information and details.
- Choose an app with a user-friendly interface which is easy to use and navigate.
- Choose an app with excellent 24*7 customer support via call, chat, or email to resolve your queries and problems.
- Check for additional features and benefits like cashback rewards, no prepayment fees, early repayment discounts etc.
- Choose an app which is transparent in its terms and functioning, and you understand it clearly.
- Before choosing one, go through user ratings and reviews and have a fair idea about the app’s functioning, process, and customer experience.
Eligibility criteria for obtaining a loan through a personal loan app
The basic criteria to avail of a personal loan through a personal loan app are as follows-
- Age- You must be of an age or above 18 years of age.
- Income- You must have a steady source of income. It varies from lender to lender and the loan amount you want.
- Employment Type- To qualify for a personal loan, you must be employed. Some lenders require you to be employed for a certain period of time.
- Credit score- Lenders check your credit score to check your credibility and usually look for a score above at least 650.
- Residency Status- You must reside in the country where you’re applying for a personal loan.
- Bank Account- You must have a registered and functional bank account.
- Other Documents- Some lenders may require your income proof, residence proof, and a copy of your ID as additional documents.
Here are the 10 Best Personal Loan Apps in India-
1. Navi
Navi is a digital lending software that offers loans online, and it is one of the leading lenders in the Indian loan market. It offers a variety of loan products to borrowers, like personal loans, home loans and business loans. It is one of the best instant personal loan apps.
Specific Details
- Interest Rate: 9.9% to 36% Annual percentage rate(APR)
- Loan Amount: Rs. 10,000 to 20 lacs
- App Rating: 4.5
- Repayment Options: Repayment over a period of 72 months or 6 years in EMIs, Lump sums, and prepayment.
- Documentation Required: You need to submit your basic KYC.
- Eligibility Criteria: You must be an Indian citizen of age 21-65 with a valid ID, income proof-minimum 3 lakhs per annum, and a good credit score.
Positives
- The easy and fast approval process
- Competitive rates
- The convenient online application process
- Flexible repayment options
- Good customer service & support
- The higher loan amount available
- No Pre-closure or Processing Fee
Negatives
- Document corrections might take a long time. A good credit score can get this down to under 5 minutes.
- Interest rates can go high.
User Feedback
- Quick loan approval.
Paysense is a lending institution that was founded in 2015. It offers instant personal loans for unexpected and unforeseen requirements with minimum documentation requirements amongst the other types of loans it offers. It offers loans to salaried and self-employed individuals ranging from Rs. 5,000 to 5 lacs. It is registered with RBI and is a FIDC and IBA member. It is a transparent, regulated lender with excellent service records and the best personal loan app.
Specific Details
- Interest Rate: 18% to 36%
- Loan Amount: Rs. 5,000 to 5 lacs
- App Rating: 3.6
- Repayment Options: You can repay the loan over a period of 3 to 36 months in EMIs or lump sum.
- Approval and Disbursal Time: Typical approval time is around 24 hours, and disbursal time of 2-3 business days.
- Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, Residence Proof, and a Photograph.
- Eligibility Criteria: You must be an Indian resident in the age group (21-60 years) with a minimum monthly income of Rs. 18,000 for salaried employees and Rs. 20,000 for self-employed individuals with good credit scores.
Positives
- The quick and easy application process
- Competitive Interest rates
- Flexible repayment options
- 24/7 customer support
- Secure
- Transparent
Negatives
- Late payment penalties
- Poor credit score will affect your loan
User Feedback
- Quick and easy approval of the loan
- Excellent service and better than banks
- Less paperwork and documentation
3. Buddyloan
Buddy Loan is a registered NBFC with RBI, headquartered in Karnataka. It is a member of IBA and NPCI. This Fintech company provides quick and easy personal loans to borrowers at attractive interest rates and flexible repayment terms. Buddy Loan is one of the top personal loan apps in India.
Specific Details
- Interest Rate: 12% to 36%
- Loan Amount: Rs. 10,000 to 15 lacs
- App Rating: 4.4
- Repayment Options: 12 months to 5 years period
- Approval and Disbursal Time: 24 to 48 hours
- Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
- Eligibility Criteria: You must be an Indian citizen in the age range of (21-57) with a minimum monthly income of Rs. 18,000 with a credit score of at least 750.
Positives
- Convenient online application
- Easy and fast application and approval process
- Competitive interest rates
- Good customer support
- Flexible and easy repayment options and time period
- The higher loan amount can be availed
Negatives
- Strict eligibility criteria
- Higher credit score required(~ 750 and above)
User Feedback
- Happy with Buddyloan
- Easy approval of the personal loan
- Flexible repayment options
4. CASHe
CASHe is a sophisticated, user-friendly technology platform which helps borrowers get easy and hassle-free personal loans. CASHe is powered by Bhanix Finance and Investment Ltd., an RBI-registered NBFC. It is the best online personal loan app with instant and quick personal loan approvals.
Specific Details
- Interest Rate: 27% to 30%
- Loan Amount: Rs. 1000 to 4 lacs
- App Rating: 3.6
- Repayment Options: 3 to 18 months
- Approval and Disbursal Time: 24 to 48 hours
- Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
- Eligibility Criteria: Indian resident of age 21 or above with valid identity proof and a steady source of income.
Positives
- A variety of loans are available
- The quick and easy approval process
- Competitive Interest rates
- Flexible repayment options
- Good customer support
Negatives
- Slightly higher interest rates
- The repayment term is slightly short
User Feedback
- Easy approval and flexible repayment experience
5. Bajaj Finserv
It is a financial service company offering various products and services, including personal loans. It was founded in 1987 and is a subsidiary of Bajaj Finance Limited, an NBFC. It is a leading player in the Indian financial service market and is one of the best personal loan apps.
Specific Details
- Interest Rate: 11-35%
- Loan Amount: Up to 40 lakhs
- App Rating: 4.6
- Repayment Options: Up to 96 months
- Approval and Disbursal Time: 24-48 hours
- Documentation Required: Identity proof, Income proof, and Employee ID card,
- Eligibility Criteria: Must be an Indian citizen in the age group of (21-80) with a minimum monthly salary of Rs. 25,001 and a CIBIL score of 685 or higher
Positives
- Higher loan amount
- Flexible repayment terms
- The easy and quick approval process
- Excellent customer support
- Competitive Interest rates
Negatives
- Strict eligibility criteria
- High processing fees
User Feedback
- Good experience with easy loan approval
- Quick personal loan apps
6. Money Tap
Money Tap is the first app-based personal credit line offered in partnership with multiple banks and NBFCs. One of the most interesting features of this personal loan app is that you pay interest only on the amount of money you use. It is one of the top online personal loan apps.
Specific Details
- Interest Rate: 13 to 36%
- Loan Amount: Rs. 3,000 to 5 lacs
- App Rating: 4
- Repayment Options: 2 to 36 months
- Approval and Disbursal Time: 24-48 hours
- Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
- Eligibility Criteria: Must be an Indian citizen of age 21 or above with a valid PAN Card, a regular source of income, and a good credit score
Positives
- The easy and fast application process
- Pay interest only on the amount of money you use
- Competitive rates
- Flexible repayment terms
- The high amount of loan
- Good customer support
- They match you with the right bank, which will approve your loan as per your profile
Negatives
- Less repayment duration
- May not find a suitable bank match
- Charges a processing fee
User Feedback
- Excellent customer service
- Easy loan approval but short repayment term
7. Nira
Nira is an online personal loan app that provides short-term and small loans at low-interest rates. It provides a credit line of 1 lakh Rupees, and once approved, money will be disbursed to your account within 3 minutes. It is one of the quick personal loan apps.
Specific Details
- Interest Rate: 24 to 36%
- Loan Amount: Rs. 5,000 to 1 lakh
- App Rating: 4.3
- Repayment Options: 3 to 24 months
- Approval and Disbursal Time: 24-48 hours
- Documentation Required: Identity Proof(PAN Card/ Aadhar Card/ Driving license), Proof of Income, and Residence Proof.
- Eligibility Criteria: You must be an Indian citizen in the age group of (22-59) with a minimum monthly salary of Rs. 12,000.
Positives
- Quick and super-easy personal loans
- Faster approval process
- Low-interest rate
- No Collateral required
- Transparent
Negatives
- The loan amount is less
- The repayment term is short
User Feedback
- Low-interest rates, no collateral, and easy EMI pays
8. Lazypay
Lazypay is one of the top finance companies offering quick and online personal loans. It also provides Buy Now Pay Later options. It is one of the most convenient, flexible, affordable, and instant personal loan apps.
Specific Details
- Interest Rate: 15 to 32%
- Loan Amount: Rs. 10,000 to 1 lakh
- App Rating: 4.4
- Repayment Options: 3 to 24 months
- Approval and Disbursal Time: 24 hours
- Documentation Required: Identity proof and Income proof
- Eligibility Criteria: Any salaried individual with a minimum monthly income of Rs. 15,000.
Positives
- Easy approval procedure
- Less minimum monthly requirement
- Competitive and affordable interest rates
- Sufficient repayment term
- Minimal paperwork required
- Quick personal loan apps
- Faster disbursal of funds
Negatives
- The loan amount is less
User Feedback
- Best online personal loan apps
- Easy and affordable loans
9. Money View
This Fintech company provides quick and easy personal loans to individuals in India. It checks the borrower’s creditworthiness using its proprietary credit-scoring model, which is more inclusive than traditional credit-scoring models. It is one of the top instant personal loan apps.
Specific Details
- Interest Rate: 16 to 39%
- Loan Amount: Rs. 10,000 to 5 lakhs
- App Rating: 4.7
- Repayment Options: 3 to 60 months
- Approval and Disbursal Time: 24-48 hours
- Documentation Required: Identity proof, Income proof, and Residence proof.
- Eligibility Criteria: You must be in the age group of (21-57) with a minimum monthly salary of Rs. 13,500 and a CIBIL score of a minimum of 600.
Positives
- The large loan amount available
- Quick and easy process
- Large and comfortable repayment terms
- Good customer support
- Less minimum monthly income requirement
Negatives
- A CIBIL score of 600 or above is required
User Feedback
- Quick personal loan apps
10. mPokket
mPokket offers instant personal loans to students and low-salaried employees in India. It charges slightly higher interest rates because it offers loans to high-risk individuals.
Specific Details
- Interest Rate: 15 to 48%
- Loan Amount: Up to Rs. 30,000
- App Rating: 4.4
- Repayment Options: 3 to 12 months
- Approval and Disbursal Time: 24 hours
- Documentation Required: Identity proof and Income proof.
- Eligibility Criteria: Must be an Indian citizen of age above 18 years with a minimum salary of Rs. 9,000.
Positives
- Easy and quick personal loans
- A good option for small amounts and short-term loans
- Best for students and low-salaried individuals
- Faster disbursal process
- No collateral required
- No hidden charges
Negatives
- High-interest rates
- Small loan amounts
- The repayment term is short
User Feedback
- The loan was approved within minutes
- Best instant personal loan app
Frequently Asked Questions
1. What is the maximum and minimum loan amount that can be availed through an app?
It depends on the lender, but the usual range being offered is from Rs. 5,000 to Rs. 5 lacs. The loan amount depends on several factors, including your credit score, income, and other factors.
2. What is the repayment period offered by an app?
It depends on the lending app and the amount of loan availed. It could be as short as 1 month and as long as 36 months. It entirely depends on the app and the loan amount different apps offer, and the loan repayment period they have for it.
3. How quickly the loan amount be disbursed after approval?
Generally, it gets disbursed within 1-2 business days after approval. It also depends on the type of loan you’re applying for, the lender, and your creditworthiness. Make sure you’re applying with a lender with a fast processing time. And keep all documents ready and be transparent about everything.
4. Are there any additional features or benefits offered by the app, such as loan calculators or credit score monitoring?
Some apps offer additional features and benefits like personal finance education, customer support, budgeting tools, credit score monitoring, and loan calculators to help you calculate and know your monthly payment estimates, interest costs, and total repayment amount.
Conclusion:
Hopefully, this article answers all your queries regarding how to avail of a personal loan from a personal loan app and which is the best personal loan app in India. We hope this helps you make an informed decision.
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