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by Jayesh Agarwal
In the dynamic landscape of financial services, personal loans are essential for addressing diverse consumer needs—from purchasing desired gadgets to alleviating financial stress without dipping into savings. As the demand for quick and efficient loan processing grows, instant loan apps have emerged as the preferred solution, offering faster approval times and minimal documentation compared to traditional banking methods. This blog highlights India's top 10 personal loan apps, showcasing the most favourable and flexible options available.
“ Explore to discover which app aligns best with your objectives and customer expectations. ”
Bajaj Finserv is an Indian non-banking company, providing a collection of financial services. Flexi term loan, flexi hybrid loan, and term loan are the three variants of their personal loan product. Here are some additional features of its personal loans:
Everything from applying for the loan to payment can be done from anywhere
Loans up-to Rs. 40 lakhs
Loans are secured and require no collateral
Low-cost interest rates starting from 10.49% p.a. and tenures ranging from 12 months to 72 months
IDFC First Bank provides a simple-to-use personal loan app, and some of its features are as follows:
Existing customers can easily view loan account details, statement details, outstanding balance, etc.
Loans can be paid off between tenures ranging from 12 to 60 months
Borrowers can avail loan amount from Rs. 20,000 to Rs. 40 lakhs
The interest rate starts at 10.49% p.a.
ZestMoney is a unique platform that provides instant personal loans. Here are some of its features:
Borrowers can go for a loan even without any previous credit score
It can also be used for online shopping in easy EMIs
Loans up-to Rs. 5 lakhs with interest rates starting at 14%
It offers free gift cards from popular shopping websites
Pay back in comfortable EMIs ranging from 3 - 36 months
Credy can be used to get instant personal loans from major Indian cities like Bangalore, Chennai, Pune, Mumbai, and Hyderabad. Key features of this app include:
The period of loan is flexible and can go up-to Rs 1 Lakh
Repayment terms between from 3 to 12 months
There is no need for collateral, as any salaried employee can avail the loan
Interest rate varies from 1% - 1.5% of loan amount p.m.
Dhani is a product of Indiabulls Ventures. Here are some features of the app:
No physical documentation required for unsecured loans
Only PAN, Aadhar number, and address are required for verification
Repayment window of 2 - 24 months
Borrow anywhere from Rs. 1,000 to Rs. 15 lakhs
The Interest rate starts at 13.99%
This Noida-based company offers a variety of products, including payday loans and short- term cash loans. These are some of its features:
Low-interest rates starting at 18%
The loan process can be completed entirely using the app
Convenient, flexible repayment plans of up-to 36 months
Loan amount can go up-to Rs. 5 lakhs
Fixed minimal processing charges
Navi is one of the largest lending companies in the market today. Its features include:
Personal loan up-to Rs. 20 lakhs
Flexible EMI options of up-to 72 months or 6 years for a longer term
Interest rates start at 9.9% p.a.
The entire process is digital and can be done from any place
Borrowers can select the repayment plan that best suits them based on their eligibility
The loan amount is credited to the borrower’s account in a few minutes after approval
It is an individual loan app that helps in getting a line of credit that works as an instantaneous loan or credit card. One distinctive feature of MoneyTap is that borrowers only need to pay interest on the money they actually use, not the entire amount approved. Here are some of the other advantages offered by the app:
The no-usage-no-interest feature means that the interest needs to be paid only on the amount used
Any amount up-to Rs. 5 lakhs can be availed, and the interest starts at 1.08% per month
Flexible repayment tenure ranging from 3 months to 36 months
MoneyTap issues MasterCard credit cards to its borrowers and allows them to draw the full amount of their credit line in cash later
The applicant must be above 23 years of age with a minimum monthly income of Rs. 30,000
KreditBee offers multiple loan products, including flexi personal loans, which are essentially small-ticket personal loans perfect for emergencies or minor expenses. Additionally, KreditBee provides personal loans for both salaried and self-employed individuals. Some features and benefits of this app are:
Loan amount ranging between Rs.1,000 and Rs.4 lakhs
Interest rates range from 5% - 29.95% p.a., which varies on the borrower’s credit history and other factors
Repayment tenure starts at 3 months for flexi loans and can go up-to 24 months for personal loans for salaried individuals
Complete the entire loan application process online.
Paysense is known for its instant loan approval and disbursal. Some benefits of this app include:
Loans offered to borrowers minus any previous credit history
Loans between Rs.5000 up-to Rs. 5 lakhs are approved instantly
Interest rate between 1.4% - 2.3% p.m. and between 3-60 months
Personal loans to both salaried and self-employed applicants
The system also gives alerts and a feature that automatically withdraws the scheduled EMI payment from the bank account at set intervals.
In conclusion, the landscape of personal loan apps in India is rapidly evolving, offering consumers unparalleled convenience and flexibility. For financial institutions looking to capitalize on this trend, it's crucial to adopt cutting-edge solutions that streamline the loan processing journey and enhance customer satisfaction.
Nelito Systems is at the forefront of providing comprehensive lending solutions tailored for NBFCs and banks. With Nelito's advanced technology, financial institutions can automate their loan processes, ensuring faster approvals, reduced documentation, and improved operational efficiency. Our robust lending platform supports the entire loan lifecycle, from origination to disbursement, enabling you to deliver superior service and meet the growing demands of today's tech-savvy consumers.
Partner with Nelito Systems to transform your lending operations and stay competitive in the digital age. Explore our lending management solutions to see how you can elevate your loan services to the next level.