If you think about why individuals take out personal loans, you’ll notice that it’s usually due to an unforeseen occurrence that is too essential to ignore. Medical crises, children’s education, and wedding expenditures are the most common reasons individuals take out loans in India. Furthermore, according to a survey conducted by NIRA, a finance company, around 28% of personal loans are taken out for medical crises, while 25% are taken out for family requirements such as children’s schooling, house remodeling, and weddings expenditures. According to their survey, ‘Understanding the Financial Challenges of Working India,’ around 77 percent of working India relies on personal loans to make ends meet. According to the research, 41% cite interest rate as their primary criterion for selecting a lender, while 30% cite loan tenure and 20% cite disbursal time as their primary criterion.
Unfavorable circumstances never knock on your door to let you know they’re on their way. So, what should you do if you find yourself in a scenario like this, with no money or savings to complete the work and a need for cash quickly? This is when instant loans might come in handy to assist you in getting through the tough times. And it is just what you require in a crisis. So, if you’re unsure whether you should take out instant loans or not, we propose that you examine your present circumstances and give it some serious thought. And if you’ve already decided, you’ve come to the perfect spot.
It is difficult to deny the benefits of an instant loan. It is most likely the finest financial product you can obtain for yourself. But for someone who doesn’t know where to turn, receiving an instant loan may be a significant issue. And here is where instant loan apps can fill the void by acting as a lifeline in emergency scenarios due to their quick processing and minimal documentation. But why should you use an instant loan app over other options? It saves you time from going from lender to lender and obtaining the loan by just pressing a button.
Some of the Best Instant Loan Apps in 2021
At the same time, with so many alternatives accessible, it might be difficult for a borrower to determine which one to choose. As a result, we’ve prepared a list of some of India’s Best Instant Loan Apps.
Starting off with one of the best instant loan apps in India – EarlySalary. One of India’s finest cash lending applications, EarlySalary provides credit without requiring any physical paperwork and operates entirely online. The loan is granted on the same day, without any complications. Anyone having a monthly salary of 18000 rupees or more can apply for a loan of up to 5 lakh rupees through EarlySalary. EarlySalary has a unique technique to assess an applicant’s creditworthiness. It is called the Social Worth (SW) score, and it aids in the rapid disbursement of a loan in emergencies.
- The loan application process using the EarlySalary quick loan app is confidential
- You are not required to involve anyone
- The process takes 15 to 20 minutes
- You can apply for a personal loan whether you are self-employed or have a paid job
- Flexible repayment terms ranging from 90 days to 12 months are available
- Repeat loans can be applied for at any time of day and deposited into your bank account
- Interest rates as low as Rs 9 per day are possible
- A personal loan might be authorized on the same day that it is applied for
- You can utilize the early salary limit to plan your trip and pay later in simple installments at 0% interest for three EMIs and a low rate for 6 EMIs
- You can utilize your EarlySalary allowance to purchase on Amazon, Flipkart, and BigBasket and pay with Easy EMI at 0% interest
Loan amount: ₹ 3,000 – ₹ 2 Lakh
Interest rate: 2-2.5%
PaySense enables you to select an auto-debit option for your EMI, making it easier to obtain a personal loan. Get a personal loan from 5000 to 5 lakh rupees with no collateral and adjustable interest rates.
- The processing charge is typically 2.5 percent of the loan amount
- These loans are accessible to candidates who are both salaried and self-employed
- The variable interest rate is available beginning at 13% per year
- PaySense’s loan application process takes about two minutes
- PaySense offers affordable loans to those with no credit history
- Salary should be higher than Rs 18,000 per month
Loan amount: ₹ 5,000 – ₹ 5 Lakh
Interest rate: 1.08-2.33%
Money Tap features a no-usage-no-interest function that makes credit more economical by charging interest only on the amount of money utilized. Once you have been authorized for the loan by providing the required papers, you will be issued a credit line that you can use as needed.
- EMI terms are flexible, ranging from 2 to 36 months
- Borrowers will also receive a free MoneyTap-RBL credit card with a variety of features and advantages
- Using the app, you may get accepted for a personal loan in 4 minutes
- You may utilize any amount from your credit line
- A loan with no collateral is accessible
- You can make UPI transactions using your Credit Line
- Applicants must be between 23 and 55, with a monthly salary of at least ₹ 30,000
Loan amount: ₹ 3,000 – ₹ 5 Lakh
Interest rate: 1.08-2.03%
Nira is a FinTech company that provides a line of credit to salaried professionals. The personal loan provided to you is in the form of a line of credit with a credit limit ranging from 3,000 to 1 Lakh.
- You can verify the loan in 3 minutes.
- The loan term extends from three months to one year.
- The interest rate charged on the loan amount is determined by how much you borrow and when you repay it.
- You must have worked for a minimum of 6 months and earn a monthly income of Rs 20k or more.
Loan amount: ₹ 3,000 – ₹ 1 Lakh
Interest rate: 1.5-2.5%
CASHe is a digital lending platform that offers short-term personal loans for various financial requirements but exclusively to salaried persons. You can directly deposit a portion of the loan money into your Paytm wallet. It is aimed at young professionals with a salary account searching for a short-term personal loan with no collateral and flexible lending choices.
- Loan amounts range from Rs 10,000 to Rs 3,000,000.
- The credit term ranges from two months to one year.
- You have a variety of loan choices to select from based on your needs.
- There are no foreclosure fees to pay.
- The monthly net take-home pay should be at least Rs 15,000 each month.
Loan amount: ₹ 5,000 – ₹ 2 Lakh
Interest rate: 1.75%
Credy is an instant loan-providing app in India that offers personal loans on customized conditions. It claims no hidden fees, no collateral, and quick online processing.
- The monthly interest rate is from 1-1.5 percent of the borrowed amount.
- The processing charge will be 3% of the loan amount.
- Loans are available if you are a salaried employee earning at least INR 15,000 per month.
- Borrowers can select a tenure period ranging from 3 to 12 months.
- The maximum interest rate is 30%.
- You can repay on time to obtain top-up loans and enhance your credit score.
Loan amount: ₹ 10,000 – ₹ 1 Lakh
Interest rate: 1-1.5%
KreditBee is a platform for instant personal loans for self-employed and salaried professionals. It provides two types of personal loans: Flexi personal loans, small-ticket personal loans ideal for emergencies or lesser needs, and personal loans for salaried candidates. Anyone over 18 with a monthly income of INR 15,000 can download the app and apply for the loan.
- You can obtain a Flexi personal loan ranging from 1000 to 50000 rupees authorized.
- The payback period begins at two months and can extend up to 15 months, depending on the type of loan obtained.
- Provides a term ranging from 62 days to 6 months.
Loan amount: ₹ 1,000 – ₹ 1 Lakh
Interest rate: 2-3%
We hope we were able to assist you in selecting instant loan apps that meets your requirements. You can choose any app from the alternatives listed above. While these money lending apps in India have made borrowing more accessible, you should always thoroughly read the terms and conditions before signing up to ensure that you completely know the borrowing and repayment arrangements. Before selecting any of the options, one should use caution and due diligence. It is also a good idea to evaluate different loan applications on the market and study them to pick the one that best suits your needs.