The concept of traditional banking is simple; You need to visit the branch to get your business done. A small activity like applying for a personal loan can be an enormously time-consuming process because banks work for limited hours and they are overcrowded during those hours.
The future of banking is changing, especially the personal loan market. With a propensity for digital technology, personal loan apps in India are successfully competing with traditional brick-and-mortar banks, giving the big banks a run for their money.
In light of the rise of the financial technology — also known as fintech — personal loan apps are now looking to exploit the weaknesses of large financial institutions and bridge the gap that the traditional banks have left behind.
Personal loan apps like MoneyTap provide significant benefits to their consumers. Let’s have a quick look at some of them:
–Convenience – Download the personal loan app and apply for a personal loan at the comfort of your home.
–Low-interest rates – Enjoy low-interest rates. MoneyTap’s interest rates start from 1.08% per month.
–Instant personal loan approval – Enter a few basic pieces of information and check whether you pre-qualify for the personal loan.
–Fast processing time – Get access to the funds faster than traditional loans.
–Flexible repayment options – Repay the borrowed loan amount in comfortable EMIs and choose the loan tenure that’s convenient to you.
Now, let’s take you through the top 10 personal loan apps that are incredibly equipped to make a huge leap when it comes to getting a personal loan.
List of 10 Most Promising Personal Loan Apps
MoneyTap, one of the best money lending companies has partnered with leading NBFCs in India to provide personal loans in the form of personal lines of credit across 30+ cities in India.
Interest rate: Starting from 1.08% per month. Interest charged only on the amount used.
Loan tenure: 2 months to 3 years
PaySense is another online lending platform that offers instant personal loans. This personal loan app has partnered with IIFL and Fullerton for disbursal of personal loan.
Loan amount: ₹ 5,000 – ₹ 2 Lakh
Interest rate: 1.4-2.33% per month
Loan tenure: 3 months to 2 years
Dhani popularly marketed as phone se loan app is backed by Indiabulls ventures. This personal loan app instantly disburses the money into your bank account.
Loan amount: ₹ 1,000 to ₹ 15 Lakh
Interest rate: 1-3% per month
Loan tenure: 3 months to 2 years
IndiaLends’ instant personal loan app makes use of data and technology to make its disbursal process efficient, shorter and easier.
Loan amount: Up to ₹ 50 Lakh
Interest rate: Starts from 0.91% per month
Loan tenure: 1 to 5 years
KreditBee is a personal loan app for young professionals where you can apply online and upon approval, the loan amount gets immediately transferred to your bank account.
Loan amount: ₹ 1,000 – ₹ 1 Lakh
Interest rate: 1.48-3% per month
Loan tenure: 15 days to 3 months
NIRA is a fintech company that offers a personal loan in the form of a personal line of credit to salaried professionals in India.
Loan amount: ₹ 10,000 – ₹ 1 Lakh
Interest rate: 1.5-2.5% per month
Loan tenure: 3 months to 1 year
CASHe is an app-based digital lending platform that provides short-term personal loans to salaried individuals.
Loan amount: ₹ 10,000 – ₹ 2 Lakh
Interest rate: Starts from 1.25% per month
Loan tenure: 15 days to 6 months
8. Capital First
Capital First’s personal loan app in India offers attractive loans for your every need. Your online loan application is processed instantly, and you get to know whether you are eligible in just 2 minutes.
Loan amount: ₹ 50,000 – ₹ 25 Lakh
Interest rate: 1.16-1.33% per month
Loan tenure: 6 months to 5 years
Credy is a quick personal loan app that offers fast and hassle-free loan with a paperless process. It is simple, fast and low-cost.
Loan amount: up to ₹ 1 Lakh
Interest rate: 1-1.5% per month
Loan tenure: 3 to 12 months
10. Money View
With Money View personal loan app, you can get a personal loan in just 2 hours –paperless, fast, easy and flexible.
Loan amount: ₹ 25,000 – ₹ 2 Lakh
Interest rate: Starts from 1.33% per month
Loan tenure: Up to I2 months
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at firstname.lastname@example.org.