What is Personal Loan?
A Personal Loan is an unsecured form of Loan, It’s offering is done by various loan providers on the basis of your credit score. You don’t need any security for the money, borrowed from the provider. However, the interest rates of personal loans are higher than other forms of loans like education loan or home loan in consideration of the loan amount of risk muddled lending the amount.
Types of Personal Loans you can avail in India:
- Consumer Durable Loan: These loans are provided to buy consumer goods like Refrigerator, Air Conditioner, Washing Machine, Television, etc. For these types of requirements, you can avail 2,00,000 ₹ easily
- Festival Loan: In India festivals are celebrated with complete joy and happiness, to host such joyful moment one can avail a personal loan for a festival and get 50,000 ₹
- Holiday Loan: If you love to travel or you are an addict of it, you need not worry about money, you can easily get a loan to make your trip more memorable.
- Home Renovation Loan: Still living in an old loving home, but need to repair it? thinking of high renovation prices, no need to worry take a home renovation loan and make your old home glow.
- Pension Loan: This facility is for retired individuals. The regular eligibility criteria don’t apply for this type of loan. Some banks provide even 7 – 10 times more amount of the pension that the pensioner avails.
- Personal Computer Loan: Computer has become an important part of an individuals life, now various banks provide loans to buy computers. You can avail up to 2,00,00 ₹ for hardware and up to 20,00₹ for making the purchase of various software.
- Wedding Loan: weddings in India are the very important and focused event, everyone wants to make their wedding more memorable. Many banks provide wedding loans to make your event more memorable.
Eligibility criteria to avail Personal Loan:
- Age 21 – 60 years
- Minimum Employment Period – 2 years in total and 1 year at the current organization
- Minimum Income – 15,000₹/per month
For Self Employed or Businessman:
- Age 25 – 65 years
- Minimum Business Period – 2 – 3 years
- Minimum Income – 1,00,000₹/per year
You must know eligibility criteria differs from bank to bank.
Top 10 Personal Loan Interest rates:
|Bank Of Baroda||11.60%|
Click on Personal Loan interest rates to know interest rates of more than 30+ banks.
Documents required to avail Personal loans:
- Identity Proof: Aadhar card, Voter card, PAN card, Passport (Any One.)
- Residential Proof: Ration Card, LIC Policy Receipt, Utility Bill, Voter ID, Aadhar Card (Any One.)
- Salary Slips: Last 3 months
- Employment Certificates: 2-year Employment constancy document
- Photographs: 2 passport size
Self Employed Individuals:
- KYC documents
- Residential Proof
- Proof of Income
- Last 6 months Bank Statement
- Official Address Proof
- Proof of residence or Office ownership
- Proof of continuity of business
Top 10 Instant Personal Apps:
I found this app best, So I ranked it on 1.
- Personal loan
- Business loan
- Education loan
- Home loan
- Car loan
- Investment advisory
While applying for a loan on Afinoz, you can scroll through various other features also to Track/improve credit score, EMI Calculators, etc.
Afinoz app does some different tasks for you as:
- It makes available all your financial documents at one place
- Provides Real-time update
- You can access your digital loan record anytime
- Use of latest data encryption tools to protect your data
- Get financial advisory anytime
- Document repository service to keep your documents in a secure environment
This app has a rating of 4.2 by more than 190 users. The app has 10,000+ installs on google play store.
2. Paysense Instant Personal Loan App
In this app, you can apply for instant personal loans of up to ₹5,00,000 at adorable interest rates, no collateral, and flexible EMIs. Paysense has partnered with IIFL and Fullerton for the disbursal of personal loans.
This app has been used by more than 5 million+ users to get an instant personal loan for their sudden requirements like paying fees, buying two-wheelers, medical emergencies, paying credit card bills, etc. This app is rated 4.0 by more than 35,900 users. the app has both negative and positive reviews.
3. Early Salary Instant Loan App Online
4. Indiabulls Dhani Instant Personal Loan App
Dhani app provides an instant personal loan to make your personal financing needs simpler than ever before. You can avail a personal loan, travel loan, car loan, two wheeler loan, marriage loan or medical loan instantly in few steps.
You can easily avail a personal loan from 1,000₹ – 50,00,000₹. You need to pay interest rates from 1% to 3.17% p.m (depending on the credit of customer). Processing fees are from 1.6% to 6%. you can get two wheeler loan, car loan, travel loan, medical loan, etc.
Features of Indiabulls Dhani Instant Loan App:
- Get the best interest rates starting from 11.99%
- Direct money in your bank account or Dhani Pay instantly
- Just share your Pan card and Address Proof to get instant disbursal
- No need for physical documentation
- Apply, receive and manage your personal loan directly on the mobile application
- No security required
MoneyTap app has a unique concept, in this app, you only pay interest on the withdrawn amount. It is India’s first credit line based instant loan app and is partnered with leading banks and NBFC’s. you can easily get a loan of ₹3000 – ₹5 Lakh and transfer the amount in your bank account, you don’t need to worry for collateral as it is zero. interest rates starting from as low as 13% and is up to 24.3%pa.
🏆MoneyTap is Awarded as the ‘Best Innovative Lending Product/Service’ by IAMAI🏆
Some features of MoneyTap app:
- 100% paperless without visiting the bank.
- You can shop on Amazon for 0% EMI for 3 months
- Flexible EMI tenures from 2 – 36 months
- Collateral-free instant personal loan
- You can consider it as an early salary loan online
- Interest on the only used amount
Some basic requirements of MoneyTap Loan are Minimum salary needs to be ₹20,000/month and the age requirement is 23 years or above and below 55 yrs. You just need to have basic documents to get approval like Aadhar card, PAN card, Driving license, photos, etc.
💰You will get an extra bonus from MoneyTap credit line credit card if you are RBL approved customer:
- Get 100% cash withdrawal from your credit card online
- 50-days interest-free period to make your shopping easier
- Instant loans from app
- get a minimum of 5000₹
- Get loans from Rs.5,000 – 50,000 for 15 & 30 days
- Rs. 19,000 – 1,00,000 for 90 days
- 25,000 – 2,00,000 for 180 days.
- Fast approval with less documentation
- Pleasing rates of interests
- Multiple repayment options
- PAN card, Aadhar card
- Latest salary slip
- salary bank account statement
- A selfie and company ID.
This app has a rating of 4.2 by more than 57,200 users and is downloaded 1,000,000+ times from google play store.
7. Money View Money Manager and Instant Loan
This app basically works for tracking your expenses, budgeting and helps you in getting a personal loan. You can avail upto 5,00,000₹ directly from the app just by following some simple steps with basic documentation.
Features of Money View App:
- Easily track your expenses with SMS feature
- Check bank balance directly from the app
- Check wallets of different providers like Paytm, Freecharge, etc
- Get reminders to pay bills
This app does not read your SMS, bank OTP, passwords, etc. This app has a unique feature of recognizing accounts based on the last four digits mentioned in an SMS.
This app has 10,000,000+ installs on google play store. This app has a rating of 4.3 by 160,720 users with both good and bad ratings.
8. PayMe India – Advance Salary Loan | Instant Loan
You can refer this app as an advance salary provider, you can also consider it as an instant personal loan app. They offer short term quick cash support to collective employees. If you are salaried you can easily avail loan from this app easily. This app has fast processing with rememberable customer support.
This app requires basic documents for the loan approval like Pan card, Salary slip, Bank Statement, Aadhar card and you are done with documents.
The PayMe app has a rating of 3.9 by more than 3,160 users and has both good and bad reviews. This app has more than 100,000+ downloads on google play store. You can also avail and get instant financial help!
9. FlexSalary – Instant Cash Loans & Salary Advance
This app is offered by Vivifi India Finance Pvt Ltd that helps in the emergency cash needs of Indian citizens before they get their salary. You call apply with basic documentation and avail ₹ 4,000 – ₹ 2,00,000 easily. You can apply on the app or as well as on the website too. Zero collateral!. Get availed money direct to your bank account. Payback and use again the money immediately.
FlexSalary app can help you with the following:
- Medical bill payment
- Month-end cash crunch
- To upgrade your home
- To buy home appliances
- Pay insurance payments
Eligibility Criteria of the applicant
- Must be an Indian Citizen
- Must be a salaried individual
- The age of 18
- Minimum salary of ₹ 8000
You can avail this loan in any part of India, in any city or state.
This app has a rating of 4.2 by more than 4,200 users from all over India. This app has been installed 100,000+ times from google play store. The app has both negative and positive reviews.
10. Credy – Fast Online Instant Personal Loan App
Credy app offers a fast personal loan with low documentation. This app has the complete paperless process as others, you no need to visit any bank to get approval. You can avail this loan for your basic bill payment requirement to a medical emergency.
You can avail form Rs 10,000 up to Rs 1 lakh and fulfill your requirements. You can track your application directly from your mobile and get regular updates about it.
Basic requirements to avail loan:
- salaried with a minimum of 15,000rs/pm
- No credit history required
- Basic documents like address proof and identity proof
You don’t need to pay any collateral or show a guarantor or to send photocopies anywhere. You can get a referral bonus, timely payment bonus, Top up loan, & sharing bonus and many other features are provided.
NOTE– Some of these apps has been used and reviews of some are from various online sources.
If you have used any of the above-mentioned apps, you can tell your experience in the comment box. Please do share your experience!
Content and image Source: Google Play Store
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