Nowadays, getting personal loans is as easy as ordering food on your smartphone. The days when people used to plan their whole day to visit their bank to get a personal loan are long gone. It’s 2022! We all are living in the digital era. One click and you get your desired limited amount in your account within a fraction of seconds.
Personal loans can come as a helping hand in tough times. From renovating your abode to buying a new electronic appliance, you are your king when it comes to a personal loan. It doesn’t matter whether you have an Android or iOS device. There are several loan apps available which can help you solve your problem with a single tap.
For a moment, if we talk about the traditional method of visiting a bank for the same, we all know how time-consuming it is. So why step out in the harsh weather when you can easily do the same from your comfort zone.
Well, below are the seven best instant personal loan apps in India.
One of my favourites, I’m one out of the 75 million users of the TrueBalance personal loan app. It is a lending & financial services platform, and it offers an online loan from ₹ 5,000 to ₹ 50,000 for a minimum of 62 days to 116 days at a low processing fee. Furthermore, a primary beneficial factor about this loan app is that its interest rate is just 2.4%.
Bajaj Finserv: UPI, Pay, Loans
This loan application offers a personal instant loan for up to Rs 25 Lakh. Here, the minimum loan amount is Rs 30,000, while the maximum loan amount goes up to Rs 25,00,000. Moreover, with only a minimal processing fee, it offers 12 to 84 months of repayment tenure. Available for professionals & self-employed individuals, the rate of interest on this app ranges from 12% to 34%.
This application provides instant personal loans starting from Rs 10,000 up to Rs 5,00,000. The Annual Interest Rate (APR) varies from 16% to 39%. The repayment period starts from 3 months to upto five years.
This application offers loan for personal use from Rs 500 up to Rs 30,000 for a tenure of 61 days to 120 days. It is especially famous among students and is trusted by more than 1.5 crore Indians. After the loan is approved, you get the desired amount directly in your bank or Paytm wallet.
This app offers loan for personal use of up to Rs 1,00,000. The repayment period starts from a minimum of 91 days to a maximum of 24 months. Further, the interest rate ranges between 1.67% to 2.25% per month and with good repayment behaviour, your interest rate will decrease over time.
This instant loan app in India allows you to get an instant approval for a credit line of up to Rs 50,000. What is more interesting is that it will enable you to pay interest only on the amount you withdraw from your balance. Further, the interest rate starts from as low as 13% p.a. For three months to 3 years, and the interest amount is payable on the loan amount used from your approved credit line.
This application offers a loan for your own use upto Rs 3 lakh and starts at a minimum of Rs 1,000. The whole process is entirely digital, and the disbursal is done in 10 minutes only directly to your bank.
Out of all these applications, I have personally used the TrueBalance application, and I have suggested it to even my friends due to its feasibility. It was last month only that I was planning to purchase a dishwasher and found myself short of funds. This was when a dear friend of mine told me about this application following which to be sure, I searched for “personal loan apps india” and saw the TrueBalance on the top. It was a sigh feeling! Instead of asking someone for some extra funds, it’s best to avail a personal loan and pay it back yourself!