Loan Apps A unexpected financial emergency could arise anytime today, and we may need emergency cash to deal with such a situation. Banks’ paperwork can make it difficult to go to a regular bank. In these circumstances, an immediate personal loan application can be a lifesaver. We have selected 10 of the best loan requests for every financial need.
Documents required for Loan Apps
Different lenders may require different documents, but here are some common documents:
- Proof of Identity (Eligibility ID, Passport, Driver’s License, Aadhaar Card, PAN Card etc.)
- Proof of address (utility bills, rental agreements, bank statements, etc.);
- Proof of income (salary, tax returns, business records, etc.)
- credit scores or reports
- Evidence of employment
- Bank statements for the last three months
Eligibility Criteria
- You must be an Indian citizen.
- You must be between 18 and 65 years of age.
- Your minimum monthly income should be Rs 15,000.
- You must have a permanent residential address in India.
- You should be employed with a stable income or self-employed.
- You must have a minimum credit score of 650.
1. PaySense
PaySense is an instant online personal loan application with minimal paperless documents and zero credit history to get a loan. It offers low-interest rates on affordable EMIs with flexible repayment tenure.
- Interest rate: 1.4-2.3% per month
- Minimum Loan Amount: 5,000
- Maximum Loan Amount: 5,00,000
- The repayment period varies from 3 to 60 months.
- Required Documents: Identity documents, income and address.
- Eligibility Criteria: Resident of India aged between 21 and 60 years, self-employed on a salary and minimum income of Rs 18,000 to Rs 20,000.
- Approval and delivery time: 1-2 days
- Other Fees: Processing, late payment and forfeiture fees apply.
LazyPay
Powered by PayU, the same company that bought Patience, LazyPay is one of India’s best finance apps for quick loans. It offers fast approval and a secure online Loan Apps process. Your mobile phone number is all you need to know about loan eligibility from the LazyPay app. LazyPay has also launched a credit card service where you can get 1% cashback on your transactions.
LazyPay ‘s flagship offerings include instant personal funds up to ₹1,000,000 with minimal paperwork and easy digital processing.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
Documents Required:
- PAN card
- Proof of Identity and Proof of Address (Aadhaar Card)
- Bank details for the refund transfer
Eligibility Criteria
- Resident of India
- At least 18 years of age
- Monthly income should be a minimum of INR 30,000
Repayment Period: You can repay your personal loan between 3 and 60 months
Other fees or charges: A cancellation fee of R17.7 per day (inclusive of 18% GST) will be charged until the IME is paid after the due date.
3 IndusInd Bank
IndusInd Bank offers instant online personal loans to all employees with competitive interest rates and flexible repayment terms and conditions. Requires minimal documentation and offers unsecured credit.
- Interest rate: 11-30% per annum
- Minimum Loan Amount: 30,000
- Maximum Loan Amount: 5,00,000
- The repayment period varies from 12 to 60 months
- Required Documents: Identity documents, income and address.
- Eligibility Criteria: The minimum income for Indian residents aged 21-60 is Rs 15,000.
- Approval and delivery time: 1-2 days
- Other charges: Processing, deposit, clearance and stamp charges apply.
4 Bajaj Finserv
Bajaj Finserv, the leading personal finance brand, has been in the country for over a decade. With a wide range of offers, Bajaj Finserv is one of India’s best instant loan apps. You can use their interest-free EMI cards to finance your purchases and pay your monthly bills through their Loan Apps.
You can apply for a personal loan in Unsecured escrow with Bajaj Finserv up to ₹25 lakh.
Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
Documents Required:
- PAN Card/Passport/Aadhaar Card/Driver License/Voter Card
- Employee identification card
- Salary for the last three months
- Bank details for the refund transfer
- Bank statements for the last three months
- Passport size photos
Eligibility Criteria
- Applicants should be residents of India
- 21-80 years of age
- Monthly income should be at least Rs 25,0
- SIBIL score of 685 or higher
Repayment Period: Up to 96 months
Other Fees or Charges: A processing fee of up to 3.93% of the loan will be charged. In case of non-refund, a fee of Rs 700 to Rs 1,200 will be charged.
5. Aditya Birla Finance Limited
It offers easy personal loans that require minimal documentation in the online process. You can also transfer your existing personal loan to other NBFC/bank and credit card balances at attractive rates.
- Interest rate: 13-28% per annum
- Minimum Loan Amount: Rs
- Maximum Loan Amount: 50,000,000
- The payback period ranges from 1 to 7 years
- Required Documents: KYC documents on request include bank statements and pay slips for the last three months.
- Eligibility Criteria: All employees between 23 and 60 years of age.
- Approval and shipping time: 1-2 days for approval and 2-3 days for shipping.
- Other Charges: Processing and clearance charges apply.
6. Tata Capital
Tata Capital offers unsecured personal loans to all employees at competitive rates and flexible repayment terms. It is one of the most trusted names in the market.
- Interest rate: 11-28% per annum
- Minimum Loan Amount: 40,000
- Maximum Loan Amount: 35,000,000
- Repayment period: 6-84 months
- Required Documents: Identity documents, income and address, work certificates and pay stubs.
- Eligibility Criteria: All salaried workers aged 22-58 with a minimum income of Rs 20,000 and a credit score of 750 or above.
- Approval and shipping time: 1-2 days for approval and 2-3 days for shipping.
- Processing fees, late payment fees, and recovery fees
7. Moneyview
Moneyview offers unsecured loans with competitive interest rates and flexible repayment terms for any employee or self-employed person. It does not charge a forfeiture fee but only applies after a certain number of MEIs.
- Interest rate: 16-22% per annum
- Minimum Loan Amount: 5,000
- Maximum Loan Amount: 5,00,000
- The repayment period varies from 3 to 60 months.
- Required documents: Proof of identity, income, address, mobile number linked to Aadhaar card and selfie.
- Eligibility Criteria: Minimum income of Rs 13,500 and minimum CIBIL score of Rs 600 for employees or self-employed between 21 and 57 years.
- Approval and delivery time: 1-2 days
- Other fees charged: Processing fees and late payment fees
8 ZestMoney
ZestMoney offers a quick way to get a loan instantly. You don’t need a credit score. Applying for a loan on the app only takes a few minutes. You can repay your loan digitally on EMI and earn 100% cashback on your EMI.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹10,00,000
Documents Required:
- PAN Card/Passport/Aadhaar Card/Driver License/Voter Card
- Bank details for the refund transfer
Eligibility Criteria :
- Applicants should be residents of India
- 18-65 years old
Repayment period : 3 months to 36 months
Other Fees or Charges: Pre-close fees are not charged
9. Home Credit
Home Credit offers instant personal loans with flexible repayment terms and is 100% paperless. Quick and easy payment in one day.
- Interest rate: 24-34% per annum
- Minimum Loan Amount: Rs
- Maximum Loan Amount: 5,00,000
- Return period: 6-48 months
- Required Documents: Identity documents, address and banking network
- Eligibility Criteria: Indian residents aged 19 years and above with a minimum income of Rs.
- Approval and delivery time: Within one day
- Other fees charged: Processing fees and facility fees
10 Dhani
Backed by Indiabulls Ventures, it is also one of India’s best personal Loan Apps. Reach allows you to apply for a personal loan anytime, anywhere, for any reason. Without physical documentation, you can get an unsecured loan in no time. Just download the app and provide your PAN, Aadhaar number and address for verification.
Once verified, the loan amount is sent to your bank account within minutes or three minutes, as requested by the app. You can repay the loan within 3-36 months.
Founded: 2000 ( Indiabulls ); 2017 (beginning of application).
Minimum loan amount: ₹ 1,000
Maximum Loan Amount: ₹ 15,000,000
Required Documents :
- PAN Card/Passport/Aadhaar Card/Driver License/Voter Card
- Bank details for the refund transfer
- Bank statements for the last three months
Eligibility Criteria :
- Applicants should be residents of India
- 21-60 years of age
- For employees and self-employed only
Repayment period : 3 months to 2 years
Other Fees or Charges: A minimum of 3% of the loan amount will be charged as a processing fee.
Conclusion
A personal Loan Apps can be a convenient way to get money quickly and easily, but be sure to thoroughly research lenders, their interest rates, repayment terms and conditions, and be sure to take out as much of the loan as you can afford the time. It can also help improve your credit score.
FAQs
How do personal loan application interest rates compare to traditional bank interest rates?
Interest rates for different Loan Apps vary depending on the credit score of the lender and the borrower. However, these rates are slightly higher than those charged by traditional banks.
What is the maximum loan amount I can get through this application?
The maximum loan amount varies from application to application and also depends on your credit score. However, most apps offer up to Rs 5 lakh and some offer up to Rs 50 lakh.
How quickly can I access the loan amount after approval?
Once your loan is approved, you can expect to receive your money within 24-48 hours.
What are the repayment options for this personal loan application?
Repayment options for different loan applications vary from lender to lender. However, most of the apps offer the following refund options: EMI, Bullet Refund, and Flexi Refund.
If I choose to prepay the loan, are there any prepayment penalties?
Some personal Loan Apps have prepayment penalties, while others don’t. Check and understand the terms and conditions of the loan thoroughly to determine if there are any prepayment penalties on the relevant application.
