Financial emergencies have inherently become common these days, especially in times when an unprecedented pandemic has financially shattered everyone. Emergencies like medical, education, travel, or wedding compel you to acquire an unsecured personal loan to meet your immediate cash requirements.
The best way to manage your finances without putting any burden on your pocket is by applying for a personal loan through one of the loan apps in India. Personal loan apps are best known for their features like quick approval and disbursal.
However, the features and benefits of a personal loan vary across personal loan apps. Therefore, we have prepared a list of the best loan apps in India to help you make an informed decision.
List of Best Personal Loan Apps For Emergencies:
Fullerton India Instaloan App
Fullerton India Instaloan App is one of the best loan apps in India provided to salaried individuals. It allows borrowers to arrange funds to pay for a wedding, international travel, education, etc. After your application is approved, Fullerton India credits the sanctioned loan amount to your registered bank account within 24 hours.
Features of the Fullerton India Instaloan app are:
- You can get up to Rs. 25 lakhs as a loan provided you have a stable income and a healthy credit score
- Fullerton India offers interest rates as low as 1199%.
- You can choose to repay the loan amount within 12 to 60 months from the date of approval.
- The instant loan app is available 24×7. You can apply for a personal loan from anywhere at any time.
- Since the entire process is online, you can avail of hassle-free documentation.
MoneyView Loan App
MoneyView is among the best instant loan apps that offer up to Rs. 5 lakhs as a loan for a loan tenure of up to 5 years. The lowest loan amount you can get from MoneyView is Rs. 10,000. The best part about MoneyView is that the monthly interest rates range between 1.33% to 2.0% depending on the loan amount you borrow.
After filling in your personal and income details, the lender notifies you about your eligibility within two minutes. Furthermore, after getting approval, you will receive the sanctioned loan amount within 2 hours. MoneyView is available for both self-employed and salaried individuals.
MoneyTap Loan App
Both salaried and self-employed individuals can apply for a personal loan through the MoneyTap loan app and avail of up to Rs. 5 lakhs as a loan. The annual interest rates range between 13% to 18%, depending on factors like your income, age, and repayment capacity. You have the flexibility to choose a loan tenure between 2 months to 36 months.
Regardless of where you are applying, you can get your loan application approved and disbursed within a few minutes. You will need to incur a processing fee of Rs. 199, and it can go up to 2% of the loan amount you borrow.
KreditBee Loan App
KeditBee is best suited when you require a minimum loan amount for a short period. It offers personal loans ranging from Rs. 1000 to Rs. 1 lakh for a loan tenure of up to 15 months. It is available for both salaried and self-employed individuals. The entire process of application is online, from filling in the application form to submitting your documents.
The best thing about KreditBee is that the sanctioned loan amount gets credited to your registered bank account within 10 minutes. The interest rate for MicroLoan Advance and Salary Advance is 24% per annum.
PaySense Loan App
Both salaried and self-employed individuals can apply for a personal loan through the PaySense instant loan app. It offers hassle-free and quick loans ranging from Rs. 5000 to Rs. 2 lakhs with a loan tenure of up to two years. You will need to incur a minimum of 1.4% per month as interest rate, and 2.5% of the loan amount as a processing fee. The best part is that you can apply for a loan even if you have a low credit score.
Credy Loan App
Credy is one of the best-known online loan apps offering up to Rs. 1 lakh as a loan to both salaried and self-employed individuals. Credy has thousands of instant loan apps downloaded for low CIBIL loans, refinancing, education, etc. The interest rate can be as low as 1% per month and as high as 30% annually. The repayment tenure can go up to 12 months. You may be able to get your loan application approved in just one minute, but the disbursal of the loan amount can take up to 24 hours.
Hope this list of Best Personal Loan Apps will help you in your Emergencies. There are various loan apps which offer instant approval on personal loan but don’t go in hurry! Always collect information, check different lenders before applying for the loan.