A personal loan has created a special niche for itself due to its amazing features for those who require funds. Now there is no need to comprise on your dreams as all of your dreams can be fulfilled by availing a personal loan. As you can get financial support whenever you want from anywhere. This is only possible because of the technology, that has eased human life in all aspects. So, now you have two ways either you go with the traditional method which may include bank visits or the online platform from which you can apply for a personal loan by simply sitting at home. Here is the most suited and best personal loan app in India:
PaySense App PaySense is a platform to get a personal loan. This app can be downloaded on Google Play. You can meet all your personal finances by simply applying for a personal loan of the maximum amount of Rs. 5 Lakhs. Its loan interest rate ranges from 1.4% to 2.3% per month. You can use the loan from the PaySense app for vacations, medical emergencies, wedding expenses, buying vehicles or any other financial requirements by simply installing it. The approval of the loan amount majorly based on the applicant profile. Minimum documents are required to get an instant personal loan in 2020. It usually takes a few hours to acquire a loan using this personal loan app.
Indiabulls Dhani is one of the best personal loan app in India. You can get an unsecured personal loan at a pocket-friendly interest rate of 11.99%. Indiabulls Dhani offers the personal loan amount ranges from minimum Rs. 1000 to a maximum Rs. 15 lakhs with a flexible repayment tenure from 3 months to 36 months. You can apply for an instant loan by simply filling the application form. After that, the borrower’s application will be reviewed.
You can acquire an instant personal loan of the maximum amount of Rs. 5 Lakhs. without any security against the loan amount. MoneyTap offers personal loans at a competitive rate of interest with the flexible repayment period ranging from 2 months to 36 months.
KreditBee offers instant personal loan to the young professional. If you are on then you can get the loan amount from Rs. 1000 up to Rs. 1 lakh based on your profile at an attractive rate of interest.
EarlySalary provides instant personal loans that act as a salary in advance for the Indian users. It helps you to a great extent by meeting the cash requirements while mid-month cash crunches. EarlySalary is designed to help people with month-end and mid-month financial crises. One can acquire the maximum loan amount up to Rs. 2 Lakhs with the flexible repayment tenure of 1 year.
Faircent is among the best personal loan apps due to various reasons like if you avail a personal loan from this app then you are required to interest only on the withdrawn loan amount.
Advantages of Personal Loan Apps
By understanding the importance of digitalization and people’s time now almost every bank, NBFC, lender, financial institutions and online lending platforms has matched up with the technology to make life simpler for the loan seekers. Not only this there are various other reasons and benefits of the best personal loan app in India. An ample number of personal loan apps can be found those offer quick cash loans. Personal loan apps are a quick, simple, hassle-free and paperless way of getting an instant personal loan. As digitalization has emerged a new way of working for the Indians. Similarly, loans can be availed online and this has made the personal loan process a lot easier and convenient.
It is a perfect weapon to fight against the emergency
In case of any urgent requirement of cash, you do not need to panic s you have the option of getting cash whenever from wherever you want with a personal loan app.
Save you of time and efforts
A few hours are required to avail a personal loan from instant loan app. as everything is done online which reduced the loan processing time to a great extent. All you need is to fill up the online personal loan application form and submit and else everything else is taken care of by the lender.
Completely safe and secure
Nowadays all personal loan apps come with advanced encryption technology to make sure the complete privacy and safety of the customer details. So, if you are having second thoughts about the security and privacy of your data so just relax as it all looked after by the lender.
Features of Instant Personal Loan
Some of the key features of instant personal loan 2020 are:
Online Loan Process
As the feature title suggests the complete loan processing of instant loans is done online. This facilitates a borrower to apply online for an instant personal loan, upload the required documents and e-sign the loan agreement with the comfort of home. This means you can apply for a personal loan ant anytime from anywhere you want. Some lenders offer discounts and other benefits like low personal loan interest rates, etc. on the online loan process.
This means you have the complete freedom of using this loan amount for whatever reason or purpose you are willing to.
Instant personal loans are collateral-free loans. This type of credit can be availed without any security or guarantor. Instant personal loan keeps the borrower free from the risk of losing any asset in case of default of the loan amount.
Flexible Repayment Term
Almost all the instant personal loan lenders offer personal loans with a flexible repayment tenure. Due to this, you can choose the convenient repayment tenure among the offered term.
Short Term Loan
There are times when you need loans only for a short period and at this instant personal loan can be best as they offer a loan for short term as well. Borrowers have an option of repayment of the loan within a year. Hence, there is no need for the borrower to carry the debt burden for a longer period.
Here is a quick look at the things a borrower should be considering prior opting for a best personal loan app in India:
Look beyond the interest rate
In addition to the rate of interest, there are other costs as well which a borrower has to bear. Some instant personal loans may charge a penalty for the prepayment of the loan amount. As if a borrower prepays the loan a sizeable interest cost can be saved. The rate of interest on an instant loan for a short term is usually low than for a longer tenure. A borrower should ensure the clarity of the processing fee, late payment charge, and other cost structures. Every lender’s processing fee varies based on the many factors.
Ensure the security of the information
A borrower should be ensuring that the digital footprint is imperative. Just in case you are not comfortable disclosing the personal details to these apps, then the website can be a better option to availing an instant personal loan
The list of required documents varies based on the lender. Here is the basic one required document for an instant personal loan.
- Identity Proof: The documents that are valid for identity the proof is- PAN card, Aadhar Card, passport, driver’s license, etc
- Proof of Residence: A borrower can provide utility bills, rental agreement, Adhaar cards, etc.
- Income Proof: A borrower can provide the last three months’ salary slip or the bank statement as an income proof document.