Personal loan market has been growing in India multiple times over a couple of years. As the number of personal loan applicants is increasing, lending institutions are also increasing the methods of loan disbursal. Apart from traditional lenders that offer big-ticket loans for a repayment tenure ranging from 12 months to 60 months, new-age lending apps are offering an instant cash loan in 1 hour or earlier.
RedCarpet and FlexSalary are among the very popular lending platforms that provide instant personal loan in India. Let’s take a look at the features and benefits of instant personal loans by them.
RedCarpet instant loan
RedCarpet is one of the smallest personal loan apps in India. It offers an instant loan in the form of a line of credit through this app for unforeseen financial requirements.
Features of RedCarpet instant loan
Here are the exciting features of RedCarpet personal loan
- Instant loan disbursal: You can get instant cash loan in 1 hour or faster in the form of a line of credit from RedCarpet app.
- No interest on unused amount: Only used cash amount will be converted into a loan. Borrowers won’t have to pay charges on the unused money.
- Ruby Card: You will get a Ruby credit card, which can be used like other debit cards, and the fund accessed is converted to a loan. You can use this card at any bank’s ATM to withdraw cash from your personal loan account.
- Expense tracker: There is an in-built expense tracker for expense analysis and card statements.
RedCarpet interest rates and charges
Here are the interest rates and fees levied by the RedCarpet on a personal loan:
|Rate of interest||0% to 2.9% per month; no interest on balance paid within 30 days|
|Processing fee||0% to 3% per month for low risk customer and 2.5% to 6.5% for very high-risk customer|
|Cheque collection fee||Rs. 0 – 1000 + GST|
|Payment bounce charge||Rs. 0 – 1000 + GST|
|ATM cash withdrawal charges||2% + tax on minimum withdrawal of Rs. 1000|
|Overdue recovery fee||0 – Rs. 1000|
|Activation fees (card)||0 – Rs. 3000|
How to apply for the loan
- The simple steps that you need to follow to get a personal loan from RedCarpet are as under:
- Install the app from the Play Store
- Key in your personal and financial information
- Upload your KYC documents
- Apply for a RedCarpet loan loan
RedCarpet credit eligibility criteria
You need to meet the following criteria to get instant personal loans through RedCarpet:
- Indian citizen/ residents
- Individuals aged equal or above 18 years
- Should have a valid bank account and identity proof
Documents required for RedCarpet credit
- Date of birth certificate
- Identity proof issued by the college/university/ company
- Address proof
- Recent passport size photograph
- PAN card
FlexSalary personal loan
FlexSalary personal loan scheme has been developed by Vivifi India Finance Private Limited. It allows salaried professionals to get instant cash loans for several financial needs. Eligible borrowers can get an instant cash loan in 1 hour with a simple and convenient loan application process.
You can apply for a personal loan between Rs. 4,000 to Rs. 2 lakh for a number of financial needs such as vehicle expense payment, holiday expenses, credit card consolidation, home repair, unforeseen medical emergency or purchase of new gadgets.
Key features of FlexSalary
- Instant cash loan up to Rs. 2 lakh
- Flexible EMI as per borrower’s preference
- One-time application process
- Open-ended tenure of your preference
How to get Instant Cash Loan?
You can get an instant personal loan in just 4 steps as follows:
Step 1: Install the FlexSalary application on your smartphone from the Play Store or App Store.
Step 2: Click the ‘Apply Now’ button.
Step 3: Enter your personal and income details to complete the application
Step 4: Submit the income documents or complete net banking verification to verify the income
How does FlexSalary app work?
- Create an account on the FlexSalary app or website
- You can use this account to apply for a personal loan multiple time
- Access any loan amount
- Pay back the loan in part or full as per your convenience
- No penalty on pre-payment, so you can close the loan any moment during the loan tenure
Types of Flexsalary loan
Salary Advance loan
Salaried individuals whose minimum salary is Rs. 8000 per month can get a personal loan in the form of Salary Advance Loan to meet their variety of urgent financial requirements.
Line of credit
You can also apply for an instant loan up to Rs. 2 lakh in the form of line of credit through FlexSalary app. You can access a part of the approved loan amount as per your requirement and repay the same amount along with interest rates. You can apply for the loan amount many times based on the credit limit.
Eligibility for FlexSalary personal loan
You need to meet some eligibility criteria to get the line of credit from FlexSalary.
- Citizenship: Any Indian citizens can apply for FlexSalary personal loan
- Income: Your minimum monthly should be Rs. 8,000 per month
- Age: Age of the applicant should be at least 21 years
- Work experience: The applicant should be working for at least 3 months
- Bank account: The applicant should have a valid bank account
- Minimum income: Minimum income of the applicant should be Rs. 8000 per month.
Documents required for FlexSlary
You may need to produce the following document while applying for a personal loan on the FlexSalary app:
- Identity proof
- Address proof
- Income proof
- Other documents as required by the lender
Both RedCarpet and FlexSalary are among the best lending apps for a personal loan for unplanned expenses. Eligible customers can get the loan amount disbursed in a matter of seconds or minutes with minimal documents. Whether you apply for a personal loan on RedCarpet or a line of credit through FlexSalary, you won’t need to pay charges on the unused loan amount. Borrowers are allowed to use a certain portion of the credit limit as per their credit requirements.