Best Personal Loan Apps in India (2024)
In today's fast-paced world, financial emergencies can arise at any moment, necessitating quick access to funds. Traditional banking systems often involve cumbersome paperwork and lengthy approval processes, making them less ideal for urgent needs. This is where personal loan apps come to the rescue. These apps offer a seamless, efficient, and hassle-free way to secure instant loans. Below is a comprehensive guide to the 25 best personal loan apps in India for 2024.
Top Picks for Personal Loan Apps
Best Overall: Aditya Birla Capital
Aditya Birla Capital stands out for its flexible loan amounts ranging from ₹1 lakh to ₹50 lakhs at attractive interest rates (13-28% per annum) and flexible repayment terms (1-7 years). The streamlined online process makes it the best overall choice.
Best for Fast Processing: Paysense
Paysense is known for its minimal documentation and fast processing time. It provides instant personal loans without the need for a credit history, making it ideal for those in need of quick cash.
Best Bank: IndusInd Bank
IndusInd Bank offers instant personal loans with attractive interest rates and flexible repayment terms. The application process is easy and hassle-free, ensuring a smooth borrowing experience.
Fastest Approval: Tata Capital
Tata Capital is renowned for its rapid approval and disbursal process. It offers quick personal loans, making it a preferred choice for those in urgent need of funds.
List of 25 Best Personal Loan Apps
Here's a detailed look at the top personal loan apps, including their interest rates, loan amounts, repayment tenures, and approval times.
1. Aditya Birla Personal Finance
Interest Rate: 13-28% per annum
Loan Amount: ₹1-50 lakhs
Repayment Tenure: 1-7 years
Approval & Disbursal Time: 1-2 days
2. PaySense
Interest Rate: 16.8-27.6% per annum
Loan Amount: ₹5,000 to ₹5 lakhs
Repayment Tenure: 3-60 months
Approval & Disbursal Time: 1-2 days
3. IndusInd Bank
Interest Rate: 11-30% per annum
Loan Amount: ₹30,000 to ₹5 lakhs
Repayment Tenure: 12-60 months
Approval & Disbursal Time: 1-2 days
4. Tata Capital
Interest Rate: 11-28% per annum
Loan Amount: ₹40,000 to ₹35 lakhs
Repayment Tenure: 6-84 months
Approval & Disbursal Time: 1-2 days
5. Moneyview
Interest Rate: 16-22% per annum
Loan Amount: ₹5,000 to ₹5 lakhs
Repayment Tenure: 3-60 months
Approval & Disbursal Time: 1-2 days
6. Bajaj Finserv
Interest Rate: 11-35% per annum
Loan Amount: ₹1-40 lakhs
Repayment Tenure: 6-96 months
Approval & Disbursal Time: 1-2 days
7. KreditBee
Interest Rate: 15-30% per annum
Loan Amount: ₹10,000 to ₹4 lakhs
Repayment Tenure: 3-24 months
Approval & Disbursal Time: 1-2 days
8. mPokket
Interest Rate: 17.5-30% per annum
Loan Amount: ₹500 to ₹30,000
Repayment Tenure: 3 months
Approval & Disbursal Time: 1-2 days
9. Fibe
Interest Rate: 19-36% per annum
Loan Amount: ₹5,000 to ₹5 lakhs
Repayment Tenure: 3-24 months
Approval & Disbursal Time: 1-2 days
10. Home Credit
Interest Rate: 24-34% per annum
Loan Amount: ₹10,000 to ₹5 lakhs
Repayment Tenure: 6-48 months
Approval & Disbursal Time: Within 1 day
11. Lazypay
Interest Rate: 18-34% per annum
Loan Amount: ₹3,000 to ₹5 lakhs
Repayment Tenure: 3-24 months
Approval & Disbursal Time: Within 1 day
12. Buddy Loan
Interest Rate: Starting at 12% per annum
Loan Amount: ₹10,000 to ₹15 lakhs
Repayment Tenure: 12 months to 5 years
Approval & Disbursal Time: 1-2 days
13. LoanFront
Interest Rate: 12-36% per annum
Loan Amount: ₹1,500 to ₹2 lakhs
Repayment Tenure: 62-160 days
Approval & Disbursal Time: 15 minutes
14. SmartCoin
Interest Rate: 20-36% per annum
Loan Amount: ₹1,000 to ₹2 lakhs
Repayment Tenure: 91-120 days
Approval & Disbursal Time: 1-2 days
15. Finnable
Interest Rate: Starting at 16% per annum
Loan Amount: ₹50,000 to ₹10 lakhs
Repayment Tenure: 6-60 months
Approval & Disbursal Time: 6 hours
16. Nira
Interest Rate: 24-36% per annum
Loan Amount: ₹5,000 to ₹1 lakh
Repayment Tenure: 3-24 months
Approval & Disbursal Time: 24 hours
17. RapidRupee
Interest Rate: 12-36% per annum
Loan Amount: ₹1,000 to ₹60,000
Repayment Tenure: 3-12 months
Approval & Disbursal Time: 30 minutes
18. Truebalance
Interest Rate: 60-154.8% per annum
Loan Amount: ₹1,000 to ₹1 lakh
Repayment Tenure: 62 days to 6 months
Approval & Disbursal Time: Within 1 day
19. Mobicred
Interest Rate: 12-30% per annum
Loan Amount: ₹8,000 to ₹1 lakh
Repayment Tenure: 90-365 days
Approval & Disbursal Time: 24 hours
20. MoneyTap
Interest Rate: 13-18% per annum
Loan Amount: ₹3,000 to ₹5 lakhs
Repayment Tenure: 2-36 months
Approval & Disbursal Time: Few minutes
21. Kissht
Interest Rate: 14-28% per annum
Loan Amount: ₹10,000 to ₹1 lakh
Repayment Tenure: 3-24 months
Approval & Disbursal Time: 10-15 minutes
22. IndiaLends
Interest Rate: 10.25-25% per annum
Loan Amount: ₹10,000 to ₹50 lakhs
Repayment Tenure: 6-60 months
Approval & Disbursal Time: 1-2 days
23. Navi
Interest Rate: 9.9-45% per annum
Loan Amount: ₹10,000 to ₹20 lakhs
Repayment Tenure: 3-72 months
Approval & Disbursal Time: 1 hour
24. Zype
Interest Rate: 9.5-34% per annum
Loan Amount: ₹10,000 to ₹5 lakhs
Repayment Tenure: 12-72 months
Approval & Disbursal Time: Within minutes
25. Pocketly
Interest Rate: 24-36% per annum
Loan Amount: ₹500 to ₹50,000
Repayment Tenure: 1-4 months
Approval & Disbursal Time: Few minutes
Documents Required for Personal Loans
Different lenders may have varying requirements, but generally, the following documents are needed:
Identity Proof: Voter ID, Passport, Driving License, Aadhaar Card, PAN Card, etc.
Address Proof: Utility bills, Rental Agreement, Bank Statement, etc.
Income Proof: Salary slip, Tax Return, Business Documents, etc.
Credit Score or Report
Proof of Employment
Bank Statement for the past 3 months
Eligibility Criteria
To be eligible for a personal loan through these apps, you generally need to meet the following criteria:
Must be an Indian citizen.
Age range between 18-65 years.
Minimum monthly income of ₹15,000.
Permanent residential address in India.
Employed or self-employed with a steady income.
Minimum credit score of 650.
How to Apply for a Loan on an App
Download the App: Start by downloading the personal loan app from the App Store or Google Play.
Create an Account: Provide basic information such as your name, phone number, and email address to create an account.
Provide Details: Enter relevant employment, income, and credit history details.
Apply for the Loan: Choose the loan amount and repayment tenure and submit your application.
Wait for Approval: The lender will review your application and decide.
Receive Funds: Once approved, the loan amount will be deposited into your bank account within 24-48 hours to a few days, depending on the lender.
Criteria to Consider When Choosing a Personal Loan App
When selecting a personal loan app, consider the following factors:
Interest Rates: Lower interest rates mean you pay less over the loan’s lifecycle.
Repayment Period: Decide if you need a shorter or longer time frame to repay the loan.
Fees: Check for application fees, processing fees, late payment fees, and foreclosure fees.
Loan Amounts: Ensure the minimum and maximum loan amounts meet your requirements.
Lender’s Reputation: Choose a reputable and reliable lender.
Customer Support: Good customer support is crucial for resolving any issues.
Consequences of Missing a Repayment
Late Payment Fee: Varies from lender to lender.
Credit Score Impact: Your credit score will drop.
Legal Action: Continued missed payments can lead to legal action.
Collateral Repossession: If collateral was pledged, the lender might repossess it.
Tips and Warnings
Compare Lenders: Don’t settle for the first app you see.
Read Terms Carefully: Understand all terms and conditions before applying.
Prepare Documents: Have all required information and documents ready.
Know Your Needs: Be clear about the loan amount, purpose, and repayment period.
Maintain Good Credit: Some apps require a good credit score.
Beware of High Interest Rates: Check for high rates and hidden charges.
Avoid Predatory Lending: Be cautious of predatory lenders.
Expert’s Opinion
Personal loan apps offer a convenient way to access funds quickly. However, thorough research on the lender, interest rates, repayment tenure, and terms & conditions is essential. Borrow responsibly and ensure you can repay on time to avoid financial strain and improve your credit score.
Conclusion
Personal loan apps provide an efficient solution for obtaining quick funds, especially in emergencies. With numerous options available, it's crucial to choose the one that best fits your needs. By understanding the eligibility criteria, necessary documents, and potential pitfalls, you can make an informed decision and manage your finances effectively.