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Best Personal Loan Apps in India (2024)

blog-image
Jun 15, 2024
7 Minutes

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.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
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Want to Achieve any of the below Goals upto 80% faster?Trusted by 3 Crore+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

Best Personal Loan Apps in India (2024)

blog-image
Jun 15, 2024
7 Minutes

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.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More