You may find yourself in need of instant funds for many reasons. One of the easiest ways to deal with urgencies is applying for a Personal Loan. The conventional of process of applying for a loan through the banks can be tedious and difficult. Another way of obtaining a personal loan is through loan apps.
There are some basic pre-requisites like having a desirable CIBIL score, fulfilment of eligibility criteria which generally includes age, salary or citizenship etc. You can expect immediate approval for your online personal loan after these checks are completed. The online loan apps are useful because they allow you to view and monitor all of your loan-related information at any time and from any location, including on vacation. Unlike banks, which are only open during specific hours, apps are open 24 hours a day, seven days a week. As a result, they are gaining in popularity. Below are some Instant Personal Loan apps that we think might interest you –
Early Salary – Founded in 2015, Early Salary is a new entrant in the lending business. The app is specially designed for salary advances and Instant Personal Loan. It provides salaried persons with financial help up to 5 lakhs at a 30 percent annual interest rate. Other qualifying conditions include the applicant’s age, which must be at least 21 years old, and the applicant’s salary, which must be at least 20,000/- to qualify for a Personal Loan. It exclusively lends Personal Loans in a few cities across India, which is one of the app’s disadvantages.
Bajaj Finserv – The Bajaj Finserv app is a multi-lingual platform that caters to the diverse financial needs of the Indian consumer. The interest rate on an online personal loan from Bajaj Finserv starts at 12%. If you meet the eligibility requirements, you can get up to $25,000 in financial aid. You must be between the ages of 23 and 55 and have a CIBIL score of at least 750. Because its scope is pan-India and not simply confined to a few towns, the Bajaj Personal Loan app could be a feasible choice for the public.The fund disbursal process is quick & easy with a requirement of minimal documents.
Money Tap – This platform too is quite recent in the lending market and has some promising features too. Money Tap offers online Personal Loan starting from Rs 3000/- to up to Rs 5 lakh. You must be between the ages of 23 and 55 and have a monthly salary of at least Rs 20,000/-. This app only provides financial aid in a few cities, which limits its reach and popularity. To summarize, the app has a limited budget and is picky about the areas in which it operates.
Tata Capital – Tata Capital is the Tata group’s financial services and lending business. This platform, which has been in operation since 2007, offers a wide range of financial goods. The Tata Capital app offers personal loans with interest rates starting at 11.25 percent. You can obtain up to Rs 25 lakh in cash right away if you meet the eligibility requirements. It requires applicants to have at least one year of job experience. To qualify for an immediate Personal Loan via this app, you must have a monthly take-home pay of at least Rs. 15,000/- and be between the ages of 22 and 58.
Kissht – This is a new NBFC that is quickly establishing itself as an immediate Personal Loan app. Kissht, which was founded in 2015, has grown in popularity in the loan industry because to its ease of use. Personal Loans of up to Rs 1 lakh are available. It has a minimum salary requirement of Rs. 12,000/- and applicants must be at least 21 years old. However, one of the disadvantages of this application is the lack of funding. To summarize, Kissht has the simplest conditions to meet, but it has a relatively limited quantity of money to lend to its consumers.
| App Name | Max. Loan Offered | Minimum Salary Needed | App Rating |
|---|---|---|---|
| Early Salary | 5 Lakh | 20,000/- | 4.4 |
| Bajaj Finserv | 25 Lakh | 25,000/- | 4.3 |
| Money Tap | 5 Lakh | 20,000/- | 4.2 |
| Tata Capital | 25 Lakh | 15,000/- | 3.8 |
| Kissht | 1 Lakh | 12,000/- | 4.4 |
