Getting a loan in India is easier than ever. There are many apps that provide you with loans within hours, even if the amount is in lakhs. In this article, we’re taking you through the seven best instant loan apps in the country.
EarlySalary, which is headquartered in Pune, is one of the fastest-growing lending platforms in the country. It offers instant loans to the tune of ₹2 lakh to individuals having a monthly salary of ₹18,000 and above. The company’s model focuses on salaried individuals having minimum to no credit history, which means you can avail of loans up to ₹2 lakh even if you’re never taken a loan before. Its app is really quick and easy, with the loan amount reaching your account within a few hours.
2. Fullerton India InstaLoan
Quick disbursal is one of the many great things about this instant loan app. Fullerton claims that, if approved, your loan amount will reach your savings account within 30 minutes. There’s also no documentation involved, with customers able to borrow personal loans up to ₹25 lakh. Interest rates usually range from 11.99% to 36%.
Founded in 2016, mPokket is an instant lending platform aimed at salaried individuals and students. Personal loans as low as ₹500 can be availed through mPokket’s mobile application, which is fast, simple and intuitive. Students can get personal loans by using their student ID cards, with applications approved within 24 hours.
What separates LazyPay from the rest of these apps is its Use Now, Pay Later scheme. It is basically like a credit card, wherein LazyPay will give you money to fulfil your needs. You can then pay the app later in easy EMIs. Loans up to ₹1 lakh can be instantly availed on LazyPay, and the entire process, from application to disbursement, is entirely online.
Instant loans at KreditBee can be broken down into three categories – Flexi personal loan, personal loan for salaried people and online purchase loan. Each of them is meant for different purposes, although the time taken for disbursement is the same, no matter which one you choose. You can get loans ranging from ₹1000 to ₹2 lakhs at KreditBee, with the interest rate depends on your credit history.
Headquartered in the startup capital of the country, aka Bengaluru, MoneyTap is an instant online personal loan solution. Loans varying from ₹3000 to ₹5 lakh can be availed in less than 10 minutes from MoneyTap. Coming to its app, it is safe, secure and amazingly quick, which is good news for your data as well as time. You can also shop online using MoneyTap’s instant loans.
Going by numbers, CASHe has so far disbursed more than ₹2000 crore and has more than 3 lakh loyal customers. 75% of the users on the app are repeat users, so they are definitely something that they like. Unlike other lending platforms, CASHe uses multiple data, and not just the credit score, to determine a user’s creditworthiness. Instant personal loan amounts vary from ₹9000 to ₹2 lakh on CASHe.