2 May 2020
It isn’t always easy to stick to your budget. There are many unforeseen expenditures that can occur before you receive your monthly salary. Instant loan apps are the perfect solution to out of budget expenses. There are no physical documents required or even any physical interaction. It takes only a few minutes to get approved after which the loan is disbursed straight into your account. The time taken for loan amounts to get disbursed varies from app to app. There are a wide variety of apps that offer these services without the hassle and delay of private sector banks. This abundance in choice can get confusing for those wishing to make a safe and credible choice. Here are the top 5 instant loan apps in India-
Backed by Indiabulls ventures, Dhani provides unsecured loans ranging from INR 1000 – 15 lakh. There is a 5 min approval procedure after which the money is disbursed into your account within 3 minutes, as stated by the app.
There is no physical documentation required. They have a low-interest rate of 11.99%. Loan tenures range from 3-20 months. The processing fee is 5% of the instant loan amount.
Early salary is gaining popularity amongst the new salaried generation due to its quick disbursal of loans and easy-to-use interface. It is perhaps the best option to avail safe and credible online instant loans. EarlySalary offers loans to customers with no credit history, as long they earn a salary of above INR 18,000 per month. Those eligible can avail loans from INR 15000 up to INR 2 lakh, for rates as low as Rs 9/day. This service has partnered with Amazon, Flipkart, etc to enable purchases using EMIs directly at the time of the transaction.
MoneyTap is another popular instant loan app, with a paperless process. One can avail of the loan through online approval without any bank visit. Its loans range from INR 3,000 up to 5 lakh based on your credit score. The minimum salary requirement, however, is somewhat higher, at INR 22,000. The loan tenure ranges from 2-36 months with interest rates going from 13-24.3% per annum.
KreditBee is an instant loan app targeted towards financially helping young professionals with a stable salary. Like the other apps, its process is online too and does not take much time for disbursement. There are three types of loans provided – a Flexi Personal loan, a personal loan for salaried people, and an online purchase loan.
You have to be over 18 years of age, earning above INR 15,000 to be eligible. The loan tenure ranges from 62 days to 15 months – which is on the shorter side compared to other platforms. The loan amount is somewhat restricted too – ranging from INR 1,000 to 1 lakh with an interest rate of 2.49- 3% per month.
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