What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

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Trusted by 1L+ Indians

Want to Achieve any of the below Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below
Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below
Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

25 Best Personal Loan Apps in India (2024)

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25 Best Personal Loan Apps in India (2024)

Looking for the best personal loan apps in India? This article will guide you through the top options available!

Updated on: 18 Jul 2024, 4:47 pm

Introduction

In today's fast-paced world, financial emergencies can arise unexpectedly, requiring immediate access to funds. Traditional banks often involve cumbersome paperwork and lengthy processes, which may not be suitable for urgent needs. This is where instant personal loan apps become invaluable. These apps provide quick and convenient access to funds with minimal documentation. Here, we have curated a list of the 25 best personal loan apps in India to help you navigate through financial exigencies efficiently.

Our Top Picks

Best Overall: Aditya Birla Capital

Aditya Birla Capital is renowned for offering online personal loans ranging from 1 to 50 lakh rupees at attractive interest rates (13-28%). It also provides flexible repayment tenures of 1-7 years, making it the best overall choice for personal loans.

Best Fast-Processing: PaySense

PaySense is known for its quick processing of personal loans with minimal documentation. It does not require a credit history, making it accessible for a broad range of applicants.

Best Bank: IndusInd Bank

IndusInd Bank offers instant personal loans at competitive interest rates with flexible repayment terms. The easy application process and hassle-free experience make it a top choice among banks.

Fastest Processing Time: Tata Capital

Tata Capital stands out for its rapid approval and disbursal process, making it ideal for those in urgent need of funds. This app significantly reduces waiting times compared to traditional lenders.

List of 25 Best Personal Loan Apps

Aditya Birla Personal Finance

Interest Rate: 13-28% per annum

Loan Amount: Rs. 1-50 Lakhs

Repayment Tenure: 1-7 years

Approval & Disbursal Time: 1-2 days

PaySense

Interest Rate: 16.8-27.6% per annum

Loan Amount: Rs. 5,000 to 5 Lakhs

Repayment Tenure: 3-60 months

Approval & Disbursal Time: 1-2 days

IndusInd Bank

Interest Rate: 11-30% per annum

Loan Amount: Rs. 30,000 to 5 Lakhs

Repayment Tenure: 12-60 months

Approval & Disbursal Time: 1-2 days

Tata Capital

Interest Rate: 11-28% per annum

Loan Amount: Rs. 40,000 to 35 Lakhs

Repayment Tenure: 6-84 months

Approval & Disbursal Time: 1-2 days

Moneyview

Interest Rate: 16-22% per annum

Loan Amount: Rs. 5,000 to 5 Lakhs

Repayment Tenure: 3-60 months

Approval & Disbursal Time: 1-2 days

Bajaj Finserv

Interest Rate: 11-35% per annum

Loan Amount: Rs. 1-40 Lakhs

Repayment Tenure: 6-96 months

Approval & Disbursal Time: 1-2 days

KreditBee

Interest Rate: 15-30% per annum

Loan Amount: Rs. 10,000 to 4 Lakhs

Repayment Tenure: 3-24 months

Approval & Disbursal Time: 1-2 days

mPokket

Interest Rate: 17.5-30% per annum

Loan Amount: Rs. 500 to 30,000

Repayment Tenure: 3 months

Approval & Disbursal Time: 1-2 days

Fibe

Interest Rate: 19-36% per annum

Loan Amount: Rs. 5,000 to 5 Lakhs

Repayment Tenure: 3-24 months

Approval & Disbursal Time: 1-2 days

Home Credit

Interest Rate: 24-34% per annum

Loan Amount: Rs. 10,000 to 5 Lakhs

Repayment Tenure: 6-48 months

Approval & Disbursal Time: Within 1 day

Lazypay

Interest Rate: 18-34% per annum

Loan Amount: Rs. 3,000 to 5 Lakhs

Repayment Tenure: 3-24 months

Approval & Disbursal Time: Within 1 day

Buddy Loan

Interest Rate: Starting at 12% per annum

Loan Amount: Rs. 10,000 to 15 Lakhs

Repayment Tenure: 12 months to 5 years

Approval & Disbursal Time: 1-2 days

LoanFront

Interest Rate: 12-36% per annum

Loan Amount: Rs. 1,500 to 2 Lakhs

Repayment Tenure: 62-160 days

Approval & Disbursal Time: 15 minutes

SmartCoin

Interest Rate: 20-36% per annum

Loan Amount: Rs. 1,000 to 2 Lakhs

Repayment Tenure: 91-120 days

Approval & Disbursal Time: 1-2 days

Finnable

Interest Rate: Starting at 16% per annum

Loan Amount: Rs. 50,000 to 10 Lakhs

Repayment Tenure: 6-60 months

Approval & Disbursal Time: 6 hours

Nira

Interest Rate: 24-36% per annum

Loan Amount: Rs. 5,000 to 1 Lakh

Repayment Tenure: 3-24 months

Approval & Disbursal Time: 24 hours

RapidRupee

Interest Rate: 12-36% per annum

Loan Amount: Rs. 1,000 to 60,000

Repayment Tenure: 3-12 months

Approval & Disbursal Time: 30 minutes

Truebalance

Interest Rate: 60-154.8% per annum

Loan Amount: Rs. 1,000 to 1 Lakh

Repayment Tenure: 62 days to 6 months

Approval & Disbursal Time: Within 1 day

Mobicred

Interest Rate: 12-30% per annum

Loan Amount: Rs. 8,000 to 1 Lakh

Repayment Tenure: 90-365 days

Approval & Disbursal Time: 24 hours

MoneyTap

Interest Rate: 13-18% per annum

Loan Amount: Rs. 3,000 to 5 Lakhs

Repayment Tenure: 2-36 months

Approval & Disbursal Time: Few minutes

Kissht

Interest Rate: 14-28% per annum

Loan Amount: Rs. 10,000 to 1 Lakh

Repayment Tenure: 3-24 months

Approval & Disbursal Time: 10-15 minutes

IndiaLends

Interest Rate: 10.25-25% per annum

Loan Amount: Rs. 10,000 to 50 Lakhs

Repayment Tenure: 6-60 months

Approval & Disbursal Time: 1-2 days

Navi

Interest Rate: 9.9-45% per annum

Loan Amount: Rs. 10,000 to 20 Lakhs

Repayment Tenure: 3-72 months

Approval & Disbursal Time: 1 hour

Zype

Interest Rate: 9.5-34% per annum

Loan Amount: Rs. 10,000 to 5 Lakhs

Repayment Tenure: 12-72 months

Approval & Disbursal Time: Within minutes

Pocketly

Interest Rate: 24-36% per annum

Loan Amount: Rs. 500 to 50,000

Repayment Tenure: 1-4 months

Approval & Disbursal Time: Few minutes

Documents Required for Personal Loan

Different lenders might require different documents, but some of the most common ones are:

Identity Proof: Voter ID Card, Passport, Driving license, Aadhaar Card, PAN Card.

Address Proof: Utility bills, Rental Agreement, Bank Statement.

Income Proof: Salary slip, Tax Return, Business Documents.

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:

Citizenship: You must be an Indian citizen.

Age: You must be in the age group of 18-65 years.

Income: You must have a minimum monthly income of INR 15,000.

Address: You must have a permanent residential address in India.

Employment: You must be employed or self-employed with a steady income.

Credit Score: You must have a minimum credit score of 650.

How to Apply for a Loan on an App

Download the App: First, download the personal loan app from the Play Store or App Store.

Create an Account: Provide your basic information such as name, phone number, and email address to create an account.

Provide Details: Enter relevant employment, income, and credit history details.

Apply for Loan: Choose the loan amount and repayment tenure, then submit your application.

Review Process: The lender will review your application and decide.

Disbursal: Once approved, the loan amount will be deposited in your bank account within 24-48 hours to a few days, depending on the lender.

Criteria to Consider When Choosing a Personal Loan App

Interest Rates: Lower interest rates mean less overall interest paid.

Repayment Period: Consider whether you need a shorter or longer repayment period.

Fees: Check for any application, processing, late payment, and foreclosure fees.

Loan Amounts: Ensure the app offers the minimum and maximum loan amounts that meet your needs.

Lender Reputation: Choose a lender with a good reputation for reliability and trustworthiness.

Customer Support: Effective customer support is crucial for resolving any issues regarding your loan.

Consequences of Missing a Repayment

Late Payment Fee: A fee is charged for late payments, varying by lender.

Credit Score Impact: Missed payments can negatively affect your credit score.

Legal Action: Continuous missed payments may lead to legal action.

Collateral Repossession: If you pledged collateral, the lender may repossess it.

Tips and Warnings

Compare Lenders: Evaluate different lenders before making a decision.

Read Terms Carefully: Understand all terms and conditions before applying.

Prepare Documents: Have all necessary documents ready before applying.

Avoid First App: Don’t pick the first app you see; compare several options.

Clear Purpose: Know how much you need, for what purpose, and your repayment plan.

Maintain Credit Score: Some apps require a good credit score; maintain it accordingly.

Beware of High Interest Rates: Be cautious of apps with exorbitant interest rates.

Understand Terms: Fully understand terms, including any hidden charges.

Avoid Predatory Lending: Watch out for apps engaging in predatory lending practices.

Credit Score Impact: Remember that a personal loan affects your credit score.

Expert’s Opinion

Personal loan apps provide a convenient way to access funds quickly. However, thorough research on the lender, interest rates, repayment terms, and conditions is essential. Borrow responsibly and ensure you can repay on time to improve your credit score.

Conclusion

We hope this comprehensive guide helps you choose the best personal loan app for your needs. Understanding the terms, eligibility criteria, and potential pitfalls will aid in making an informed decision and ensuring a smooth borrowing experience.