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Top 20 Best Loan App in India

alforUS

May 13, 2023

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In recent years, the lending industry in India has been revolutionized by the emergence of loan apps. These apps have made it possible for people to borrow money instantly and conveniently, without the hassle of paperwork and long waiting periods. With so many loan apps available in India, it can be difficult to choose the best one. In this article, we will discuss the top loan apps in India and their features.

ZestMoney:

ZestMoney is one of the most popular loan apps in India. It offers loans ranging from Rs. 1,000 to Rs. 5 lakhs with a repayment period of up to 36 months. The interest rates vary from 0% to 28% depending on the borrower’s credit score. The minimum age requirement is 18 years, and the borrower should have a minimum income of Rs. 15,000 per month. The documentation requirement is minimal, and the loan approval process is quick.

Navi

Navi is a digital lending platform founded by Flipkart co-founder Sachin Bansal. It offers personal loans up to Rs. 5 lakhs with a repayment period of up to 36 months. The interest rates range from 13.99% to 16.99%, and the minimum age requirement is 21 years. The borrower should have a minimum monthly income of Rs. 15,000, and the documentation requirement is minimal.

True Balance:

True Balance is a mobile wallet app that also offers personal loans. It offers loans up to Rs. 50,000 with a repayment period of up to 90 days. The interest rates range from 1.5% to 2.5%, and the borrower should be between 18 and 60 years of age. The documentation requirement is minimal, and the loan approval process is quick.

mPocket:

mPocket is a lending app that offers personal loans up to Rs. 50,000. The repayment period varies from 91 days to 365 days, and the interest rates range from 15% to 24%. The borrower should be between 21 and 50 years of age and should have a minimum monthly income of Rs. 9,000. The documentation requirement is minimal, and the loan approval process is quick.

Home Credit:

Home Credit is a non-banking financial company that offers personal loans up to Rs. 2 lakhs. The repayment period varies from 9 months to 48 months, and the interest rates range from 24% to 42%. The borrower should be between 19 and 55 years of age and should have a minimum monthly income of Rs. 10,000. The documentation requirement is minimal, and the loan approval process is quick.

Kreditbee:

Kreditbee is a lending app that offers personal loans up to Rs. 1 lakh. The repayment period varies from 2 months to 15 months, and the interest rates range from 0% to 29.95%. The borrower should be between 18 and 40 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

Paysense:

Paysense is a lending app that offers personal loans up to Rs. 5 lakhs. The repayment period varies from 3 months to 60 months, and the interest rates range from 13% to 33%. The borrower should be between 21 and 60 years of age and should have a minimum monthly income of Rs. 12,000. The documentation requirement is minimal, and the loan approval process is quick.

Nira:

Nira Is a lending app that offers personal loans of up to Rs. 1 lakh to salaried individuals. The repayment period varies from 3 months to 1 year, and the interest rates range from 12% to 24% per annum. The borrower should be between 21 and 65 years of age and should have a minimum monthly income of Rs. 12,000. The documentation requirement is minimal, and the loan approval process is quick.

One of the unique features of NIRA is that it offers a credit limit instead of a one-time loan amount. This means that once the borrower is approved for a loan, they can withdraw funds as needed up to their credit limit, without having to go through the loan approval process each time. This feature provides flexibility and convenience to the borrower.

To apply for a loan with NIRA, the borrower needs to download the app and complete the application process, which includes providing personal and employment information, as well as bank statements and other supporting documents. Once the loan is approved, the funds are transferred to the borrower’s bank account within 24 hours.

In terms of fees, NIRA charges a processing fee of up to 4% of the loan amount, depending on the loan tenure. There are also penalties for late payments and prepayments.

Overall, NIRA is a good option for salaried individuals who need quick access to funds and want the flexibility of a credit limit. The interest rates are reasonable, and the loan approval process is quick and hassle-free. However, borrowers should be aware of the fees and penalties associated with the loan and should ensure that they can repay the loan on time to avoid falling into a debt trap.

MoneyView:

MoneyView is a lending app that offers personal loans up to Rs. 5 lakhs. The repayment period varies from 3 months to 60 months, and the interest rates range from 16% to 36%. The borrower should be between 21 and 57 years of age and should have a minimum monthly income of Rs. 13,500. The documentation requirement is minimal, and the loan approval process is quick.

Cashe:

Cashe is a lending app that offers personal loans up to Rs. 2 lakhs. The repayment period varies from 15 days to 1 year, and the interest rates range from 1.50% to 2.75% per month. The borrower should be between 23 and 58 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

SmartCoin:

SmartCoin is a lending app that offers personal loans up to Rs. 25,000. The repayment period varies from 2 months to 4 months, and the interest rates range from 1.5% to 4% per month. The borrower should be between 18 and 50 years of age and should have a minimum monthly income of Rs. 20,000. The documentation requirement is minimal, and the loan approval process is quick.

StashFin:

StashFin is a lending app that offers personal loans up to Rs. 5 lakhs. The repayment period varies from 3 months to 36 months, and the interest rates range from 11.99% to 59.99%. The borrower should be between 21 and 55 years of age and should have a minimum monthly income of Rs.18,000. The documentation requirement is minimal, and the loan approval process is quick.

Pocketly:

Pocketly is a lending app that offers personal loans up to Rs. 50,000. The repayment period varies from 7 days to 90 days, and the interest rates range from 0% to 5% per day. The borrower should be between 21 and 50 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

Fibe:

Fibe is a lending app that offers personal loans up to Rs. 5 lakhs. The repayment period varies from 3 months to 36 months, and the interest rates range from 16% to 35%. The borrower should be between 21 and 56 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

Flex Salary:

Flex Salary is a lending app that offers personal loans up to Rs. 4 lakhs. The repayment period varies from 90 days to 365 days, and the interest rates range from 1.5% to 3% per month. The borrower should be between 18 and 60 years of age and should have a minimum monthly income of Rs. 8,000. The documentation requirement is minimal, and the loan approval process is quick.

the app that offers personal loans up to Rs. 15 lakhs. The repayment period varies from 6 months to 5 years, and the interest rates range from 11.99% to 36%. The borrower should be between 18 and 65 years of age and should have a minimum monthly income of Rs. 8,000. The documentation requirement is minimal, and the loan approval process is quick.

Buddy Loan

Buddy Loan is a lending app that offers personal loans of up to Rs. 15 lakhs. The repayment period varies from 6 months to 5 years, and the interest rates range from 11.99% to 36%. The borrower should be between 21 and 65 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

One of the unique features of Buddy Loan is that it offers joint loans, where two individuals can apply for a loan together, and the loan amount is disbursed to both of their bank accounts. This feature is useful for couples or family members who need funds for a common purpose.

To apply for a loan with Buddy Loan, the borrower needs to download the app and complete the application process, which includes providing personal and employment information, as well as bank statements and other supporting documents. Once the loan is approved, the funds are transferred to the borrower’s bank account within 48 hours.

In terms of fees, Buddy Loan charges a processing fee of up to 3% of the loan amount, depending on the loan tenure. There are also penalties for late payments and prepayments.

Overall, Buddy Loan is a good option for individuals who need a higher loan amount and want the flexibility of joint loans. The interest rates are competitive, and the loan approval process is quick and hassle-free. However, borrowers should be aware of the fees and penalties associated with the loan and should ensure that they can repay the loan on time to avoid falling into a debt trap.

Kissht:

Kissht is a lending app that offers personal loans up to Rs. 5 lakhs. The repayment period varies from 3 months to 24 months, and the interest rates range from 14% to 28%. The borrower should be between 21 and 55 years of age and should have a minimum monthly income of Rs. 12,000. The documentation requirement is minimal, and the loan approval process is quick.

Branch Personal Loan:

Branch Personal Loan is a lending app that offers personal loans up to Rs. 50,000. The repayment period varies from 61 days to 90 days, and the interest rates range from 15% to 33% per annum. The borrower should be between 21 and 56 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

PayMe:

PayMe is a lending app that offers personal loans up to Rs. 10 lakh. The repayment period varies from 3 months to 12 months, and the interest rates range from 0.10% to 0.50% per day. The borrower should be between 18 and 65 years of age and should have a minimum monthly income of Rs. 12,000. The documentation requirement is minimal, and the loan approval process is quick.

FairMoney:

FairMoney is a lending app that offers personal loans up to Rs. 1 lakh. The repayment period varies from 61 days to 120 days, and the interest rates range from 10% to 30% per annum. The borrower should be between 21 and 56 years of age and should have a minimum monthly income of Rs. 15,000. The documentation requirement is minimal, and the loan approval process is quick.

Conclusion:

All the loan apps mentioned above have their own advantages and disadvantages. While some offer high loan amounts, others offer flexible repayment periods and lower interest rates. The documentation requirement is minimal for all these apps, and the loan approval process is quick.

It is important to carefully review the fees, interest rates, repayment terms, and eligibility criteria before choosing a loan app. Additionally, it is recommended to borrow only what is necessary and to ensure that the loan can be repaid on time to avoid falling into a debt trap.

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