A personal loan is similar to emergency finance that a borrower can use when he or she is short on cash. These types of loans have no end-use restrictions, so the money can be spent on anything, including weddings, vacations, and medical expenses. For borrowers, it is like the most comfortable financial cushion.
On the one hand, conventional banks take a long time to process personal loan applications and charge high interest rates,
This website focuses on short term loans for students and salaried individuals. It enables you to get fast, instant cash with prior approval, thereby reducing your cash requirement and meeting your daily activities and tasks.
The best aspect about the low interest loan app is that you can transfer funds from your approved loan to any digital wallet, like Paytm or bank accounts. There is no need to open a new bank account or use the UPI system. You can also buy directly from the internet portal, making the transaction easier for consumers.
This is also one of the reasons why people enjoy using mPokket regularly. Salaried employees can get up to INR 30,000 in short-term loans only with proof of employment and salary credit. Apart from their membership in any institute, students do not need any documents.
Interest rate per month – starting from 3.5 percent
Maximum Loan Amount – No maximum limit
Minimum Loan Amount – Rs. 500
Documentation Identity proof (Voter Card / Driving License / Passport / Aadhaar Card), College ID Card, PAN Card; (b) For Salary Loans – Identity proof (Voter Card / Driving License / Passport / Aadhaar Card), PAN Card, Form 16, Company ID Card, Pay slip of bank account where your salary is deposited by your company
Features – Apply directly using an ID card, 100% online process with minimal documentation, application is approved within 24 hours and you can deposit money into your bank account or Paytm wallet, through various options Provides easy repayment, good credit score
Neera Finance is known for instant approval, and that is why it is one of the best instant personal loan apps. You can easily get more amount of loans with a simple registration, and they claim about their instant loan restrictions.
You can also set up auto-debit and credit through this platform, and you don’t need to think about finance or fees for your transactions. You just need to download Tatkal Loan app, register yourself, upload documents and link bank account.
It will automatically assess your credit score and provide you with an instant loan at no cost. You can get up to INR 500,000 and the interest rate can range from 1.5 to 2.5% (monthly) depending on your score.
Maximum Loan Amount – Rs. 5,00,000
Features – Quick delivery, low interest rates, easy repayment, flexible schedule, helpful customer service
Cashe has established itself as the best personal loan app, and the UI/UX it has to offer for its application confirms this. You can easily log in and register on the app, and the dashboard contains all the information you’ll need to get a loan fast.
You can choose from a variety of loans with a maximum amount of INR 500,000 and different interest rates and repayment terms. You can also direct deposit into the respective bank account. You can also set up direct auto-debit for loan interest payments, which eliminates the need to visit the platform every time. There are also Buy Now Pay Later partnerships with Flipkart, Amazon, Big Basket and others, and you can choose to guarantee your loan with insurance policies.
Interest rate per month – starting from 1.75 percent
Maximum Loan Amount – Rs. 5,00,000
Minimum Loan Amount – Rs. 5,000