A personal loan is the best financing solution for all your funding needs. This financial product has no end-use restrictions. Thus, it can be used for several personal or sometimes business purposes. Over the last few years, personal loans have become significantly simpler to apply for and receive, thanks to technological advancements.
Several new-age lenders provide this convenience through their instant cash loan app. Among these, the top five are mentioned below.
1. SimplyCash
SimplyCash is an instant cash loan app powered by Hero FinCorp. It has disbursed over Rs 200 crores in the first 10 months from its launch. SimplyCash has approved over 20,000 loan applications to date. It presently operates in 99 locations across India. You can withdraw funds worth anywhere between Rs. 50,000 and Rs. 1.5 lakhs. The interest rate charged on your loan starts at 2.08% per month, and the processing fees for this loan are 2.5% plus GST. Some key features of this app are detailed below.
Minimum Documents: Not only does this app allow for paperless documentation, but it also keeps the number of required documents to a minimum. Your KYC and proof of income are sufficient to obtain immediate approval.
Quick Approval: Once you complete the application process, SimplyCash will let you know if you qualify for a loan in only 20 seconds.
Customization Benefit: The app allows you to customise the loan amount and EMI based on your needs and budget.
Unsecured Loan: SimplyCash never asks for security/collateral to disburse the personal loan.
2. MoneyTap
MoneyTap was founded in the year 2015. It is the first app (app-based) in India to offer a credit line. The app has partnered with RBL Bank to provide a credit line of up to Rs. 5 lakhs. You can use the credit for a variety of things, including vacation, medical emergencies, laptop purchases, and more. The lender permits you to repay the loan over a 36-month period. The following are some of the app’s key highlights.
Borrowing flexibility: Your personal credit line allows you to withdraw funds whenever you want.
Usage-based interest: The lender will only charge you for the amount you have taken out of your credit line.
Credit Limit for Life: Your credit limit will reactivate as soon as you pay all your debts.
No Guarantor Required: You don’t need a guarantor or any kind of collateral to get money through this app.
3. IndiaLends
IndiaLends is a digital lending platform that offers personal loans, gold loans, credit cards, and lines of credit. It was founded in 2015. This digital lender has teamed with more than 50 financial institutions to provide convenient borrowing options. You may also use this app to check your credit score and maintain track of your financial situation. Here are some key features of this app.
Customised offers: You can take out a customised loan worth up to Rs. 50 lakhs. Such loans have interest rates that start at 10.75 % and have a maximum repayment term of 5 years.
Quick Disbursement: The funds are disbursed within 24 hours of your loan application approval.
Line of Credit: If you are a first-time borrower, you can only apply for a loan amount ranging from Rs. 15,000 to Rs. 2 lakhs.
4. PaySense
PaySense was founded in 2015 and was recently acquired by PayU in 2020. In order to meet the needs of its consumers, it has formed partnerships with a number of financial institutions. The app allows you to withdraw funds for the value ranging from Rs 5,000 to Rs 5 lakhs. The app helps you stay on top of your EMI by providing periodic reminders. It also offers a feature that allows you to set up an automatic debit. The following are some of the app’s key features.
Zero Credit History: The app allows you to withdraw funds even if you have never taken out a loan before and have no credit history.
One-Click Loan: Once you have taken out a loan through this app, you won’t have to submit any paperwork or fill out a lengthy application the following time. A single click will get you the funds you need.
5. KreditBee
Founded in 2018, KreditBee is another instant cash loan app that offers personal loans only to salaried individuals. This loan’s interest rate starts at 1.02%, and you can apply for it by submitting two basic documents: proof of salary and evidence of employment. The entire loan process, from application to disbursement, takes less than 15 minutes. Some key features of the KreditBee app are as follows.
Loan Amount: You can withdraw funds for the maximum amount of Rs. 3 lakhs depending upon your credit profile.
Loan Tenure: This app allows you to take a loan for a period ranging from 62 days to 15 months.
Eligibility Criteria: Indian citizens who are over the age of 21 years and earn a salary of at least Rs 10,000 per month can apply for this loan.
To Conclude:
Instant cash loan apps are a saviour in times of need. It provides immediate access to finances. These apps can also be used to maintain emergency reserves.
