Loan has become an essential attribute for most of people in India. But traditional banks take a long time to approve personal loan applications and banks tend to charge high-interest rates. Now in this technology prone zone, many instant loan apps in India have slowly become popular owing to many benefits they offer - customized loans, low interest rates, online credit cards, the simple application process with less paperwork, and 24*7 tracking. So, let us see the complete insights on the topic - Best Instant Cash Loan Apps in India.
Various purposes like studying overseas, buying a house or car, financing for business or setting up own startup are targeting people to take loan from banks. In this whole financial setup, instant cash loan apps have emerged as an excellent idea to provide safe and convenient immediate cash loan in India within 1-hour. As there are number of available apps in the market, it is difficult to choose the one that fits your needs. Below is the list of top Instant loan app in India that helps customers secure a loan almost instantly.
Paysense has both an app and a website, founded by Sayali Karanjkar and Prashanth Ranganathan where salaried professionals and self - employed individuals can apply for an instant personal loan.
Salaried professionals who earn at least Rs .12000 per month and self employed individuals who earn a minimum of Rs. 15000 per month are eligible to borrow from PaySense. PaySense offers a simple EMI calculator to calculate EMI. After installation of the app, all you need to do is to check your eligibility and upload the necessary documents.
Borrowers are allowed to choose their preferred tenure to pay back the loan that ranges from 3 months to 60 months, the best part is that you are not required to submit any collateral or securities . The minimum loan amount is Rs. 5000 and maximum loan amount is Rs. 5,00,000.
CASHe is also one of the easy ways of making loan. All you need to do is CASHe app on your phone, upload the necessary documents on the app, once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your paytm account. The minimum loan amount is Rs. 5000 and Maximum loan amount is Rs. 200,000.
You can apply for loan anytime for any reason here. All you have to do is to download the app and provide your pan number, aadhar number, and address for verification. Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app's claim, three minutes. The loan amount can be repaid within 3 to 72 months. The minimum loan amount is Rs.1000 and Maximum loan amount is Rs. 15,00,00
4. Money Tap
Money Tap is making its own speciality in lending money. It has a unique feature called "no usage no money", which brings it to catch the attention of the people standing out from the rest of the apps. This simply means that you are charged interest only on the amount of money used.
All you have to do here is to download the app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs . Money Tap has partnered with leading NBFCs in India, and the company currently serves Bangalore, Mumbai, NCR, Hyderabad and more cities in India. However you need to earn a minimum of Rs.20000 per month to be eligible for a loan. The minimum loan amount is Rs.3000 and maximum loan amount is Rs.5,00,000.
5. Home Credit
This is one of the oldest loan apps in India. A part of the international home Credit Group, this company has a presence in over ten countries in Asia and Europe. In India, it operates it over 20 states and 150 cities. It provides a loan amount up to Rs. 2 lacs and allows you to repay it in easy EMIs within a period of nine months to 4 years.
6. Capital First
This is one of the oldest money lending apps in India with a good name. This is one of the rarest apps that lends you a significant amount of cash. Here you have to download the app and use it.
The process is simple, you have to upload necessary documents and providing all your identity details, you can get your loan amount approved within few minutes. You are allowed to pay off the loan in easy EMIs within a period of one year to five years. The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates and also raise service requests.