Best Instant Personal Loan Apps 2020

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If you’re in need of urgent cash and you’re thinking about Instant Personal Loan, then this article will help you save your time and money with these Best Instant Personal Loan Apps.

When you need urgent cash, there are just some ways available. One is to get a loan from traditional banks, which is a time-consuming process requiring lots of paperwork and takes way more than interests.

The second way is to seek help from your friends and families, but not everyone is lucky with it, and for some, it can be quite embarrassing to some.

Why should you take a Personal Loan?

  • Easy to Avail 
  • Finance for home remodeling
  • Easy traveling
  • Quick disbursal
  • No need for collateral
  • Fixed-Rate of Interest 
  • Choose the loan tenure
  • Tax benefit 

So, what is the best option available in this internet era to get an Instant Personal Loan?

An easy way to overcome this problem is to apply for an instant personal loan as those days are gone when you had to do a lot of paperwork but now personal loan eligibility has become very simple.

Now, the Internet has revolutionized India the way it works. So, you can get an instant personal loan with the comfort of your home by some simple steps from an app on your mobile.

Try These Best Instant Personal Loan App India 2020 | Best Loan App India 2020

1. MoneyTap

The most affordable Instant loan app in India

MoneyTap is India’s first app-based credit line. The best part of this app is its no-usage-no-interest feature, Which has made taking credit more accessible. Thanks for this fantastic feature.

MOney Trap Instant Loan With A Great Interference With a Combination Of White And Orange Color.

Because of this feature, you would have to pay the interest on the amount you used. It’s the best personal loan app in India that provides a line of credit and works as an instant personal loan app.

For example, look at the below situation to understand how the MoneyTap loan app works.

Mary has been approved for a credit line of ₹ 1 Lakh with MoneyTap, but she uses only ₹ 50,000 out of it. If she had taken a traditional personal loan, she would have been charged interest on the entire ₹ 1 Lakh from day 1.

But, with MoneyTap, she will only be charged interest on the amount she uses (₹ 50,000).

This instant personal loan app is currently serving clients in Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai as well as 30+ cities in India.

  • Self-Employed and professional can both use this app. However,, you should have a minimum of ₹22,ooo, or above income per month.
  • MoneyTap also tells you about the pre-approved loan amounts to you
  • This app has a very low-rejection loan rate.
  • If you don’t withdraw the full amount sanctioned, you would have to pay interest only the amount withdrawn to you.
  • The maximum you can get is ₹500000 lakhs

2. Indiabulls Dhani loan app

Dhani is a personal loan marketed as a Phone loan app; with the Dhani app, you can get an instant personal loan from anywhere and anytime. This app grants personal loan from ₹ 10000 to ₹1500000.

A Dhoni  With A Mobile Phone Representing DHani Instant LOan App.
  • The processing fee is 5% of the loan amount.
  • The interest rate is 11.99%. 
  • You will get the money in your account instantly. 
  • The online process takes only five minutes. 
  • A loan up to Rs. 15,000 is available online. 
  • You can also get the sum of ₹ 10000
  • Loans have tenure beginning from three months and going up to twenty months. 

3. KreditBee loan app

Kredit Bee App For Instant Loan

KreditBee is an instant personal loan app for young professionals to help them reach their dreams. It especially has a facility to transfer the loan money to your bank account directly.

  • You can get a loan up to ₹10000 lakh
  • The loan process from KreditBee is 100% online.
  • The entire process only takes about 15 minutes to an instant cash loan in 1hour
  • Loans available from ₹ 1,500 to ₹ 1 lakh. 
  • The monthly interest rate is only 3% of the principle.

4. PaySense 

Pay Sense In A Blue Color Background

The PaySense is a fantastic personal loan app in India that offers instant cash online. PaySense has partnered with IIFL and Fullerton for the disbursal of personal loans.

Moreover, PaySense also has an EMI calculator that shows you how much you will be paying every month.

  • It provides a maximum loan amount of ₹200000 lakh
  • The rate of interest starts at 16.8% p.a.
  • The minimum salary required to get a loan for professionals is ₹ 12000 and for self-employed ₹ 15000 though they depend on PaySense.
  • The KYC and bank documents are required to establish your loan amount.
  • If you’re eligible, it will take about 3-5 days to get the loan. however, by post submission, it takes about 5hours if you’re eligible

5. CASHe

CASHe is an RBI registered NBFC known as Bhanix Finance and Investment Limited and gives short-term personal loans for various financial needs.

Cash App India's Fastest Loan Giving App.

Though one downside about this app is that it only gives loans to salaried individuals and You, need to provide documents such as salary slips, bank statements, address proof, and PAN card.

However, You can upload these documents through this loan app while you’re applying for the loan. The loan amount is from ₹ 5,000 to ₹ 2ooooo Lakh.

  • You can register in the app through your social media profiles-Facebook /LinkedIn /Google + accounts.
  • You can also transfer a part of your loan amount directly to your Paytm wallet.
  • This app also provides instant personal loans for a short tenure of 15,30, 90, and 180 days.
  • The Social Loan Quotient (SQL) feature of the app makes your unique ID different from other users.

Documents you should have to apply for an instant personal loan in India

You need to have these documents to apply for your personal loan besides your credit history.

  • Aadhaar card
  • A photograph
  • Bank account details and statements,
  • Salary slips 
  • You need to fill in a Know Your Customer form or KYC form

Though all these document process is easy and you can transfer them online. Your personal loan amount depends on your salary and credit history after checking all the risk factors.

Your personal loan amount will become an easy process if you match the personal loan eligibility. Moreover it depends on your bank account history.

The bottom line on the best instant personal loan app in India 2020

Applying for an instant personal loan in your financial crisis was never easy as it is today. With the comfort of your sofa. Therefore things have become a thousand times easier now.

Uniquely getting a personal loan in India has become easy. because of the best instant loan app in India as the growing amount of loan internet users in India. You can opt for any personal loan app from the above list and can quickly get it.

Though getting a personal loan has become easy, but the borrower needs to read the terms and conditions wisely.

So, there will be no scope of any misunderstandings and mistakes, which might create some hardships for anyone because safety is equally important, like anything.

In addition, if you find this article useful about the best instant loan app in India, consider sharing it and comment if you have any queries about it.  Inspiration feeds.

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