Personal loans are a great way to manage your finances when you do not have other means available to you. You can take a personal loan to cater to all your financial needs, such as medical emergencies, education, international travel, wedding, and home renovation without redeeming your savings or investments.
However, acquiring personal loans through a traditional way takes a lot of time, and some lenders may even charge you higher interest rates.
Given such issues, personal loan apps in India have emerged as an impressive idea to offer safe, hassle-free, and quick personal loans. Most lenders offer to credit the approved loan amount to your bank account within hours. Here are the top 5 loan apps for a quick loan sanction in India
List of Top 5 Best Loan Apps for Quick Loan Sanction:
Fullerton India Instaloan App
If you are a salaried employee of an organization, you can now take a personal loan using Fullerton India’s instant loan app from the comfort and convenience of your home. Much of its popularity among Indian borrowers stems from features like easy accessibility, quick approval and disbursal, hassle-free documentation process, and competitive interest rates.
You will need to download and install the Fullerton Instaloan App on your smartphone, fill in your personal and employment details, submit the required documents, and click Submit. If everything is in proper order, your loan application will get approved instantly, and the approved loan amount will be credited to your bank account within a few hours.
Fullerton India’s instant loan offers up to Rs. 25 lakhs as a loan for a repayment tenure of 12 to 60 months. If you have the documents and meet all the eligibility criteria based on factors like your age, income, credit score, and current financial obligations, you are eligible to secure an interest rate as low as 11.99%.
EarlySalary Loan App
EarlySalary is another quick loan app in India that offers instant access to cash to salaried professionals. It best serves individuals who intend to repay the loan amount within a specific period. For instance, you may require cash in the middle of a month and are worried about how to meet expenses until the next payday.
In such cases, EarlySalary offers up to Rs. 200,000 as a loan for a loan tenure of up to 50 days. The minimum loan amount you can take is Rs. 1000. If you are in urgent need of cash and you are sure to repay the loan amount within the stipulated EMIs, you can opt for EarlySalary to meet your expenses.
NIRA Loan App
NIRA is a newly introduced instant personal loan app in India that offers a quick and hassle-free application process to salaried and self-employed individuals. After downloading the app and filling in your details, you can find your eligibility in just three minutes. You can apply for a loan of up to Rs. 100,000, provided you meet the eligibility criteria.
The best thing about NIRA is that it enables you to withdraw Rs. 5000/- or more anytime you need money. You can repay the loan amount in easy EMIs between 3 to 12 months. Further, you do not even need to have a high credit score to apply for a loan.
Money Tap Loan App
MoneyTap is known for its unique feature called “No-Usage-No-Interest.” It enables you to pay interest only on the amount of money used while shopping or paying for emergency needs. You will need to install the app on your phone, fill in your details, and submit your documents. After the approval of your loan application, you will be given a credit line, which you can use as per your needs.
MoneyTap’s services are currently available in Bangalore, Mumbai, Delhi NCR, and Hyderabad. It is mandatory to earn a minimum of Rs. 20,000/- a month to be eligible for a personal loan.
FlexSalary Loan App
FlexSalary is available only for salaried employees of private and public undertakings. If you are a salaried professional, you can apply for a personal loan via FlexSalary. Once the approved loan amount is disbursed to your bank account, you can access it anytime and use it for whatever purpose you would like.
The best thing about FlexSalary is that borrowers are given the freedom to select a flexible loan tenure for themselves. You can take a personal loan even if you have not maintained a high credit score.
You are charged interest only on the money you withdraw from the line of credit. If you do not use your sanctioned money, there will be no interest.