Personal loans are a good option to get money without requiring collateral. Many banks and non-banking financial organizations offer personal loans. The fastest instant personal loan app is a value-addition to the personal loan sector. The evaluation criteria to check an individual’s eligibility for a personal loan include employment status, income source, credit score, and repayment capability. Numerous best personal loan apps in India provide the loan amount within a week.
The article covers several best personal loan apps in India with relevant details to ease the choice. While you read about these apps, you can also check out Wishfin, a trustworthy platform providing instant personal loans.
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ZestMoney
It is the fastest instant personal loan app that does not require extra documentation and visits to multiple places to get loan approval. Besides, it does not charge a pre-closure fee and provides loans up to 5 lakhs. The repayment terms are around 3 months to 3 years with a wide range of EMI plans. The interest rates start at 15%, and individuals must submit their profile and KYC documents and then set up the repayment plan to activate the credit limit. Shop at their merchant’s partners, and you are eligible for a personal loan.
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MoneyView
It is also among the best personal loan apps in India, offering instant personal loans from INR 5000 to 5 lakhs. They provide personalized offers according to the user ID. The fastest instant personal loan app provides loan tenures from 3 to 60 months and clear information on all the charges to maintain transparency. The user-friendly interface is shortened further to make the process instant and hassle-free. The app also provides an EMI calculator, and the interest rates start at around 16% annually. The eligibility criteria are a stable income source, a CIBIL score of 600, and must fall in the range of 21 to 57 years.
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LazyPay
It is the most reliable and fastest instant personal loan app that promises to deliver up to INR 5 lakhs of loans without physical documents. The loan application process sums up into three steps. The individuals must fill in a few pieces of information per the app’s request to check their eligibility. Once eligible, go on to finish the online application on the best personal loan apps in India and instantly receive the XpressCash in your bank account. Here, EMI options are flexible, and customers can choose a varying range of time and interest rates for desired loan amounts.
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NIRA
It is also the fastest instant personal loan app providing a loan of from INR 2500 to INR 1 lakh in 3 minutes. The intriguing feature is a calculation of interest on only the taken amount rather than the total sanctioned amount of the loan. So no more tension of bad budgets. The quick-in-app form instantly states the eligibility. The users need not worry about no CIBIL score, while the existing ones are required to have a CIIBL score of 681. The interest rates lie between 1.67% to 2.25% per month. NIRA charges on processing, late payment and prepayment. The tenure range at best personal loan apps in India is 3 to 12 months via auto-debit or manual app-based method.
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Stashfin
Another famous name in the discussion about the best personal loan apps in India is Stashfin. It offers personal loans ranging between the amount of INR 10,000 to INR 50,000. The eligibility requirements to gain a loan are Indian citizenship, 18 years of minimum age limit, income source and salaried employee, good credit history, and net banking access. Their tenure is open for users to choose between 3 to 36 months with interest rates of 11.99% to 59.99% APR. Stashfin charges a minimal loan processing fee and accepts payments in EMI form online.
Conclusion
Personal loans serve as funds for weddings, medical emergencies, home renovations, or other purposes. People prefer short amount loans for reduced durations and lower interest charges in a hassle-free manner. To provide such facilities, numerous NBFCs offer personal loans online without requiring a physical visit to any place. The complete online procedure requires transparent eligibility criteria, which a user must go through while signing up for the loan.