Many people resort to personal loans when they need collateral-free funds to cover their big-ticket expenses. Still, most of them avoid applying for a personal loan due to the hectic and time-consuming process most lenders have. This is where personal loan apps help to streamline the loan process and accelerate approval and disbursal.
Several lenders have launched their loan apps, keeping at par with the consumer demand for technological advancement. Borrowers can quickly install their selected app on their smartphone and apply for a loan anywhere, anytime. However, the key is to find the best app offering reliable and quality service. Here is a list of the top 10 personal loan apps India that has built a reputation among borrowers for their instant approval, user-friendly interface, and customer satisfaction level.
List of Best 5 Personal Loan Apps in India:
- Fullerton India InstaLoan App
Fullerton India InstaLoan app allows applicants to complete the loan procedure with just a few taps on their phone screen. Once the user downloads and installs the app, they may create an account or register with their Google or Facebook account. After entering a few essential details, like their personal, employment, income details, the borrowers have to scan and upload their documents online through the app.
The app streamlines the loan process by making it faster and easier than before. Thanks to its completely digital interface, it supports a 100% paperless loan procedure. Besides applying for a loan, it allows users to track their application status, pay their EMIs, use online calculators, and much more.
- EarlySalary Personal Loan and Salary Advance App
EarlySalary is a reputed lender offering personal loans of ₹8,000 to ₹500,000 through their instant loan app. They allow borrowers to choose a repayment term of 90 days to 24 months. The app has a user-friendly interface that helps even first-time users complete the process with ease.
No collateral requirement, minimal documentation, and 100% digital loan procedure make the app one of the fastest loan apps in India. Applicants simply need to enter their loan requirements, check their eligibility, and apply for the required funds within minutes.
- Bajaj Finserv Loan App
Bajaj Finserv is a reputed Indian NBFC offering personal loans of ₹ 30,000-25 lakhs with repayment terms ranging from 12 to 84 months. Applicants looking for an instant loan may download and install the Bajaj Finserv loan app on their smartphone and complete their loan application within minutes.
The personal loan that Bajaj Finserv offers come with no end-use restrictions; they are collateral-free and have minimal eligibility and documentation requirements. Besides loan applications, Bajaj Finserv app also supports mobile recharges, bill payments, UPI payments, and online shopping. Customers may also use the Bajaj Finserv wallet, store locator, expense manager, and in-app program for a comprehensive financial experience.
- SmartCoin Instant Personal Loan App
SmartCoin instant loan app allows borrowers to apply for a loan of ₹ 4,000 to ₹ 1 lakh. The repayment term ranges from 62 to 365 days, which borrowers may select based on their repayment capacity. Some critical features of the SmartCoin app are fast loan approval, quick disbursal, 100% paperless processing, zero prepayment charges, and minimal documentation requirements.
The SmartCoin personal loan is collateral-free and comes at competitive interest rates. Their app allows 100% digital application, approval and disbursal within minutes without any paperwork or lender’s visits.
- PaySense Personal Loan App
PaySense loan app has a user-friendly interface that applicants can use to avail a personal loan for education, medical emergency, vacation, wedding, home renovation, credit card bill payment, or two-wheeler purchase. The lender offers personal loans of ₹ 5,000 to ₹ 5,00,000 at competitive interest rates and flexible repayment terms of 3 to 60 months. The best features of PaySense personal loans are no collateral requirement, flexible EMIs, and fast approval within minutes.
The instant loan app from PaySense streamlines the loan process by making it fast, hassle-free, and intuitive. Prospective applicants can quickly download and install the app, register for it, and proceed with the application procedure.
These are the best five personal loan apps in India. Borrowers must choose an app most suitable to their financial requirements and repayment capacity. The best app is the one that caters to their funding needs and provides a loan with minimal effort and time.