The 9 Best Small Loan Apps for India
Financial emergencies can occur without warning in today’s fast paced world. A small loan could be the difference between life and death. Small loans are not offered by traditional banks, and borrowing money from family or friends can be uncomfortable. Small Loan Apps can help you get instant cash without having to worry about paperwork or collateral.
This blog post will explore nine of India’s best small loans apps that let you borrow between Rs500 and Rs50,000. These apps only require Aadhaar or PAN cards, no income proof, or collateral. Due to the lack security, interest rates may be high.
Also Read: 5 Best 7 Day Loan Apps in 2024
PaySense
PaySense provides small loans to individuals without the need of extensive paperwork or good credit scores. The loans range between Rs5,000 and Rs5 lakh with repayment terms ranging from 3 to 60 month. Documents such as proof of ID, proof of income, and proof of address are required to complete the application. Indian citizens between the ages of 21 and 60 who are salaried or independent contractors, earning at least Rs18,000 a month or Rs20,000 a month, respectively, qualify. The loan approval process usually takes between 1-2 business days. There may be additional fees for late payments or prepayment, as well as processing charges.
Money View
Moneyview provides personal loans to salaried as well as self-employed people without the need for collateral. The loans range from Rs5,000 up to Rs5 lakh with repayment terms ranging from 3 months to 60 months. Documents required include proof of ID, proof of income, proofs regarding your address, as well as a photograph and a mobile phone number that is linked to your Aadhaar. Individuals must be between the ages of 21 and 57 with a monthly income of at least Rs13500, as well as a credit score minimum 600. Loan approval is usually completed within a couple of days.
CreditBee
KreditBee has become a popular app for small loans, known for its quick approvals and low rates. It offers flexible personal loan amounts ranging from Rs10,000 up to Rs4 lakh with repayment terms ranging between 3 and 24 months. The applicant must provide proof of ID, proof of address, and proof that they have income. Individuals must be between 21 and 50 years old, earn at least Rs10,000 per month, and have at minimum three months’ experience. Interest rates are between 15% and 30% per year.
mPokket
mPokket offers quick and easy personal loans to students and those with low incomes. The loan amounts range between Rs500 and Rs30,000 with repayment terms of up to three months. Documents required include PAN cards, Aadhaar cards, recent pay slips, and the last six months’ bank statements. Individuals must be Indian citizens aged 18 and older with a monthly income of at least Rs9,000. The approval of a loan usually takes between 1-2 days. Interest rates range from 17.5% to 30%.
Truebalance
Truebalance offers personal loans for individuals who have limited access to traditional banking services or may have low credit scores. The loan amounts range from Rs1,000 up to Rs1 lakh with repayment terms ranging from 62 to 6 months. Documents required include proof of ID, proof of address, and proofs of income. Individuals must be between 18 and 60 years old, with a monthly income of at least Rs5,000. The interest rates are high and range from 60% to 144.8 per cent annually, reflecting the greater risk.
MoneyTap
MoneyTap provides quick personal loans at competitive rates. The range of interest rates is from Rs3,000 up to Rs5 lakh with repayment periods ranging between 2 and 36 months. Documents required include ID proof, proof of address, proof of income, and a self-portrait. Individuals must be Indian citizens aged between 23 and 55 with a monthly income of at least Rs30,000. The loan approval and disbursement is fast, sometimes within minutes. Interest rates range from 13%-18% per year.
Navi
Navi offers quick personal loans without much documentation. The loan amounts range from Rs10,000 up to Rs20 lakh with repayment terms ranging from 3 to72 months. PAN and Aadhaar are required documents. Individuals must be Indian citizens between the ages of 21 and 65 with a CIBIL rating above 650. Loan approvals and disbursements are usually completed within one hour. Interest rates range from 9.9% up to 45%.
Kissht
Kissht provides online and offline loans that are quick and easy. The loan amounts range from Rs10,000 up to Rs1 lakh with repayment terms ranging from 3 months to 24 months. Documents required include proof of ID, proof of address, and proof of income. Individuals must be Indian citizens aged between 21 and 60 with a monthly income of at least Rs15,000. The approval process and disbursement of loans usually takes 10-15 minutes. Interest rates range from 14%-28%.
Zype
Zype offers instant personal loans that do not require any document uploading. The loans range between Rs10,000 and Rs5 lakh with repayment terms ranging from 12 to72 months. Documents required include PAN cards and Aadhaar. Individuals must be Indian citizens who are salaried and aged 18 years or older to qualify. The loan approval and disbursement is fast, usually within minutes. Interest rates range from 9.5% up to 34%.
FAQs
1. How does the interest rate on small loans apps work?
The interest rates on small loans depend on factors such as the credit score of the borrower, their income, the amount borrowed, and how long they plan to repay it. These loans are usually unsecured and therefore, the interest rates are higher in order to reduce the lender’s risks.
2. Can self-employed people get loans through these apps?
Many small loan apps are available for both salaried individuals and self-employed people. The eligibility criteria and documents required may vary. However, self-employed people can usually apply as long as they meet income and age requirements.
3. What hidden fees are associated with small loans?
Be aware of additional fees such as processing fees, late fees and penalties for prepayment when applying for a loan via a small loan app. Before applying, it’s important to carefully read the terms and condition.
4. How soon can I receive my loan?
Most small loans apps provide quick disbursement. This can be within minutes or a couple days of approval. The timeframe can vary depending on the app, and how complete the documents are.
5. What are the documents required for small loans?
Documents commonly required include ID proofs (Aadhaar, PAN cards), proofs of income (salary slips, bank statements), proofs of address and a recent photo. Some apps have specific requirements.
Conclusion
Apps for small loans are an easy solution for people who need quick financial help without having to deal with traditional banking procedures. These apps are accessible to more people because they offer flexible repayment terms, minimal documentation requirements and low interest rates. It’s vital to fully understand all terms, such as interest rates and any additional fees, before submitting a loan application.
You can effectively and efficiently manage your unexpected financial needs by using these small loan apps. You should always have a repayment plan in place to avoid financial stress.
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