A personal loan can be used by the borrower in times of financial need and is similar to emergency financing. The money from these loans can be used for anything, including weddings, vacations, and medical costs because there are no end-use restrictions. It functions as the coziest financial cushion for borrowers.
Therefore, the next time you’re short on cash, consider using one of the personal loan application options available on your mobile app store. In the following paragraphs, we’ll provide a thorough list of the top personal loan applications in India, along with the various essential details and information you need to be aware of before submitting an application for any of these applications.
When you need a quick cash loan, going to a traditional bank may take a while because extensive documentation is required. Another option is a credit card, but the interest rates are insanely high. Having to ask your friends or family members can be awkward. Not all Indians have access to salary advance loans. The best thing to do in these situations is to apply for a personal loan.
10 Best Personal Loan Applications In India
Let’s quickly review the details of these 10 personal loan applications, their benefits and drawbacks, customer feedback, and much more to help you to choose the best app for your personal loan.
1. Navi
Navi offers loans instantly with interest rates as low as 9.99 percent per year for terms up to 6 years and loan amounts as high as Rs 20 lakh. You can get a digital personal loan through the Navi app with no processing costs to cover expenses for a wedding, a medical procedure, etc.
The best thing about this app is that it completely reduces paper since the loan application process uses PAN and Aadhaar numbers. The loan can be approved in less than ten minutes, and the applicant’s bank account can receive the funds immediately. Additionally, this online application provides simple, reasonably priced, and accessible financial products and services.
Pros:
- Offers loans starting from 9.99% to 45%.
- It requires less paperwork and documentation
- you can avail of a loan up to Rs. 20,00,000
- Is an easy and convenient process
Cons:
- It takes time to make the necessary changes to the bank details.
2. Buddy Loan
This is one of the best instant loan apps where you can quickly apply for personal loans between INR 10,000 and INR 15,00,000 and receive approval in a short amount of time. The best part is that you won’t have to worry about running out of time because this platform is known for quickly accepting requests.
Why is this the best platform for applying for personal loans? It’s because the documents can be picked up immediately from your home, eliminating the need for couriering or scanning for digital copies. They also offer a variety of affordable EMI options that make it simple and hassle-free to make loan payments. It only takes one button click to apply for another loan because the paperwork has already been recorded.
- Maximum Loan Amount – Rs. 15,00,000
- Interest Rate Per Month – 11.99 percent
- Minimum Loan Amount – Rs. 10,000
- Features – Flexible end-user, Easy documentation, Quick approvals & disbursals
- Documentation – Proof of Identity (Aadhar card/PAN card),Proof of Income (bank account statement), Proof of Address (Aadhar card, utility bills, or rental agreement), and a Photograph
Pros:
- The loans can be fast-tracked and easily approved
- It provides loans with 80% approval rate
- The documentation process is straightforward and instantaneous
- The EMI plans are affordable depending on the credit score
Cons:
- The interest rate is on the higher side as compared to the competitors
- ou must have good creditworthiness to get a loan approval
3. Dhani
It begins with a pharmacy but has since grown to offer money-lending services. Many outstation students use Dhani, one of the best personal loan apps without documents, to make ends meet while working part-time. You can easily get a quick loan of up to INR 5,00,000 with convenient and affordable interest rates. Dhani is the best instant loan app without salary slips because it doesn’t require bank mandates and makes it simple to get a lifetime cashback card. Additionally, you receive a credit line that is essentially interest-free up to INR 5,00,000 and have the option of choosing a 90-day payback schedule.
- Maximum Loan Amount – Rs. 5,00,000
- Interest Rate Per Month – 1 to 3.17 percent
- Minimum Loan Amount – Rs. 1,000
- Features – Instant money up to Rs. 5,00,000 at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support
- Documentation – PAN card, Address proof (passport, driving license, voter ID, Aadhar card), Bank details
Pros:
- With Dhani, users can get faster loans with lesser EMIs and low-interest rates
- Dhani offers assistance with all loan types and credit rating services for quicker approval.
- Dhani has a platform that integrates its pharmacy and money services.
- It has the best range of cashback services
Cons:
- You cannot use it on all kinds of e-Commerce platforms
- The initial documentation while registration takes time
4. PaySence
One of the top instant loan applications without payslips recently merged with LazyPay to create one of the top platforms in this industry. You can quickly apply for personal loans from 5,000 to 5,000,00 for any project, and you won’t have to wait long for approval. Why is this the best personal loan application platform? It’s because there’s no need to courier or scan for digital copies because the documents can be picked up right away from your house. Additionally, they offer a number of low EMI plans that make it easy and hassle-free to make loan payments. Since the paperwork was already recorded earlier, getting another loan is as easy as clicking one button.
Pros:
- The loans can be fast-tracked and easily approved
- The EMI plans are affordable and depend on the credit score
- The documentation process on this application is very easy and instantaneous
- It provides loans to first-time loanees and people with zero credit history
Cons:
- You cannot take heavy loans if you have a bad credit rating
- You will need certain documents verified, which takes a lot of time
5. Nira
This is one of the best instant personal loan apps because Nira Finance is well known for its instant approvals. They boast about their instantaneous loan sanctions and make it simple to obtain higher amounts of loans. Through this platform, you can also set up automatic debits and credits so that you don’t have to worry about money or the fees associated with your transactions. It will automatically evaluate your credit score and issue you a free, immediate loan. Depending on your credit score, you may be eligible for up to INR 500,000, with an interest rate that ranges from 1.5 to 2.5% (per month). The fastest instant loan app is made possible by the ability to extend your credit period.
Pros:
- You do not need a credit score to apply
- It provides 100% paperless documentation for loans
- You only pay interest on the money utilized
- You can get the fastest instant loans up to INR 5,00,000 in 3 minutes
Cons:
- The higher amount of approvals takes time
- You need to have proper documentation and a bank account with KYC