Have you ever thought about how much power you have in your hands? We are not talking about muscular power, but the power that allows you to connect to the whole world and at the same juncture helps to make your life smoother and easier. Yes, we are talking about the new necessity, smartphones.
Smartphones are not smart because of their looks and designs; they are called smart because of the extraordinary services they provide to their users. Entertainment, social media, shopping online, booking reservations, or absolutely anything you want; there are applications available to help you with that. With smartphones, your desire is just one click away.
However, there is one thing that still has not gathered much attention over smartphones.
Even in today’s digital world, whenever someone thinks of taking a loan, a clear image of banks comes into their minds, along with the tensions of the long procedure that come with it.
But, for releasing this tension, instant loan apps have come to the picture now. Sounds interesting, right? Let's just sneak in to have a greater insight on the instant loan apps.
What are Instant Loan Apps?
There are numerous situations where there is an urgent requirement of funds. Whether it is medical emergencies, purchase of a large asset, vehicle or home repair expenses, traveling or wedding expenses, or any other sudden event, you may require instant money backing. But what if there is a lack of time? Indian banks already require a lot of time-consuming formalities. This is where instant loan apps step in.
The loans which do not require too much documentation are called instant loans. They are ratified shortly that too, without any asset showcase. In comparison to the traditional banks, the process of instant loans is very smooth, convenient, and less lethargic.
The mobile applications that offer the facility of instant loans are called instant loan apps. Acquiring a loan from these apps is just one click away and is a process of only a few minutes. You don't have to go to traditional banks.
Features of Instant Loan Apps:
- They are short-term loans with a duration from 62 days to 1 year.
- The loan amount differs from Rs. 9,000 to Rs. 3,00,000.
- You can apply for such loans from anywhere, either home or office.
- The application gets approval on the same day.
What is the eligibility for applying to Instant Loan?
- In India, the first and foremost requirement for applying to the instant loan is that you must be a resident of India.
- You should also be a salaried employee of a registered company.
- The age of the person applying for the loan should be between 23 to 58 years.
Other than that, there is no such requirement for the loan applier. Therefore, everyone can avail of the instant loan facility without any guarantee or even with a bad credit history.
What are the documentation requirements for Instant Loan?
- Identify Proof: Adhar card, PAN card, driving license, or passport as your id proof.
- Photo proof: A picture of yourself as a photo proof.
- Address Proof: Electricity, water or phone bill, or passport.
- Bank Statement: Salary credited bank statement will have to be submitted.
- Salary Slips: You will have to submit the latest salary slip from the employer.
What are the Top Instant Loan Apps in India?
Here is a list of best apps from among the pool of apps that provide the services of instant loans.
MoneyTap is a popular mobile app to avail the instant loan facility. The process of availing a loan from MoneyTap is completely paperless and does not require any hefty procedures. The main amount here ranges from Rs.3000 to Rs. 5 lakhs. The app can sanction loans in less than 5 minutes.
- It provides a collateral-free loan.
- Here you also get the benefits of the variable interest rate for the borrowed loan amount.
- For shopping on Amazon.in for three months, you will get a 0% interest rate EMI.
Credy is one of the best apps that provide instant loans. Approval of the applications within a minute is something that makes credy the fastest provider of instant loans. Within 48 hours, the amount of loan gets transferred to the account of the customer. Credy is always ahead in making the loan procedures simpler. They work according to the needs of the customers.
- Loans up to Rs. 1 lakh provided.
- It has one of the best customer supports.
- One can earn referral bonuses.
- No hidden charges.
- Flexible interest rates.
In the EarlySalary app whoever has a salary of Rs. 18000 and above can get a loan from the app of up to Rs. 2 lakh. EarlySalary is targeted towards those individuals who don't have a credit history.
With proper documentation, you can avail the loan from EarlySalary within 10 minutes of submitting an application. Here, the creditworthiness of the applicant is determined by the proprietary method.
- At Rs. 9 per day, you can receive an advance salary up to Rs. 2 lakhs.
- To pay in the easy EMI with 0% interest rate, you can use the EarlySalary limit to shop on Amazon, Flipkart or Bigbasket.
- You can also use the app to pay for your vacations.
mpokket targets towards individuals who are either college students or are newly employed. It allowed its customers to take a personal loan that starts from Rs. 500 without any collateral or salary account documentation.
It possesses flexible repayment options for students so that they can manage their credit in a better way.
- The application gets approved within 24 hours, and you can either take the amount in your bank account or Paytm wallet.
- If you want to get a higher credit limit, then good credit behaviour will help in that.
- If students want a loan, then their student id will be among the necessary documentation.
The instant loan app KreditBee is targeted towards young professionals who have a stable monthly salary and need cash quickly without the collateral. The highest limit of loan you can take from the KreditBee app is Rs. 2 lakhs. KreditBee provides three types of loans; flex personal loans, online purchase loans, and personal loans for salaried people.
- You can take a loan for a tenure of 6 days to 6 months.
- This app is also secured with the 128 bit SSL encryption for the safety of the important personal data of the customers.
- You can use the app for shopping from partner websites like Flipkart, Amazon, etc.
MoneyView is another money management app that helps to avail the benefits of instant loans. It tracks your expenses and helps you secure a personal loan with the highest limit of Rs 5 lakhs. The tenure of MoneyView is also flexible. Here you can take a loan for 3-60 months.
- The processing fee charges are 2.5% to 4%.
- The balances of third party payments like Paytm can also be traced.
- It also sends the bill payment reminders.
One of the best things about LazyPay is that it requires minimum documentation from the side of customers. With LazyPay you can avail the credit from Rs. 10,000 to Rs. 1,00,000.
You could also use this app while shopping from Zomato, Swiggy, Amazon or Flipkart, etc. and later you can pay with flexible EMI options.
- Here only 3 steps are there to avail the loan.
- This app also provides a 15 days free credit facility where you can shop on popular apps.
- By the timely repayment of your loan, you could get a higher credit limit.
The great thing about this app is that it also comes from personal loans to self-employed individuals. The process of PaySense is very easy and quick. To easily secure a personal loan, it allows you to choose an auto-debit option for your EMI.
- It allows an instant loan for an amount ranging from Ra. 5000 to Rs. 5 lakh.
- It offers only a 2-minute loan application process.
- Interest rates are 13% per annum.
- The duration of the loan is from 3 to 60 months.
One of the unique things about CASHe is that it uses a proprietary algorithm to infer the credit profile of a customer. If you are eligible and have the proper documents, you can expect the loan in only 10 minutes.
- Smooth running and quick app.
- Here you can apply for the loan amounting from Rs. 9000 to Rs. 80,000.
- It has an affordable rate of interest and flexible repayment methods.
- You can also choose flexible loan options as per your need.
SmartCoin is an Indian instant loan app that comes up with the motive to provide loans of small amounts to its customers. The users of SmartCoin can avail the credit from Rs. 1,000 to Rs. 25,000. It is a fintech company that provides a very user-friendly lending platform.
- SmartCoin works with all kinds of customers whether it is salaried employees, business owners, stay-at-home people etc.
- Also, there is no minimum limit on the salary.
If you have some desires which you are not able to fulfill because of lack of money and also because you do not want to be indulged in the long processes of bank loans, then the facility of instant loan apps can come to your aid.
Sitting right at your home, you can easily arrange for the money. These apps are as easy and handy as any other app.
Just like Swiggy is used to soothe hunger for delicious food, the above-mentioned apps could be used to soothe the hunger for money, that too, with very minimal load.