A personal loan is a form of credit where the borrower can solicit the end-use of the money. Personal loans typically have lower interest rates, thus leading to lower-cost monthly payments. Due to this reason, personal loans are often the more preferred type of credit that borrowers use.
The personal loan was always related to keeping collateral, intensive documentation, and high interest rates. The lenders always had the upper hand in setting terms and conditions as getting a loan was a tedious process with a chance of denial. The market changed considerably with the advent of loan apps. Various NBFCs and FinTechs launched instant loan apps which standardized the credit system and made the process hassle-free. This allowed them to make profits as well as benefit the people in times of financial crisis.
Some standard features in these loan apps are:
- Simple online documentation and verification
- Instant fund transfers
- Faster process
- Availability of different viable options
- Flexible repayment tenure
- No prepayment/ part-payment charges
Finding the right app or ‘best’ app is subjective. Different apps offer different maximum or minimum loan amounts, different repayment tenures, different interests, and processing fees on various products. For example, the Fullerton India Instaloan app can give you a loan of as high as ₹25 lakhs, while Kredit Bee provides a loan of only up to ₹2 lakhs. On the other hand, Kredit bee might offer lower interest on a specific type of loan than the Fullerton India Instaloan app. We will list some popular online personal loan apps (not in any particular order) and list some of their key features so that you can choose from one of them.
List of Popular Online Personal Loan Mobile Apps:
- Fullerton Instaloan app: Fullerton Instaloan app is probably the most convenient in terms of loan amount and custom services. One can install the Fullerton Instaloan app from the google play store, create an account on it, submit the necessary details and apply for the loan easily.
- Loans ranging from ₹50,000 to ₹25 lakhs
- Interest rates starting at 11.99% up to a maximum of 36% per annum
- Processing fees of 0% to 6%
- Repayment tenure ranging from 12 months to 5 years
- No prepayment/ part payment charges
- Widest variety of loan options
- Tata Capital: Tata is one of the most trusted names in India. Key features of the app include:
- Loan amount ranging from ₹20,000 to ₹25 lakhs
- Annual percentage rate: 11.25% to 19%
- Processing fees starting at ₹1499 (GST excluded)
- Repayment tenure: 12 months to 60 months
- Money View Loans: Money View Loans is one of the most convenient and trusted loan apps, evident from its 4.5-star rating on the Playstore. Key features include
- Eligibility check and a custom loan offer in few minutes
- Loan amount ranging from ₹10,000 to ₹5 lakhs
- Annual interest rates of 16% to 39%
- Repayment tenure of 3 months to 60 months
- MoneyTap: One of the earliest credit line apps in Asia. MoneyTap has established a massive market in India with over 15 million downloads on Playstore and a 4.2-star rating. Key features include
- Loans up to ₹5 lakhs
- Interest starting at 13% per annum
- Processing fees of 2%
- Repayment tenure of 3 to 36 months
- KreditBee: KreditBee is also one of the best personal loan apps. Any salaried 18+ individual with a minimum monthly wage of ₹15,000 can get a loan.
- Loan amount from ₹1000 to ₹2 lakhs
- Interest rates from 0% to 29.95% per annum
- Repayment tenure of 62 days to 15 months
- Processing fees of 0% to 7% of the loan amount
- Cashbean: Cashbean offers small loan amounts without a previous credit history. Useful for people without prior history of credit to get finance and also build a solid credit score.
- Loan amount of ₹1500 to ₹60,000
- Interest rates of up to 33% per annum
- Fixed processing fee ranging from ₹90 to ₹2000, which depends on loan eligibility
- Repayment tenure of 62 days to 120 days
These are some of the most popular personal loan apps. The borrower needs to get more detail of different types of loans before decking upon the service provider. We hope that this list would help do a comparative analysis of these quick loan apps.