Personal loan apps have revolutionised how people in India access financial services. These apps provide a seamless way to obtain loans without the traditional hassle of paperwork and lengthy approval processes. Here, we discuss ten popular personal loan apps in India, highlighting their key features and benefits.
InCred Finance
InCred is a versatile loan app that offers personal loans for various needs, such as education, weddings, and home renovation. It provides loans up to ₹10 Lakhs with an interest rate starting from 16% per annum. The maximum loan tenure is 60 months. InCred’s user-friendly interface and quick approval process make it a preferred choice for many users.
Privo
Privo stands out with its competitive interest rate starting at 9.99% per annum. It offers personal loans up to ₹5 Lakhs with a tenure of up to 60 months. Privo’s transparent process and fast disbursal times have earned it a rating of 4.5 stars from users. It is an excellent option for those seeking affordable financing solutions.
KreditBee
KreditBee caters to a broad audience, providing loans up to ₹5 Lakhs at an interest rate of 15% per annum. With a maximum tenure of 24 months, KreditBee is ideal for short-term financial needs. The app is known for its swift processing time and minimal documentation requirements, making it accessible to a wider audience.
Fibe
Fibe, previously known as EarlySalary, offers loans up to ₹5 Lakhs at an interest rate starting from 14% per annum. The maximum loan tenure is 36 months. Fibe focuses on providing quick, hassle-free loans to salaried professionals. Its high user rating of 4 stars reflects its reliability and efficiency in meeting users' financial needs.
Finnable
Finnable is a robust platform offering loans up to ₹10 Lakhs with an interest rate starting from 15.95% per annum. The maximum tenure for a loan is 60 months. Finnable's strong emphasis on customer service and quick loan disbursal process makes it a trusted choice among users, particularly for those looking for larger loan amounts.
CASHe
CASHe is one of the popular personal loan apps among millennials and young professionals, offering loans up to ₹4 Lakhs. The interest rate starts at 27% per annum, and the maximum loan tenure is 18 months. CASHe’s unique selling point is its credit scoring model based on social behaviour and data analytics, allowing it to cater to individuals with varying credit histories.
moneyview
moneyview offers a comprehensive loan solution with loans up to ₹10 Lakhs. The interest rate is 1.33% per month, which translates to roughly 16% per annum. The maximum tenure for a loan is 60 months. moneyview's app is designed to provide a smooth user experience, with features like easy EMI calculation and quick personal loan eligibility criteria checks.
mPokket
mPokket is tailored for college students and young professionals, offering loans up to ₹45,000. The interest rate is 24% per annum, with a maximum tenure of 90 days. mPokket’s straightforward application process and fast approval times make it an attractive option for those needing small, short-term loans.
Olyv
Olyv offers personal loans up to ₹1 Lakh with an interest rate starting from 18% per annum. The maximum loan tenure is 12 months. Olyv focuses on providing quick and accessible loans to individuals with urgent financial needs. Its simple application process and fast disbursal times have made it popular among users.
Zype
Zype provides personal loans up to ₹3 Lakhs with an interest rate of 18% per annum. The maximum tenure for a loan is 12 months. Zype’s user-friendly app and efficient customer support make it a reliable choice for those seeking quick and easy loan approvals.
Choosing the right personal loan app depends on individual financial needs and circumstances. The apps listed above offer a range of options, from low interest rates and high loan amounts to quick disbursal times and flexible tenures. Before applying, check the personal loan eligibility criteria set by the lender. By evaluating these features, users can find the app that best suits their requirements and helps them achieve their financial goals.
