Gone are the days of frequent bank branch visits to get a loan’s information, submit documents & then settle it. Now you can get an instant personal loan online. Best personal loans are available at the tip of your fingerprint. This fintech-led revolution has disrupted the space of short term loans.
Firstly the timeline has been reduced from days to barely hours. Then comes the reduction in the number of documents required. Eligibility is relaxed to make it a more inclusive offering, helping a larger population that has been devoid of this for a long time.
The companies offering this service include a mix of old hands and new faces. They are all license holders from India’s central bank Reserve Bank of India & comply with the land’s rules & regulations. In this article, we will review which are the best personal loans available online:
We will start with the table of all the highly-rated apps on the google play store:
Best Personal loans are coming in handy with the rise of uncertain events, lack of proper planning and more individuals, self-financed or nuclear family settings. Credit cards are neither widely available nor very affordable. “Get Instant Personal Loan” space area has a tremendous opportunity where you see many such players coming in. Now we shall read about some specific features of a few of these apps:
MoneyTap is India’s first app-based credit line. Its USP is a no-usage-no-interest feature which means despite taking an amount of loan, interest is to be paid on what money is withdrawn. Moneytap’s services are available in 30+ cities of India
Another instant personal loan app with an offering of loan approval within 5 hours of uploading all KYC documents on the app.
One of the youngest in the best personal loan or short term online space, PHOCKET is gaining quick traction already. Getting instant personal loans have become a cakewalk with their user-friendly website & app. They have even readymade offerings for quick checkout of the loan amount. Phocket is available on both website or mobile app (Play Store — https://play.google.com/store/apps/details?id=com.phocket).
It is one of the best personal loan apps for young professionals. The short term loan offerings are disbursed within 5 minutes of application submission.
NIRA is the app for salaried professionals to apply for a personal loan online. The credit range is INR 3000 to 1 lac with a withdrawal multiple of 5000 each time.
Strictly reserved for salaried professionals by means of documents asked like salary slips, bank account statements, etc. Basis the information received, the sanctioned amount (upper limit) is calculated.