As a result of technology advancements, personal loans have become easier to apply for and disburse. Not only do traditional banks and non-bank financial companies (NBFCs) offer loans these days, but various mobile apps also offer quick personal loans. Traditional banks, on the one hand, take a long time to complete personal loan applications and levy high rates of interest, while short term personal loan applications provide secure and hassle-free immediate cash loans in India in less than an hour.
Customers must quickly sign-up or register for the loan apps listed below, after which it will share possible credit facilities for the consumer based on the information provided. As soon as you complete KYC and share consent for terms and services, the request is granted and sanctioned. It’s a completely digital and contactless process. It can take anywhere from 5 minutes to 2 days.
PaySense is a venture-backed financial services firm based in Mumbai that was formed in 2015. PaySense loan app provides a Personal Loan up to Rs 5 lakhs at your doorstep after you upload the required documents. The paysense loans range in length from three to sixty months. The processing fee is usually 2.5 percent of the approved loan amount. Starting at 13% per annum, the flexible interest rate is applied. Salary should be higher than Rs 18,000 per month. On a declining balance basis, the loan app’s interest rate ranges from 16 percent to 36 percent (APR). PaySense’s quick personal loan can be utilized for a range of things, including home improvements, laptop purchases, and weddings.
Money Tap, a cash lending app founded in 2015, allows you to acquire a fast loan approval in minutes. Salaried people, self-employed professionals, and non-professionals can all apply for the moneytap loan. Individuals in more than 30 cities are currently served by this app. This cash lending app has several significant features, including the ability to request for a fast cash loan for amounts ranging from Rs 3,000 to Rs 5 lakh. You have the option of choosing a variable tenure between two and 36 months. The amount is subject to a monthly interest rate of 1.08 percent. You will only be charged for the amount or credit that you have used till the time.
To get a personal loan from MoneyView, you don’t need a credit history. Money View provides personal loans up to Rs. 5 lakh, which are granted within hours and can be paid back over a period of up to 60 months. MoneyView loans employs an unique algorithm that reads your bank SMS in order to determine a customer’s creditworthiness. You can use the moneyview app to apply for a personal loan ranging from Rs 10,000 to Rs 5,000,000. You have a range of loan terms to select from, ranging from three to sixty months. Interest rates range from 16 percent to 36 percent per year.
The processing charge is between 2.5 and 4 percent. Their loan app and the system is completely digital, allowing them to give loans all over India. You will, however, require a comprehensive loan plan that includes terms and conditions, a repayment schedule, and an interest rate.
The Bottom Line
Short Term Personal loan apps abound in India nowadays, each with its own set of features and perks. The best loan app for you is based entirely on your needs and requirements. Choose a short term personal loan that best meets your needs, whether it’s cheap interest rates, a simple application process, or a large loan amount. Furthermore, before applying for a loan using your preferred app, you must carefully study the lender’s minimal eligibility conditions.