The financial revolution in India gave rise to many Fintech start-ups in India that used technological advancement to help banks and financial institutions strengthen their business. This led to a digital upscaling where consumers could conduct financial transactions such as paying bills, shopping and even sending money into another account instantly without any worry. Today the growth of financial applications on mobile which aid customers to make the right decisions is exponential. From trading apps to expense trackers to small amount Personal Loans apps, the market is filled with many options.
If you are considering availing a quick small loan on an app and you are unclear on which one to go with, we are here to help make the right decision through this article. Many financial solutions like Indiabulls Personal, Tata Capital Personal Loan, Citibank Personal Loan, HDFC Personal Loan are available through mobile apps and online making it easy for you to apply for a Personal Loan. These digital lending apps are easy to download on your smartphone, secure and offer short-term Personal Loans making it a good choice for an emergency.
Here is a breakdown of all the top small amount Personal Loans apps in India to help you make a quick decision.
PaySense is a mobile app available on both IOS and Android devices where you can avail a short-term loan depending on your requirement in 5 hours of applying for the loan. The interest rate charged for this type of loan ranges between 16.8% to 32% and the maximum amount offered is up to a lakh. The repayment tenure is 15 to 90 days.
Similarly, the Indiabulls Dhani app provides an Instant Personal Loan to applicants anytime and anywhere. The interest rate charged by Indiabulls Dhani starts as low as 11.99%. You can avail a loan amount between Rs. 1,000 – Rs. 15 Lakhs at the push of a button with this banking loan app. All you need to do is submit your PAN card and address proof on the app and get the loan amount into your account once approved. The best part about this mobile app is you can apply, receive and manage the entire loan amount including repayment on the app. If you are applying for a loan amount of up to Rs. 20,000 then there are no prepayment charges on this loan.
EarlySalary is one of India’s largest advance salary applications where you can get an instant loan on mobile. This is great as an option for anyone who has just started with their jobs and needs to manage some expenditure. A credit history of an individual is not necessary to avail a salary advance. You can avail up to Rs. 2 Lakhs on this app at an interest rate of 30% per annum.
Shubh Loans is another option for those who are looking to avail a quick Personal Loan. The app also provides some great tips to increase your credit score and on the methods of getting a loan approved. You can avail up to Rs. 5 Lakhs with this mobile app with a loan tenure up to 4 years.
If you have a low salary income MoneyTap mobile app is a great lending platform to look at. If you are 23 years old and have an income of Rs. 20,000, you can avail a loan on this app. The interest rate for this starts at 15% p.a. and the loan tenure can go up to 3 years.
The HDFC Personal Loan is quick and hassle-free to get and apply for. No matter what your needs are, it is easy to avail a Personal Loan from HDFC and use the resources during a cash crunch. HDFC Personal Loan is offered at an interest rate of 11.25% and a tenure of up to 60 months. The best feature of an HDFC Personal Loan is that the process of loan application, checking eligibility criteria all can be carried out online, making it one of the most preferred loans in the market. The loan is also disbursed after approval directly into the account within 4 hours of approval. The documentation process too can be carried out online.
How do I apply for a loan through a mobile app?
While banks may take anywhere between 5-6 working days to disburse a loan provided the right documents are submitted, a mobile app based loan usually takes a maximum of a few hours to disburse the loan. While each lending app has small variations in their application procedure, here are the basic steps to apply for a small amount Personal Loan through a mobile app:
- Download the app on your mobile phone
- Create a profile and fill in the right details
- Read the criteria, terms and conditions carefully
- Select your EMI option and submit your KYC documents
- Once the documents are uploaded, provide an e-signature on your application
- Wait for the money to be deposited into your account in a few hours
Before you find a suitable app for your personal financial need, make sure you are maintaining a good credit score. Banks and financial institutions check a credit score or CIBIL score before providing any form of a loan. This is based on your income, your expenditure, previous loans if any and if you have defaulted on any of your payments. This is one of the most important criteria that lenders look at before sanctioning any amount. A healthy credit score ranges between 700-900 for a Personal Loan.
We use our smartphones for everything from making calls to carrying out our transactions, so it is extremely convenient to use it to look at availing a small Personal Loan through the above mentioned mobile apps. If you are strapped for cash and are looking at getting some cash going for a personal finance app like the one for HDFC Personal Loan is a good idea as you can complete the application online. It would be prudent to go through the prepayment charges, the documents required and the amount given before going ahead and applying for one.