Instant Personal Loan Apps

Features of instant personal loans:

• These are essentially pre-approved loans from lender Banks and NBFCs for select consumers
• Processing time is minimum with zero to little documentation and completely digital processes
• Loans are disbursed usually within 24 hours; in some cases, a few minutes, depending on the lender Bank or NBFC’s processes and offer, along with the applicant’s profile and relationship with the lender
• Usually, consumers who have a healthy credit profile along with stable income, are eligible for these pre-approved personal loans from Banks and NBFCs with whom they have an existing relationship
• Consumers looking for an instant personal loan should check for pre-approved offers from the Bank, where they have their salary/savings account, from their credit card issuer or a lender from whom they have accessed credit earlier
• Instant personal loans too can be used for any need (marriage, travel, higher education, home renovation, medical emergencies etc.) except speculation

Where to look for an instant personal loan?

Consumers can check instant personal loan offers directly from the respective app or web platform of the Bank and NBFC with which they have / have had a relationship. Consumers who have a strong credit score should also check  and compare offers from other lenders, through a marketplace platform like Paisabazaar.

Other than Paisabazaar, following is a list of personal loan apps that consumers may find useful.

(Please note that list is for consumer reference and awareness only, and is not exhaustive. The consumer experience on these apps depends on the respective lender and the profile of the consumer.)

Pre-approved Personal Loans on YONO App from SBI

The YONO app from SBI allows select individuals  from its existing customer base to avail pre-approved  loans with just a few clicks. The SBI app has features like immediate loan approval and disbursement with low processing fees, no physical documentation and 24*7 availability. Interest rates for SBI Personal Loan start from 10.30% p.a. Applicants can avail personal loans for amounts of up to Rs 20 lakh and loan repayment tenures of up to 6 years.

Axis Mobile App for Personal Loans

The Axis Mobile app allows existing customers to apply for instant personal loans with minimal/zero documentation and completely digitised loan approval process. Axis Bank Personal Loan Interest Rates start from 10.25% p.a. for loan amounts of up to Rs 25 lakh and repayment tenures of up to 5 years.

IDFC First Bank

Personal loan applicants can download the IDFC First Bank mobile app to apply for personal loans with quick loan approval and disbursal. IDFC First Bank Personal Loan interest Rates start from 14.99% p.a. for loan amounts of up to Rs. 1 crore and repayment tenures of up to 5 years. Borrowers can also use the IDFC First Bank mobile app to apply for different types of loans, pay their EMIs, get real-time loan eligibility for availing loans and get personalised loan offers with attractive interest rates.

Bajaj Finserv Experia App

Bajaj Finserv Experia App offers consumers pre-approved instant per-approved personal loans. The lender claims to provide funds disbursal within 24 hours of loan approval. Interest rates on personal loan offered by Bajaj Finserv start from 13% p.a. for loan amounts of up to Rs 25 lakh and loan tenures of up to 5 years.

HDFC Loan Assist App

The personal loan app of HDFC Bank allows loan applicants to avail personal loans with just a few clicks. It is a popular app for loans, which helps pre-approved applicants access Personal Loans within a few seconds. HDFC offers Personal Loan with interest rates starting from 11% p.a. for loan amounts of up to Rs 40 lakh and repayment tenures of up to 6 years.

Tata Capital

Both salaried and self-employed individuals can use the app from Tata Capital to apply for personal loans with fast approval and minimal documentation. Those with minimum net monthly income of Rs. 15,000 can get instant personal loans, provided they fulfil other personal loan eligibility requirements set by the lender. Personal Loan interest rates from Tata Capital start from 10.99% p.a. for amounts of up to Rs 35 lakhs and loan tenures of up to 7 years.

Personal Loan App from Fibe (Formerly EarlySalary)

EarlySalary offers instant personal loans to salaried consumers only, with minimum salary of Rs 18,000 per month for metro cities and Rs 15,000 per month for consumers from non-metro cities. The app has  an online application and documentation process, 24*7 availability and loan disbursal within 10 minutes after the lender’s approval. Applicants can avail instant personal loans @18% p.a. for loans of up to Rs 5 lakh and repayment tenures of up to 2 years.

KreditBee Mobile App

Consumers can use the KreditBee mobile app to apply for instant personal loans. It has a 100% online loan application/documentation processes and disbursals are usually done within minutes of approval. One can avail instant personal loans from the KreditBee app for interest rates of up to 29.95% p.a. for loan amounts of up to Rs. 3 lakh and tenures of up to 2 years.

Psbloansin59minutes.com

Instant personal loans from  PSBloansin59minutes comes with digital loan approval within 15 minutes. Applicants applying through Psbloansin59minutes can avail instant personal loans for interest rates of up to 27% p.a. for loan amounts of up to Rs. 20 lakh and tenures of up to 6 years.

InstaLoan App from SMFG India Credit

Loan applicants, both salaried and self-employed, can use the SMFG India Credit  App to apply for SMFG India Credit instant personal loans with instant online application, paperless documentation process and loan disbursal within 30 minutes after the lender’s approval. SMFG India Credit Personal Loan applicants can avail instant personal loans @11.99% p.a. onwards for loans of up to Rs 25 lakh and tenures of up to 5 years.

FAQs

1. Can I get an instant loan without documents?

Ans. Instant personal loans are usually pre-approved personal loans and are offered to select existing customers having good credit profiles. Usually, when Banks and NBFCs offer pre-approved loans to its own select consumers, no or very little documentation is needed. However, banks and NBFCs also offer instant loans to other consumers basis their credit score and other eligibility factors; in those cases, certain documentation like KYC may be needed. However, the documentation process for most lenders is paperless and quick.

2. What are the advantages in applying for an instant loan online through apps?

Ans. The main advantages of applying through instant personal loan apps are convenient loan application process, 24*7 accessibility, quick loan approval, instant disbursal and minimal/nil documentation. However, prospective borrowers looking to avail instant personal loans should also visit online financial marketplaces to compare the personal loan interest rates offered by other lenders. Then, they should select the best possible alternative in terms of interest rate, processing fees and their own urgency for credit access.

3. Are online instant personal loan apps safe?

Ans. It is recommended that consumers should use apps and web platforms of only those entities that are regulated by the RBI. One should stay cautious of dubious ‘instant personal loan apps’.

Instant personal loan apps offered by banks and NBFCs are safe for availing personal loans. However, they should download such instant personal loan apps from verified sources and ensure that entities providing instant personal loan apps are registered with the RBI. Prospective personal loan applicants should also visit online financial marketplaces to compare the personal loan interest rates offered by other lenders to ensure that the rates charged through instant personal loan apps are not too high.