India has completely changed in the new millennium. The buying habits and lifestyle reflect a more prosperous economy. That is why online loans are no longer considered taboo but a necessity of life. There has been a massive rise in the number of loan apps in India. Some of the most reputed ones are from banks and NBFCs.
Best Quick Loan App For Your Personal Loan
With dozens of loan apps in India, it has never been easier to get access to funds and now, you can get instant loan approvals. The best instant loan app is a matter of choice, and we reviewed a few.
Fullerton India Instaloan App
Fullerton India is probably the most trusted provider of personal loans, auto loans and other forms of credit on both Google and Apple stores . The company provides loans up to INR 25 lakhs along with instant loan approval and disbursal. On the Android store, their app has a rating of 4+ – the high rating shows the trust reposed in the company by customers. Minimum pre-closure charges and easy procedures are what sets it apart. The Fullerton India Instaloan App is also available for the iPhone users.
The app boasts of online loans for your ease of use. The set up is hassle-free, and it is available for Android the platform of choice for most Indians. Loans up to 1 lakh are approved immediately. Verification of income is done through a scanned copy of the bank statement. Otherwise, you could download a PDF of your bank account from the bank website and complete the process.
The ceiling of a personal loan on PaySense is INR 5 lakhs and it can take up to 48 hours for the loan disbursal. The entire process is without submission of hardcopy and managed through an excellent app that can be navigated without any problem. Moreover, the app is robust and does not crash and leave you fearful that your EMI payment might not have gone through. The maximum tenure offered for larger loans is five years.
mPokket targets an entirely different demographic – college students. The loan amounts extend from INR 500 to INR 20,000. It has another great USP in that it requires no paperwork but a guarantor for larger loans. Since quite a few students work part-time as food delivery or couriers, they need to own a two-wheeler. Loans of this type make it easy for them to make a down payment and earn an income.
These are the four best personal loan apps you should know about before applying for a loan. There are several more in the Google Play Store. However, the ones mentioned above enjoy exceptional ease of use, and that is why they have been chosen. The huge number of downloads also shows their popularity.