This article is related to an affiliate advertising program, and The New Indian Express's journalists were not involved in its production.
PaySense offers competitive interest rates, flexible repayment options, and instant approval, making it a reliable choice for borrowers. Its emphasis on flexible repayment plans caters to varying financial needs and situations, contributing to its reputation as a top NBFC.
50Fin's competitive interest rates, quick processing, and flexible repayment options make it an ideal choice for individuals seeking loans against mutual funds. Its paperless process and instant approval further streamline the borrowing experience.
IndusInd Bank's INDIE loan app offers competitive interest rates, a wide range of loan amounts, and flexible repayment options. Its emphasis on pre-approved loans for existing customers and its accessible mobile app further enhance its appeal.
Tata Capital is a good choice for individuals who value trustworthiness and a seamless application process. The firm extends collateral-free personal loans to salaried individuals with competitive rates and flexible repayment options, solidifying its reputation as one of the most trusted names in the market.
Key Considerations
Starting at 10.99% p.a.
INR 75,000 to INR 35,00,000
Up to 6 years
Instant approval and quick disbursal (claimed)
Processing fee of INR 51 (waivable under certain conditions); foreclosure charges may apply
Flexible repayment options, online application process, overdraft facility available, No Collateral/Security, Zero Charges on Part Payment
EMIs are payable through various methods, including ECS and cheques
Salaried individuals with at least one year of work experience and age between 22 to 58 years with a minimum monthly income of INR 15,000 and a good credit score; self-employed individuals with business stability and ITR proof
Online application on Tata Capital website or mobile app
https://www.tatacapital.com/content/dam/tata-capital/pdf/google-assistant/Terms%20and%20Conditions.pdf
App Rating: 4.6/5, Reviews: 42.4T, Downloads: 10L+
"The app's user-friendly interface made the loan application process hassle-free. The approval time was impressively quick, and the terms offered were transparent. I appreciated the flexibility in repayment options, which allowed me to choose a plan that best suited my budget. Overall, it provided a reliable and efficient solution when I needed it the most. Highly recommended for anyone seeking a convenient and trustworthy loan service."
PaySense is an instant online personal loan app offering a variety of loan amounts and repayment options. It requires minimal documentation and no credit history to secure a loan. It provides competitive interest rates and affordable EMIs coupled with a flexible repayment tenure. It's suitable for borrowers who appreciate a seamless digital experience and quick disbursal of funds without extensive paperwork.
Key Considerations
16% - 27.6% p.a.
Up to ₹5 lakhs
3 - 60 months
Within minutes
Late payment fees, processing fees (may vary)
Flexible repayment options, instant approval, etc.
EMI
Indian resident, 21+ years old, good credit score
Download the PaySense app, enter details, upload documents
Rating: 3.7/5, Reviews: 1.56L, Downloads: 1 Cr+
"I just used the app to apply for a loan and was quite pleased with the service. The app was simple and fast, and my loan was granted in 6 hours. The customer support is also really responsive and helpful. I highly recommend it to all."
50Fin provides a digital solution for loans against Mutual Funds, offering quick approval in 7 minutes and disbursement within 4 working hours. No CIBIL score is required, and the process is entirely digital with zero pre-closure charges, making it suitable for borrowers looking for competitive interest rates, personalised loan offers, and dedicated customer support to meet their diverse borrowing needs.
Key Considerations
1% per month of Flat 11% per annum
₹25,000 to ₹5,00,00,000
3 months to 12 months
Same-day approval, disbursement within 24 hours (subject to eligibility and verification)
Processing fee: 2% to 3% of the loan amount (capped at ₹2,500)
Late payment fee: 2% per month of the outstanding amount
₹ 400 Unpledging charges without availing of loan
₹ 1,200 Bounce Charges
Flexi repayments, paperless process, instant approval in principle
EMIs through ECS or NACH
Indian resident, aged between 21 and 58 years, with a net monthly income of ₹15,000 and a good credit score
Apply online through the 5oFin website or mobile app
Downloads: 1L+, Ratings & Reviews: NA
IndusInd Bank provides instant online personal loans to salaried individuals, offering competitive interest rates, flexible repayment terms, and tenure. The process requires minimal documentation and offers collateral-free loans. It's a good choice for those seeking a blend of traditional banking services and digital convenience for their personal loan needs.
Key Considerations
10.49% - 22% per annum
Up to ₹5,00,000
3 months - 36 months
A few hours to a few days
Processing fee (up to 2.5% of the loan amount), late fees, foreclosure charges
Pre-approved loans for existing customers, flexible repayment options, mobile app access
EMI
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
Online application on bank website or app, branch visit for final processing
App Rating: 4.3/5, Reviews: 63.4K, Downloads: 1M+
"The UI is getting better. Thanks for introducing fingerprint and face ID in the app and making it a little smoother now."
Nira is an excellent option for individuals facing short-term financial needs or emergencies who require fast disbursal of funds or quick access to small personal loans without extensive documentation. Nira collaborates with multiple RBI-regulated NBFCs/Banks to provide instant personal loans to salaried individuals.
Key Considerations
24% - 36% p.a. (representative APR 19.95%)
Up to ₹5 lakhs
3 - 12 months
Up to 24 hours
Minimum INR 350 + GST and maximum 2% of the loan amount
No collateral is required, and flexible repayment options
EMI or bullet repayment
Indian resident, 21+ years old, good credit score
Download the Nira app, enter details, upload documents
App Rating: 4.2/5, Reviews: 2.7L, Downloads: 1 Cr+
"Amazing app to take online personal loans to all those people who have low or no credit scores. The team gives you excellent service at each & every step. This was my 1st-time great experience & they made it so easy for me that I did not go anywhere for verification or any paper doc submission. It is a very trustworthy, safe, & Secure app as compared to banks that give you many hidden charges after u do the whole process."
The Moneyview personal loan app offers collateral-free loans to salaried and self-employed individuals at competitive interest rates and flexible repayment terms. It does not impose foreclosure fees, though they are applicable only after a certain number of EMIs. This user-friendly app is a good choice for individuals seeking hassle-free borrowing experiences and customisable repayment options.
Key Considerations
15.96% onwards
Up to 5 lakhs
Up to 60 months
Instant approval and disbursal within 24 hours (claimed)
Processing fee up to 5% of the loan amount; late payment charges may apply
Paperless application process, 100% online approval, quick disbursal
EMIs are payable through various methods, including online transfer and debit card
Salaried individuals with minimum income and good credit score
Online application on the Moneyview website or mobile app
App Rating: 4.7/5, Reviews: 20.7L, Downloads: 1 Cr+
"Within a few minutes, I got the amount in my bank account. Based on your credit report, a limit will be assigned, and all the document verification is instant. I downloaded the app within 5 minutes, completed all the digital verification, and received the amount. You can trust this app and opt for a loan."
Bajaj Finserv offers instant personal loans in three variants, requiring minimal documentation. The platform features competitive interest rates with flexible terms and maintains transparency regarding all additional charges associated with the loans. Bajaj Finserv is ideal for individuals who prefer a wide range of loan options and competitive interest rates.
Key Considerations
Starting at 10.75% p.a.
INR 35,000 to INR 40,00,000
Up to 96 months
Same-day approval, disbursal within 24 hours (claimed)
Processing fee up to 2.5% of the loan amount (waivable under certain conditions); foreclosure charges may apply
Flexi loan facility, balance transfer option, pre-approved loan offers available
EMIs are payable through various methods, including ECS and standing order
Salaried individuals with a minimum income of INR 25,000 and good credit score, self-employed individuals with business stability and ITR proof
Online application on the Bajaj Finserv website or mobile app
App Rating: 4.5/5, Reviews: 1.35M, Downloads: 50M+
"I recently used the UPI loan app, and I must say, I am thoroughly impressed! The process was quick, easy, and hassle-free. I was able to get the loan amount I needed within minutes, and the interest rate was quite competitive. The app interface is user-friendly and intuitive, making it convenient to navigate through the loan application process. Overall, I highly recommend the UPI loan app for anyone in need of quick and reliable financial assistance."
KreditBee is a suitable option for young professionals or students in need of quick and small instant loan approvals with minimal paperwork. KreditBee offers instant personal loans for both salaried and self-employed individuals, along with Flexi-personal loans, all at competitive rates. While it's known for quick approval and disbursement, it's important to note that there are additional charges associated with the loans.
Key Considerations
16% - 29.95% per annum (flat)
₹3,000 to ₹5,00,000 (higher amounts possible based on creditworthiness)
6 months - 2 years
10 minutes to 24 hours
Late fees (1% - 3% per day), processing fees (up to ₹250), bounce charges
Instant approval, flexible repayments, paperless process
EMI or lump sum
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
Download the app, submit basic details, KYC verification, loan approval, e-signing
App Rating: 4.5/5, Reviews: 13.2L, Downloads: 5Cr+
"Definitely a 5-star rating app. Everything is okay, but the processing fee is too high; I am not happy with that. Collecting 10% of the loan amount is not good. Some of the loan-providing apps collect processing fees only the first time, and from the next loans, they collect only interest, which is too @ normal %. So, please look into this. And, another issue is, I paid every loan on time but did not increase the loan amount; after providing the same loan 2 or 3 times, they are increasing, which is not satisfying at all."
Olyv by SmartCoin's personal loan services are designed for individuals with limited credit history or those seeking microloans for specific purposes. SmartCoin offers collateral-free personal loans at competitive rates, catering to middle and lower-income groups. The online process is seamless and requires minimal documentation. If you want accessible loan options with low eligibility criteria and quick disbursal, look no further than Olyv’s offerings.
Key Considerations
20% - 29.88% per annum
₹1,000 - ₹1 lakh
Up to 12 months
Within 24 hours
Processing fees (up to 3% of the loan amount), late fees, bounce charges
Instant approval, paperless process, doorstep collection for repayments
EMI
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
Download the app, submit basic details, KYC verification, loan approval, e-signing
App Rating: 4.2/5, Reviews: 266K, Downloads: 10M+
"User-friendly interface. Navigating the app was a breeze, and the application process was straightforward. A great experience overall, making it my go-to for quick and convenient loans."
Looking for a responsible lending solution that offers personal loans at a fair interest rate and personalised assistance throughout the loan process? Well, Fibe offers instant personal loans with minimal documentation for all salaried individuals. It features flexible repayment terms and does not impose any prepayment or foreclosure fees.
Key Considerations
16% - 30% per annum
Up to INR 5 lakhs
3 - 36 months
Instant Personal Loan
Processing fee (up to INR 999), late payment fee (INR 500 + GST or 3% of the loan amount, whichever is higher), Bounce Fee (INR 500+GST)
Multiple loan types (e.g., AC loan, education loan), quick disbursal, 24/7 availability
Debit card, net banking, etc.
Indian citizen, 21+ years old, good credit score
Download the Fibe app or apply online through partner websites
Rating: 4.4/5, Reviews: 3.75L, Downloads: 1 Cr+
"This is one of the best apps I have come across in terms of money lending. It's easy to use, easy to verify, and instant to transfer. And they are true to their word about transferring the money. It is absolutely helpful for freshers who are facing a cash crunch. However, there is one small thing that I did not like at all: I had to call them repeatedly to sign the loan application documents."
If you’re looking for a peer-to-peer lending platform that offers personal loans at competitive interest rates and flexible repayment terms, Buddy Loan is a good choice. This money lending app offers collateral-free personal loans to both salaried individuals and self-employed business owners. With competitive interest rates and flexible repayment terms, it caters to diverse financial needs.
Key Considerations
11.99% per annum
INR 10,000 - INR 15 lakhs
12 months - 60 months
Same day
Processing fee (varies), late payment fee (varies)
Partner with multiple lenders, quick approval, various loan options
Depends on the lender
Indian citizen, 21+ years old, salaried or self-employed
Apply online through the Buddy Loan website or app
Rating: 4.5, Reviews: 41.5L, Downloads: 1 Cr+
"Buddy Loan is better than some personal loan apps. If your credit score is good, you can get a higher loan amount. The interest rate is better compared to all other personal loan apps. Buddy Loan is a perfect app where you can get a loan within 1 hour; it's more useful for students as well. The interest rate is also very low. Once you try this app, you can receive more benefits. By making timely payments, your credit score will improve, allowing you to borrow larger amounts in the future."
Looking for small, short-term loans with minimal documentation and quick approval processes? mPokket offers quick and convenient online personal loans to students, salaried and low-salaried individuals, with minimal documentation needed.
Key Considerations
Starting at 24% per annum
INR 1000 - INR 30,000
Up to 3 months
10 minutes
Processing fee (up to INR 499), late payment fee (1% per day)
Credit limit system, flexible repayment options (lump sum or EMIs)
UPI, debit card
Indian citizen, 18+ years old, valid PAN card and bank account
Download the mPokket app and complete the online application
Rating: 4.4/5, Reviews: 16.4L, Downloads: 1 Cr+
"Great short-term loan app!! If you repay the dues by the due date, they will increase the limit as well! Charges are high, but overall, a great small amount of loan applications for day-to-day expenses.
Looking for diverse loan options with attractive interest rates? Aditya Birla Capital is an ideal choice for individuals seeking comprehensive financial solutions from a trusted conglomerate. It offers hassle-free personal loans with an online process that demands minimal documentation. Additionally, it enables the transfer of existing personal loans from other NBFCs/Banks and credit card balances at competitive rates.
Key Considerations
Starting at 13% p.a.
Up to INR 50,00,000
Up to 7 years
Same-day processing, disbursal within 24 hours (claimed)
Processing fee up to 3.5% of the loan amount (waivable under certain conditions); foreclosure charges may apply
Top-up loan facility, flexible repayment options, pre-approved offer available for existing customers
EMIs are payable through various methods, including ECS and online transfer.
Salaried individuals with minimum income and good credit score, self-employed individuals with business stability and ITR proof
Online application on Aditya Birla Capital website or mobile app
App Rating: 3/5, Reviews: 1.88T, Downloads: 5L+
"It's easy, simple and extremely convenient to navigate and process service requests between different businesses. Slow loading time could frustrate you."
IndiaLends is a great choice for individuals looking for a platform that connects them with multiple lenders so they can compare loan offers and choose the best option. This app offers convenient online personal loans to both salaried and self-employed individuals, featuring competitive interest rates and flexible repayment terms.
Key Considerations
10.5% - 30% per annum (varies based on lender)
₹10,000 - ₹70 lakh
6 months - 60 months
A few hours to a few days
Processing fee (up to 2% of the loan amount), platform fee, late fees
Aggregator platform connecting borrowers with multiple lenders, access to various loan options
EMI (varies based on lender)
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
Online application on IndiaLends website, documents upload, loan approval, disbursal by chosen lender
App Rating: 3.5/5, Reviews: 77.8T, Downloads: 50L+
"I had applied for a personal loan, and they got it done for me. I thought it was time-consuming to get the best deal on a personal loan. Customer care is also good; they explain everything clearly. Everything was online and smooth. Highly recommend it."
Home Credit provides instant personal loans with flexible repayment tenures, boasting a fully paperless process. Its quick and easy service ensures money disbursal within a day.
Key Considerations
24% - 56.5% per annum
Up to INR 5 lakhs
6 - 48 months
24 hours
Processing fee (up to INR 1,999), late payment fee (2% per month)
Door-step service, a wide range of loan products, extended tenure options, etc
Cash pick-up, ECS, direct debit
Indian citizen, 21+ years old, salaried or self-employed
Apply online, through the app, or at a Home Credit branch
App Rating: 4.5/5, Reviews: 527K, Downloads: 10M+
"The Home Credit app quickly granted me loans, and the service was also very good. However, one of the biggest drawbacks is the interest rate. Compared to other loan apps, this app's interest rate is too high; if they reduce the interest rate, it will be easy to repay the loan."
Navi is a suitable option for tech-savvy individuals seeking digital-first personal loan solutions with minimal bureaucracy. It offers instant personal loans to salaried individuals at competitive interest rates, featuring flexible repayment terms with minimal documentation.
Key Considerations
Starting from 9.9% p.a.
Up to ₹20 lakhs
Up to 60 months
Instant approval and disbursement within minutes
Late payment fees, processing fees (may vary)
100% paperless process, video KYC, flexible EMI options
Auto-debit from a linked bank account
Indian resident, good credit score, salaried/self-employed
Download the Navi app, enter details, complete KYC
Rating: 4.4/5, Reviews: 1.47M, Downloads: 50M+
"So, I was trying to get a personal loan, and all the banks had made it very difficult to get one. I have a good CIBIL rating, and even with that, it was a challenge. I kept getting messages from Navi, but since I had not heard of them, I did not take them seriously, although I had downloaded the app. One day, when I had a little free time, I got an SMS again, went to the app, followed the steps, and within minutes I had 10 lakhs in my account. Absolutely unbelievable! Highly recommend it!"
LoanFront offers personal loans or salary advances to meet your emergency needs before your next payday. LoanFront has become a top choice for individuals seeking instant personal loans with competitive interest rates and flexible repayment terms.
Key Considerations
Starting at 1.08% per month.
Ranges from ₹1,500 to ₹2 lakh.
3 months to 24 months.
Processing Fees: 1 % - 7.5 % (₹ 100 - ₹ 1500 Max)
Life-Time Registration Fees (one-time fee): ₹ 100 to ₹ 500
Flexibility in credit amount, minimal documentation, and digital submissions.
Indian nationals with a steady monthly income of ₹15,000 and above.
Download the LoanFront app and complete the online application.
Rating: 4.3, Reviews: 1.13L, Downloads: 50L+
"I received a very fast disbursal application without any objections. It's a really fast application. It's my personal experience. They give loans based on your personal details and credit score. It's a very fast application. I loved it."
Finnable, an NBFC-licensed Fintech approved by the RBI, offers collateral-free personal loans to salaried individuals. Their personal loans are tailored to specific purposes such as education, travel, or home improvement. It offers transparent terms, flexible repayments, and strong security measures. Ease of use, speedy approval process, and reliable customer support make it a convenient choice for those seeking quick and hassle-free loans.
Key Considerations
Starting at 16% per annum.
Ranges from ₹1,000 to ₹10 lakhs.
Less than 36 months
Low EMIs, high loan amounts, and easy repayment options.
Indian nationals with a minimum monthly income of ₹10,000.
Download the Finnable app and complete the online application.
Rating: 3.7/5, Reviews: 45.8T, Downloads: 10L+
"It was a pleasant experience with the support staff. They were very helpful and always available when needed. The disbursement process was very fast, and all document processes were easy and quick."
RapidRupee offers competitive interest rates on personal loans for both salaried and self-employed individuals to meet emergency financial needs. RapidRupee is suitable for individuals in need of small, short-term personal loans with instant approval and quick disbursal.
Key Considerations
12% to 35.9% per annum. Varies based on the loan amount and tenure.
₹1,000 to ₹60,000
Flexible, ranging from 3 to 12 months.
Up to 30 minutes
Instant approval, no credit score requirement, and both salaried and self-employed applicants are welcome.
Indian nationals with a steady monthly income of ₹15,000 and above.
Download the RapidRupee app, complete the 4-step process, and receive funds within 30 minutes.
Rating: 3/5, Reviews: 174K, Downloads: 5M+
"It's a very user-friendly best loan app, and you can apply for a loan within a few hours of downloading it."
This personal loan app offers instant personal loans to underbanked individuals with low credit scores, charging higher rates to mitigate risks. True Balance is a good choice for individuals seeking personal loans integrated with other financial services, such as mobile recharges and bill payments.
Key Considerations
From 2.4%
₹5,000 to ₹1,00,000
3 to 6 months
Up to 5 minutes
Processing fee: 0% to 5% depending on loan amount and profile
Pre-approval available, mobile wallet services
EMI payments through various methods
Indian citizen, 18+ years old, good credit score
Download the TrueBalance app, complete the required process, and receive a loan instantly.
Rating: 5/5, Reviews: 1.5M, Downloads: 50M+
"This app is quite good for taking loans. The customer support is really impressive. One can definitely consider them if they are in need of money and have the capacity to pay on time. Otherwise, a new loan offer will not be generated after paying the previous loan amount in flexi or late payments. Give loans to newcomers as well who have never taken a loan so far from any app."
The IIFL Loan app is user-friendly and offers quick access to various types of loans with competitive interest rates. It's ideal for individuals with a stable income and good credit history who need hassle-free financing solutions.
Key Considerations
12.75% - 44% p.a., depending on your profile and credit score.
₹50,000 - ₹5,00,000
3 - 42 months
For salaried individuals with pre-approved offers, instant approval and disbursal are within 24 hours. Regular processing time is typically 2-3 working days.
Processing Fee: Up to 2%-6% of the loan amount + GST (minimum ₹1,000)
Late Payment Fee: Up to 2% of the EMI amount overdue
Bounced Cheque Charges: ₹500 per cheque
Other charges: https://www.iiflhomeloans.com/schedule-of-charges
No collateral or guarantor is required, Flexible repayment options, Pre-approved loan offers for select customers, Online application and tracking process.
Monthly EMIs through ECS debit or standing instructions
Salaried individuals: Minimum age 21 years, employed with the current company for at least 1 year, minimum net monthly income of ₹20,000
Self-employed individuals: Minimum age 25 years, business in operation for at least 3 years, minimum net monthly income of ₹30,000
Apply on the IIFL website or mobile app or visit your nearest IIFL branch.
Rating: 4.1, Reviews: 63T, Downloads: 10L+
"Very nice service and quick loan process."
MoneyTap is a great choice for individuals looking for a flexible line of credit that allows them to borrow funds as needed and repay on their own terms. They offer competitive rates and flexible repayment terms on personal loans, available to all salaried individuals within minutes.
Key Considerations
13% to 26% per annum (APR: 16.99% to 32.32%)
₹3,000 to ₹5,00,000
3 to 36 months
Up to 1 business day
Processing fee: Up to 2.5% of the loan amount. Late fee: Up to 2% per month of the outstanding amount
Flexible repayment options, credit line feature
EMI payments through various methods
Indian citizen, 21+ years old, regular income source, good credit score
Through the MoneyTap app or website
Rating: 4.1/5, Reviews: 3.59L, Downloads: 1 Cr+
"This app is the safest and one of the fastest loans sanctioned ever to me. Every time I use it, I find it rewarding."
Kissht is suitable for individuals looking for easy EMI financing options for their online and offline purchases. They extend both online and offline credit or personal loans to individuals throughout India, offering a fast and straightforward credit solution.
Key Considerations
14% to 36% per annum
Up to ₹2 lakhs
3 to 24 months
Within 5 minutes
Processing fee: 1.5% to 3.5% of the loan amount. Late payment fee: 2% per month
QR-based revolving line of credit requires only an Aadhaar card for eligibility check
EMI or lump sum
Indian citizens 18 to 65 years old with a valid Aadhaar card
Download the Kissht app and complete the online application
Rating: 4.5/5, Reviews: 771K, Downloads: 10M+
"It was an amazing experience, one of the best loan applications out there. The process was completed within a few hours. Highly recommended. The application works very smoothly and seamlessly for its customers in very little time. They allow a repayment tenure of up to 90 days, which was very helpful in one of my emergency situations. Very quick and efficient."
Zype offers instant personal loans to salaried individuals. Its application process is hassle-free and does not require document uploads. The amount is disbursed within minutes, and flexible repayment terms are available. It's suitable for borrowers looking for hassle-free borrowing experiences and competitive interest rates offered by a user-friendly digital lending platform.
Key Considerations
16% to 36% per annum
₹10,000 to ₹5 lakhs
3 to 72 months
Within 24 hours
Processing fee (1% to 5% of loan amount), late payment fee (2% per month)
No hidden charges, pre-approved loans for existing customers
EMI
Indian citizen, 21 to 65 years old, salaried or self-employed with a stable income of minimum INR 15,000
Download the Zype app and complete the online application
Rating: 5/5, Reviews: 19.7K, Downloads: 1M+
"I was in need of money and decided to give it a try today. I didn't have many expectations, but I liked their fully automated and self-explanatory app functions, which made it very easy to apply. Moreover, they were quick to transfer the money to the required account, which I loved. The whole process took around 30 minutes or so. I would say it's a must-try."
Lazypay is suitable for individuals looking for a convenient "buy now, pay later" solution for their online and offline purchases. It offers fast and convenient personal loans without the need for physical documents. Their loans feature flexible EMI options and repayment terms.
Key Considerations
XpressLoan: 15% to 32% per annum
Revolve: 36% to 42% per annum (monthly rolling fee)
XpressLoan: ₹3,000 to ₹5 lakhs
Revolve: Credit limit up to ₹10,000 (interest-free for first 15/30 days)
XpressLoan: 3 to 60 months
Revolve: No fixed tenure, monthly rolling
Instant credit within minutes
XpressLoan: Processing fee (up to 2% of the loan amount), late payment fee (up to 2% per month)
XpressLoan: Buy Now Pay Later option, multiple repayment options
XpressLoan: EMI or lump sum
Revolve: Monthly balance
Indian citizen, 18 to 65 years old, valid PAN card and bank account
Download the Lazypay app and complete the online application
Rating: 4.3/5, Reviews: 4.44L, Downloads: 1 Cr+
"The best pay later app I've ever used. If they can change the billing time to every 5th of a month, like other apps, then it will be great. Otherwise, I'm fully satisfied with the app's service."
Age: Typically between 21 to 65 years, varying among different loan apps.
Income: The minimum income requirement varies from app to app.
Employment Type: Salaried or self-employed individuals are usually eligible.
Credit Score: Generally, a good credit score is preferred, but some apps may cater to individuals with lower scores.
Debt-To-Income Ratio: Some apps may consider your debt-to-income ratio to assess repayment capacity.
Citizenship and Residence: Indian citizenship and residency are usually required.
Identity Proof: Aadhar card, passport, driving license, etc.
Address Proof: Aadhar card, utility bills, rental agreement, etc.
Income Proof: Salary slips, bank statements, income tax returns, etc.
Employment Proof: Offer letter, employment certificate, etc.
Bank Statements: Typically for the last 3 to 6 months.
Photographs: Passport-size photographs.
Signature Proof: PAN card, passport, etc.
Loan Application Form: Provided by the respective loan app.
General Terms:
Age Requirement: You must be 18+ years old to use the app.
Eligibility: Meet income, employment, and credit criteria.
Third-Party Disclosures: Info shared with lenders for assessment.
Account Creation: Provide accurate info for services.
Term Changes: The app can update terms; continued use implies agreement.
Loan Terms:
Loan Application: Agree to application terms.
Lender Approval: Lenders decide on loan approval.
Loan Disbursement: Funds transferred to your account.
Interest Rates and Fees: Understand APR and fees.
Repayment Terms: Agree to repayment schedule.
Default: Know the consequences of defaulting.
Platform Specific Terms:
Account Management: Maintain account security.
Services Offered: Various loan options are available.
Third-Party Terms: Agree to lender terms.
Limited Liability: The app is not liable for loan issues.
Rewards and Benefits: Understand reward programs.
Acceptable Use: Use the platform lawfully.
Additional Terms:
Data Privacy: Refer to Privacy Policy.
Termination: The app can terminate accounts.
Disclaimers: No guarantees about the platform.
Intellectual Property: The app owns platform rights.
Limitation of Liability: App limits liability.
Indemnification: Agree to indemnify the app.
Governing Law: Terms governed by specific laws.
Interest Rates
Fees and Charges
Eligibility Criteria
Customer Reviews
Repayment Flexibility
Terms and Conditions
Customer Service
Additional Features
Research and Choose a Reliable Loan App: Explore different personal loan apps available in the market. Consider factors such as interest rates, fees, customer reviews, and ease of use to select a reputable and trustworthy app.
Download and Install the App: Once you've chosen a loan app, download it from the respective app store (Google Play Store for Android devices or Apple App Store for iOS devices). Install the app on your smartphone or tablet.
Create an Account: Open the app and create an account by providing basic details such as your name, email address, mobile number, and password. Some apps may require additional verification steps.
Complete the Application Form: Fill out the personal loan application form within the app. Provide accurate information regarding your personal details, employment status, income, and loan requirements.
Upload Supporting Documents: Scan or take photos of the required documents, including identity proof, address proof, income proof, employment proof, bank statements, photographs, and signature proof. Upload these documents securely within the app.
Submit the Application: Review the entered information and uploaded documents to ensure accuracy. Once verified, submit the loan application electronically through the app.
Wait for Approval: After applying, the lending institution will review your details, creditworthiness, and documents. This process may take a few hours to a few days, depending on the app's evaluation procedures.
Loan Approval and Disbursal: If your application is approved, you'll receive a notification through the app. The approved loan amount will be disbursed directly to your linked bank account. This process typically takes a short time, ranging from a few hours to a couple of days, depending on the app's processing speed and your bank's policies.
Late Payment Charges may be applicable.
Your Credit Score may be negatively affected.
Continuous non-payment may lead to legal action and debt collection procedures.
Assess Your Needs: Evaluate your financial requirements and determine the exact amount you need to borrow.
Compare Interest Rates: Research and compare interest rates offered by different lenders to find the most competitive option.
Understand Fees And Charges: Be aware of all fees and charges associated with the loan, including processing fees, late payment charges, and prepayment penalties.
Check Eligibility Criteria: Review the eligibility criteria set by lenders to ensure you meet the requirements before applying for a loan.
Read Customer Reviews: Look for feedback from other borrowers to gauge the lender's reputation for customer service and reliability.
Consider Repayment Flexibility: Choose a lender that offers flexible repayment options, such as longer loan tenures or the ability to make extra payments without penalties.
Understand The Loan Terms And Conditions: Thoroughly read and understand the terms and conditions of the loan agreement, including interest rates, repayment schedule, and any clauses related to early repayment or default.
Seek Recommendations And Advice: Seek recommendations from friends, family, or financial advisors who may have experience with personal loans and can offer valuable advice.
Evaluate Customer Service: Assess the quality of customer service provided by the lender, including responsiveness to inquiries and assistance throughout the loan application process.
Consider Additional Features: Look for any additional features or benefits offered by the lender, such as loan insurance, flexible repayment options, or rewards programs, that may enhance the overall loan experience.
Convenience and Accessibility.
Quick Approval and Disbursal.
Paperless Process.
Competitive Interest Rates.
Customized Loan Offers.
High interest rates for individuals with poor credit scores.
Potential for overspending and debt accumulation.
Security and privacy concerns with personal data.
Hidden fees and charges.
Quick personal loans are regulated by the Reserve Bank of India (RBI) and governed by the Banking Regulations Act of 1949.
Non-Banking Financial Companies (NBFCs) offering personal loans are regulated by the RBI and governed by the NBFC Regulations, 1999.
Interest rates, fees, and charges are regulated to ensure fair practices and consumer protection.
The interest rates on instant loan apps may be higher or lower compared to traditional banks, depending on factors such as creditworthiness and market conditions.
Online personal loan apps generally employ encryption and other security measures to protect personal and financial information, but users should be vigilant about privacy settings and data access permissions.
The maximum loan amount available through these apps varies depending on factors such as creditworthiness, income, and the lending policies of each app.
Customer service quality varies among online personal loan apps, with some offering dedicated support teams to assist with loan-related queries, while others may have limited support options.
The time taken to receive the loan amount after approval varies among easy personal loan apps, with some offering quick disbursal within hours, while others may take a few days to transfer the funds.
The loan application process can be completed entirely through the app, with no additional offline steps required.
Repayment options typically include EMI-based payments through auto-debit from your bank account or manual payments through the app.
Prepayment penalties may vary depending on the app, but some may charge a fee for early repayment of the loan.
Instant loan apps safeguard personal and financial information through various security measures, such as encryption and data protection protocols.
Yes, you can use multiple personal loan apps simultaneously, but you must consider the impact on your credit score and overall financial health.
Some apps may offer the option to increase your loan amount after approval, subject to their policies and your eligibility.
The interest rate for your loan is typically determined based on factors such as your credit score, income, loan amount, and repayment tenure.
Some apps may consider providing loans even if you have a low credit score, but the terms and conditions, including interest rates, may vary.
Applying for a loan through these apps and timely repayment can positively impact your credit score, but defaults or late payments may have adverse effects.
While some flexibility in terms may be possible, the extent to which you can negotiate depends on the lender's policies and your circumstances.
Yes, some apps offer loans to self-employed individuals.
The tenure range for loans on these apps varies from a few months to several years.
Yes, there may be hidden fees associated with using these personal loan apps.
Yes, you can typically track your loan repayment schedule on these apps.
Some apps may offer special offers or discounts for first-time users.
The reliability of the reviews for these personal loan apps varies, and it's advisable to consider a combination of factors when assessing their credibility.
Individuals who are not salaried may find the best loan options through platforms catering specifically to their employment status or by considering lenders who offer flexible eligibility criteria.
For individuals with a low credit score, exploring options such as peer-to-peer lending platforms or lenders specialising in bad credit loans could be the best route to secure a loan.
To contact the Express Deals team, please drop an email to - expressdeal@newindianexpress.com
We will reach out to you in the next 48 business hours.