In these COVID times, Personal Loans and Credit Card Balances are on constant rise. Many people are constantly struggling to meet the ends and fulfil essential needs of life. To bring some relief, RBI flushed high liquidity to banks. Loans are available for lowest than ever rates, yet it is not a cake walk to borrow an unsecured loan with less than perfect credit score for each person.
Whether you are challenged due to low score, lack some income documents or your loan application is rejected due to high debt to income ration, you may still be eligible for a loan. You should consider speaking to a loan specialist to get access to the urgent cash loans at best possible rates.
More so, a lot of Insta Loan Apps too approve loan applications with less stringent eligibility criteria. These are the new-age FINTECH apps and approve loan applications faster and with much more ease. Let’s check out the best instant loan apps for salaried and self employed borrowers. We will also discuss some of the striking features, benefits and precautions to exercise while contacting these lenders for instant loans.
Best Instant Loan Apps in India
1.MoneyTap
MoneyTap is one of the most popular apps for applying personal line of credit up to Rs 5 Lakhs. The app is supported by RBL Bank and is pretty safe to use. Interest rates are quite affordable, starting at 13% per annum. The loan tenure is flexible and available for max up to 36 months. You are required to repay interest only on the amount utilized.
To get instant access to instant loan through MoneyTap app, all you need to do is download the app and check the eligibility. The loan can be availed of for Marriage, Travel, Medical expenses, Education, Vehicle Purchase, Mobile/ Laptop Purchase, Consumer Durables, Debt Consolidation, Home Renovation and much more.
Both salaried, self employed and professionals can apply for MoneyTap Insta loan. The minimum net monthly income should be Rs 20,000 and age should be 23 to 55 years. The documents required are KYC docs, Aadhar and PAN.
2. MoneyView
MoneyView is another leading instant loan app. You can avail same day instant loan, with approval in 2 minutes for up to Rs 5 Lakh. No collateral or guarantor is required and both salaried and self-employed can apply for MoneyView Instant loans 100% contactlessly.
The eligibility requirements are easy to meet, with minimum in-hand monthly income of Rs 13,500, Minimum Cibil Score of 650, Experian score of 750 and age requirement of 21 to 57 years. The documents required are PAN/ Aadhar, address proof and bank statement. Rates of Interest start from 1.33% per month. Part payments are not allowed, full payments can be made after serving first 3 EMIs.
3.Cashe
Cashe calls itself a Social Loan Company. You can apply for small loans as per your needs, ranging from Rs 9,000 to Rs 3,00,000 for a tenure of up to 1 year. The loan is offered in four variants:
CASHe Instant loans:
Tenor | Loan Amount | Min Salary |
62 days or 2 months | Rs 7000 to Rs 87000 | Rs 12,000 |
90 days or 3 months | Rs 15000 to Rs 1,10,000 | Rs 15,000 |
180 days or 6 months | Rs. 25,000 to Rs 2,10,000 | Rs 22,000 |
270 days or 9 months | Rs. 50,000 to Rs. 2,58,000 | Rs. 25,000 |
360 days or 12 months or 1 year | Rs 75, 000 to Rs 3,00, 000 | Rs 40,000 |
4. Early Salary
EarlySalary is another flexible insta loan option up to Rs 5 Lakh for salaried individuals. The minimum salary requirement is Rs 18,000 in metro cities and Rs 15,000 for non-metros. It is a flexi personal loan that can be availed and repaid as per your convenience. There is no prepayment charge. The loan is instantly approved and disbursed as you download the app, register and apply for Insta Personal Loan. The tenor will range from 90 days to 730 days and interest rate will vary in the range of 24%-30% p.a. i.e. 2% – 2.5% each month. It is most suitable for short duration cash needs.
5.PaySense
PaySense is another new age digital app for Instant Loans up to Rs 5 lakh for salaried and self employed individuals. The app is safe to use and loan can be accessed for a variety of needs. The loan can be availed in 40 Indian cities. Check list of cities for Instant Loans on website. The minimum monthly income requirement is Rs 12,000 for salaried and Rs 15,000 for self-employed individuals. The APR will vary from 16% to 36% on a reducing balance basis. The processing fee is 2.5% of the loan amount. PaySense has merged with Lazy Sense and PayU and partnered with NBFCs Credit Saison India, Fullerton, IIFL, Northern Arc and PayUFinance.
6.KreditBee
KreditBee is another new age app for borrowing. It is suitable for young professionals, seeking quick loans up to Rs 2 Lakh. The loan is disbursed online within 15 minutes as process involves minimal documentation. KreditBee Instant Personal Loan can be drawn for 62 days to 15 months at 0-2.49% per month as per your requirement. The applicant should be at least 21 years of age and should possess a valid proof of income for monthly salary of Rs 10000. To check the eligibility for loan, you simply need to login on the app using your Gmail or Facebook Account.
7. mPokket
mPokket is an instant loan app for college students and salaried individuals. The app offers small loans up to Rs 20000 for up to 3 months. There are minimal eligibility requirements to access loan through mPokket. You can avail funds in your Bank Account or PayTM Account as per your convenience. To avail mPokket loan, a college student needs to submit documents: Valid College ID card, ID Proof (Voter Card/ Driving License/ Passport/ Aadhaar), and a PAN card (compulsory with Aadhaar card). As for salaried professionals, PAN Card is mandatory, besides last 3 months bank statement and last 3 month’s salary slip or Offer Letter or Joining Letter.
All these Instant Loans Apps come extremely handy in times of financial stress. You only need to share your details, submit ID proof and income documents to check eligibility and avail of instant loan for your urgent requirements.
A word of caution: A debt is a debt and should always be raised with a definitive repayment plan. Do not opt for an instant loan out of haste. Apply only when you can repay in a stipulated time period. Delaying loan EMIs is not suggested. You can always use professional advice to make an informed decision. A loan can be a great tool for meeting your aspirations and building up credit score. So always borrow wisely.
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