When
living in a digitally sound world, it is extremely evident of people to want
things at a nib. With the technology driven hacks today, everything is
plausible in microseconds perhaps. The days for long queues outside a bank are
long gone for a personal loan approval. Several P2P automated, lending
platforms have flourished in the market for easy, secure and handy transfer of
personal loans. Many such loan apps are available in the market, which lend
money at almost a blink.
Here
in this article, we will center around the best few personal loan apps
available in the market in India. See the highlighted below with the features
and benefits:
- Home Credit
- PaySense
- MoneyTap
So,
what is essentially an instant personal loan?
An
instant personal loan is typically an unsecured loan type for matching short
term goals. These short term financial goals could possibly include personal
expenditure, physical or financial asset purchase, wedding expenses, etc. Personal
loan being an unsecured personal loan does not require a supporting collateral
for availing it.
The
personal loan can be easily procured from any bank or NBFC (Non-banking
financial company) to match all urgent financial requirements. The personal
loan can be procured by entities like salaried professionals, self-employed,
businessmen, etc.
A
personal loan can be easily availed from banks/NBFCs on the basis of monthly
transactions.
What is the Eligibility Criteria for an Instant Personal Loan?
Banks/NBFCs
approve instant personal loans after full-fledged due diligence of the
individuals and all related KYC factors for e.g.
- ·
CIBIL
scores
- ·
Occupation
- ·
Age
- ·
Monthly
Income
- ·
Location
of the individual
- ·
Past
history
- ·
Repayment
capacity
Duration of Instant Personal Loan
Duration
for personal loan generally ranges between 1 to 5 years. One as the customer can
choose the loan duration as per the aligned needs.
Home Credit
Home Credit India is a small part of the larger Czech Republic group which has
a global presence in over 10 countries already in Europe, US, Russia, Asia etc.
The Indian company has its worldwide presence in over 70 cities at present.
The
personal loan available is upto 2 lakh with ease of application and quick approval.
The instant personal loan application makes it simple, transparent and highly
reachable.
PaySense
PaySense
is into financial services, dedicated to easy and quick personal loans. The
loan process is quite uncomplicated and seamless. The fully online process
saves the physical visits to the office for loan inquiry and application.
MoneyTap
MoneyTap
is the reckoned as the first and preferred app based loan provider. The app
basically provides short term personal loans at flexible repayments and affordable
interest rates. This app works
the best for individuals with absolutely no place to go to.
After
the mention of the 3 best personal loan apps, its best to know about loan
calculations. This will help in fair comparisons and calculations with a view
of the loan amount and EMI value. You can compare and select the different loan
tenure and pick the one which suits your needs.
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