Digitalisation has revolutionised the products and services sector, improving customer reach, convenience, and turnaround times. The financial services industry has also benefited, becoming more accessible for tasks like borrowing loans or managing regular banking needs. Today, instant loan apps make obtaining a Personal Loan simpler and more efficient than ever.
Instant loan apps have become more borrower-friendly than traditional financial institutions, making borrowing a Personal Loan easy. The verification takes place through the e-KYC medium, allowing for fast approvals and disbursements, saving time for borrowers.
What Makes Instant Loan Apps Different From Traditional Loans?
- Short-Term Loans: The loan offers a repayment period as low as 12 months up to 3 years
- Low Amount: The amount of credit available can vary from Rs 50,000 to Rs 5 lakh
- Easy Application: The loan application can be made directly from an online app
- Paperless Process: All the applications are verified, approved & disbursed online
- Affordable EMIs: Most loan apps provide flexible repayment options with low EMIs
- Instant Approval: Get access to the loan amount within a few hours of application
Top Loan Apps in India
Here’s a list of the top loan apps known for fast approvals and competitive interest rates.
Hero Fincorp
- Interest Rate (pa): Up to 19%
- Amount Disbursed: Rs 50,000 – 5 Lakh
- Repayment Tenure: 1-3 years
- Disbursal: 24-48 Hours
PaySense
- Interest Rate (pa): 16-27%
- Amount Disbursed: Rs 5,000 – 5 Lakh
- Repayment Tenure: Up to 3 years
- Disbursal: 1-2 days
KreditBee
- Interest Rate (pa): 15-30%
- Amount Disbursed: Rs 10,000 – 4 Lakh
- Repayment Tenure: 1-3 years
- Disbursal: 24 Hours
mPocket
- Interest Rate (pa): 17-30%
- Amount Disbursed: Rs 500 – 30,000
- Repayment Tenure: 3 months
- Disb ursal: 24 Hours
Fibe
- Interest Rate (pa): 19-36%
- Amount Disbursed: Rs 5,000 – 5 Lakh
- Repayment Tenure: 1-3 years
- Disbursal: 1-2 days
Online Application Procedure
Here’s a step-by-step guide to applying for a loan using a reliable loan app like Hero FinCorp:
- Install the App from the Play Store: Download and install the loan app from the Google Play Store on your smartphone. Ensure you choose the official app to avoid any security issues.
- Choose a Loan Amount and Preferred EMI: Open the app and select the amount of money you wish to borrow, which can be up to Rs 5 lakh, depending on the app’s terms. Also, choose the EMI (Equated Monthly Instalment) amount or tenure that fits your budget.
- Enter Basic Details: Provide essential personal information required for the loan application. This typically includes:
- Name: Your full legal name.
- Income: Your monthly or annual income details to assess your repayment capacity.
- Purpose of Loan: The reason you need the loan (e.g., medical expenses, education, etc.).
- PAN Card Number: Your Permanent Account Number (PAN) for identity verification and tax purposes.
- Complete the KYC Process: Perform the Know Your Customer (KYC) verification, which may involve uploading identification documents such as an Aadhaar card, passport, or driving license. This step ensures compliance with regulatory requirements and confirms your identity.
- Input Your Bank Account Details: Enter the information for the bank account where the loan amount will be credited. Ensure the account details are accurate to avoid any delays.
- Real-time Loan Approval: The app will process your application and, based on the provided details and KYC verification, give you a real-time approval decision. This step may include a credit check and assessment of your loan eligibility.
- Digitally Sign eMandate and Loan Agreement: Review and digitally sign the eMandate (a pre-approved instruction for the automatic debit of EMI payments) and the loan agreement. This step formalises the loan contract and your commitment to the terms.
- Amount Credited to Your Account: Once everything is approved and signed, the loan amount will be transferred directly to your bank account. You can then use the funds as per your needs.
This streamlined process ensures quick and efficient loan disbursement, leveraging technology for convenience and speed.
Overall, instant loan apps have revolutionised borrowing, offering speed, convenience, and competitive rates. With features like paperless applications and rapid approval, these apps are a practical choice for those needing quick financial solutions. Explore top loan apps to find the one that best meets your needs.