Best Ways To Get Easy Personal Loan
A great way to obtain funds quickly for a wide range of needs is to take a Personal Loan. Whether it’s a wedding, a child’s education, a medical emergency, travel, or any other requirement, the best option is a Personal Loan. It’s an available line of credit that enables you to meet the need of the hour. You can get the funds quickly in a matter of seconds or hours, with minimal documentation. You can repay the loan over some time, either months or years in easy monthly instalments.
- Interest rates:
- The first thing you want to consider while taking a Personal Loan is the interest rate. The best Personal Loans from your point of view are the ones that offer the lowest interest rates. Your best bet would be to go to a reputed bank; your friendly neighbourhood moneylender will charge you an arm and a leg. Within banks, there are significant differences in interest rates. So it’s a good idea to shop around for a bit and compare the interest rates offered by different banks. You can do this quite easily online. However, what you must remember is that banks offer different rates to different customers depending on factors like how reliable your income stream is etc. Interest rates are critical since even small percentage differences will add to your loan cost over some time.
- No collateral:
- All Personal Loans are unsecured. You don’t have to put up any collateral for your loan. This works for you if you don’t have or want to pledge any assets that you may have to get a Personal Loan. The alternate options could be Secured Loans where you pledge assets, as the interest rates could be lower. Plus, you don’t have to worry about poor credit scores. If that’s not an option, Personal Loans are ideal.
- Minimal documentation:The best Personal Loans could be those that you can get with a minimum of fuss. For example, when you’re in a hurry to get some cash, the last thing you want to do is submit a lot of documents and fill in a lot of forms.Well, thanks to the Internet, you don’t have to do that anymore, and you can apply for a loan from the comfort of your home.The best Personal Loan could be one from your bank. They will have all your personal and financial details and so don’t have to bother about too much verification. And in these days of Internet banking, you could get that money in your account in no time at all.You can apply for an HDFC Bank Personal Loan in many ways – online on the website, via NetBanking, at an ATM or by visiting an HDFC Bank branch. Select pre-approved HDFC Bank customers can get a Personal Loan in 10 seconds*; others will receive it in less than four hours*. If you are a customer, you can check with the bank or via NetBanking if there’s a Personal Loan offer for you.
- Tenure:
How to choose the right Personal Loan? One of the essential things you must consider is the tenure of the loan. The best loan from your perspective is one that matches your time requirement – whether you need a loan for a few months or several years. The amount of EMI (equated monthly instalments) that you pay will depend on the tenure of the loan. A longer tenure will mean lower EMIs, but more interest payouts. Choose a bank that allows you to be flexible about tenures.
HDFC Bank offers a Personal Loan amount of up to Rs. 40 lacs, with tenures from 12 to 60 months, and repayment in easy EMIs, starting at Rs. 2,149 per lac (Check our Personal Loan EMI calculator to plan your loan better). - Loan amount:
The best Personal Loan is one that’s of the right amount. If you need a loan of Rs. 20 lacs, there’s no point going to a bank whose upper limit is Rs. 10 lacs. 1. IndusInd Bank
With IndusInd Easy Credit Personal Loan, you can fulfil all of your wants and needs that you might not be able to fulfil due to financial constraints. You can easily obtain a personal loan of up to Rs. 5 lakhs at zero processing fees (valid for a limited period), regardless of usage. The procedure is simple, requires no physical documentation, and can be done from the convenience of your home.
Reviewed as trusted loan providers by many customers across India
Complete transparent and trustworthy process2. PaySense
This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field. For any work, you can acquire rapid personal loans ranging from INR 5,000 to INR 5,00,000, and you won't have to wait long for approval. The best part is that you won't have to worry about running out of time because this platform is known for approving requests quickly. What makes this platform the best personal loan app? The documents can be picked up immediately from your house, eliminating the need to courier or scan for digital copies. They also provide a variety of low EMI plans that make loan payments simple and hassle-free. If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.
- Interest Rate Per Month - 1.08 to 2.33 percent
- Maximum Loan Amount - Rs. 5,00,000
- Minimum Loan Amount - Rs. 5,000
- Documentation - Proof of Identity (Aadhar card/PAN card), Proof of Address (Aadhar card, utility bills, or rental agreement), Proof of Income (bank account statement), and a Photograph
- Features - Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals
3. MoneyTap
This is one of the fastest instant loan apps in India. You may acquire a fast loan with MoneyTap; you must download the mobile app. So, how does it function? You must first download the application and register on the same website. After registering, you'll need to complete the KYC paperwork and await final approval. After that, based on your credit score, you can acquire instant credit up to an approved amount of INR 5,00,000, which you can use to buy everyday essentials, indulgences, travel, and other things. The best aspect is that you won't have to go through a lot of paperwork or wait long periods. This makes this one of the best personal loan apps in India, and people do not hesitate to use it.
- Interest Rate Per Month - 1.08 to 2.3 percent
- Maximum Loan Amount - Rs. 5,00,000
- Minimum Loan Amount - Rs. 3,000
- Documentation - Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement
- Features - 100% paperless process with online approval of a loan, pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount
4. Dhani
It began as a drugstore but has now expanded to include money lending services. Dhani is one of the best personal loan apps without documents, and many outstation students rely on it to make ends meet while working part-time. You can easily obtain a quick loan of up to INR 5,00,000, with interest rates that are both handy and affordable. Every transaction will also earn you 2% cashback, which you may spend for future redemptions and services. No bank mandates are necessary, and you can easily receive a lifetime cashback card with the help of Dhani, which is why this is the best instant loan app without salary slips. Also, you get a virtually interest-free credit line up to INR 5,00,000 and can easily choose to get a 90-day payback scheme.
- Interest Rate Per Month - 1 to 3.17 percent
- Maximum Loan Amount - Rs. 5,00,000
- Minimum Loan Amount - Rs. 1,000
- Documentation - PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details
- Features - Instant money up to Rs. 5,00,000 at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support
5. Nira
Nira finance is known for its instant approvals, which is why it is one of the best instant personal loan apps. You can easily get higher amount loans with a simple registration, and they boast about their instantaneous loan sanctions. You can also set up auto-debits and credits through this platform, and you do not need to think about the finances or the charges against your transactions. You need to download the instant loan app, register, upload the documents and link a bank account. It will automatically assess your credit score and will grant you an instant loan without any charges. You can get up to INR 500,000 and the interest rate ranges up to 1.5 to 2.5% (monthly) depending on your score. You can also extend your credit period, which makes it the fastest instant loan app.
- Interest Rate Per Month - 1.5 to 2.5 percent
- Maximum Loan Amount - Rs. 5,00,000
- Minimum Loan Amount - Rs. 3,000
- Documentation - Recent payslip, Last 3 months bank statement, PAN card, Photograph, Identity proof, Address proof
- Features - Quick disbursal, Low-interest rates, Easy repayment, Flexible schedule, Supportive customer service
6. CASHe
CASHe has established itself as the best personal loan app, and the UI/UX it has to offer for its application confirms this. You can easily log in and register on the app, and the dashboard contains all the information you'll need to get a fast loan. You can choose from various loans with a maximum amount of INR 500,000 and various interest rates and repayment terms. You can also make a direct deposit into the associated bank account. You can also set up direct auto-debit for loan interest payments, eliminating the need to visit the platform each time. There are also Buy Now Pay Later partnerships with Flipkart, Amazon, Big Basket, and others, and you may choose to guarantee your debts with insurance policies.
- Interest Rate Per Month - Starts from 1.75 percent
- Maximum Loan Amount - Rs. 5,00,000
- Minimum Loan Amount - Rs. 5,000
- Documentation - Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card
- Features - Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation
7. Home Credit
This is one of the easiest portals for any Indian citizen aged 19 to 65 to get short-term loans in India. Depending on your credit rating, you can easily avail of loans up to INR 2,00,000 with two documents only, a PAN card, and any other proof of identity or address. This makes the approval process short and hence it has made the list of the best personal loan apps. You are eligible for a credit period of up to 26 months, and the loan approval is completely digital. It can be directly linked to your bank account or any other digital wallet, and the money will be directly credited to the same account. This platform is also available to senior citizens, who are pensioners and have a basic monthly income and is also valid for students who are studying and not earning.
- Interest Rate Per Month - 2.4 to 3.3 percent
- Maximum Loan Amount - Rs. 10,000
- Minimum Loan Amount - Rs. 2,00,000
- Documentation - PAN card, Identity/Address proof
- Features - Generates best offers after evaluating ‘best fit’ eligibility, Provides easy loan application and approval, Extends clear view of loan details, Facilitates quick EMI payments, 100% private and secure online process
8. PayMe India
PayMe India is a great platform with an extensive range of benefits, which helps it to become one of the best personal loan apps in India. Whether it is last-minute rent payment, utility bills or an impromptu vacation, even a flash sale online, or any necessity in terms of medical emergencies, loss of work and salary, deductions, etc., PayMe India has a loan for all processes. This makes it one of the most versatile platforms to secure loans. You can easily register yourself on the platform, and you will have to select a plan, upload documents, get KYC done, etc., and be eligible for an instant loan. You can also take corporate loans if you have a business. However, you will need the right documentation for such loans, and you can always have a long credit period.
- Interest Rate Per Month - 2 to 6 percent
- Maximum Loan Amount - Rs. 1,00,000
- Minimum Loan Amount - Rs. 1,000
- Documentation - Bank statement, Salary slip, PAN card, Photo ID proof, Address proof
- Features - Easy login, Accurate assessment, Swift disbursal, Instant cash, Different loan types, Loan advisory, Safe process, Private & secure
9. India Lends
This is one of the most premium and favourite lending platforms for Indians, as they have different kinds of loans available for different classes of loans. They also help get the lowest interest rate from most banks and NBFCs, making it the low-interest loan app most people tend to look for. Apart from instant loans, you can also avail of gold loans at lesser interest rates, property-backed loans, etc. This platform also provides credit cards, and you can choose from over 40+ schemes and cards. What makes this the best loan app for students? You can also check your credit score by just uploading your PAN documents, which helps you select your scheme of instant loans. This is undoubtedly the gold mine of financial services, and every major information is widely available on their portal.
- Interest Rate Per Month - 0.9 to 3 per cent
- Maximum Loan Amount - Rs. 50,00,000
- Minimum Loan Amount - Rs. 15,000
- Documentation - There are various document requirements on this application which you can scroll through via this website.
- Features - Easy approval, Quick disbursal, 100% online process, Supportive customer service, High maximum value, Lower interest rates
10. Navi
Navi is an instant loan-providing platform that provides loans with interest rates starting at 9.99 percent p.a. for terms up to 6 years and loan amounts up to Rs 20 lakh. Through the Navi app, you can obtain a digital personal loan with no processing fees to meet financial emergencies like wedding expenses, medical expenses, etc.
The best thing about this app is that it is entirely paperless since PAN and Aadhaar numbers are used in the loan application process. The loan can be authorised in under ten minutes and credited immediately to the applicant's bank account. Furthermore, this digital app offers simple, reasonably priced, and easily accessible financial products and services.