Top 5 apps in India through which you can take Personal Loans

The process of availing loans have come a very long way since the start of the digital age. In the past customers had to physically go to a lender and fill out multiple forms to be considered for a loan. Once all your paperwork was done, the financial institution would take several days to process the customer’s request and finally a couple of weeks after initially requesting the loan, and some money would find it’s way to his or her bank account.

With the digitization of the financial sector, however, things have changed. Because of the reliable reputation of personal loan apps, a customer today doesn’t even have to leave the comfort of her home to get a loan approved. Due to the fintech revolution, these apps are flexible and easy to use and more importantly, safe. 

Here are India’s five best apps through which you can take out a personal loan:

1. Bajaj Finserv:

Bajaj Finserv is an established player in the fintech industry. They have built a reputation for being one of the safest and most reliable lenders who use online loan apps. Instant approval, minimal paperwork, no collateral, disbursal in just 24 hours are some of the main perks of having Bajaj Finserv on your side. 

This app has 12,000+ partner outlets in over 150 cities with Croma, Vijaya Sales, Hometown, Home Centre, Urban Ladder, Helios, and more, which allow consumers to shop around in any of them.

2. Pay Sense: 

Pay Sense is a lender who has partnered with IIFL and created an online personal loan app. This app allows customers to choose between loans varying amounts from Rs 5000 to Rs 5 lakh. PaySense also gives its loanees a lot of flexibility when it comes to loan repayment and interest rate. Specific requirements to be eligible for this app is that you should have a minimum salary of at least Rs 12,000 per month, and you should have all the necessary documents.

3. LoanTap:

Another very reputed member of the Indian fintech scene, Loan Tap has been quietly making a name for itself. Some of their offerings include an EMI free personal loan which is a big favourite among their new customers. The company promises its customers a quick and transparent process where there will be no hidden charges and no prepayment charges as well.

4. Early Salary:

Easy Salary is one of the leading promoters of payday loans in India. They promise you that money from the loan can be approved and disbursed to your bank account within 24 to 36 hours of applying. Easy Salary can offer you a personal loan ranging from Rs 5000 to Rs 5,00,000. The tenure of these loans can be for a maximum of 24 months or two years.

5. IndiaBulls Dhani Loan App:

Dhani is an up and coming app that allows customers to get rewarded while making their bills. One of the features of this loan app is that it can also be used to make your regular bill payments. The personal loans offered on this app come without an obligation to secure collateral as well as without any prepayment charges. Even the documentation for this app is relatively simple. Customers will have to produce their PAN card, address proof and bank details to secure a personal loan.

Conclusion:

With the revolution of the FinTech, industry customers are spoilt for choices. When it comes to availing a loan online, you must understand the terms and conditions laid out by the lender to ensure that you aren’t forced to pay any fines.

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