India, a country with over 1.29 billion population, has a widespread financial inclusion gap. In recent years, the advent of technology has led to the creation of instant mobile loan applications or apps in India. These apps are developed to provide fiscal assistance to the underserved and underbanked population. The process is quick and straightforward, requiring minimal documentation and no long waiting periods. Here’s a list of top 10 instant mobile loan apps in India.
PaySense
PaySense, with its headquarters in Mumbai, is one of the leading instant mobile loan apps. It provides personal loans, credit lines, and instant loans ranging from INR 5,000 to INR 5 lakhs. The application process can be completed online, and the loan disbursal time takes 3 to 5 days.
KreditBee
KreditBee is a digital lending startup that provides loans to Indian customers. The company offers personal loans, small-ticket cash loans for short durations that range from INR 1,000 to INR 2,00,000. The loan disbursal is instant and could be credited within hours.
Fibe
Fibe, (formerly EarlySalary), offers personal loans up to INR 5 lakhs with easy repayment options. The application process is simple and can be completed in a few minutes. Fibe is known for its unique proposition of providing instant credit to salaried individuals based on their creditworthiness rather than a credit score.
Money Tap
MoneyTap is another mobile-based personal credit line provider. It offers instant loans starting from as low as INR 5,000 up to INR 5 lakhs, with interest rates ranging between 13-24%. One of the unique features of MoneyTap is that it does not require you to withdraw the entire loan amount; you can use the line of credit as and when required.
CASHe
CASHe is a Mumbai-based loan app that offers instant personal loans to salaried individuals. The platform provides loans ranging from INR 10,000 to INR 2 lakhs with a repayment period of 15, 30, 60, and 90 days. The interest rate ranges from 1.50% to 2.75% per month.
NIRA
NIRA is an easy-to-use mobile app that offers personal loans to salaried professionals. NIRA’s loan eligibility criteria are flexible, and they disburse loans between INR 5,000 to INR 1 lakh. NIRA’s interest rates range from 1.5% to 2.5% per month, and they have a repayment period of 3 to 12 months.
MoneyView
MoneyView is a mobile app that provides instant personal loans up to INR 5 lakhs. The platform’s loan eligibility criteria are flexible, and the application process is straightforward. In addition to offering personal loans, MoneyView also provides bill payment and money management facilities.
FlexSalary
FlexSalary, owned by Vivifi India Finance Private Limited, offers credit up to INR 2 lakhs on its app. The platform provides financial aid to salaried professionals and has an algorithm that decides whether a person is eligible for the credit. FlexSalary offers loans at an interest rate of 36% per annum.
Rupeelend
RupeeLend is an online platform that offers personal loans of up to INR 25,000 with a maximum repayment period of 3 months. RupeeLend’s application process is online, and it requires minimal documentation. The platform operates only in select cities across India and has gained popularity in recent years because of its easy repayment options.
SmartCoin
SmartCoin is an instant loan app that offers personal loans up to INR 50,000 with a repayment period of 3 to 6 months. SmartCoin uses its proprietary scoring system to ascertain the creditworthiness of its customers. SmartCoin also assists customers in building a credit score to gain bank loans in the future.
Conclusion
The above-listed instant mobile loan apps have revolutionized the way the underprivileged population accesses financial services. With the Indian economy on the rise, these mobile loan apps will continue to play a crucial role in bridging the financial inclusion gap. However, it is essential to borrow only as much as needed and to be judicious with the repayment