When it comes to fulfilling small goals in life, there is probably nothing that could serve you better than a personal loan. If you have been yearning for a device or wanting to manage your financial emergencies, a loan is what you need. No need to exhaust all your savings. Look for one of the most reliable apps for short-term loans that can process your loan faster, requiring minimal documentation.

Best Small Credit Loan App

Don’t have a great credit history? Or, a reasonable credit score is what you are after? We understand the importance of, and essential role played by credit history. And that’s where the extensive role of loan apps come into play. These apps not only consider your CIBIL score or your past credit history when evaluating the eligibility of your Emergency loan. They do so based on your credibility score.

The customers are required to sign-up or register on the loan apps. Once they are done with the registration process, these apps share the available credit facility after considering the details shared. After you, as a customer, complete KYC and share consent for terms and services, the loan request is not only approved but also sanctioned instantly.

One of the best things about availing a small cash loan through these apps is that they are contactless and 100% digital. The processing time to approve a loan request can be as quick as 5 minutes to a maximum of 2 days.

Features of the Top 10 Instant Loan Apps

Here is a list of loan apps that help you avail quick and easy loans:

Tata Capital

• Reasonable rates of interest, which start just at 10.99% p.a.
• Flexible tenure of up to 7 years.
• Loan amount that starts from Rs. 40,000 to Rs. 35 Lakhs.
• The processing fee ranges from 1% to 3.5% of the amount of loan, including GST.

PaySense

• The amount of instant personal loans ranges from Rs. 5,000 to Rs. 5 Lakhs to meet your diverse needs.
• Rates of interest differ from 14% to 36% p.a.
• Flexible EMI and tenure options vary between 3 months to 5 years.
• Obtain timely loan approval for quick money in your account.
• The fee to process the loan is 3% of the amount.

MoneyTap

• Flexibility to use any amount from the limit.
• The tenure of EMI ranges from 2 months to 3 years.
• Flexibility not only to repay but also use the limit again.
• Seek approval for Rs. 3,000 to Rs.5 Lakhs personal loan without delay.
• Pay the interest only on the loan amount used from the approved credit line.
• Only a one-time line setup of Rs. 499 + GST is charged.

KreditBee

• The loan of tenure differs between 3 months to 3 years.
• Affordable transaction fees.
• 10-minute disbursal time with 100% online process.
• Personal loans ranging from Rs. 1,000 to Rs. 5 Lakhs.
• Rates of interest vary between 17% to 29.95% p.a.

MoneyView

• Acquire online loans instantly varying between Rs. 5,000 to Rs. 10 Lakhs.
• The rate of interest differs between 10% to 39% p.a.
• The application process is 100% paperless and does not include hidden charges.
• The fee to process the loan application starts from 2% of the loan amount.
• Flexible EMI repayment plans that start from 3 to 60 months.
• Check your credit score reports (free of charge) in minutes
• Get a pro-saver account opened with a 9% p.a. Interest rate.

CASHe

• Get swift personal loans varying between Rs. 1,000 to Rs. 4 Lakhs.
• The tenure to repay the loan ranges from 3 months to 18 months.
• No need for guarantor or collateral.
• Get the most out of online shopping at no cost EMI.
• The loan application is not only instant but also 100% paperless.
• Instant release of the loan amount to your bank account.
• NIL foreclosure charges.
• Processing fee of the loan amount application ranges from 1.5% to 3%.
• The rate of interest ranges from 2.25 to 2.50%.

StashFin

• Credit lines vary between Rs. 1,000 to Rs. 5 Lakhs, straight into your bank account.
• Pay interest only on the funds you make use of.
• The loan tenure varies between 3 months to 3 years.
• The pricing to avail loans is transparent and there are no hidden fees involved.
• Flexible terms of payment with a convenient EMI facility.
• Interest rates start from 11.99% to 59.99% APR (Annual Percentage Rate).
• Minimal document processing.
• Immediate approval and quick disbursal.

Home Credit

• The amount of loan varies between Rs. 10,000 to Rs. 5 Lakhs.
• A yearly renewal fee of 2% of the allotted credit limit is charged.
• The method for repayment ranges from 6 months to 4 years.
• The rate of interest to avail a loan starts at 19.5% p.a.
• The fee required to approve the loan application is from up to 5% of the amount approved.
• A transaction fee of 2.5% on every withdrawal amount is levied.

CashBean

• Offers instant personal loans ranging from Rs. 1,500 to Rs. 60,000.
• A processing fee of Rs. 90 to Rs. 2,000 + GST for the loan amount application will be levied.
• Obtain funds in minutes through a digitized process.
• The repayment tenure varies between 91 to 120 days.
• Apply for the loan via a mobile app or through the official website of CashBean.
• The rate of interest varies between 25.55% to 33% p.a.

Documents Required for Instant Loan Apps

Minimal or no documentation for existing customers is one of the most excellent aspects of personal loans from app-based lenders. When applying for a personal loan through a smartphone or website, the basic KYC documentation is what you need. In addition, to serve a large number of customers, the majority of these loans make it easier for customers to borrow with no or the lowest credit score. However, these Apply for short-term Personal loans evaluate the credit score on the basis of the social profile and other personal factors of the customer.

Listed below are the documents required for instant loans through mobile apps:

• Aadhaar & PAN card
• Photograph
• KYC (ensure you fulfill the same)
• Bank account details & statements
• Salary slips or income proof

Eligibility Criteria to Apply for a Loan through an App

The parameters to determine the loan eligibility may differ from lender to lender. However, meeting the eligibility criteria is crucial and you must:

• Be salaried or self-employed, depending on the loan provider’s target audience.
• Be of the age above 21 years and below 60 years.
• Be a resident of India.

How to Apply for a Loan through an App?

Here is a list of some crucial steps you need to consider when applying for a loan through an app:

1. To begin with, download the lender’s app on your Android or iOS smartphone.
2. Next you need to register with a social media account and/or basic details including your name, mobile number, email address, bank account details, income, etc.
3. Now, you need to upload and share some important documents like Aadhaar Card, PAN Card, Job Proof, Income Proof (bank statements or salary slips), etc.
4. Upon submission of your basic documents, the lender will verify the details.
5. Seek instant loan approval upon meeting the lender’s eligibility criteria.
6. Got the approval? Now, enter the loan amount based on your eligibility.
7. Get the funds transferred into your bank account in no time.

The time taken to process a personal loan application by a traditional bank is ridiculous. You never know when you might face an emergency so you would need a loan within a short span of time. Moreover, the interest rate charged by money lenders is amazingly high, which makes the entire process very uncertain. This is why people have been relying extensively on loan apps, as they have become a wonderful idea to provide loans secure cash loans without hassles.