India is changing, and with it, the mindsets, practices, norms, and habits of Indians are also changing. For instance, taking a loan is no longer taboo today. Young individuals have been taking loans from the best loan apps in India for various purposes like studying overseas, financing a holiday, renovating their house, buying a car, and even for their wedding.
To fuel the dreams of today’s ambitious population, many organizations have started offering funds. Money lending apps in India have become popular owing to the many benefits – customized loans, low-interest rates, online credit cards, the simple application process, and 24X7 tracking.
Multiple instant loan apps in India in 2022offer a fast, paperless, and hassle-free way of getting quick access to funds to fulfil your dreams or help you during a financial emergency.
In this blog, we have listed some of the best loan apps in India that have taken the market by storm and are changing the way Indians borrow! We have also made a loan app comparison table for your perusal. Get information about the best instant personal loan apps in India in 2022by giving this a read.
Best Instant Personal Loan Apps in India [August 2022]
Below is the list of the top 25 best loan apps in India:
- PaySense
- CASHe
- EarlySalary
- Nira
- KreditBee
- Credy
- mPokket
- Dhani
- Bajaj Finserv
- MoneyTap
- FlexSalary
- MoneyView
- PayMe India
- SmartCoin
- StashFin
- HomeCredit
- ZestMoney
- IDFC First Bank
- LoanTap
- Fullerton India
- LazyPay
- IndiaLends
- CashBean
- RupeeLend
- AnyTimeLoan
The Comparison Table of Best Loan Apps in India in 2022
The following table compares the best loan apps in India in 2022. It compares different loan apps based on their annual interest rate, loan amount, and app rating on Google Play Store. The table will help you find the best loan app in India suitable to you:
| # | Loan App | Annual Interest Rate or APR | Loan Amount | App Rating/5 |
| 1 | PaySense | 16% – 36% (APR) | ₹5,000 to ₹5 lakh | 4 |
| 2 | CASHe | 27% – 33% | ₹7,000 to ₹4 lakh | 3.6 |
| 3 | EarlySalary | 0% – 30% | ₹3,000 to ₹5 lakh | 4.3 |
| 4 | Nira | 24% – 36% (APR) | ₹5,000 to ₹1 lakh | 4.2 |
| 5 | KreditBee | 0% – 29.95% | ₹1,000 to ₹2 lakh | 4.1 |
| 6 | Credy | 12% – 18% | Up to ₹1 lakh | 4.1 |
| 7 | mPokket | Starting at 52% | ₹500 to ₹30,000 | 4.2 |
| 8 | Dhani | Starting at 13.99% | ₹1,000 to ₹15 lakh | 4 |
| 9 | Bajaj Finserv | 12% – 34% (APR) | ₹30,000 to ₹25 lakh | 4 |
| 10 | MoneyTap | 13% – 36% | ₹3,000 to ₹5 lakh | 4.1 |
| 11 | FlexSalary | Up to 36% (APR) | ₹4,000 to ₹2 lakh | 3.7 |
| 12 | MoneyView | 16% – 39% (APR) | ₹10,000 to ₹5 lakh | 4.5 |
| 13 | PayMe India | 18% to 42% (APR) | ₹2,000 to ₹2 lakh | 3.2 |
| 14 | SmartCoin | 0% – 30% | ₹4,000 to ₹1 lakh | 3.9 |
| 15 | StashFin | 9.99% – 35.99% (APR) | ₹1,000 to ₹5 lakh | 4 |
| 16 | HomeCredit | 19% – 56% (APR) | ₹10,000 to ₹2,40,000 | 4.3 |
| 17 | ZestMoney | Up to 36% (APR) | ₹1,000 to ₹10 lakh | 4.6 |
| 18 | IDFC First Bank | Starting at 10.49% | Up to ₹40 lakh | 3.9 |
| 19 | LoanTap | 18% – 30% | ₹25,000 to ₹10 lakh | 3.7 |
| 20 | Fullerton India | Starting at 11.99% | ₹50,000 to ₹25 lakh | 3 |
| 21 | LazyPay | 15% – 32% | ₹10,000 to ₹1 lakh | 4.4 |
| 22 | IndiaLends | Starting at 10.75% | Up to ₹50 lakh | 3.8 |
| 23 | CashBean | Up to 26% | ₹1,500 to ₹60,000 | 4.3 |
| 24 | RupeeLend | 365% (APR) | ₹10,000 to ₹1 lakh | 2.6 |
| 25 | AnyTimeLoan | 18% – 54% | Up to ₹50 lakh | 1.9 |
Learn more about the best instant loan apps in India below. Get to know about each of the loan apps in brief.
1. PaySense
PaySense, one of the best instant loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant loans.The minimum salary to get a personal loan is ₹18,000 per month. Also, self-employed individuals who earn a minimum of ₹20,000 per month can borrow from PaySense.
The interest rate of the loan app is from 16% to 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, and marriage loan, among others.
Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with RBI such as Fullerton, IIFL, and Credit Saison India, Northern Arc, and PayU Finance for the disbursal of loans. PaySensehas raiseda total of$25.6Mover three rounds of funding.
The PaySense App is available for download on the Google Play Store. After installing the app, all you need to do is check your eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to pay back the loan. PaySense offers an EMI calculator to help you calculate the EMI you shall pay every month.
The best part is that you are not required to submit any collaterals or securities, nor are you required to have a high credit score to avail of a loan from PaySense.
Founded in: 2015
Minimum Loan Amount: ₹5,000
Maximum Loan Amount: ₹5,00,000
2. CASHe
CASHe is a great way to secure funds during an emergency or financial crisis. All you need to do is download the CASHe App on your phone. You can find it on Google Play Store as well as Apple Store. Upload the necessary documents on the app; once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your Paytm Wallet.
Do note that CASHe approves loans based on the social profile, merit, and earning potential of the borrower by using a proprietary algorithm-based machine learning platform.
Founded in: 2016
Minimum Loan Amount: ₹7,000
Maximum Loan Amount: ₹4,00,000
3. EarlySalary
Do you often get out of cash in the middle of the month? And are worried about meeting the expenses for the rest of the month? EarlySalary gets you covered when the next payday is far away. A unique personal loan app for salaried professionals, this app provides a loan amount up to ₹5,00,000 for all your needs.
The Pune-based fin-tech start-up also allows you to pay back the loan in easy EMIs within 24 months. Gaining popularity among the young generation, EarlySalary raised ₹100 crores in series B funding led by Eight Roads Ventures and IDG Ventures India.
Founded in: 2015
Minimum Loan Amount: ₹3,000
Maximum Loan Amount: ₹5,00,000
4. Nira
Nira is also one great money lending app in India. After you download the app, you can determine if you qualify for the loan in just 3 minutes. If you are eligible, you are given a credit line of ₹1,00,000. You can withdraw about ₹5000, or more anytime you need the money and payback in easy installments in 3 to 24 months.
The best part is that you don’t need to have a high credit score to apply. So, if you need some money urgently, Nira is a good option. The app had picked up $1 million in seed funding.
Founded in: 2018
Minimum Loan Amount: ₹5,000
Maximum Loan Amount: ₹1,00,000
5. KreditBee
Amongst the many loan apps built to help young professionals, KreditBee is one of the best online loan apps in India. You can borrow an amount as little as ₹1000 and as much as ₹2 lakh. Anyone above 18 years and earning at least ₹10,000 per month can download the app and apply for the loan.
The entire process happens on the app, and there is no need for physical verification. After uploading the necessary documents, you need to wait for verification and approval. Once approved, the loan amount is directly credited to your bank account. This app is highly rated and a favourite among young professionals.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹2,00,000
6. Credy
Credy is a fantastic instant loan app in India that can help you meet your financial needs like furnishing your home, paying your credit card bill, etc. Credy has no hidden charges and you do not need a guarantor or collateral to apply for a loan.
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To take a loan from Credy, all you need to do is download the app, meet their eligibility requirements, upload the documents they ask for, and you are good to go! The loan repayment schedule is also flexible because it allows borrowers to choose tenure between three to 12 months. They offer loans to salaried employees earning at least ₹15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.
Founded in: 2016
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
7. mPokket
It is not uncommon for college students to run out of money. And so, the makers of mPokket came up with a special app to ensure that no college student has to borrow from friends anymore. This personal loan app is specially designed for college students and provides pocket money to students.
You need to download the app, fill in all the necessary details, and once your application is approved, the money is credited directly to your bank account or Paytm Wallet. The initial amount that is approved is ₹500, and the credit line keeps on increasing with regular usage and timely payments. The repayment tenure is from 2 to 4 months.
Founded in: 2016
Minimum Loan Amount: ₹500
Maximum Loan Amount: ₹30,000
8. Dhani
Backed by Indiabulls Ventures, this is also one of the top loan apps in 2022 in India. Dhani lets you apply for a personal loan anytime, anywhere, and for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification.
Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 to 36 months.
Founded in: 2000 (Indiabulls); 2017 (launch of the app)
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹15,00,000
9. Bajaj Finserv
One of the most prominent brands in personal financing, Bajaj Finserv, has been present in the country for over a decade. With a great range of offerings, Bajaj Finserv is one of the best loan apps in India. You can use their zero interest EMI card to finance your purchases.
You can borrow personal loans of up to ₹25 lakhs with Bajaj Finserv without pledging any collateral.
Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
10. MoneyTap
MoneyTap has a unique feature called “no-usage-no-interest,” which makes it stand out from other apps. This simply means that you are charged interest only on the amount of money used. All you need to do is download the app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs.
MoneyTap has partnered with the leading NBFCs in the country, and it currently serves Bangalore, NCR, Mumbai, Hyderabad, etc. cities in India. However, you need to earn a minimum of ₹30,000 a month to qualify for a loan.
Founded in: 2015
Minimum Loan Amount: ₹3,000
Maximum Loan Amount: ₹5,00,000
11. FlexSalary
FlexSalary is an instant loan app in India that has been designed especially for salaried individuals. Based in Hyderabad, this online loan lending platform is an excellent help to salaried individuals who need urgent cash during times of crisis.
In addition to a one-time approval process, FlexSalary has instant disbursals and gives its borrowers the option to access their credit anytime. Borrowers are also allowed to decide the loan tenure and repay the amount flexibly. It works as an advanced salary app with no fixed EMI for borrowers. All you need to do is sign up on the app, upload the required documents, and the loan is transferred to your account upon approval.
Founded in: 2016
Minimum Loan Amount: ₹4,000
Maximum Loan Amount: ₹2,00,000
12. MoneyView
If you require a significant amount of cash for an emergency or some other expense, this is probably the best instant loan app in India that you can download. It is a great app that allows you to borrow an amount starting from ₹10,000 up to ₹5 lakh and lets you pay in comfortable EMIs within 3 months to 5 years.
The entire process takes place through the app, which is relatively easy and completely paperless. You get access to your desired loan amount once your documents are approved. MoneyView has been expanding rapidly over the last few years and is now present in several Indian cities.
Founded in: 2014
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹5,00,000
13. PayMe India
Based out of Noida in Uttar Pradesh, PayMe is a fin-tech company that offers short-term loans to corporate employees who require instant cash. They provide short-term cash loans, instant payday loans, and advance salary loans to salaried corporate employees at low-interest rates to help them meet their financial needs.
Their loan application process takes place entirely through the app. The lending process is reliable and quick. PayMe has a strong customer support team known to be very responsive and helpful to new borrowers. The company had raised $2 million from Singapore-based investors.
Founded in: 2016
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Minimum Loan Amount: ₹2,000
Maximum Loan Amount: ₹2,00,000
14. SmartCoin
This is a great loan app for people looking for some quick cash or short-term loan for a financial emergency. Unlike most other loan apps, SmartCoin offers loans to people from all walks of life like salaried individuals, stay-at-home parents, support staff, business owners, etc.
The app is pretty easy to operate, and the lending platform is completely hassle-free. You can do all the documentation online, and your application is approved within minutes. Once approved, you can apply for a loan of up to ₹1,00,000. There is no minimum limit on the salary you earn in SmartCoin, and hence, anyone can apply for a loan.
Founded in: 2015
Minimum Loan Amount: ₹4,000
Maximum Loan Amount: ₹1,00,000
15. StashFin
StashFinwas founded by a group of professionals experienced in finance, banking, and technology. It is a digital money lending app that offers loans from ₹1,000 to ₹5,00,000. You can only repay the loans electronically.The tenure of the loan can range from 3 to 36 months. There are no hidden charges on loans from StashFin.
Founded in: 2016
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹5,00,000
16. HomeCredit
This is one of the oldest money lending apps in India. A part of the international Home Credit Group, this company has a presence in over ten countries in Asia and Europe.
The loan app works seamlessly to provide you with the required loan amount to help you fix your financial woes. It provides a loan amount of up to ₹2,40,000 and allows you to repay it in easy EMIs within a period of 6 to 51 months.
Founded in: 2011
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹2,40,000
17. ZestMoney
ZestMoneyoffers a quick way to get an instant loan. ZestMoney does not need you to have a credit score.It takes just a few minutes to apply for a loan on ZestMoney. You can pay back your loan digitally in EMIs and earn a cashback of 100% on your EMIs.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹10,00,000
18. IDFC FIRST Bank
If you are looking for a good significant amount of cash, this is the loan app you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years.
The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates, and also for raising service requests.
Founded in: 2018
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹40,00,000
19. LoanTap
Among the manyinstant loan apps in India, this is one of the popular ones in the market. With the tagline “Bringing Dreams to Life,” LoanTap offers customized loans to their borrowers.
Their products include lifestyle and celebration loans, two-wheeler loans, home loans, flexible personal loans, and lower installment loans. The documentation process is simple and requires minimal documents. The repayment options are also many – they offer accelerated payment options and bullet repayment to principal outstanding.
Founded in: 2015
Minimum Loan Amount: ₹25, 000
Maximum Loan Amount: ₹10,00,000
20. Fullerton India
Fullerton India InstaLoan offers a quick and convenient way to apply for a personal loan for salaried and self-employed professionals.It is one of the best loan apps for the self-employed. The personal loan appclaims to disburse a loan within 30 minutes of loan approval.
The app features a hassle-free documentation process where only your basic information is required. Also, you can dynamically track the status of your loan.
Founded in: 1994; 2021 (launch of the app)
Minimum Loan Amount: ₹50,000
Maximum Loan Amount: ₹25,00,000
21. LazyPay
Powered by PayU, the same company that acquired PaySense, LazyPay is one of the fastest loan apps in India. It offers quick approvals and safe online loan application processing. You just need your mobile number to know your loan eligibility with LazyPay App.
The key offerings of LazyPay include an instant personal of up to ₹1,00,000 with minimal documentation and an easy digital process.
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Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
22. IndiaLends
One of the most premium lending platforms in India, IndiaLends is a low-interest loan app. You can avail of instant loans from the app. You can check your credit score on the app by uploading your PAN, which helps you select your instant loan.
Founded in: 2016
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹50,00,000
23. CashBean
CashBean is present on mobile as well as the web. It is a cutting-edge product aimed to make your financing needs easier. You can apply for a loan online on their tech-driven mobile app. You can quickly get loans without any paperwork and hurdles and within minutes. The loan application to sanction and disbursal is all wholly digitized.
Founded in: 2018
Minimum Loan Amount: ₹1,500
Maximum Loan Amount: ₹60,000
24. RupeeLend
A part of the Casinity group, RupeeLend is a digital finance company that provides short-term credit to its users. Based in Gurgaon, RupeeLend functions in most of the major cities of India. The app follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork and meetings over phone calls. It understands that sometimes, customers are in urgent need of money and cannot wait too long to get it.
Moreover, RupeeLend disburses loans within two hours to new customers and within 10 minutes to a returning customer. This makes it one of the fastest instant loan apps in the country. It also has a loan customization feature that helps customers select the loan amount quickly. Moreover, should you wish to foreclose the loan, you can do so without any extra charges.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
25. AnyTimeLoan
If you are not a salaried individual and are worried about not getting a loan, it is time to put your woes to rest! AnyTimeLoan might just be the solution for you. It offers short term loans to both salaried and self-employed individuals by connecting them with lending partners. Their entire process is paperless: you need to download the app and follow the process. Once approved, the loan is instantly disbursed to your bank account.
The kind of loans offered by AnyTimeLoan is K12 education loans, personal loans, and business loans. It does not require any collateral or guarantor.
Founded in: 2014
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹50,00,000
Bottom Line
So, this was the list of the best instant loan apps in India in 2022. Besides the apps mentioned above, several other loan apps in India offer instant personal loans within a few minutes. With increasing consumer awareness and adoption, the market has proliferated over the past few years and welcomed several new players.
However, while these money lending apps in India have made borrowing more accessible, you must always read the terms and conditions carefully before signing up to ensure that you fully understand the borrowing and repayment structures. Also, when it comes to making payments, you must be highly careful.
As per the industry experts, you must only make payments to the official accounts registered under NBFC, bank, or partner platform. You must not make any payments under the name of loan executives. However, note that online payments are considered safe as they are traceable and can be tracked.
The advent of several instant loan apps has ensured that official credit has become more accessible to millions of Indians, and that is an achievement worth celebrating!
So, compare various loan apps present in the market along with the above-listed best instant loan apps in India, and read up on them to find out the best online loan app in India that perfectly meets your requirements.
FAQs
Which app is best for applying for a loan?
PaySense is one best loan app in India to apply for a loan.
Which app gives loans without salary slips?
The PaySense personal loan app gives loans without salary slips.
Which apps are providing loans during the lockdown?
PaySense and many other lenders are providing loans during the lockdown.
Which is the best loan app in India?
PaySense is one of the best instant personal loan apps in India, offering personal loans from ₹5,000 to ₹5,00,000 for a tenure ranging from 3 months to 60 months with an Annual Percentage Rate (APR) between 16% and 36% on a reducing balance basis.
![25 Best Instant Personal Loan Apps in India [August 2022] (2023) (1)](https://i0.wp.com/cdn.statically.io/img/secure.gravatar.com/f=auto//avatar/4da0be728bb15fc57e22c99b50738db1 "25 Best Instant Personal Loan Apps in India [August 2022] (2023) (1)")
Shivam Abrol
Shivam is a passionate content writer with Masters in journalism. A mutiple-award-winning writer, he brings over a decade of experience as a BFSI writer. In fact, he himself is known in his circle for sound financial advice. A writer by day and a reader by night, Shivam enjoys researching and writing on various financial topics, including credit, stock market, crypto, taxes etc. When he is not spending his time penning down an informative article or opinion, he can be found playing with his kids or collecting stamps.
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FAQs
25 Best Instant Personal Loan Apps in India [August 2022] (2023)? ›
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.
Which app gives loan immediately in India? ›| Policy Name | Forbes Advisor India Rating | Lowest Interest Rate |
|---|---|---|
| RapidRupee | 5.0 | 1% per month |
| Avail Finance | 4.5 | 1.25% per month |
| Loan Tap | 4.0 | 1.5% per month |
| Money Tap | 4.0 | 1.8 % per month |
- IndusInd Bank. This is one of the best instant loan platforms where you can quickly apply for personal loans between INR 30,000 and INR 5,00,000 and receive quick approval. ...
- PaySense. ...
- CASHe. ...
- Early Salary. ...
- Kredit Bee. ...
- Credy. ...
- mPokket. ...
- Dhani.
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.
Which app is best for urgent loan? ›- Dhani. Dhani popularly marketed as phone se loan app, instantly disburses the loan amount to your bank account. ...
- India Lends. ...
- KreditBee. ...
- NIRA. ...
- CASHe. ...
- Money View. ...
- Fibe. ...
- SmartCoin.
- Get a personal loan.
- Try P2P lending.
- Sell your unwanted possessions.
- Withdraw cash using a credit card.
- Avail a payday loan.
- Sell your stocks.
- Borrow money from friends/family.
- Get a loan against your PPF account.
- Oportun. Loan amounts of $300 - $15,400. APRs of 10.07% - 35.95%. ...
- 60MonthLoans. Loan amounts of $2,600 - $10,000. ...
- NetCredit. Loan amounts of $500 - $10,500. ...
- OppLoans by OppFi. Loan amounts of $500 - $4,000. ...
- RISE. Loan amounts of $500 - $5,000. ...
- Integra Credit. Loan amounts of $500 - $3,000.
Secured Personal Loan
The reason secured personal loans are easy to get approved for is that you will have to put up collateral that the lender can keep if you don't pay the loan back. This minimizes the lender's risk, so the approval criteria are relatively easy to meet.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
Which bank gives loan without collateral in India? ›HDFC Bank offers loans up to Rs 40 lakh. Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan.
Which loan is easier to get banks or online loans? ›
Since the process of getting a bank loan is more rigorous, banks are typically able to offer lower interest rates and sometimes provide perks for existing customers. Online lenders are less regulated than banks, allowing faster application processes and more lenient eligibility requirements.
Which type of loan is cheapest in India? ›The cheapest loans in India are secured loans like home loans. They come with low interest rates but the usage is restricted. For example, you can take a home loan only when you're buying a home.
What is quick cash loan app? ›With quick cash loan apps, all you need to do is download the app on your phone, search for the type of personal loan that you wish to procure (marriage loan, medical loan, consumer durable goods loan, etc.), upload documents, and easily apply for a loan from the comforts of your home.
How can I receive money from USA to India instantly? ›To transfer money from USA to India online, you can avail of the telephonic or wire transfer facility. The Indian bank will have correspondent banks through which such a transfer takes place. If your bank is part of the SWIFT network, the money can also be transferred through SWIFT.
How to earn 500 per day in India? ›Blogging can earn you 500 rupees per day. You can start a blog and post articles on a variety of subjects to it. This work can also be done from your phone. Even if you don't have any money, you can start a blog for nothing.
How to earn $1,000 per day without investment in India? ›- In this article, we are going to tell you about the referral earning apps, with the help of which you can earn money sitting at home. ...
- 6 Referral Earning Apps. ...
- WinZO Gold App. ...
- The Money Club. ...
- True Balance App. ...
- Amazon Pay App. ...
- Google Pay App. ...
- Telegram App.
- MoneyMutual: Best instant payday loan overall.
- CashUSA: Excellent same day loan for high loan amounts.
- BadCreditLoans: Best payday bad credit loans.
- PersonalLoans: Best for fast personal loans.
- Funds Joy: Best for quick payday loans.
- Emergency savings. If you need cash for an unexpected expense, the ideal way to get it is from savings. ...
- Personal loans. ...
- Credit card cash advance. ...
- Home equity loan or HELOC. ...
- Gig economy/freelancing. ...
- 401(k) loans. ...
- Crowdfunding.
Few major personal loan providers offer same-day approval and funding, as most take at least 2 business days, but there are some worthwhile exceptions. The best same-day personal loans offer low APRs and fees, in addition to nearly instant access to money.
What is the lowest credit score you can have to get a personal loan? ›To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.
What is a quick way to get a loan? ›
- Personal loan from an online lender. Compared to traditional lenders like banks or credit unions, online lenders boast convenience and speed given their fully online application and funding process. ...
- Loan apps. ...
- Cash advance from a credit card. ...
- Loan from family or friends. ...
- Pawnshop loan.
Secured personal loans are backed by collateral, such as a savings account, certificate of deposit or vehicle. They're often easier to qualify for than unsecured personal loans because the lender has the right to keep your collateral if you're unable to make your payments.
Which banks provide personal loans in India? ›- 1) HDFC Bank Personal Loan.
- 2) ICICI Bank Personal Loan.
- 3) Bajaj Finserv Personal Loan.
- 4) Fullerton India Personal Loan.
- 5) IndusInd Bank Personal Loan.
- 6) Kotak Personal Loan.
- 7) Standard Chartered Personal Loan.
- 8) Cent Personal Loan (Central Bank of India)
Top Lenders to Apply for Education Loan without Collateral
Some prominent lenders include: Public banks like SBI, Bank of Baroda, etc offer applicants with a loan of upto 7.5 Lakhs without collateral. Private banks like Axis Bank, ICICI Bank, HDFC, etc offer students a loan amount upto 40 lakhs without collateral.
Unsecured loans are harder to obtain and interest rates can be higher, as lenders rely heavily on your credit and other financial information to determine your loan eligibility. The better your credit score, the better the interest rate you're likely to get.
Which loan is better than personal loan? ›Gold loans are secured loans and, therefore, attract a lower interest rate.
What makes it easier to get a loan? ›Typically the higher your credit score is, the more low-interest personal loan opportunities you'll be able to explore. If you have what is considered a good or excellent credit score—usually 670 or above—you'll be more likely to get a competitive interest rate and favorable terms on your loan.
Which Indian bank has lowest interest rate on personal loan? ›| Bank | Rate of Interest (p.a.) | Loan Amount (Rs.) |
|---|---|---|
| UCO Bank | Starts from 8.45% | Up to 10 lakhs |
| Central Bank of India | Starts from 8.45% | Up to 20 lakhs |
| Union Bank of India | Starts from 8.90% | Up to 15 lakhs |
| Punjab National Bank | Starts from 8.95% | 25,000 to 15 lakhs |
Credit Rating
A Rs 1 crore home loan can easily be obtained by borrowers with credit scores of 750 and above. Many banks and HFCs also provide house loans to individuals with stronger credit scores at reduced interest rates.
| Last | Previous | Range |
|---|---|---|
| 1,637,534.628 Dec 2022 | 1,608,042.094 Sep 2022 | Dec 1998 - Dec 2022 |
Which bank loan is easiest to get? ›
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640).
What is the minimum credit score for personal loan in India? ›Minimum CIBIL score for a personal loan
Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.
Eligibility Criteria for Personal Loan of Rs 5 lakh
Minimum income required is Rs 15,000 p.m. for salaried borrowers. CIBIL score of 750 and above usually increases the possibility of availing personal loan of Rs 5 lakh. It might also help in availing personal loan at lower interest rates.
| Banks/NBFCs | Interest Rates (p.a.) | |
|---|---|---|
| EarlySalary (Fibe) | 24.00% – 30.00% | Apply Now |
| Federal Bank | 11.49% – 14.49% | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| L&T Finance | 13.00% onwards | Apply Now |
No, a CIBIL score of 450 is considered extremely low. The chances of your loan application being rejected are very high at this score. Reputed lenders such as Fullerton India require a CIBIL score of at least 750 to consider your loan application.
Can I get loan with 600 credit score in India? ›If you have a score between 600 to 750, you can approach banks or financial institutions for a personal loan. However, since the score is neither good or bad, lenders will be cautious and may carry out additional credit checks before sanctioning a loan to you. They may also charge you a higher rate of interest.
How much credit score is required for HDFC personal loan? ›FAQs on CIBIL Score Required for HDFC Personal Loan
The minimum credit score required to apply for a personal loan is 720. If my credit score is below 320, will I be able to apply for a loan? No, a credit score below 320 will be considered a bad credit score. Hence, you won't be able to apply for a loan.
| Banks/NBFCs | ||
|---|---|---|
| Name | Interest Rate (p.a.) | Loan Amount (Rs.) |
| PaySense | 16.80% onwards | 5000 to 5 lakh |
| Bajaj Finserv | 11.49% onwards | Up to 15 lakh |
| StashFin | 11.99% onwards | 1000 to 5 lakh |
How Much Personal Loan Can I Get Based on My Salary. Banks and NBFCs usually offer personal loans for amounts ranging from Rs 10,000 to Rs 40 lakh. However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity.
How many personal loan can I take in India? ›Yes, you can take more than one personal loan at a time. But, often it is advised to not take multiple loans due to some reasons. One of the major reasons is the impact it can have on your credit score in case you miss repayments of any loan. Usually, lenders do not allow multiple personal loans at once.
What lenders are known for quick approval? ›
| Lender | APR | Score Required |
|---|---|---|
| Upgrade | 8.49% - 35.99% | 620 |
| OppLoans | 59% - 160% | None |
| FreedomPlus | 7.99% - 29.99% | 620 |
| LendingPoint | 7.99% - 35.99% | 580 |
QuickMoney - an instant disbursal product for top up car loan through Netbanking and wide range of ATMs. The eligible customers login through Netbanking / ATM's and get the loan disbursed to their HDFC bank a/c. The amount gets credited in a matter of seconds.
How to get a preapproved loan from bank? ›Lenders check your credit score, credit history, bank balance, and income details. If you have a high credit score, a good credit history, excellent repayment record, stable income, and sound savings in your bank account, then you are eligible for a pre-approved loan.