In today’s digital era, where there is minimal need to step out for various tasks, if you ever find yourself suddenly in need of funds and require a loan, you can swiftly avail one using your phone.
Discover the best loan apps in India that provide instant personal loans up to 5 lakhs without any guarantee or security. There is no need to go anywhere or provide any income proof to avail the loan.
Let us tell you about their Benefits
- Loans can be obtained without providing income proof.
- No security or guarantee is required.
- Personal loans ranging from 2000 to 5 lakhs are available.
- These are the best loan apps in India, providing instant loans within 60 seconds to 24 hours.
- Using these loan apps, one can apply for a loan from the comfort of their home via phone.
- The repayment period for loans obtained through these apps extends up to 60 months.
- These apps can be used to avail personal loans, consumer loans, and credit line loans.
- As these loans are 100% digital, there is no need for any physical activity.
- After repaying a loan, one can immediately apply for another loan.
- Applications are accepted from any corner of India, and individuals employed in any job can avail instant loans.
- Timely repayments also contribute to an increase in your CIBIL score.
- All these loan apps are approved by the RBI and registered as NBFCs.
Which is the best Loan App in India?
For those who are unaware of what a loan app is, let me inform you that you can easily apply from the comfort of your home, take instant loans without income proof using these apps. All you need to do is install the recommended loan app on your phone from the Play Store, provide basic KYC information about yourself, and you can immediately avail a loan.
Navi Loan Application
Firstly, we have the Navi loan app that you can use to quickly avail a personal loan. With this loan app, you can borrow from 10,000 to 5 lakh rupees. The loan amount may initially be small, but as you make timely repayments, you will become eligible for higher loan amounts than initially offered.
Through the Navi loan app, you can easily avail an annual interest rate of up to 36%. This rate may vary based on your credit score. To be eligible, you should be between 21 and 55 years of age, and if you are an Indian citizen, you can apply for a loan through this app instantly.
You just need to download this loan app on your phone from the Play Store. This loan app is registered with NBFC (Non-Banking Financial Company).
Stashfin Loan Application
Now, let’s discuss the Stashfin loan app, which provides loans up to 5 lakhs based solely on your KYC documents. This loan app is approved by the RBI. In addition to personal loans, you can also avail a credit line loan through this app, which functions similar to a credit card.
Stashfin allows you a repayment period of 3 to 36 months, enabling you to make easy and manageable EMI payments. If you are an Indian citizen, at least 21 years old, and have a satisfactory CIBIL score, you can use this loan app.
Branch Loan Application
When discussing the best loan apps in India, it would be incorrect not to mention the Branch loan app. With just your Aadhar and PAN card, you can avail a loan of up to 50,000 rupees from the Branch loan app, with a repayment period ranging from 2 to 12 months and an annual interest rate of 30%
If you are above 21 years old and have a satisfactory CIBIL score, you can easily avail a personal loan within just 3 minutes using the Branch loan app from the convenience of your home through your phone. Additionally, you can check your CIBIL score for free using this loan app.
Smartcoin Loan Application
The oldest loan app, which still provides an instant loan of up to 100,000 rupees without income proof and salary slips, based solely on Aadhar and PAN card, is the Smartcoin loan app. The interest rate on Smartcoin loans ranges from 18% to 30% annually. If you find yourself in need of a loan in just a few minutes, you can use the Smartcoin loan app.
Keep in mind that to immediately avail a personal loan through this loan app, your age should be at least 21 years, and you should have a satisfactory CIBIL score. You can download this loan app from the Play Store to use it.
Kreditbee Loan Application
In the list of the best loan apps, the name of the Kreditbee loan app should be at the top because it is the best loan app in India for availing a loan in just a few seconds. Through this loan app, one can borrow from 3000 to 2 lakhs rupees, with a repayment period ranging from 3 to 15 months.
The interest rate on Kreditbee loans can go up to 35% annually. Before applying for a loan, it is essential to check your CIBIL score. You must be at least 21 years old to use this loan app, and through it you can avail personal loans, credit line loans, and consumer loans (product loans).
Paysense Loan Application
In the list of the best loan apps, the name of the Paysense loan app is also quite popular because you can use this loan app to avail a loan of up to 5 lakhs in just a few minutes. Paysense also provides a repayment period of up to 36 months for payments, with an interest rate that can go up to 26% annually.
If you are at least 21 years old and have a CIBIL score of 700 or above, you can avail a loan for any need using your Aadhar card, PAN card, and bank statement. These loan apps currently provide loans in more than 60 cities in India, so be sure to check if your city is included.
Moneytap Loan Application
You can also utilize Moneytap, the best loan app in India, to avail a credit line loan of up to 5 lakhs, with a repayment period ranging from 3 to 60 months. This loan app is an approved application by the RBI, instilling trust in its reliability.
Through the Moneytap app, you can avail both personal loans and credit line loans. Initially, you receive smaller personal loans through this loan app, and after repayment, the loan amount increases for subsequent loans.
To use this loan app, you need to be at least 21 years old and have a satisfactory CIBIL score. You may also be required to provide your bank statement along with Aadhar and PAN card to avail a loan.
Cashbean Loan Application
If we look at the past behavior of the Cashbean app, it should be considered among fraudulent loan apps. However, it’s important to note that this loan app is approved by the RBI and is a registered NBFC loan app. In the beginning, it used to engage in improper loan recovery practices, and the repayment period was only 14 days. You will have to pay interest on the loan of up to 36% annually.
Today, we explored the Best Loan apps in India, through which we can quickly avail a loan of up to 5 lakhs in just a few minutes. To obtain a loan, there is no need to provide any kind of salary slip, and you can use it to instantly take a personal loan for any job. Keep in mind to use any loan app only when the need is significant, as compared to banks, loans from apps tend to be more expensive.