A comparative analysis of Instant loan apps has become necessary with the recent aggregation of loan apps in the market. Following demonetization, online transactions received a considerable boost. And this boost gave rise to innumerable NBFCs and FinTechs entering the market of instant loan apps. Whatever the reason is for availing of a loan, comparing and analyzing the best service provider is of paramount importance to get the services you want and avoid future hassles.
Taking an Instant loan has become easier than ever. However, that can also lead to negligence and possibly get scammed by the lender’s harsh terms and conditions. Keeping these two points in mind, we will compare different loan apps based on these parameters:
- Loan amount
- Interest rates
- Repayment tenure
- Prepayment/ part payment option
- Ease/ convenience
- Different loan options
- Additional features (worth mentioning)
Here are the top user-friendly personal loan apps in India, not in order.
1. Fullerton India Instaloan app: This is a user-friendly loan app with a wide variety of loan options for salaried or self-employed residents of India. The app claims to disburse the loan amount with 30 minutes of approval. Here are a few of the critical reasons for choosing the Fullerton India Instaloan app on your phone for applying for a loan.
- Loan amount of ₹50,000 to ₹25 lakhs: This is the highest credit provided by a loan app in India.
- Interest rate starting at 11.99% with a maximum of about 36%: One of the lowest interest rates in the loan app market.
- A very flexible repayment tenure ranging from 12 months to 60 months.
- Prepayment/ part payment of the loan is also available.
- Hassle-free and online documentation and processing
- Different types of loan options: Variety of loan options available with varying interest rates, repayment tenure, and processing fees
- Extra benefits to existing customers in the form of gift cards
- Comes with an EMI calculator
2. Moneytap: This app is only for salaried professionals with a minimum salary of ₹30,000 per month. Looking at our comparing parameters
- Loan amount of up to ₹5lakhs
- Interest rates starting from 13% per annum
- Repayment tenure of 3 months to 36 months
- Prepayment option available
- Hassle-free documentation
3. Early salary: Also for salaried individuals with a minimum wage of ₹20,000.
- Loan amount varying from ₹5000 to ₹5 lakhs
- Interest rates ranging from 0% to 36%
- Repayment tenure of 3 months to 12 months
- No prepayment charges
- Different variety of loans available, some of which start at zero percent
- Multiple loans can be opened at the same time
4. Kreditbee: Kredit bee is a loan app in India for salaried as well as self-employed professionals. Here is the performance of the app on the pre-decided parameters
- Loan amount ranging from ₹1000 to ₹2 lacs
- Interest rates ranging from 0 to 2.49 % per month
- Repayment tenure ranging from 2 months to 15 months
- Prepayment option available
- One time service fee at the time of onboarding
- Excellent customer satisfaction with 4-star Playstore rating
5. CASHe: CASHe was formed by V. Raman Kumar, who was denied credit by traditional banks. Thus, they wish to establish a formal credit system for salaried individuals.
- Loan amount ranging from ₹7,000 to about ₹4 lakhs
- Interest rates of 2.75% per month
- Repayment tenure of 3 to 18 months
- Instant disbursal of the amount
- No prepayment charges
- No salary slip required
- Excellent rating of 4-stars on Playstore
Most of the information written above was derived from the app’s play store page/description. We can see how every loan app has different maximum and minimum loan amounts, interest rates, and repayment tenure. We can also see that all of these apps have a different policy on prepayment. The borrower can make the correct choice of the app by summarizing their needs.
