Small Loan Apps are recently included in the market of Financial products. And already, they are creating marks for the customers who want quick fixes for their businesses, short-term loans for their education, carrying forward their new year and festival plans, and want an update in their interiors.
In this article, we will touch on the concepts of best app for small loan in the market, interest rates, and a few basic instructions to easily navigate your small personal loan app journey.
What do you understand about Small Loans?
Small loans are those loans where the applicant applies for a loan without submitting collateral. They must be repaid within a year or less, sometimes weeks.
For short-term loans, the applicant must submit their payslips and attach bank account details, Aadhaar card, PAN, or any other form of ID. Because you don’t need to submit collateral, the credit amount is usually lower.
Small credit loan app works to the benefit of the borrower, as they come up with a great variety of offers and interest rates.
How does the Instant Small Loan App work?
In a small credit loan app, you get your monetary requirement fulfilled within a few hours. All you have to do is to submit all the important documents related to your Bank account and transaction.
Once your application is verified, your loan amount will be disbursed within a few hours.
Money is disbursed directly into your account. You can coordinate with banks and NBFCs to understand when money will be deposited in your account.
The process of loan application and disbursement has become far easier with the introduction of Instant Small loan app in India.
Characteristics of Small Instant Loan App:
Easy Online application
You can apply for a loan through a Lender’s website or App. The application is direct, less complicated, and smooth. You have to submit soft copies of IDs and all the mandatory details like your Bank account details, Name, Address proof, Contact details, etc.
Quick Approvals and Disbursals of Loan Amount
One of the best features of a small personal loan app is that the loan amount gets disbursed into your account quickly. You don’t have to hold your urgent requirements for money.
Short Repayment Tenures
The repayment period of a loan is shorter. The tenure of such loans is comparatively short- from a few months to 1 or 2 years. You can pay easy EMIs every month to complete your payment.
Applicants can analyse offers that are available in the market to make better choices. Banks put up offers on short-term loans with a minimum processing fee. You can learn about taxes, late payment charges, etc., at the time of loan application.
Apps have made the entire process very handy and smooth. You can talk to your friends, sit in a meeting room, or discuss the latest Netflix series and look into the latest offers available in the market. Small Cash loan apps are making the process of getting access to cash much easier. With their user-friendly interface, they are here to stay.
How Small Personal Loan Apps shaping the entire Market?
Quick problems need quick solutions
Any urgent need does not need to wait for a visit to the nearest Bank branch, and you can check all the options that may suit your requirements.
Era of Easy Applications:
It is not an old story when applying for any loan was a tiresome job. KYC, in general, was a huge task to accomplish. You have to submit paperwork and go through multiple layers of verifications. Today when you need a personal loan, you don’t have to expose yourself to that stress level.
These days, Banks, lenders, financial institutions, and online platforms have understood the value of time-saving technologies. Now, they are developing themselves to come in level with the new ways, where customers can effectively accomplish their tasks in a minimum amount of time.
Compare your Options:
With time-saving, these digital companies are more profitable since now people can compare offers and know what is best for them.
If you want to buy a fancy cell phone that costs around 80,000. All you have to do is open the list of apps that are available in Google Pay, Choose the option you think will be best for you, and check out the offers, the EMIs, the processing fees, and the tenure. And you are good to go.
- Consumer Friendly: You can check as many options as possible, as they are available in just one swipe.And why the whole process is more customer-friendly because you have many options with better offers.
Apply for emergency Cash Loans:
With attractive offers and schemes on payback, you don’t have to worry when you want instant cash. You don’t have to wait for your salary or ask your friends to give you money in emergencies. You can always get access to your pocket bank and get yourself going.
You had to visit the bank’s physical branch a few years ago to apply for a loan. Loan Apps give you access to the services 24/7. You don’t need extra time to apply for instant small loans. eKYC feature has helped us to make the entire process paperless.
No threat to Personal Information
Usually, people are worried about their privacy while sharing their bank details, Aadhaar, and PAN numbers. RBI guidelines have made sure that if an app is found to share customers’ private information, the company will be charged with hefty fines. In 2022, Google Play removed hundreds of apps from the App Store. With the new guidelines already taking shape, consumers need not worry about their information getting leaked.
Quick Loan Approval:
You can get quick approval through Apps. The application is quick and easy through apps. Once you apply through apps, it sometimes takes a while for a company to authenticate the information you have provided.
Top 20 Small Loan Apps in the Indian Market
Among all the options that are available in the market below, we have provided a few options that are ranked best in India:
|Lenders||Interest Rates||Google Play Rating||Processing Fees||Download App|
|Buddy Loan||11.99%||4.4||Around 2%||Download App|
|PaySense||3%||4.6||Around 3%||Download App|
|Bajaj Finserv||11%||4.6||Starting from ₹500 to ₹2000||Download App|
|MoneyTap||Up to 2.3%
|4.1||2% to 3.75%||Download App|
|mPokket||0% to 4% per month||4.4||between Rs 50 to Rs 200 + 18% GST||Download App|
|Nira||1.5 to 2.5%||4.3||₹350 + GST, Up to 2%-7% of loan amount plus GST||Download App|
|CASHe||Around 1.75%||1.5%-3%||Download App|
|Home Credit||2.4 to 3.3%||4.3||2.5% to 5%||Download App|
|PayMe India||2 to 6%||4.2||5% plus applicable taxes||Download App|
|India Lends||0.9 to 3%
|4.2||Zero processing fees||Download App|
Buddy Loan brings you a wide pool of personal loan providers. With this, you can be assured of being granted a personal loan instantly when you need to meet your personal financing goals. It’s safe, instant and reliable!
- Responsible Lending: Buddy Loan is a personal loan aggregator platform partnered with the Following NBFC lending partners, which are RBI Registered. Buddy Loan has partnered with Banks and NBFCs authorised for lending by RBI.
- To avail of a quick personal loan Buddy Loan is the most trusted platform. Loans are available for salaried employees and business owners at lower interest rates of 11.99% with no repayment and hidden charges.
- Interest Rate – 11.99%
- Maximum Loan Amount – Upto 15 lacs
- Documentation – ID proof (Aadhar/PAN/Voter ID), address proof (Aadhar/Utility bills/Rental Agreement), income proof (bank statement), and photographs.
- PaySense provides personal loans up to 5 Lakhs at affordable interest rates. You don’t need to provide collateral. Plus, they offer a good tenure period and flexible EMIs.
- You can get personal loans from Rs.5000 to Rs. 5,00,000.
- PaySense branches in all the major cities like Mumbai, Bengaluru, Chandigarh, Chennai, and Delhi NCR, with 500+ cities in India.
- Simple & Quick application process
- Affordable interest rates – Instant Loans are available for those with low credit scores.
- Easy, manageable, and affordable EMIs
- Complete transparency with no hidden costs.
- 24/7 access- Apply anytime and anywhere
- Zero Collaterals and Paperless
- Quick online loan disbursement upon approval
- Interest Rate – 3%
- Maximum Loan Amount – Rs. 5,00,000
- Documentation – ID proof (Aadhar/PAN/Voter ID), address proof (Aadhar/Utility bills/Rental Agreement), income proof (bank statement), and a photograph.
- Affordable interest rates
- Convenient and affordable EMIs
- Two-minute loan application
- Paperless documentation
- Loans available for those with low credit scores
Indian Non-Banking Financial Service company, Bajaj Finserv deals with lending, insurance, and wealth management.
- Bajaj Finance was set up to take care of the Auto Financing sector, but later they diversified into Business and property dealings.
- Apply for Personal Loans, RBL Credit cards, or EMI cards, or you can recharge your mobile monthly plans, pay bills or even shop for the latest electronic devices.
- Bajaj Finserv provides you with a Wallet facility. Mobikwik is already known among the masses as India’s first debit credit and credit wallet for your daily transaction needs. It is free of cost and powered by Mobikwik.
- Bajaj Finserv Wallet or BFL Wallet helps you manage your expenses, and other app feature services like EMI card, Loan, and Insurance help complete payments at online and offline stores.
- Interest Rate – 12%
- Maximum Loan Amount – Rs. 25,00,000
- Documentation – PAN card, Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements
- Loan Amount and Tenure: You can get a loan of up to 35 lakhs with flexible tenure of up to 60 months. These loans require no collateral or guarantor.
- Instant Approval: You can apply for a small loan and get approval within minutes.
- Flexible Personal Loan: You can get a pre-approved loan amount and withdraw whatever you need.
MoneyTap is an Instant Personal Loan App and a Credit Line. You can get instant approval for about 5 lacs rupees. The best point is you have to pay interest on the money you have withdrawn from the account.
MoneyTap is the fastest instant loan provider. One of the best features that customers enjoy is their no paperwork policy.
Navigating through the whole process is quite easy. You have to download the app, submit your mandatory information, and you are good to go.
- Interest Rate – Up to 2.3%
- Maximum Loan Amount – Rs. 5,00,000
- Documentation – Selfie, PAN card, Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements.
Key Features –
- You can borrow any amount from your approved Credit Line(up to 5 lacs ).
- Pay interest on the amount you use.
- This instant loan involves no risk.
- You can make direct UPI transactions from your credit line.
- Paperless policy, completely digital.
- You can choose the EMIs and pay when you have planned it.
mPokket is the best-suited small loan app for students and salaried employees. You can avail of a small loan from Rs 500 to Rs 30,000. So in the case of urgent cash, you can always log in and get some much-required money.
- Interest Rate – 0% to 4% per month
- Maximum Loan Amount – Rs. 30,000
- Documentation –
- College ID card for Students
- Last 3 months Bank Statement, Salary Slip/Joining Letter for Salaried Professionals
- Aadhaar Card, Driving license, Voter ID card, etc.
- PAN Card
- KYC Details
- Instant Personal Loan of upto Rs 30,000
- Cash Transfer to Bank/Paytm Account, cash loan in 2 minutes
- Flexible Repayment Options, Repay in 4 Months
- Rewarded for Timely Repayments
- Processing & Loan Management fees range between Rs 50 to Rs 200 + 18% GST depending on the loan amount, with a maximum APR of 142%.
- Interest rates range between 0% to 4% per month. Maximum tenure is 120 days.
Nira finance helps to get instant approvals, which makes it the most sought-after loan app for small loans. With simple registration and instant sanctions, your work becomes easy. Nira is the best small loan app for low cibil score.
Auto-debit and credit facilities are available, and there are no hidden charges against transactions. Just download the app, register all the important information, get your eKYC done, and you are good to go.
The maximum loan amount you can get from this app is up to 5 lakhs, the interest rate is around 1.5% to 2.5%.
- Interest Rate Per Month – 1.5 to 2.5 percent
- Maximum Loan Amount – Rs. 5,00,000
- Documentation – Recent payslip, Last 3 months’ bank statement, PAN card, Photograph, Identity proof, Address proof.
Key Features –
- The whole process of availing a loan is 100% paperless.
- Getting the loan amount in your account is around 3 minutes.
- You pay interest only on the money utilized.
- You do not need a credit score to apply for the loan.
CASHe has established itself as the best small personal loan app, and the UI/UX it has to offer for its application confirms this. You can easily log in and register on the app, and the dashboard contains all the information you’ll need to get a fast loan.
CASHe provides you with different options in loans to choose from. You can make direct deposits into the bank account and set up auto debit for loan interest payments.
CASHe also provides Buy Now Pay Later partnerships with Flipkart, Myntra, Big Basket, and others.
- Interest Rate -Around 1.75%
- Maximum Loan Amount – Rs. 5,00,000
- Documentation – Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card
- This application allows users to set their credit limits from the approved credit line.
- Users get their Credit limits from the approved credit line.
- It is compatible with different online shopping platforms.
- You need to register only once.
Home Credit is one of the best app for small loans. You can get a loan up to INR 2,00,000. You have to maintain a good credit score to get the required amount.
The tenure period is up to 26 months, and the approval is completely digital. On the procedure completion, money will be credited to the account. Since the approval is short and the process is completely paperless, Home Credit is one of the best choices equally available for students, senior citizens, and pensioners in general.
- Interest Rate– 2.4 to 3.3%
- Maximum Loan Amount – Rs. 2,00,000
- Documentation – PAN card, Identity/Address proof
Key Features –
- 100% paperless documentation for loans.
- Fastest instant loans up to Rs 5,00,000 in 3 minutes.
- Pay only for the money you have utilised.
- No need for a credit report while applying for a loan.
- EMI plans are flexible and can be adjusted as per your desire.
PayMe India is known for its range of benefits. Your last-minute rent payments, sales, and any medical emergencies. PayMe India has many loan options, which makes it one of the most versatile platforms for getting short loans.
You must register, select your suitable plan, and upload the required documents. After your KYC, money will be disbursed into your account in no time.
One of the main advantages of this platform is that you can take corporate loans or any long-term loans from this platform.
- Interest Rate – 2 to 6%
- Maximum Loan Amount – Rs. 1,00,000
- Documentation – Bank statement, Salary slip, PAN card, Photo ID proof, Address proof.
- 100% paperless process
- Upto Rs 2 Lakh limit.
- Easy and flexible repayment options.
- Quicker approvals and sanctioning process..
- A collateral-free personal loan.
- Convert your short-term personal loan to an EMI term loan.
- Privilege to pay monthly rent payments via credit card
IndiaLends is an online marketplace for credit products and offers free credit reports, a range of credit cards, and personal loans from banks and NBFCs.
For small loan purposes, this platform gives you access to amounts of more than Rs 15,000.
IndiaLends being fully digital provides data and credit analytics solutions. A team of credit risk professionals runs them.
You can get a free-of-cost loan management platform that helps you to manage your finances better.
- Interest Rate Per Month – 0.9 to 3%
- Minimum Loan Amount – Rs. 15,000
- Documentation – There are various document requirements on this application which you can scroll through via this website.
Key Features –
- You will get the best possible loan option for all available loans.
- Low-interest rates are a plus point.
- You will need one permanent bank account for all your transactions.
- You can know your credit score within 1-minute, so you can understand where you stand in the Loan application process.
Navi Loan app is known for its smooth processing and flexible tenures. This app allows you to avail of small loans with low processing fees.
Documentation of this app is completely digital, and eKYC is possible as you have to punch in your PAN or Aadhaar number to get the job done.
With a small loan, you can access different financial products for emergencies.
Furthermore, this digital app offers simple, reasonably priced, and easily accessible financial products and services.
- Interest Rate – 9.99%
- Maximum Loan Amount – Up to Rs 20 Lakh
- Documentation – PAN and Aadhaar Number
Key Features –
- No paperwork or documentation.
- Easy and convenient.
- Less paperwork and documentation.
- Easy and convenient process
- Loan Amount: Up to Rs 20 Lakh
- Interest Rate: Starting from 9.9% – 45% p.a
- Loan Tenure: 3 to 72 Months
- 100% digital process
- Instant money transfer to your bank account
- No security deposit
RBI Guidelines for Digital Lendings Platforms and Borrowers
- Various reports have been on rising fraud cases throughout the country on digital platforms.
- Reports were about huge interest rates and additional hidden charges. These platforms demanded unusual amounts from their borrowers and used unacceptable high-handed recovery methods.
- There were reports of using personal information on the borrower’s mobile phones to access sensitive information.
- Banks can undertake legitimate public lending activities, Non-Banking Financial Companies (NBFCs) registered with RBI and other entities that the State Governments regulate under statutory provisions, such as the money lending acts of the concerned states.
- Public members are now cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/ firm offering loans online or through mobile apps. Moreover, consumers should never share copies of KYC documents with unidentified persons or unverified/unauthorised small loan Apps.
- They should report such Apps/Bank Account information associated with the Apps to concerned law enforcement agencies or use the Sachet portal to file an online complaint.
- Reserve Bank has also mandated that digital lending platforms used on behalf of Banks and NBFCs should disclose the name of the Bank(s) or NBFC(s) upfront to the customers.
- The terms and addresses of the NBFCs registered with the Reserve Bank can be accessed here, and the portal for filing complaints against the entities regulated by the RBI can be accessed at https://cms.rbi.org.in.
You should be careful before taking your loan journey ahead. In this Digital era, so many small loan apps are getting introduced in the market. All you have to do is to follow certain precautions to keep your journey safe and calculated.
Quick cash can be needed at any time. So the better opportunity should be looked into carefully.
So, what are you waiting for? Today is the perfect day to sign up for India’s top personal loan apps! Moreover, you can also keep track of your credit health by checking your credit score using Buddy Score.
So what are you waiting for? Apply for a personal loan Now and get maximum benefits! Download Buddy Loan App Now!
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