If you are falling short of money and urgently need funds to meet your deficit then one of the most feasible options that you can explore is to seek a personal loan. Personal loan can be raised for a number of reasons which include a wedding, for a vacation, to buy a luxury item for your loved one, or even for an emergency.
Although one can approach a bank or an NBFC for a personal loan, there are a dozen mobile applications (apps) also that enable users to procure a personal loan instantly – some even claim to disburse the loan in 10 minutes.
Here we list out some of the popular personal loan apps that one can explore in the new year:
1. KreditBee: It offers loans between ₹1,000 to ₹5 lakh via 100 percent online process. The mobile application claims to give a loan in 10 minutes via direct bank transfer.
2. BajajFinserv: The bank offers personal loan upto ₹40 lakh. The loan is disbursed instantly after the documentation is submitted.
3. LoanTap: The process to secure a loan via LoanTap is quite similar to other apps. One has to apply online, get document submitted and get instant approval and disbursal after the documents are verified
4. mPokket: The instant loan app also claims to give approval in 10 minutes. The process to apply for a loan is 100 percent online. You need to get KYC online using PAN and aadhaar and submit proof of education if you are a college student or proof of income if you are employed.
5. CASHe: Cashe uses AI-powered technology that shows a true picture of a borrower beyond credit score. As a result of this, the lender can make an instant decision and offer a loan at a time when they need it the most.
6. Moneyview: Money View also promises to offer upto ₹10 lakh in 10 minutes. In order to start applying for a loan, you need to enter your mobile number. The system sends an OTP following which one can proceed with the loan application.
7. Zest: Zest money app offers a loan on the app where you can upload your KYC, set up automatic repayments from the bank. One can also use Zest for making payments at offline and online stores.
(The above list is indicative and not exhaustive)
