In order to gain access to instant funds in times of emergencies, personal loans have emerged as one of the best options in the current times. Many people move towards a credit card when they need the same, but the complex policies and higher interest rates have pushed them toward personal loans.
Moreover, availing such a loan nowadays is as easy as ordering food from your smartphone. You just need an instant loan app and are more than good to go.
What is a personal loan?
As the name suggests, it is a type of loan that an individual borrows for personal use. Now, these can be used for consolidating debt, making a large purchase, or covering unexpected expenses. Compared to other types of loans, like a home or car loan, these types are generally unsecured, meaning that they don’t require collateral to secure the loan.
This loan can easily be availed from a personal loan app and has fixed interest rates. The borrowers typically repay the loan in installments over a set period of time, ranging from a few months to several years.
What are the 5 best personal apps in India?
1.Dhani
At an interest rate of 12%, you can instantly get a loan of up to Rs 15 lakh from this application. Download the application and enter your Aadhar Card Number and loan amount! It is popularly marketed as a phone se loan app that disburses the amount instantly.
2.Stashfin
One of my favorites, Stashfin, is one of the best instant personal loan app. It is a digital lending venture started by a team of former financial services professionals, and believe me, this platform is super easy to use. You just have to sign up, and you’ll be able to access funds instantly.
(Note: This is the only app that offers personal loans at 0% interest rate.)
3.NIRA
A FinTech company that offers a line of credit to salaried professionals in India. The limit range here starts from Rs 3,000 to Rs 1,00,000, and the tenure ranges from 3 months to 1 year. The interest applied to the amount of the loan depends on how much you borrow and when you repay the borrowed amount.
4.Money View
A personal loan from this platform is completely paperless, easy, and flexible. The loan amount ranges from Rs 10,000 to Rs 5 lakh, and the repayment period is from 3 months to 5 years. Keep in mind that this loan can be used to remodel your home or cover expenses for any wedding/event.
5.SmartCoin
The mission of this FinTech company is to offer consumers a user-friendly and scalable lending platform. This is good if you are looking for short-term personal loans, and one can avail from Rs 1,000 to Rs 25,000. It caters to all professionals like support executives, business owners, salaried professionals, etc.
Conclusion
Not promoting any brand or organization, but in my opinion, Stashfin is one of the best loan app. The disbursal is instant and helps people fulfill their needs during emergency times.