Loan apps are becoming increasingly popular as a convenient and accessible way to secure financial support for various needs. These apps offer a simple, fast, and secure way to apply for loans, manage payments, and track one’s credit score.
Loan apps connect borrowers with lenders through their smartphone. The borrower needs to download the app, create an account, and provide basic personal information and income details.
Based on this information, the app will determine the loan amount the borrower is eligible for and the interest rate.
The loan can then be accepted, and the funds can be transferred to the borrower’s bank account within a matter of hours or days.
Benefits of Loan Apps:
Easy Access: Loan apps are available 24/7 and can be accessed from anywhere with an internet connection. This makes it easy to apply for a loan and keep track of payments.
Fast Processing Time:
Loan apps can process loans faster than traditional banks and financial institutions, making it possible to secure funding within a matter of hours.
Lower Interest Rates:
Loan apps often offer lower interest rates compared to traditional lenders, making it easier for borrowers to repay their loans.
Convenient Repayment: Loan apps allow borrowers to make payments using their smartphone, making it easy to stay on top of repayments and avoid late fees.
LOAN APPS LIST
|App Name||Credit Limit|
|Kreditbee||Loan up to 2 Lakhs|
|Kreditzy||Loan up to 2 Lakhs|
|Paysense||Loan up to 5 Lakhs|
|NAVI||Loan up to 5 Lakhs|
|Lazypay (Credit Line + Personal Loan)||Loan up to 1 Lakhs|
|Freopay (Credit Line)||Rs. 10000|
|Stashfin – (Credit Line + Personal Loan)||Loan up to 5 Lakhs|
|Dhani (Credit Line)||Loan up to 5 Lakhs|
|Avail Finance||Loan up to Rs. 50000|
|NIRA||Loan up to 2 Lakhs|
|Branch||Loan up to Rs.50,000|
|Smartcoin||Loan up to 2 Lakhs|
|Rupeek App (Gold Loan)||Loan up to 50 Lakhs|
|Simpl Pay Later (Credit Line)||Loan up to 1 Lakhs|
|Mobikwik (Credit Line + Consumer Loan)||Loan up to 2 Lakhs|
|Paytm Personal Loan||Loan up to 2 Lakhs|
|Bharatpe (Business Loan)||Loan up to 5 Lakhs|
|Paytm Postpaid (Credit Line)||Loan up to 1 Lakhs|
|Slice (Credit Line)||Loan up to 1 Lakhs|
|True Balance||Up to Rs. 50,000|
|Zest Money (Consumer Loan)||Above 2 Lakhs|
|Tata Capital Moneyfy||Above 10 Lakhs|
|Tata Capital : Loan App||Rs.10000 to Rs.10,00,000|
|OneCard: Metal Credit Card||Rs. 10000 to Rs150,000|
|Bajaj Finserv App||Rs. 50,000 to Rs. 5,00,000|
|IBL : Instant Personal Loan||Rs. 5000 to Rs. 25,000|
|Fibe Instant Personal Loan App||Rs. 8,000 to Rs. 500,000|
|Money View: Personal Loan App||Rs.10,000 to Rs. 5,00,000|
|CASHe||Rs. 1,000 to Rs. 3,00,000|
|mPokket||Rs.500 to Rs. 30,000|
|Stashfin – Credit Line & Loan||Rs. 1,000 to Rs. 5,00,000|
|MoneyTap||Rs.1,000 to Rs. 60,000|
|FairMoney||Loan up to 2 Lakhs|
|KreditBee||Rs.5000 to Rs. 25,000|
|FlexSalary||Rs.5000 to Rs.25,000|
|DigiMoney||Rs. 5000 to Rs. 25,000|
|Mystro Loans & Neo Banking app||Rs. 50,000|
|Kissht: Instant Line of Credit||Rs. 10,000 to Rs. 1,00,000|
there are several instant loan apps available that offer loans without the need for a salary slip or bank statement. loan apps are an excellent option for borrowers who need fast and convenient access to financial support. With low interest rates, easy application process, and convenient repayment options, loan apps offer a great alternative to traditional loans.
These apps offer quick loans for individuals in need of urgent cash. However, it is important to carefully research the terms and conditions of each app, and choose a reputable lender, before applying for a loan.
FAQ RELATED LOAN APPS
Currently, the Reserve Bank of India has not banned any instant loan app in India. However, there have been instances of loan apps being removed from app stores for violation of terms and conditions.
The ease of getting a loan from an app depends on the app’s eligibility criteria and your personal financial situation. It’s best to compare multiple loan apps and choose one that best fits your needs.
Some instant loan apps offer loans that can be disbursed within minutes of approval. It’s best to compare multiple apps and choose one that best fits your needs.
The Reserve Bank of India has not launched any loan app. However, it has issued guidelines for digital lending platforms and NBFCs to follow.
Check if the app is listed on the official app store and if it has positive reviews from other users. Also, verify if the app has a valid loan license and if it follows RBI guidelines.
There have been instances of fake loan apps that have duped individuals of their money. It’s important to thoroughly research the app and its credibility before using it.
The RBI has issued guidelines for digital lending platforms and NBFCs. However, it has not officially approved or rejected any loan app.
It’s difficult to determine the exact number of fake loan apps in India. However, it’s important to be cautious and thoroughly research the app and its credibility before using it.
Yes, instant loan apps are legal in India as long as they follow RBI guidelines and have a valid loan license.
If you don’t pay back a loan from an instant loan app, the lender may take legal action against you to recover the debt. This can negatively impact your credit score and make it difficult to get loans in the future.
Borrowing money in India is legal as long as it is done through a registered and regulated lender, such as a bank or NBFC.
Loan apps are legal in India as long as they follow RBI guidelines and have a valid loan license.
No, you cannot go to jail for not paying online loans in India. However, the lender may take legal action against you to recover the debt.
Google Play Store has removed loan apps that violate its terms and conditions, such as apps that engage in fraudulent activities or apps that offer loans without proper licensing.
If you are receiving harassing calls or messages from a loan app, you can block the number or file a complaint with the app store or relevant authorities.
Fake loan apps may deceive individuals into providing personal and financial information, which they use to scam them of money. They may also offer loans with extremely high-interest rates or hidden fees. It’s important to thoroughly research the app and its credibility before using it.
If you are unable to pay back your loan, you can contact the lender to discuss alternative payment options or request a loan extension. However, this may impact your credit score and may result in additional fees or interest charges.
Some instant loan apps offer loans without the requirement of a salary slip, but they may have alternative eligibility criteria such as a regular source of income or a good credit score. It’s best to compare multiple loan apps and choose one that best fits your needs.
It’s illegal to provide loans without proper verification and documentation. Loan apps are required to verify the identity and financial status of their borrowers to ensure the loan is given out responsibly.
Some instant loan apps offer loans that can be disbursed within minutes of approval. It’s best to compare multiple loan apps and choose one that best fits your needs.