Finance

Find the Best Emergency Loan Apps in India

“Where there is a problem, there is a startup.” These lines are the twisted version of John Adams’s quote,” Every problem is an opportunity in disguise.” Various loan apps in India have been launched, citing the shortcomings of the traditional credit system.

Traditionally, loans take a long time to process and involve high interest rates, and require collateral to be kept. The process was not only documentation intensive but also manual, i.e.; it was a person’s job to approve an application. This directly meant that the loan regularly got denied based on the person’s societal background rather than the financial background. The major problem this posed was that it was impossible to ask the standard lenders for the loan in case of an emergency. The people had to turn to local money lenders who charged even higher rates of interest. This also made the borrower more susceptible to violence when struggling to pay back the loan. 

Since 2018, there has been a massive influx of loan apps in India by various FinTechs and NBFCs, keeping in mind traditional credit line problems. As the name suggests, these instant loan apps disburse the loan amount in less than a day. These apps also have 100% online processes and documentation. If the borrower meets specific eligibility criteria established by these firms, they are eligible for the loan. Instant loan apps are also way more flexible in terms of interest rates, repayment tenure, and the processing fee. In this article, we will list a few loan apps to choose from in case of an emergency.

  1. Fullerton India Instaloan Loan App: Fullerton is one of the most comprehensive and flexible lenders in the market. 
    1. Loan amount of ₹50,000 to ₹25 lakhs: This is the highest credit provided by a loan app in India.
    2. Flexible repayment tenure ranging from 12 months to 60 months.
    3. The interest rate starts at 11.99% with a maximum of about 36%: Depending upon the type of service availed.
    4. Prepayment/ part payment of the loan is also available.
    5. Hassle-free and online documentation and processing
    6. Different types of loan options: Variety of loan options available with varying interest rates, repayment tenure, and processing fees, so you can choose the best-suited option.
    7. Extra benefits to existing customers in the form of gift cards and coupons.
    8. It comes with an EMI calculator, which can help plan the type of loan, amount, and repayment tenure suitable for the borrower.
  2. Bajaj Finserv Loan App: A user-friendly loan app in about 13 regional languages in India. The app also provides the users with the option of a credit card. The salient feature of the app includes
    1. Avail Pre-approved loan offers
    2. Manage existing loans and investments with an EMI calculator and other tools in the app
    3. Loan amounts from  ₹30,000 to ₹ 23 lakhs
    4. Interest rates ranging from 12% to 36%
    5. Repayment tenure of 12 months to 84 months
    6. Fixed processing fee of ₹500 to ₹2000 depending upon the risk factor of the borrower.
  3. RapidPaisa Loan App: This app claims to provide mini loans at the fingertips.
    1. LOan amount from ₹1,000 to ₹10,000
    2. The interest rate is 12% per annum.
    3. Repayment tenure of 61 days to 365 days.
    4. One time processing fee
  4. IndiaLends Loan App: LOan app for salaried/self-employed professionals with a minimum salary of ₹15,000 per month.
    1. Loan amounts of up to ₹50 lakhs
    2. Interest rates of 10.75% to 25% depending upon the customer credit and risk factor.
    3. Loan tenure of a minimum of three months to a maximum of 60 months
    4. Offers tools like spend analyzer and EMI calculator.
  5.  Dhani E-micro finance Loan App: Loan app for Indian salaried individuals netting at least ₹15,000 per month. 
    1. No Credit history required
    2. Loan amounts from ₹50,000 to ₹5,00,000
    3. Loan tenure of 6 months to 60 months
    4. Interest rates of 18% to 25% depending on the customer’s credit and risk profile.

These are some of the top lending apps in India with a high percentage of customer satisfaction. 

Happy spending!!

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