Whether a person needs funds for a planned expense or an emergency, an unsecured personal loan with no end-use restrictions always comes to the rescue. As its name implies, an instant loan is instantly available to the applicants if they are eligible for it. Free personal loan apps available on the Play Store allow prospective applicants to compare the various features on offer and make an informed choice based on specific requirements. An applicant no longer needs to visit the lender’s office, fill out the application form, submit the documents, and wait for loan approval for days. They can apply for a loan from their smartphone and get approval instantly using a loan app.
Here is a list of the eight best instant loan apps available on the Play Store for free. It will help select the best loan app worth installing.
List of Best Instant Personal Loan Apps:
- Fullerton InstaLoan App
A product from Fullerton India is undoubtedly the best loan app in India in terms of the services offered viz. the loan amount, interest rates, accessibility, repayment terms, customer service, and more. The app is free to download. All it needs is around 4 MB of space in a smartphone and a stable internet connection. It has a 7-step procedure to complete the loan application, and it confirms eligibility almost instantly. An applicant can get a loan of up to Rs. 25 lakhs and select a loan term of 12 to 60 months as per their repayment capacity.
- Tata Capital
Tata Capital is not only a personal loan app but a complete solution to money-related needs. Those looking for a personal loan of Rs. 20,000 to Rs. 25 lakhs can apply for one through the app and get instant approval with income details and a PAN card. The repayment tenure ranges from 12 to 84 months, depending on the borrower’s budget and capacity for repayment.
EarlySalary is a reputed loan app offering personal loans of Rs. 8,000 to Rs. 5 lakhs to eligible applicants. A salaried employee with a minimum monthly salary of Rs. 15,000 can apply for a loan through the app and get loan disbursal in 10 minutes. Its best features include no pre-payment charges, minimal documentation requirements, and simple eligibility criteria. The repayment term ranges from 90 days to 24 months, making loan repayment easier for the borrowers.
- Home Credit
Those looking for a personal loan of Rs. 5,000 to Rs. 5 lakhs can get one at the Home Credit loan app at competitive interest rates. Select a loan tenure of 3 months to 51 months and repay conveniently. The app’s best features include a 100% digital loan process, disbursal in 24 hours, and a seamless online experience.
- Bajaj Finserv
The Bajaj Finserv app is another free app that provides instant personal loans of Rs. 30,000 to Rs. 25 lakhs, depending on the applicant’s eligibility and credit score. Some of its best features include minimal processing fees, instant approval, and hassle-free documentation. Apart from personal loans, the app also has features to support bill payment, EMI cards, RBL credit cards, and online shopping.
Those looking for an instant loan of Rs. 1,000 to Rs. 3 lakhs may get it at KreditBee at flexible interest rates. The app supports 100% digital loan procedure and disburses the loan amount directly to the applicant’s bank account in 15 minutes. According to their budget, borrowers may select a loan term of 62 days to 15 months.
The app provides personal loans of Rs. 5,000 to Rs. 5 lakhs at low interest rates and flexible repayment terms of 3 to 60 months. Follow its 2-minutes loan application procedure to get a personal loan almost instantly.
A salaried employee earning a minimum monthly salary of Rs. 12,000 can install this free app from Play Store and apply for a loan of Rs. 1,000 to Rs. 3 lakhs. Its best features include a 100% digital loan procedure, instant credit to the bank account, no foreclosure charges, and no end-use restrictions. Follow its 5-step procedure to apply for a loan and get instant approval.
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These are the best eight instant loan apps available on the Play Store for free. Some crucial points to compare include the loan amount, interest rates, repayment terms, eligibility conditions, documentation requirements, customer service, processing fee, etc. The prospective borrowers must compare them according to their needs and budget and install the most suitable one.