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.
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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.
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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.
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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.
