6 lending platforms offering quick and easy personal loans in India  

By Gloria Mathias

 As the festive season persists, marking the tradition of heightened celebrations and gifting, individuals are often faced with the dilemma of managing expenses without tapping into their savings. In such situations, turning to instant credit from a personal loan app emerges as the only solution, especially for those with a low credit score, no credit history, or those who find traditional banking processes time-consuming.

Digital lenders are gaining popularity among the tech-savvy generation for their swift and accessible credit options.

Personal loan apps are mobile applications that allow you to apply for a loan, submit your documents, get approval, and receive money in your bank account within minutes or hours. They also offer flexible repayment options, low-interest rates, hassle-free documentation, and no collateral requirements.

Listed below are 6 personal loan apps in India that you can rely on:

• CASHe

CASHe is a digital lending platform that provides short-term personal loans starting from ₹10,000 and has a repayment duration of about 12 months. Documentation requires a selfie, an Aadhaar card and bank statement details and once verified, the loan amount is instantly disbursed. This loan app also has various features, such as flexible repayment plans, zero prepayment charges, credit score improvement, and cashback offers.

• Kissht

The Kissht personal loan app enables the purchase of products on EMI from various online and offline merchants. It offers loans up to ₹5 lakh, with a tenure that can be extended to 36 months. There are no hidden charges and has benefits like low-interest rates, no processing fees and free insurance coverage.

• KreditBee

The personal loan app by KreditBee offers a quick and convenient way for users to apply for loans instantly. The entire process is online, right from the documentation application. The loan amount starts at ₹3,000, can go up to ₹5 lakh, and usually gets disbursed within minutes of approval. Among the RBI-licensed lending apps, KreditBee is India’s online credit solution provider and also among the most trusted personal loan apps in India for its hassle-free credit solution for those in need of quick financial assistance and who have no credit history.

• mPokket

mPokket is a personal loan app that offers quick credit up to ₹45,000 to both college students and young working professionals. The platform provides small-ticket-size loans with minimal paperwork and quick approvals. To start borrowing, users need to sign up with their mobile number, complete their KYC online using their PAN and Aadhar, and submit their proof of education if they are a college student or their proof of employment and proof of income if they are employed. The platform provides flexible options for users to repay their loans. This loan app is one of the many that do not require customers to have a credit history to be eligible for a loan.

• Smartcoin Financials

SmartCoin is a personal loan app that caters to self-employed individuals and salaried and offers loans up to ₹25,000 with a repayment tenure of 4 months. With a PAN card and bank statements as required documentation, the approved amount is credited into the bank account within 24 hours. An additional benefit of Smartcoin is its referral program which gives cashback and discounts.

• TrueBalance

TrueBalance is a loan app that doubles up as a mobile wallet app that disburses the loan amount into one’s bank account or the TrueBalance wallet. Catering mostly to salaried and young professionals, this personal loan app offers credit up to ₹50,000 with an interest rate starting from 2.5% per month. The repayment tenure ranges from 15 days to 6 months. TrueBalance has a simple and secure application process that requires only your Aadhaar card and PAN card.

These are some of the personal loan apps in India that you can use to get quick and easy loans for your personal needs. However, before applying for any loan, make sure you compare the interest rates, fees, terms and conditions of different lenders and choose the one that suits your budget and requirements. More importantly, remember to repay your loan on time to avoid any penalties and maintain a good credit score.