If you are short on cash and urgently need money to cover your shortfall, then one of the most viable options you can explore is taking out a personal loan. A personal loan can be taken out for a variety of reasons, including a wedding, a vacation, buying a luxury item for your loved one, or even for an emergency.
While you can approach a bank or an NBFC for a personal loan, there are also a dozen mobile applications (apps) that allow users to take out a personal loan instantly – some even claim to be able to disburse the loan within 10 minutes.
Here we list some of the popular personal loan apps that you can explore in the new year:
1. CreditBee: It offers loans between ₹1,000 to ₹5 lakh through 100 percent online process. The mobile application claims to provide a loan within 10 minutes via direct bank transfer.
2. BajajFinserv: The bank offers personal loans up to ₹40 lakhs. The loan will be disbursed immediately after the documentation is submitted.
3. LoanTap: The process of securing a loan through LoanTap is quite similar to other apps. You must apply online, get the document submitted, and receive immediate approval and payout after the documents are verified
4. mBag: The instant loan app also claims to give approval within 10 minutes. The process of applying for a loan is 100 percent online. You need to obtain KYC online using PAN and Aadhaar and provide proof of education if you are a student or proof of income if you are employed.
5. Cash: Cashe uses AI-powered technology that provides a true picture of a borrower beyond the credit score. This allows the lender to make an immediate decision and offer a loan when they need it most.
6. Money display: Money View also promises to offer up to ₹10 lakh in 10 minutes. To apply for a loan, you must enter your mobile number. The system sends an OTP after which one can proceed with the loan application.
7. Enthusiasm: Zest money app offers loan on the app where you can upload your KYC and set up automatic repayments with the bank. You can also use Zest to make payments at offline and online stores.
(The above list is indicative and not exhaustive)
