Due to the global pandemic, most of us have been forced to stay indoors while learning new ways of living. Online education, work from home, online medical consultation, home delivery, etc. are part of the new normal.
While many industries struggled to survive, fintech
saw a new opportunity in the COVID times. In Europe, the fintech platforms have
seen a 72 percent spike in usage during the lockdown as per the report of
deVere Group. More and more players are entering into the digital space
considering the market potential and anticipated increase in digital usage shortly.
Traditionally, India has been used to the brick-mortar-financing model. Thanks
to the pandemic, the fintech that was earlier taking baby steps has slowly
gained the mindshare of Indian consumers. Generally, the banks and or NBFCs
take anywhere between 4-5 days to process a personal loan application. And the
moneylenders charge exorbitant rates and follow unethical documentation and
recovery practices. Fintech has occupied the middle space by providing safe,
convenient, and quick liquidity to Indian consumers. While umpteen fintech players are providing personal loans in the country, only the top 15 companies have been considered based on their higher accessibility and service levels.
Here is a comparative analysis of the key features of the personal loans
offered by the select fintech companies in the Indian subcontinent:
|
Name of the App |
Minimum and Maximum Loan Amount (Rs.) |
Interest Rate/ Month |
Processing Fee |
Loan Tenor |
|
Moneytap |
3,000-5,00,000 |
1.08-2.03% |
2% |
36 months |
|
PaySense |
5,000-5,00,000 |
1.08-2.33% |
NA |
3-24 months |
|
IndiaLends |
15,000-50,00,000 |
0.9-3% |
Up to 4.13% |
12-60 months |
|
KreditBee |
1,000-1,00,000 |
2-3% |
Up to 3.5% |
|
|
Nira |
3,000-1,00,000 |
1.5-2.5% |
Flat Rs.500 |
3-12 months |
|
CashE |
9,000-3,00,000 |
Up to 1.75% |
Up to Rs.1200 or 2%, whichever is
higher |
62 days-18 months |
|
Capital First |
1,00,000-25,00,000 |
1.16-1.33% |
2% |
12-60 months |
|
Credy |
10,000-1,00,000 |
1-1.15% |
3% |
3-12 months |
|
MoneyView |
10,000-5,00,000 |
1.33-2% |
Up to 2% |
Up to 60 months |
|
Early Salary |
3,000-2,00,000 |
2-2.5% |
2% |
Up to 60 months |
|
Home Credit |
25,000-2,00,000 |
2.4-3.3% |
0-5% |
Up to 48 months |
|
LazyPay |
10,000-1,00,000 |
1.25-2.6% |
2% |
3-24 months |
|
mPokket |
500- No max limit |
Up to 3.5% |
Flat Rs.34-203 |
61-90 days |
|
Flexsalary |
4,000-2,00,000 |
Up to 3% |
Flat Rs.650 |
Up to 36 months |
|
PayMeIndia |
1,000-1,00,000 |
2-6% |
Up to 5% |
3-24 months |
Source: Google play store and the respective app websites
For more details, you may download the respective mobile application as
under:
Instead of going for a personal loan, one can take
a hand loan from a friend or a relative. He or she may apply for a personal
loan with your existing credit card provider. Alternately, the salaried may request
their current employer to approve a salary advance as well. However, these
options are easier discussed than available as none of these options are
readily exercisable in an emergency.
Applying for a personal loan through the applications is as convenient as
ordering medicines or groceries online, sitting at the comfort of your home.
All you need to do is to upload the required documents and the loan amount can
be instantly credited to your bank account. You only need to study the product
features and prioritize the digital lending app based on the financial goal to
be achieved. Rest is just a click away.
Stay safe, healthy, and happy!!!!!
