See how easily you can get a personal loan in India

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:

Legal Name	App Name	Download App
MWYN Tech Private Limited	MONEYTAP	https://get.moneytap.com/download-app/?shortlink=f15533a5&pid=Top-Loan-Apps-Blog
PaySense Services India Pvt Ltd	PaySense	https://play.google.com/store/apps/details?id=com.gopaysense.android.boost&hl=en_IN
GC Web Ventures Private Limited	IndiaLends	https://play.google.com/store/apps/details?id=com.indialends.android&hl=en_IN
KrazyBee Services Private Limited	KreditBee	https://play.google.com/store/apps/details?id=com.kreditbee.android
Shuhari Tech Ventures Private Limited	Nira	https://play.google.com/store/apps/details?id=com.nirafinance.customer&hl=en
Aeries Financial Technology Private Limited	CashE	https://play.google.com/store/apps/details?id=co.tslc.cashe.android&hl=en_IN
Future Capital Holding	Capital First	https://play.google.com/store/apps/details?id=com.capitalfirst&hl=en_IN
Cready Technologies Private Limited	Credy	https://play.google.com/store/apps/details?id=in.credy.borrowerapp.full&hl=en_IN
Moneyview Solutions Private Limited	MoneyView	https://play.google.com/store/apps/details?id=com.whizdm.moneyview.loans&hl=en_IN
Social Worth Technologies Private Limited	Early Salary	https://play.google.com/store/apps/details?id=com.earlysalary.android
Home Credit India Finance Pvt Ltd	Home Credit	https://play.google.com/store/apps/details?id=com.portal.hcin&hl=en_IN
PayU Finance India PVT Ltd	LazyPay	https://play.google.com/store/apps/details?id=com.citrus.citruspay&hl=en_IN
Maybright Ventures Pvt. Ltd	mPokket	https://play.google.com/store/apps/details?id=com.mpokket.app
Vivifi India Finance Pvt Ltd	Flexsalary	https://play.google.com/store/apps/details?id=com.flexsalary&hl=en_IN
Huey Tech Private Limited	PayMeIndia	https://play.google.com/store/apps/details?id=io.attabot.app.paymeindia

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!!!!!

 

Answered: Your most burning questions on choosing the right personal loan

 

Getting a personal loan is pretty easy due to less paperwork and lack of requirement of security or guarantor. It is a flexible loan wherein the financed amount can be utilized for purposes like wedding expenses, medical emergency, clearing credit card dues, funding an overseas trip, buying a TV, etc. Thanks to digital applications, availing of a personal loan is just a mouse click away.

Loan Eligibility: Since the loan is needed for meeting a particular exigency, it is critical to pick up a financier who is ready to sanction or approve the required loan amount. Inadequate finance may push the borrower to approach multiple financiers leading to customer dissatisfaction and delay in meeting the fund gap.

Easy documentation: It is also important that documentation is easy and the loan application gets processed time in a short time. Most brick-and-mortar lenders process a personal loan in 4-5 days while digital lenders take 5-10 minutes to credit the funds to the borrower’s account.

Affordable Installments: Many banks and financial institutions offer personal loans at various interest rates. One may directly visit the financier’s website or nearest branch to enquire about the interest rates and installment payable. One may compare the rates and choose the lender offering the lowest EMI.

Flexible repayment: Since a personal loan is availed to meet a personal emergency, one may wish to repay the loan either in multiple tranches or lumpsum. Prior to applying for the loan, one may check about the pre-payment or foreclosure of the loan. Most lenders allow pre-payment of the loan after the initial 12 months with or without charges.

Alternate sources of funds: If the present fund requirement can be met through friends and relatives, one need not go through the cumbersome loan process.

Apart from the above, one also needs to consider the reputation and accessibility of the lender, feedback of existing customers, hidden charges, etc. Of late, many financiers are offering pre-approved loans or top-up loans to their existing good customers. One must borrow only if in need, not because funds are available to them.

Stay safe, healthy and, happy!!!!!