Sometimes, in times of need, it’s not possible to contact an NBFC or bank for a personal loan for a short period each time. This can be due to various reasons like needing a higher credit score, having a steady or decent monthly income, etc. In addition, banks typically pay the loan amount in 6 to 7 working days. This is when instant personal loan apps are available. Some apps on the market can make loans available in the shortest time possible without the need for lengthy paperwork. This is an excellent chance for someone needing cash quickly and cannot approach banks or NBFC to get similar. If you’re in search of a quick personal loan but don’t know which application to choose, This article will inform you about some of the top online individual loan applications so that you can review these and pick the one that works the best fit for your needs.

EarlySalary Personal Loan

The benefits of the Personal Loan EarlySalary Instant are as the following:

• EarlySalary can provide you with an individual loan amounting to Rs. 5,00,000. This can be accessed directly from your phone If you satisfy the requirements.
• The applicant should fall within the age range of 21-55.
• The applicant must earn at least INR 18,000 minimum within metro cities and INR 15,000 for non-metropolitan cities.
• The applicant must have in the country of an Indian citizen.
• The applicant should be able to present all of the necessary KYC documents.

The step-by-step procedure in the case of EarlySalary can be described in the following:

• Install the EarlySalary mobile application
• Verify your mobile number.
• Send essential documents and other information.
• Select the loan amount when the profile is approved.
• The money will be deposited in the account of your banking institution.

PaySense Personal Loan

It is among the most popular personal loan applications with no salary slips, and it recently joined forces with LazyPay to make it one of the top platforms in this industry.

A few of the essential functions included in the PaySense Instant personal Loan application include:

• You can get instant personal loans ranging from Rs. 500 to 5 lakhs to meet your requirements and desires.
• The interest rates are meager and a band of 1.08 to 2.33 percent.
• There is no need for collateral.
• There is no credit score requirement.
• Simple documentation.
• Rapid approvals and payments.
• You can get fast approval for a loan and deposit money into your account.
• Upload photos from your KYC documents and also sign your loan application electronically.
• Documentation required: evidence of identity (Aadhaar card or PAN card) and evidence of residence (Aadhaar card, utility bills, or rental agreements), proof of income (bank statement on your account), as well as a photo.
• Flexible end-user.

The step-by-step procedure for PaySense is as follows:

• Install the PaySense application on your phone.
• Receive your loan approval immediately.
• Send KYC documents and select your EMI.
• E-sign your application post uploading your documents.
• The money will be credited to your account within less than 5 hours.

CASHe Personal Loan

The CASHe fintech product comes that comes from Aeries Financial Technology Private Limited. It offers short-term personal loans to professionals with a salary. The social loan quotient (SLQ) drives the decision to grant a loan. This unique forecasting algorithm generates an accurate credit profile of the customers, which isn’t available to credit agencies.

Step-by-Step Process for CASHe Instant Personal Loan

• Get the app downloaded and sign up using one of the already-existing social media accounts, like Facebook, LinkedIn, or Google accounts.
• Upload a few documents.
• You will be notified of your eligibility within two hours.
• If you are eligible, log in and select an amount.
• Your money is transferred to your bank account immediately.

MoneyTap Personal Loan

MoneyTap is India’s only instant loan app that can provide full-time salaried professionals and self-employed professionals with instant funds.

Here are the essential conditions for obtaining eligibility for a MoneyTap instant Personal Loan:

• You’ll need to be an employee with a salary or a self-employed professional, such as a doctor, lawyer, or businessperson.
• Your monthly minimum income must be at a minimum of at least Rs. 30,000.
• Age should not be less than between 23 and 55 years.
• The applicant must have been employed in their current position for at least six months (at the date of the application)
• The average work experience should be a minimum of 2 years.
• Self-employed persons should be operating for at least three years and must have an overall understanding of at least three years.

Dhani Personal Loan App

Dhani can be described as the earliest personal loan app developed by Dhani Loans and Services Limited. It was formerly called Indiabulls Consumer Finance Limited. It was designed to make the financial requirements of individuals simpler than they were before.

The eligibility requirements required for Dhani Personal Instant Loans are

• The person should be, at the very least.
• The applicant must have an Indian citizen.
• The individual can be self-employed or salaried.
• Applicants should possess an Aadhaar number to enable KYC and a fast cash transfer.
• Users should connect their bank account with Dhani to automatically deduct monthly EMIs via debit or net banking.

The steps to apply for a quick personal loan from Dhani is:

• Download their app
• Verify your mobile number, then verify the OTP
• Input the amount of your loan
• Give some basic details, including your PAN number and type of job – salaried or self-employed, your mode of income, and proof of address.
• After verifying your information, you’ll receive the money you requested in your bank account in hours.

Freecharge Personal Loan

Freecharge is among the most well-known personal loan applications in India. It provides pre-qualified, instant loan personal to customers. Pre-qualified loans do not require any paperwork and come with quick application processing and the best interest rates. The loans offered by Freecharge are dispensed through Axis Bank, but having an account at Axis Bank is optional to avail of the loan.

The procedure for applying for loans through Freecharge is the following:

• Download the Freecharge app
• Verify yourself with the OTP and then instant KYC
• Select the loan amount you want and the length
• Make sure you set up your monthly installment
• Electronically sign your loan contract
• The money will be credited to your account at the bank.

Conclusion

There are many advantages to applying for a loan using one of these top online personal loan apps available for India 2022. They include procedural transparency, instant loan approval, quick disbursement, and flexible loans or EMI plans without secured or unsecured collateral.