Instant personal loan applications come in handy when you’re in urgent need of money and don’t know anyone who can arrange the required sum immediately. They ask few details and will display the amount you can avail (if you’re eligible). They also set up an auto debit facility for seamless payment of the EMI and ship with an “Easy Monthly Installments” calendar module that makes you aware of the due date and displays payments you’ve made in the past.
How do the fintech services decide a person’s eligibility criteria? Immediately after you sign in or run the application, you’ll be prompted to enable various permissions for it. The app scans your credit history immediately, SMSes, etc after you enter your PAN card information and click the submit button on the form. If you’re eligible, the services will show the amount you can get. If you want to borrow the displayed sum, you will be prompted to enter your bank details and accept the TC. Once you accept the terms and conditions, the amount will be disbursed to your account. The services will store the contact numbers in your phonebook in their database so that they can reach your contacts when you’ve defaulted on a loan or missed multiple payments.
The Google Play Store has 100+ applications claiming to offer a personal loan on the fly but are all of them trustworthy? As Google had removed hundreds of personal loan apps in the past, we can say that not all of them are trustworthy. Here are the ones you can use.
Best instant loan apps for Android and iOS
PayTm
Paytm was one of the first major digital payment services in India. It was also one of the first fintech corporations to adopt UPI technology. Lending is one of the services offered by the firm. This fintech company has partnered with many NBFCs such as Hero Fincorp, Aditya Birla Finance, etc to lend money to eligible people. Paytm is very quick in approving and disapproving loans.
Navi
Navi Finserv is a firm founded by one of the founders of the eCommerce giant Flipkart. Like Paytm, it sends money to bank accounts quickly and has a great user interface. The company has mentioned in its welcome document about the ill effect of removing the app from the mobile device. If you’ve taken a loan from Navi, you must not remove the application until you’ve cleared all your dues. Navi sends reminder messages before the EMI due date and also offers cashback when you make payments on time.
MoneyView
MoneyView is a big player in the lending industry. It is based in Bengaluru, has a rating of 4.7, and has over 10 million users. The app sends a credit report to your registered email address as soon as you enter the PAN card information in it and tap on the submit button. It asks users to fill out a form to check whether they are eligible or ineligible for a loan. If you’re eligible, you can apply for the displayed amount.
ICICI Bank
ICICI is one of the top 5 banks in India. If you have got an account with them, you can check loan offers online by installing and signing into their iMobile application. If you see an offer, you must get it. ICICI may send a hard copy of the agreement to your postal address or a soft copy to your registered email ID.
KreditBee
KreditBee is a fast-growing fintech company. The firm recently raised 100 million dollars to fund its operations. KB has a profile system. At first, you’ll be prompted to enter the PAN Card details and then complete your profile to see your eligibility for the loan. You’re also asked to enter the phone number as a reference. The company’s staff may call this number when you don’t pay the EMI on time or to verify your details.
IIFL
IIFL aka India Infoline is a large player in the finance industry. It is also one of the major stock brokers in India. Like other players, this application asks you to enter the PAN card number to check if you’re eligible or not. If you’re eligible, you’ll see an amount that IIFL can disburse to your account. Once you complete the account, the amount is disbursed within 24 to 48 hours.
Note: A loan should be taken only from trusted sources and before getting it, you should read the terms and conditions carefully. You should also check the interest rate twice.
Here are a few other important things you should know:
Late payment charges: If you don’t pay the EMI amount on the due date, you’ll be charged a late payment fee in the form of a fixed amount or a percentage of money on the EMI.
Contacts: You will be sent SMSes repeatedly if you miss a payment. If this goes on for several days, the recovery agents will contact you, send you messages on WhatsApp or may even call people in your phonebook.
