Know the Best Digital Personal Loan in India

By | September 14, 2022

All your personal needs and desires that you may not be able to meet owing to financial limitations can be attained with a personal loan. No matter whether it is a personal loan through a bank or NBFC, or a digital lender, all of them have the same motive of serving you with loan proceeds at an attractive rate of interest. However, many recommend you opt for the bank to avail of a personal loan as they provide a lower interest rate. For instance, SBI personal loan interest rate 2022 starts from 10.30 % p.a. SBI personal loan interest rate for salary account is available at reasonable rates if your credit score is good, i.e., 750 and above. The loan amount disbursed is up to Rs 30 lakh at minimal documentation with no guarantor or security. 

Note that if you are unable to fulfil any of the criteria of the bank to avail of personal loan approval, then you must approach the NBFC and digital lenders for the loan. Though such lenders provide a high-interest rate to compensate for the involvement of credit risk, they ensure to provide the required amount on time to you. Read on to know the digital lenders that you can consider for availing of a personal loan. 

NAVI

NAVI is one of the customer-friendly loan applications in India that permits you to get a loan to mitigate your financial exigencies. In the case of need of funds for marriage, medical bills, travel overseas, venue etc., you can get up to Rs 2 lakh. Additionally, the most excellent part about availing of this loan through this application is that there is zero documentation involved, and the rate of interest starts from 9.99 % p.a.

PaySense

PaySense personal loan is for all your requirements and dreams that you might not be able to meet owing to your financial strains. PaySense offers you a quick loan of as high as Rs 5 lakh without any kind of hassle, whether it is for a foreign vacation, wedding, paying medical bills, home improvement or acquiring consumer durables. The process is simple and can easily be conducted in privacy from the comfort of your home. PaySense today is available in over 40 cities in India. 

The benefits of availing personal loan from PaySense are – 

∙       Availability of personal loans of as high as Rs 5 lakh instantly

∙       Reasonable rate of interest

∙       Complete digital procedure

∙       Affordable EMIs with reminders and auto debit

Buddy Loan

It is one of the instant loan applications where you can get rapid personal loans ranging anywhere between Rs 10,000 and Rs 15 lakh. Also, note that if you avail loan from Buddy Loan, you will not require waiting long for your loan approval. The greatest aspect is this platform is highly renowned for accepting requests, so you will not require worrying about time shortages. 

Why is it the finest personal loan app platform? It is because there is no requirement to scan or courier the digital copies as the documents might be picked up right away from your home. Moreover, they offer a number of cheap EMI choices that make it hassle-free and simple to make loan repayments. 

Rate of interest per month – 11.99 per cent 

Maximum loan amount – Rs 15 lakh

Minimum loan proceeds – Rs 10,000

Documentation – Identity proof (PAN or Aadhaar card), address proof (rental agreement, rental agreement, or utility bills), income proof (bank account statement) and photos. 

Features – Easy documentation, flexible end-user, disbursals, quick approvals.

Pros Cons
EMI plans are highly affordable based on the credit score The rate of interest is on the higher end when compared with competitors
Loans can be easily approved and fast-tracked You must hold strong credibility to get loan approval
It offers loans with an 80 per cent approval rate  
The documentation procedure is instantaneous and straightforward.  

MoneyTap

It is one of the fastest loan apps in India. To get started with this app, you must initially download the application and then register on the site. Once registered, you will require filling up the KYC paperwork and wait for the final approval. Post this based on your credit score, and you can get a credit up to an approved loan amount of Rs 5 lakh, which you can use to purchase daily essentials, travel, indulgences, and other important things. The best thing is that you will not have to undergo any documentation or wait in a long queue. This makes MoneyTap, one of the best loan apps and people do not hesitate to use this even. 

∙       Rate of interest per month – 1.08 to 2.3 per cent

∙       Minimum loan amount – Rs 3,000

∙       Maximum loan amount – Rs 5 lakh

∙       Required documentation – PAN card, selfie, current proof of address (ration card, electricity bill, postpaid mobile bill, gas bill, telephone bill, or broadband bill), bank statements, photo ID proof (driving license, passport, Aadhaar card or voter ID), rental agreement, credit card statements. 

∙       Important features – 100 per cent paperless procedure with online loan approval, pay interest just for the borrowed loan amount, flexible EMI repayment tenure ranging between 2 and 36 months, 4 minutes approval, collateral-free loan, secured interface and API, variable rate of interest for the loan amount. 

Pros  Cons
The mobile app is well built, and customers do not witness any lag when using it. The credit period varies, with the maximum being 36 months based on the amount. 
The credit line is offered easily and can be utilized in the wallet.  
You can simply create profiles with KYC Initial KYC will take some time
The lender does not give much importance to your credit score to decide your loan approval chances.   

 

Dhani

It all began as a drugstore, which later expanded to include money lending services. Dhani is looked upon as one of the best loan applications without documents, and many of the outstation students depend on it to make the end meet while efficiently working part-time. You can easily obtain a swift loan of as high as Rs 5 lakh with rates of interest that is both affordable and handy. Every transaction will even earn you 2 per cent cashback, which you might spend for future redemptions & services. There are zero bank mandates necessary, and you can receive a cashback card, a lifetime in nature, through Dhani.

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