Financial needs knock on your door at any point in life; in a situation like this, knowing the best banks around and getting to know the best low interest personal loan app.
Several low interest personal loan apps in the market provide quick, fast, and low-interest rate loans. With digitization, it has become easier to get a loan quickly. If you are looking for easy instant loan apps with low interest rates keep reading to know the best apps.
Striking for the right financial offer is beneficial in your financial journey; getting personal loans for a little extra support for your next venture is not unusual. It is important to have the desire to achieve goals and fulfil them easily. Taking a personal loan to fulfil those desires or even use it for urgent needs. It helps even more if personal loans can be taken at a low-interest cost.
A personal loan has one of the quickest processing times out of all the lending products because it does not require collateral. This has sped up the processing and loan disbursement for its loan applicants. Numerous private sector banks, NBFCs, and modern fintech lenders have begun providing rapid personal loans to pre-approved/pre-qualified borrowers. The instant loan apps that have emerged are 100% digital and take up little to no time in disbursing loan amounts.
Top NBFCs That Offer Low-Interest Personal Loans
Traditional banks process personal loan applications slowly and money lenders are known to charge exorbitant interest rates, making the process exceedingly shady. Low interest loan apps have become a great notion in this entire financial setup to provide safe and hassle-free instant cash loans to people who need them. These loans require minimal documentation and process while meeting minimum eligibility criteria. Low interest personal loan app is also an excellent option for people who have no/ minimal background in finance and have just started with credit.
Also Read: Personal Loan Interest Rates of All Banks and NBFCs
Here are the top NBFCs that provide low-personal loans:
- Buddy Loan
- Early Salary
- Loan Tap
- Kredit Bee
- Money Tap
- Bajaj Finserv
- Fullerton Bank
- Lazy Pay
In a huge pool of financial lenders, it cannot be easy to know which one suits you the best; at this time you should consider looking at Buddy Loan for the best offers on instant loans.
Moreover, we have picked out the best 10 low interest personal loan apps in India alongside their features to give a more nuanced and detailed understanding of your financial decisions.
Interest Rate – 11.9% p.a
Tenure- 12 to 60 months
Loan Amount- Rs 10,000 – 15 lakhs
- Having the highest loan approval rate and the best low interest personal loan app in the sector, we have a solution for every financial emergency.
- We create a completely online process with the best interest rate, a pool of transparent and reliable loan providers, flexible repayment options, complete transparency, an easy process, minimal documentation, and a customer-friendly approach.
Interest Rate – 1.08% – 2.33% p.m
Loan Amount- Rs 5000 – 5 lakhs
- New Borrowers/ borrowers with no credit history can avail of easy loans.
- You can instantly receive a loan between Rs. 5,000 and Rs. 5 lakhs.
- Easy and hassle-free methods to keep track of your EMI payments, with auto-debit and reminders.
- It provides personal loans to candidates who are salaried and self-employed.
Interest Rate- 0 – 48%
Loan Amount- 500 – 30,000
- Best for low-salaried low-income earners for their immediate financial needs.
- Only a few hours for the loan disbursement after meeting the eligibility criteria.
- College students can use it to present proof of required documents.
- Ability to repay the loan in 120 days.
Interest Rate- Starting at 12% p.a.
Tenure – 3 -24 months
Loan Amount- Up to Rs 5 lakhs
- Seamless loan application, everything is done digitally. Easy and quick process for individuals new to borrowing.
- Flexible EMI options based on your needs and finances.
- No foreclosure/ hidden changes.
- You can avail of the loan if you are a –
- Indian Citizen
- Age 21 – 55 years.
- Minimum salary of 18,000 (Metro cities)/ 15,000(Non-metro cities)
Interest Rate- 14 -18% (short-term loans)
Tenure – 6 -60 months
Loan Amount- Rs 50,000 to 10,00,000
- The loan amount is credited to the account within 24-36 hours after approval.
- You can avail of the loan if you are a –
- Citizen of India
- Above 21 years of age
- Earn a minimum of 30,000 p/m
- Flexible repayment between 6 -60 months, with affordable EMI
- No hidden fees/ prepayment penalties
- Option to switch to an EMI-free loan after 6 months of disbursement / or an accelerated repayment option.
Interest Rate- 0% – 29.95%
Tenure – Maximum 24 months
Loan Amount- Rs 10000 – 4 lakhs
- A complete online process from the start to the end.
- KreditBee Claims the loan payment will be made in just 10 minutes.
- Interest starts at 1.02%, depending on the borrower’s financial history.
- Borrowers can receive loan amounts between 1000 to 3 lakh depending on their needs.
- The repayment period for a salaried personal loan begins at three months and can last up to ten months.
Interest Rate- Starting at 13% p.a.
Tenure – 2- 36 months
Loan Amount- Rs 3000 – 5 lakhs
- The applicants should be
- Aged – 23 -55
- Earn – 30,000 p/m
- Interest is only charged on the actual amount used rather than the borrowed amount.
- You can borrow money anytime, up to your total approved credit limit.
- Flexible repayment period spanning from two months to three years.
- Access to free MasterCard credit with an option of the entire credit limit in cash.
Interest Rate- Starting at 9.9% p.a.
Tenure – Up to 72 months
Loan Amount- Up to 20 lakhs
- Apply for a personal loan up to Rs. 20 lakhs.
- Flexible EMI options to 72 months or 6 years. You can repay the loan on your terms.
- A complete digital procedure with accessibility from anywhere.
- Depending on your eligibility, you can select a repayment strategy.
- Only takes a few minutes for the loan amount to be credited.
Interest Rate- Starting at 11%
Tenure – 12 – 60 months
Loan Amount- Up to Rs 10 lakhs
- Offers pre-assigned limits.
- Quick processing within 30 minutes. You can use the app and your phone number for all your transactions. The documentation is minimal and hassle-free.
- No hidden charges.
- The applicants should be
- Aged – 21 -67
- Salaried – Earn – 22,000 p/m onwards (depending on the city)
Interest Rate- 11.99%, Max. 23.99%
Tenure – 12 -60 months
Loan Amount- Up to Rs 25 lakhs
- Simple and Easy to use interface. The digital process of applying for a loan is seamless and efficient.
- Paperless fast documentation with all the documents.
- 100% digital process
- You can avail of the loan if you are a –
- Citizen of India
- 21- 60 years of age
- Salaried Employee -Earn minimum 25,000 p/m (Mumbai/Delhi)
- Salaried Employee -Earn minimum 20,000 p/m (rest other states)
Interest Rate- 15% – 32%
Tenure – 12- 60 months
Loan Amount- Up To Rs 5 lakh
- Quick, easy, and hassle-free way to make payments.
- Reasonable and flexible interest rates based on the borrower.
- Full digital and online process, with quick accessibility to documents.
- The applicants should be –
- An Indian citizen
- Aged – 22 -55
- Should be a salaried individual.
Comparative Table of the best Low Interest Personal Loan Apps
Here is a quick comparison of the different instant loan apps.
|Top 10 Personal Loan Apps||Play Store Rating||Interest Rates||Loan Amount|
|Pay Sense||4.4/5||1.08% – 2.33%||Up to 5 lakh||Download Now|
|mPokket||4.4/5||0 – 48%||Up to 30,000||Download Now|
|Early Salary||4.5/5||Starting @ 12%||Up to 5 lakh||Download Now|
|Loan Tap||3.7/4||14 -18% (Short term)||Up to 10 Lakhs||Download Now|
|Kredit Bee||4.4/5||0% – 29.95%||Up to 4 lakh||Download Now|
|Money Tap||4.1/5||Starting @ 13%||Up to 5 lakh||Download Now|
|NAVI||4.2/5||Starting @ 9.9%||Up to 20 lakhs||Download Now|
|Bajaj Finserv||4.4/5||Starting @ 11%||Up to 10 lakhs||Download Now|
|Fullerton India||3.8/4||11.99- 23.99%||Up to 25 lakhs||Download Now|
|Lazy Pay||4.4/5||15% – 32%||Up to 5 lakh||Download Now|
Guide to Choose the Best Low-Interest Personal Loan Apps
Several characteristics help people think about what makes a lender the best in the market. For many, a lower interest rate marks being the best low interest rate personal loan app. But interest rates are not the only factor that helps you get the best offer; there are other charges like processing fees, prepayment/ foreclosure charges, other restrictions, and terms and conditions that prove to be more important than just looking at interest rates.
How to compare loan lenders?
When taking a loan on loan apps with lowest interest, you want to ensure you get the finest terms and deals from the lender. But borrowing has always been accompanied by a cost, and the best way to ensure you pay the cost is by having a lower interest rate, EMI, and so on.
Also Read: The Best Finance Companies For Personal Loans: A Complete Guide
The following factors will help you choose the right lender:
Rates and Charges
Rates and charges vary across different lenders, even with low interest rate personal loan apps. Apart from the interest rates, there are other charges that you may have to pay at the time, i.e., processing fees, tax, and so on. You must know about these charges and pick a meter that offers you the best to your benefit.
Certain basic criteria, like age, salary, and citizenship, have to be met apart from other criteria for applying for a loan. Make sure you are aware of the same and are eligible to avail loan from a certain loan interest app.
The time taken to receive funds.
Digitalisation has made funding easier than before. Most lenders are now fully digital with quick disbursement of loans.
It’s crucial to take the time to research different loan offers because some lenders present notably better terms than others. When searching for a loan, keep these suggestions in mind so that you don’t pay more than necessary.
Why Should I Get a Personal Loan?
Personal loans are a type of unsecured loan; they can be used for any purpose within the terms of your loan. Personal loans can be used for almost anything, i.e For many lenders, the reason to take a personal loan is deemed unimportant. Your capability of paying loans is of utmost importance.There can be a myriad of options and factors that would make you want to take a personal loan.
Here are some reasons why you should consider taking personal loans.
Assistance with Emergency Funds:
There may be times when you need to cover expenses immediately, a cost that requires immediate attention like medical bills, unexpected financial crunch, and so on. It is best to take a personal loan at a time like this. You can look at an instant personal loan when you do not have the means to arrange funds quickly or do not want to dig into your savings. Most personal loans are approved within an hour to 72 hours.
Owning a huge sum of money in your credit cards and taking out a personal loan to pay them off could be beneficial.
Spending on a wedding can be a huge expense. At a time like this getting a personal loan could be beneficial without breaking your savings. You can ensure that all your needs are met without hassle.
When Should You Not Consider a Personal Loan?
There are times when a personal loan might not be the best option for you, for instance, in a situation where-
- Your income-to-debt ratio is high.
- A personal loan is not required.
- You can find better options.
Weighing all your options before taking out a personal loan is important. Rather than borrow money on impulse, determine whether a personal loan is the best option.
With the widespread adoption of digitalization, obtaining a personal loan is instantaneously possible. Several low-interest personal loan app are available nowadays that let you use their lending partners to get a personal loan right away. The nice thing about these rapid personal loans is that you can acquire the loans with little documentation and the application procedure is all online, even though the interest rates offered by these apps are typically on the higher side. We’ll talk about some of the top rapid loan applications in this article so you may get a quick personal loan on your smartphone.
For more queries and information contact us at firstname.lastname@example.org. Or download our Buddy Loan app from Play Store.
What is the maximum tenure that is available for an individual?
Several banks offer various tenures. You can also get the tenure you desire if you are close to your bank. The tenure of the loan also changes based on the amount of loan taken, age, interest rates, etc. A bank can offer anywhere between 36 – 84 months for a loan.
Is there any benefit while applying through instant loan apps?
Online immediate personal loan applications are quick and easy to complete. You don’t need to go to a lender’s office or bank to apply for a loan because you may do so online at any time and from any location. The funds will be transferred immediately into your account if your loan application is accepted.
Where can I borrow money instantly?
The best option to obtain money immediately is through rapid personal loan applications. The top 10 lowest interest loan app for personal loans were stated above. View it to learn more.
Are there any loan companies for poor credit?
CIBIL score is one of the most important factors that help understand where an individual stands in terms of his finance. A credit score above 750 is considered good. Some banks might consider giving you a loan without your credit score.
Who are some private loan lenders near me?
You may find plenty of private loan lenders near you; this list by buddy loan is great for comparing and looking at the best loan providers near you. You can download the Buddy Loan app store, log in with a quick process and find the best service.