- KreditBee – An online lending platform that provides personal loans up to ₹2 lakhs for salaried and self-employed individuals. Simple eligibility criteria and fast processing.
- Moneyview – RBI registered app offering collateral-free personal loans up to ₹5 lakhs with flexible tenure. Requires minimum CIBIL score of 650.
- mPokket – Instant personal loans up to ₹20,000 for students and young professionals. A completely paperless process with flexible repayment options.
- Buddy Loan – Offers personal loans up to ₹5 lakhs for salaried individuals. Automated eligibility check and quick disbursal in 72 hours.
- Lendingkart – Provides working capital loans and business loans apart from personal loans. Loans up to ₹20 lakhs with minimal documents.
- Paisabazaar – Online marketplace for comparing and applying for personal loans from multiple banks and NBFCs. Pre-approved offers also available.
- Navi – RBI registered fintech providing quick personal loans up to ₹20 lakhs through an easy online process. Competitive interest rates.
- CRED – Offers instant personal loans up to ₹5 lakhs for creditworthy salaried individuals. Paperless process completes in 2-3 days.
KreditBee: Personal Loan Apps
KreditBee is an online lending platform founded in 2016 that provides personal loans up to ₹2 lakhs for salaried and self-employed individuals.
Interest Rate: Interest rates range from 17.5% to 30% per annum based on applicant’s eligibility and loan amount.
Eligibility:
- Minimum income – ₹15,000 per month
- Salaried and self-employed can apply
- Minimum age – 21 years
- Maximum age – 55 years
RBI Registration: KreditBee is registered with the RBI as a non-banking financial company.
Benefits:
- Completely online and paperless process
- Flexible loan amount and tenure
- Quick disbursal within 2-3 days
- Minimum documents required
Disadvantages:
- Higher interest rates compared to banks
- Only available in metro and urban cities currently
CIBIL Score Requirement: No minimum CIBIL score required. Maximum score can be 750.
Loan Process:
- The user applies online by providing basic KYC details
- Eligibility decision made within minutes
- E-agreement signed digitally
- The loan amount disbursed in 2-3 days
- Repayment through EMIs as per the chosen tenure
Moneyview: Personal Loan at Home
Moneyview is an RBI registered fintech platform founded in 2014 that offers online personal loans up to ₹5 lakhs.
Interest Rates: Interest rates range from 14% to 24% per annum based on eligibility, income, credit score etc.
Eligibility Criteria:
- Salaried individuals only
- Minimum age – 21 years
- Minimum monthly income – ₹18,000
- Minimum credit score – 650
RBI Registration: Moneyview is registered with RBI as a non-banking financial company.
Benefits:
- Digital and paperless process
- Quick loan approval within 5 minutes
- Flexible loan tenure of 12-36 months
- Competitive interest rates
Disadvantages:
- Services limited to metro and urban cities currently
- Prepayment charges applicable
CIBIL Score Requirement: Requires minimum CIBIL score of 650 to avail loan. No maximum score defined.
Loan Process:
- Online application by providing KYC and income proof
- Eligibility decision within 5 minutes
- E-agreement signing and verification
- Loan amount disbursed in 48 hours
- Repayment through EMIs as per chosen tenure
mPokket: Person Online Loan Apps
mPokket is a fintech platform founded in 2015 that provides instant personal loans up to ₹20,000 targeting students and young working professionals.
Interest Rates: Interest rates range from 12% to 30% per annum based on applicant’s profile.
Eligibility Criteria:
- Students and salaried individuals
- Age – 18 to 32 years
- Part-time employment also eligible
RBI Registration: mPokket is registered with RBI as a non-banking financial company.
Benefits:
- Completely paperless process
- No minimum income requirement
- Quick disbursal within 1 hour
- Flexible repayment tenures
Disadvantages:
- Small loan limit of ₹20,000
- Rate of interest is very high
CIBIL Score Requirement: No minimum CIBIL score required.
Loan Process:
- Download app and complete KYC
- Get eligibility decision within minutes
- Digitally sign agreement
- Loan amount disbursed instantly to bank account
- Repay in flexible tenures of 15, 30 or 90 days
Buddy Loan: The Personal Loan Apps
Buddy Loan is a fintech platform that offers online personal loans up to ₹5 lakhs for salaried individuals.
Interest Rates: Interest rates range from 16% to 24% per annum based on eligibility criteria.
Eligibility Criteria:
- Salaried individuals
- Minimum age – 23 years
- Minimum monthly income – ₹18,000
RBI Registration:
Buddy Loan is registered with RBI as a non-banking financial company.
Benefits:
- Digital and paperless loan process
- Quick disbursal within 72 hours
- Flexible repayment tenures up to 36 months
- Pre-approved offers based on eligibility
Disadvantages:
- Limited to salaried individuals only
- Prepayment charges applicable
CIBIL Score Requirement: No minimum CIBIL score required. Maximum score can be 750.
Loan Process:
- Online application with income and KYC documents
- Eligibility check and instant decision
- E-agreement signing
- Disbursal in 72 hours into bank account
- Repayment through EMIs
Lendingkart
Lendingkart is an RBI registered fintech company founded in 2014 that provides working capital loans and business loans apart from personal loans.
Interest Rates: Interest rates range from 12% to 24% per annum based on applicant’s eligibility.
Eligibility Criteria: For personal loans –
- Salaried and self-employed individuals
- Minimum income – ₹25,000 per month
- Minimum age – 21 years
RBI Registration: Lendingkart is registered with RBI as a non-banking financial company.
Benefits:
- Completely online process
- Minimum documents required
- Loans up to ₹20 lakhs
- Fast disbursal within 72 hours
Disadvantages:
- Interest rates are higher compared to banks
- Foreclosure charges applicable
CIBIL Score Requirement: No minimum CIBIL score required.
Loan Process:
- Online application by providing KYC and income details
- Eligibility decision within 24 hours
- E-agreement signing and verification
- Loan disbursal into bank account within 72 hours
- Repayment through EMIs
NAVI: Personal Loan APPS 2023
Navi is an RBI registered fintech company founded in 2018 that provides instant personal loans up to ₹20 lakhs through an online process.
Interest Rates: Interest rates range from 11.99% to 19.99% per annum based on eligibility.
Eligibility Criteria:
- Salaried individuals and select self-employed professionals
- Minimum income – ₹15,000 per month
- Minimum age – 23 years
RBI Registration: Navi is registered with RBI as a non-banking financial company.
Benefits:
- Digital and paperless process
- Competitive interest rates
- Quick disbursal within 24 hours
- Flexible repayment tenures
Disadvantages:
- Services limited to metro and urban cities currently
- Pre-payment charges applicable
CIBIL Score Requirement: No minimum CIBIL score defined.
Loan Process:
- Online application by providing basic KYC and income details
- Eligibility decision within minutes
- E-agreement signing and e-NACH mandate
- Disbursal into bank account within 24 hours
- Repayment through EMIs as per chosen tenure
CRED: Take LOAN oNLINE Personally
CRED is a fintech app founded in 2018 that offers instant personal loans up to ₹5 lakhs for salaried individuals with good credit score.
Interest Rates: Interest rates range from 10.9% to 14.9% per annum.
Eligibility Criteria:
- Only salaried individuals
- Minimum monthly income – ₹30,000
- Minimum age – 23 years
RBI Registration:
CRED is registered with RBI as a non-banking financial company.
Benefits:
- Quick 2-3 day disbursal
- Completely online and paperless
- Flexible loan amount and tenure
- No prepayment charges
Disadvantages:
- Services only available in metro cities currently
- High minimum CIBIL score requirement
CIBIL Score Requirement: Requires minimum CIBIL score of 750 to avail loan.
Loan Process:
- Online application by providing basic KYC
- Eligibility decision based on credit score
- E-agreement signing and verification
- Loan disbursed into bank account within 2-3 days
- Repayment through EMIs as per chosen tenure
Conclusion
These personal loan apps offer a convenient and quick way to access funds online, but vary in their offerings and eligibility criteria. KreditBee and mPokket are good for small instant loans with minimal eligibility, while Moneyview, Buddy Loan, Lendingkart cater to salaried individuals. Paisabazaar acts as a loan marketplace for comparing offers. Navi and CRED offer competitive rates and quick disbursal but only for applicants with good credit score and stable salaries. While the online process is much faster compared to traditional lenders, interest rates are generally higher on these apps for most customer profiles. The eligibility, loan amount, interest rates and charges differ across platforms. Customers need to evaluate different apps to find the one that best matches their requirements and profile.
