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With a multitude of personal loan app options in the Indian financial market, it becomes extremely tough to narrow down the most suitable alternative.
Below are the top 5 instant loan apps available in India that offer Rs. 2 Lakh Personal Loan in a jiffy:
Below are the key features, eligibility criteria, and documentation requirements of the above-mentioned top 5 personal loan apps:
1. KreditBee
Key Features & Benefits
● Personal loans ranging from Rs. 6,000 to Rs. 10 Lakhs.
● Quick disbursals directly into bank account in just a few minutes.
● 100% online process and hassle-free documentation.
● Interest rates ranging from 12% to 28.5% p.a.
● Tenure ranging from 6 to 60 months.
● Processing fee up to 5.1% of the loan amount + GST.
● No collateral or pledge of security.
● Foreclosure charges of 4% of principal outstanding + GST.
● Part prepayment charges of 4% of principal prepaid + GST.
Eligibility Criteria
● Indian citizen aged above 21 years.
● Minimum monthly income of Rs. 10,000 and household income of Rs. 25,000.
● Possess any government-approved valid identity and address proof.
● Aadhaar-linked mobile number.
● Active employee with regular/ permanent employment
● 3 months of work experience in the current company
Documents Required
● Photograph
● PAN
● Permanent and current address proof
● Income proof, like Bank Statements reflecting monthly income
● Employment proof for salaried employees, like Salary Slip, Office ID, or UAN authentication
2. Fibe
Key Features & Benefits
● Loan amount up to Rs. 5 Lakhs within just 2 minutes.
● Rate of interest starting from 16% p.a. on reducing balance basis.
● Processing fee starting from 2% of the loan amount + GST.
● Tenure ranging from 6 to 36 months.
● Nil pre-closure charges.
● No restriction on usage.
● 100% digital journey.
● Borrow loans multiple times.
Eligibility Criteria
● Indian resident.
● Aged between 19 to 55 years.
● Minimum monthly in-hand salary of Rs. 25,000.
Documents Required
● A clear selfie with proper lighting
● Identity proof, such as Passport, PAN, Aadhaar Card, or Driver’s License
● Address proof, such as Passport, Rent Agreement, Voter’s ID, or Utility Bills
● Income proof, like Bank Statements or Salary Slips of last 3 months
3. Prefr
Key Features & Benefits
● Instant personal loan of Rs. 25,000 to Rs. 3 Lakhs.
● Tenure ranging from 6 to 36 months
● Interest rate ranging between 18% to 36% p.a.
● Processing fee ranging from 3% to 5% of the loan amount
● Quick disbursals in less than 10 minutes directly to your bank account.
● 100% online application with minimum documentation.
● No collateral.
● Multiple payment options
Eligibility Criteria
● Indian citizen.
● Aged between 22 and 65 years.
● Minimum monthly salary of Rs. 18,000.
Documents Required
● Selfie
● PAN
● Aadhaar
● Bank Statement
4. InCred
Key Features & Benefits
● Instant personal loan ranging from Rs. 10,000 to Rs. 10 Lakhs.
● Low annual interest rates, starting from just 13.99% p.a.
● Processing fee ranging from 1% to 5% of the loan amount.
● Flexible EMI options up to tenure of 5 years
● 100% paperless process.
● 15 minute disbursal.
● No collateral required.
● Exclusive pre-approved offers.
● Free eligibility check.
Eligibility Criteria
● Age requirement from 21 to 55 years.
● Minimum Rs. 15,000 monthly for salaried individuals
● Minimum Rs. 25,000 monthly income for business owners with ITR & GST documents.
● Credit score of preferably 700+ with a solid loan repayment history.
Documents Required
● PAN
● Aadhaar
● Bank statement
● ITR & GST documents for business owners
5. MoneyTap
Key Features & Benefits
● Quick and easy personal loans up to Rs. 5 Lakhs.
● Tenure ranging from 2 to 36 months.
● One-time line setup fee of Rs. 499 + GST.
● 2% + GST as processing fee.
● Zero foreclosure penalties.
● Interest rates starting from 13% p.a.
● Online approval in 4 minutes with minimal documentation.
Eligibility Criteria
● Must be aged above 23 years and below 55 years.
● A full-time salaried employee or self-employed professional.
● Minimum monthly take-home salary or monthly income of at least Rs. 30,000.
● Must be a resident of one of these cities: Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada or Vizag.
Documents Required
● PAN Card Number
● Professional selfie taken on the MoneyTap app
● Address proof, such as a valid Driving License, Passport, or Aadhar Card
● ID Proof, such as a valid Driving License, Passport, Voter’s ID, Aadhar Card, or PAN Card