In India, bank loan apps are in high demand, especially after the pandemic has hit the country at an unprecedented rate. Due to that, a lot of people went into a financial crisis with no job to survive. Hence, such families are in search of bank personal loans to cover their losses and simplify their lives. However, what makes any bank loan app addictive and useful to its users? Obviously, it’s a user-friendly interface and has the capability to provide a loan as soon as possible.
To fuel the dreams of today’s ambitious population, many organizations have started offering funds. Money lending apps in India have become popular owing to the many benefits – customized loans, low-interest rates, online credit cards, the simple application process, and 24X7 tracking.
Multiple instant loan apps in India in 2024 offer a fast, paperless, and hassle-free way of getting quick access to funds to fulfill your dreams or help you during a financial emergency.
List of 5 Best Instant Loan Apps Without Salary Slip in India
1.PayMe India
PayMe India is the best online platform for instant cash loans. Credit Line (Cash) loans are short-term loans designed to help you pay for immediate expenses. It will meet your daily expenses or EMIs; however, it can be used to cover overdue utility bills, unexpected car repairs, and other emergency medical expenses. Benefits of PayMe India-
- Avail of instant loans up to Rs. 2 lakhs anytime-anywhere with no hassle.
- For instant money needs, get a loan at an attractive interest rate.
- Get prompt loan approval and money in your account.
- PayMe India features a loan for all processes.
- Get Instant Loan and Unlimited Offers.
- Pay rent with your credit card and get amazing Offers.
- Business lending for an independent advisory- get expert advice on your financial needs.
2. CASHe
CASHe provides quick loans to salaried individuals to fulfill their every need. It is a mobile application-based loan facility. You can download the CASHe app from any Android/iOS-based smartphone. These loans can be repaid within 2 months to 1.5 years, depending on your needs. CASHe offers a wide variety of loans, such as Holiday Loan, Rental Deposit Loan, Medical Loan, 2 wheeler loans, 4-wheeler loans, and mobile phone loans. The loan amount can range from Rs. 9,000 to Rs. 4,00,000.
These are hassle-free digital loans. You must be earning at least Rs. 15,000 per month to be eligible for the loan. You can secure your Personal loan with CASHe’s hassle-free Group Insurance Policies. Loans are also available to people with zero or low credit scores. Any Indian resident above 18 years of age can apply with proof of current employment, a bank account, and a Facebook/Google+/LinkedIn account. You must have valid identity and address proof to avail CASHe loans.
3. mPokket
mPokket is an app lending platform. The loan amount is sent via instant credit to the bank account or Paytm wallet. The user can start by borrowing small amounts and the borrowing limit will keep increasing over time with good usage. Consider it as a pocket money alternative for the rainy day or emergency cash need.
4. Dhani
Dhani offers a credit line to its customers through the OneFreedom offering. Dhani OneFreedom is a RuPay-powered card that offers a credit limit of up to 5 lacs @0% interest. OneFreedom features & benefits include:
- Credit Limit of up to 5 lacs @0% interest
- 2% instant cashback on all payments
- 35% off on medicines at Dhani Pharmacy
- 30% Additional discounts on Amazon, Flipkart, Zomato, and many other brands
- Free trading account @zero brokerage with Dhani Stocks
- Divide your spending into 3 parts, repay only principal over 60 days
- Accepted at 1 crore+ RuPay merchants both online & offline
- No bank mandate – Dhani doesn’t debit any amount from your bank a/c directly
With this card, you can make spends of up to Rs. 5 lacs at no interest, and repay the amount that you’ve actually used over 3 monthly installments
5. PaySense
Established by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with RBI such as Fullerton, IIFL, Credit Saison India, Northern Arc, and PayU Finance for the disbursal of loans. PaySense has raised a total of $25.6M over three rounds of funding.
The PaySense App is available for download on the Google Play Store. After installing the app, all you need to do is check your eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to pay back the loan. PaySense offers an EMI calculator to help you calculate the EMI you shall pay every month.
The best part is that you are not required to submit any collaterals or securities, nor are you required to have a high credit score to avail of a loan from PaySense.
Advantages of Loan Apps
- All-in-one solution to your financial requirements
- It’s easy to install, log in, and set up the application.
- Keep a check on the loan status and application.
- Check for the latest offers.
- Pay for the EMI online.
- Details of Easy Buy EMI Card
- You can activate auto-payment of EMIs.
- Check out the upcoming or latest ongoing offers.
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