Best 5 Loan Apps 2022 | Get instant loan of 5 lakhs | No Paperwork Online Loan | Best Personal Loan Apps
PaySense: Personal Loan App
PaySense provides personal loans from Rs.5,000 to Rs.5,00,000 with an Annual Percentage Rate (APR) between 16% to 36% on a reducing balance basis.
PaySense is present in 180+ cities in India, including Mumbai, Bengaluru, Kolkata, Chandigarh, Chennai, and Delhi NCR. PaySense has partnerships with NBFCs/Banks registered with RBI such as Credit Saison India, Fullerton, IIFL, and PayU Finance.
We have disbursed over 1 lakh personal loans in the last 12 months. We are a personal loan app in India that offers easy and quick loans to salaried individuals.
Why Choose PaySense for Personal Loans
● Affordable interest rates
● Convenient and affordable EMIs
● Two-minute loan application
● Paperless documentation
● Loans available for those with low credit scores
Representative example: The standard processing fee is 2.5% of the loan amount.
For instance, if Anil takes a loan of ₹1 lakh for 24 months, he will be charged an APR of 24%. Also, he will be charged a processing fee of ₹2,500. So, Anil will pay his loan back in 24 EMIs of ₹5,391 each. He will pay total interest of ₹29,384. Hence, the total cost of the loan will be ₹1,31,884.
Visit the Official website to apply “Click Here“
MoneyTap – Credit Line & Loan
MoneyTap is a Credit Line and Instant Personal Loan App in India. Get Instant approval for a credit line of up to ₹5,00,000 & pay interest only on the amount you withdraw from your balance.
Our Interest rates starting from as low as 13% per annum* for 3 to 36 months. Interest payable on the exact loan amount used from your approved credit line.
→ Salaried employees only. Minimum salary = ₹30,000 per month
Special Offer: Select customers in 1200+ cities can now get up to Rs. 10,000 @ 0% interest from MoneyTap.
We aim to provide better services than Indian banks and the flexibility of getting a line of credit that can be used as an early salary.
What features make MoneyTap the best instant personal loan app in India?
● Borrow any amount or sum of money (starting at ₹3,000) from your approved Credit Line (of up to ₹5 Lakh)
● Pay interest only on the amount you use
● Instant personal loan without any risk
● Make UPI transactions from your credit line
● Fully digital, paperless experience
● Select your own flexible EMIs & pay later
How is MoneyTap online instant personal loan app different from any other bank loan in India?
MoneyTap credit line is better than a traditional bank loan. You are charged interest only for the amount you borrow.
For example: Ajay applies for a MoneyTap Instant Personal Loan (credit line) in January, gets an approved credit line of ₹5,00,000 but doesn’t borrow any money from the approved line for the next 5 months.
In May, he withdrew ₹50,000 from his credit limit to pay for a house deposit. Now, the interest will only be charged on ₹50,000. Ajay still has access to ₹4,50,000 whenever he has another emergency without paying any interest on it until he withdraws any amount.
Visit the Official website to apply “Click Here“
TrueBalance- Personal Loan App
rue Balance is a 100% safe and secure, lending & financial services platform, steering on the mission of ‘Finance For All”. True Balance is a personal loan app that has been trusted by over 75 million users across the country. Here, you may avail an online personal loan from ₹ 5,000 to ₹ 50,000 for a tenure of a minimum of 62 days to 116 days at a low processing fee. The APR ranges from 60% to 154.8%.
Apply for a personal loan today and enjoy a better borrowing experience with the TrueBalance loan app
Features of True Balance – Personal Loan App:
– Personal Loans ranging from ₹5,000 to ₹50,000
– 100% paperless loan application
– 24×7 access to personal loan/money
– Low processing Fee, longer tenure, and attractive interest rate
– Loan directly disbursed to your bank account
– Pan-India access
– Convenience of payment through various methods.
– Repay on time improves credit score and get access to higher amounts
– Repay Later option lets you pay part of the personal loan on the due date & extend the repayment term multiple times
For example:
For ₹10,000 personal loan borrowed for 90 days, with interest rate @5% per month*, a user would pay:
-> Processing fee (@ 3%) = ₹3,00 + GST (18%) 54= ₹354
-> Interest* = ₹1,500
-> EMI = ₹ 3,833
Total amount to be repaid = ₹11,854/- including Processing fee +GST
*Loan Interest Rate may vary based on the user’s risk profile
Visit the Official website to apply “Click Here“
Navi: Loans & Health Insurance
he Navi App is owned and developed by Navi Technologies Limited, and provides customers with simple, accessible and affordable financial services and products. Products available on the Navi App include Personal Loans, Housing Loans, Health Insurance and Mutual Funds.
The Personal and Home loans are provided by Navi Finserv Limited which is a Non-Deposit taking systemically important Non-Banking Financial Company registered and regulated by the RBI.
Health Insurance is offered by Navi General Insurance Limited, a company registered with the Insurance Regulatory and Development Authority of India as a general insurer.
PERSONAL LOAN
Personal loan terms & features
✅ Up to ₹20,00,000
✅ Interest rates: 9.99% to 45% per annum
✅ Tenure: 3 to 72 months
✅ Instant money transfer to bank account
✅ 100% digital process
✅ Flexible loan and EMI options
✅ Minimum household income*: ₹3,00,000
❌ No pre closure charges
❌ No security deposit (collateral)
Example:
Loan Amount: ₹50,000
Tenure: 12 months
Interest Rate: 22% (on reducing principal balance interest calculation)
EMI: ₹4,680
Total Interest Payable: ₹4,680 x 12 months – ₹50,000 Principal = ₹6,160
Processing Fees (incl. GST): ₹1,475
Disbursed Amount: ₹50,000 – ₹1,475 = ₹48,525
Total Amount Payable: ₹4,680 x 12 months = ₹56,160
Total Cost of the Loan = Interest Amount + Processing Fees = ₹6,160 + ₹1,475 = ₹7,635
Visit the Official website to apply “Click Here“
Google Pay: Secure UPI payment
Make UPI transfers or do mobile recharges, bills and payments to businesses with your bank account with Google Pay, a simple and secure payments app by Google.
Join crores of Indians who are using Google Pay for all their payment needs. Refer friends, get the latest offers and earn rewards as you pay.
All you need to do is link your bank account on this app with your registered mobile number and start the experience.
UPI ID is a unique ID that is used to make UPI payments in place of bank account details.
UPI PIN is similar to your Debit Card PIN, a 4 or 6 digit number which needs to be set by you while creating your UPI ID. Please don’t share your PIN.
Your hard-earned money is kept safely in your bank account and you have control over money leaving your bank account*. With a world-class security system that helps detect fraud and hacking, we are committed to keeping your money safe and we work with your bank to protect your payment information.
Each transaction is secured with your UPI PIN, and you can safeguard your account with a device lock method such as your fingerprint.
*Google Pay works with all banks in India that support BHIM UPI.
Visit the Official website to apply “Click Here“
Also read, How To Get Bajaj Finserv Personal Loan in telugu// Instant Personal Loan//Bajaj Finserv Loan Review