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5 New indian loan app October 2022

1)Simply cash

Simply Cash, powered by Hero FinCorp, is a completely digitized personal loan app. The app helps you meet all your quick personal finance requirements with just a few simple clicks.

Get instant personal loan disbursed directly to your bank account with super affordable interest rates.

This app enables you to complete the entire loan application without any physical documentation.

Give yourself peace of mind in times of financial crisis. The Personal loan app is an organised digital platform providing instant loans up to 1.5 lakh. The experience and expertise belongs to the parent company, HeroFinCorp, who introduced SimplyCash for simplifying the process of acquiring an instant cash loan. The SimplyCash personal loan app is designed flexibly with user-friendly navigations and easy to understand stepwise registration. The uniqueness of this app is that it allows you to complete the entire loan application without any physical documentation.

What’s stressful with personal loans is the interest rate. SimplyCash offers a starting interest rate as low as 2.08% per month. This reduced rate of interest has attracted many users to download the app. Arrange timely funds with SimplyCash instant loans for a tenure of 6 months to 24 months.

The instant personal loan apps in India have been accepted widely in many cities to raise immediate funds or accomplish life goals. The SimplyCash loan app can be easily downloaded on your smartphone. With SimplyCash, you can get instant personal loan approval to support a variety of purposes – education, travel, home renovation, clearance of debts, wedding or a medical emergency. It is an instant loan app as borrowers can get loan approval and disbursal within 24 hours only. Now, no longer waiting for weeks for loan approval. Download the SimplyCash personal loan app from Google Play Store and start your loan application process.

2)Navi

Navi is an instant loan-providing platform that provides loans with interest rates starting at 9.99 percent p.a. for terms up to 6 years and loan amounts up to Rs 20 lakh. Through the Navi app, you can obtain a digital personal loan with no processing fees to meet financial emergencies like wedding expenses, medical expenses, etc. 

The best thing about this app is that it is entirely paperless since PAN and Aadhaar numbers are used in the loan application process. The loan can be authorised in under ten minutes and can be credited right away to the applicant’s bank account. Furthermore, this digital app offers simple, reasonably priced, and easily accessible financial products and services.

3)Moneytap

This is one of the fastest instant loan apps in India. You may simply acquire a fast loan with MoneyTap, and all you have to do is download the mobile app. So, how does it function? To get started, you must first download the application and register on the same website. After you’ve registered, you’ll need to fill out the KYC paperwork and wait for final approval. After that, based on your credit score, you can acquire an instant credit up to an approved amount of INR 5,00,000, which you can use to buy everyday essentials, indulgences, travel, and other things. The best aspect is that you won’t have to go through a lot of paperwork or wait long periods. This makes this one of the best personal loan apps in India, and people do not hesitate to use it, as well.

  • Interest Rate Per Month – 1.08 to 2.3 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000
  • Documentation – Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement
  • Features – 100% paperless process with online approval of a loan, pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount

4)Paysence

PaySense, one of the best instant personal loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant loans. The minimum salary to get a personal loan is ₹18,000 per month. Also, self-employed individuals who earn a minimum of ₹20,000 per month can borrow from PaySense. 

The interest rate of the loan app is from 16% to 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, and marriage loan, among others.

Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with the 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.

You can download the PaySense App from the Google Play Store. Upon installation, all you need to do is check your loan eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to repay the loan. PaySense also offers an EMI calculator to help you calculate the EMI you shall pay every month, making for a great user experience.

The win-win takeaway 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.

Founded in: 2015

Minimum Loan Amount: ₹5,000 

Maximum Loan Amount: ₹5,00,000

5)Cashe

CASHe is a great way to secure funds during a medical emergency or financial crisis. All you need to do is download the CASHe App on your phone. You can find it on Google Play Store as well as on the Apple Store. Upload the necessary documents on the app; once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your Paytm Wallet. 

Do note that CASHe approves loans based on the social profile, merit, and earning potential of the borrower by using a proprietary algorithm-based machine learning platform.

Founded in: 2016

Minimum Loan Amount: ₹7,000 

Maximum Loan Amount: ₹4,00,000

Rating: 4 out of 5.

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