In India, various NBFCs mobile applications provide instant loan services to who have low CIBIL scores. While traditional banks remain the primary route for personal loans, lengthy approval processes and frequent rejections based on eligibility criteria or CIBIL score force many to seek alternative options.
Instant Loan Apps with Low Cibil Score in 2024
Instant loan apps operate under Non-banking financial companies (NBFCs) registered with the RBI. However, caution is advised against using unregistered RBI loan apps, which may engage in fraudulent activities. It is advisable to look at the RBI approved loan apps list for 2024 to ensure quick loan disbursement and favorable EMI terms.
Instant loan apps interest rates 2024
Interest rates on these loan apps vary, typically ranging from 14% to 38% depending on individual circumstances and creditworthiness. Additionally, processing fees (2% to 10%) and documentation fees apply. Penalty may be imposed for not paying EMI on time.
Top list of Instant loan application in 2024
Below is a list of top instant loan apps for 2024 along with their interest rates and loan amount ranges:
| Loan App | Interest Rate | Loan Amount Range |
|---|---|---|
| PaySense | 1.4% – 2.3% per month | ₹5,000 – ₹5,00,000 |
| KreditBee | 1.02% per month | ₹1,000 – ₹4,00,000 |
| InCred | 16% – 36% per annum | Up to ₹3,00,000 |
| CASHe | 2.50% per month | ₹1,000 – ₹4,00,000 |
| Fibe | ₹9 per day | ₹5,000 – ₹5,00,000 |
| MoneyTap | 1.08% per month | ₹3,000 – ₹5,00,000 |
| L&T Finance | 13% per annum | ₹50,000 – ₹7,00,000 |
| Prefr | 18% – 36% per annum | ₹10,000 – ₹3,00,000 |
| Zype Instant Loan App | 18% – 39% per annum | Up to ₹5,00,000 |
| MoneyView | 1.33% per month | ₹5,000 – ₹5,00,000 |
| Piramal Finance | 12.99% per annum | Up to ₹5,00,000 |
| Hero Fincorp | 11% – 35% per annum | Up to ₹5,00,000 |
| Bajaj Finserv | 13% – 38% per annum | Up to ₹50,000 |
What is the Eligibility criteria for NBFCs personal loans mobile applications?
- Indian citizenship
- Minimum age of 21 years
- Regular source of income
- Valid Aadhar Card and PAN card linked to a bank account and mobile number for KYC
- Valid email ID for verification
How to apply for loan through NBFCs mobile apps 2024?
- Download and install favorite mobile applications.
- Create a profile by providing your mobile number, email ID and personal details.
- Complete the KYC process by uploading Aadhar Card, PAN Card and a selfie.
- Verify your identity with the OTP sent by the company.
- Choose loan offers based on eligibility.
- Confirm the EMI plan with the second OTP.
- Get the loan amount in your bank account within minutes after deducting processing fees and document charges.
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