Best personal loan App under RBI and EMI calculator

Free and Best personal loan App under RBI to Avail Personal Loans in India: A Comprehensive Guide

In today’s fast-paced world, personal loans have become a crucial financial tool for many individuals in India. Whether it’s for medical emergencies, home renovation, or a dream vacation, personal loans can provide the necessary funds quickly. With the rise of digital technology, applying for a personal loan has become easier than ever, thanks to various apps available in the market. In this blog post, we’ll explore the best personal loan app under RBI to avail personal loans in India, highlighting their features, advantages, and potential drawbacks.

Why Opt for a Personal Loan App?

Personal loan apps offer several benefits, including:

• Convenience: Apply for a loan from the comfort of your home.
• Speed: Get approval and disbursement faster than traditional methods.
• Accessibility: Easy application process with minimal paperwork.
• Flexibility: Variety of loan options to suit different needs.

However, it’s crucial to choose the right app to avoid high-interest rates, hidden fees, or poor customer service.

List of Best personal loan App under RBI

1. CRED

Overview: CRED is a fintech app that has gained popularity for its unique approach to personal loans. Initially known for rewarding users for paying their credit card bills on time, CRED has expanded into offering personal loans. CRED has it’s main office in Bengaluru, India. The app is starred as good as 4.8 out of 5.0 on the Google Play Store.

Features:

• Easy Application: Streamlined application process.
• Flexible Loan Amounts: Customizable loan amounts based on your credit profile.
• Competitive Interest Rates: Generally lower than traditional lenders.

Pros:

• Quick Approval: Fast processing times.
• Rewards System: Earn rewards for timely repayments.
• User-Friendly Interface: Intuitive and easy to navigate.

Cons:

• Limited Availability: May not be available in all regions.
• Credit Score Requirement: Requires a good credit score for better terms.
• Joining eligibility: CRED only allows people to join who have eligibility score of 750 or more.
• Joining condition: CRED can be joined only using your active Credit cards.

Why Use It: Ideal for those with a good credit history looking for competitive rates and added benefits.

Our suggestion about CRED:
CRED is Genuine App for credit card payments and Personal Loan.
The Rate of interest starts from 10.5% but loan approval chances are less, if you fail to show yourself as regular payer in the past.

2. KreditBee

Overview: KreditBee is also one of the best personal loan app under RBI, that caters to individuals with varying credit scores and offers personal loans with flexible repayment options. If you are not able to get the personal loans from big banks like Axis or ICICI, you may try in KreditBee.

Features:

• Instant Loans: Get loans in minutes with minimal documentation.
• Varied Loan Amounts: Offers different loan amounts to meet diverse needs.
• Flexible Repayment: Customize repayment tenures according to your convenience.

Pros:

• Quick Disbursal: Fast approval and disbursal.
• No Hidden Charges: Transparent fee structure.
• Easy Eligibility: Accessible to a wider audience.
• No bounce charges: If you miss your EMI, KreditBee won’t charge you any penalty, but your bank will.

Cons:

• Higher Interest Rates: May have higher rates compared to some competitors.
• Limited Loan Amounts: Maximum loan limits may be lower.

Why Use It: Suitable for those who need quick access to funds and prefer flexible repayment options.

Our suggestion about KreditBee:
KreditBee is Genuine App for Personal Loan.
The Rate of interest starts from 13%. Loan can be approved easily.

3. MoneyTap

Overview: MoneyTap offers a line of credit rather than a traditional loan, allowing users to borrow as needed up to a certain limit.

Features:

• Line of Credit: Borrow only what you need within your approved limit.
• Flexible Repayment: Pay back in EMIs over a period that suits you.
• Instant Access: Access funds quickly through the app.

Pros:

• Flexibility: Only pay interest on the amount used.
• No Prepayment Penalty: Pay off your loan early without additional charges.
• Convenient Management: Manage your loan and repayments via the app.

Cons:

• High Rates for Unsecured Credit: Rates might be higher compared to secured loans.
• Eligibility Criteria: Requires a stable income and good credit score.

Why Use It: Best for those who need flexible borrowing options and prefer to borrow in smaller, manageable amounts.

Our suggestion about MoneyTap:
Rate of Interest is very high in MoneyTap for Personal Loan. We do not recommend this.

4. PaySense

Overview: PaySense offers personal loans with a straightforward application process and various loan options tailored to different needs.

Features:

• Quick Processing: Fast approval and disbursal.
• Customizable Loan Amounts: Choose a loan amount that fits your requirements.
• Simple Documentation: Minimal paperwork required.

Pros:

• Easy Application: Simple process with minimal documentation.
• Variety of Loan Options: Multiple loan products to choose from.
• Transparent Terms: Clear and upfront about fees and interest rates.

Cons:

• Higher Interest Rates: Interest rates can be on the higher side.
• Limited Customer Support: Some users report challenges with customer service.

Why Use It: Ideal for users looking for a straightforward loan process with minimal hassle.

Our suggestion about Paysense:
Paysense is Genuine and Highly recommended for Personal Loan.
Loan process is easy if you have all valid documents.

5. Home Credit

Overview: Home Credit is one of the best personal loan app under RBI known for providing personal loans and has a strong presence in the Indian market, especially in tier 2 and tier 3 cities.

Features:

• Easy Access: Access to loans even with a lower credit score.
• Flexible EMI Options: Choose EMI options that suit your budget.
• Quick Disbursal: Fast processing and disbursal of funds.

Pros:

• No Credit Score Requirement: Accessible to individuals with lower credit scores.
• Variety of Products: Offers different types of loans and financial products.
• Fast Processing: Quick loan approval and disbursal.

Cons:

• Higher Interest Rates: Interest rates may be higher compared to other apps.
• Limited Loan Amounts: May offer lower loan amounts.

Why Use It: Suitable for individuals with lower credit scores who need quick access to funds.

Our suggestion about Home Credit:
Home Credit is Genuine and recommended for Personal Loan.
Loan process is quite not easy as compared to other well known financial institutions.

6. EarlySalary

Overview: EarlySalary provides short-term personal loans and salary advances, catering to those who need quick cash for emergencies or urgent expenses.

Features:

• Instant Loans: Fast approval and disbursal.
• Salary Advance: Access part of your salary in advance.
• Flexible Tenure: Choose a repayment tenure that suits you.

Pros:

• Quick Access: Immediate access to funds.
• Flexible Repayments: Customizable repayment plans.
• No Hidden Fees: Transparent fee structure.

Cons:

• High Interest Rates: Higher rates compared to traditional loans.
• Short Loan Tenure: Limited repayment period options.

Why Use It: Best for those needing quick cash and prefer short-term solutions.

Our suggestion about EarlySalary:
Not trustworthy for Personal Loan. We do not recommend this.

7. ZestMoney

Overview: ZestMoney offers a unique approach by providing personal loans and EMI options for online purchases, making it ideal for e-commerce shoppers.

Features:

• EMI for Purchases: Convert online purchases into easy EMIs.
• Instant Loan Approval: Quick approval process.
• No Credit Card Required: No need for a credit card to avail the loan.

Pros:

• Convenient for Online Shoppers: Ideal for those who frequently shop online.
• Flexible EMI Options: Pay for your purchases in easy installments.
• Minimal Documentation: Simple application process.

Cons:

• Limited to Online Purchases: Primarily focused on e-commerce.
• Higher Interest Rates: Rates can be higher for some users.

Why Use It: Perfect for those who want to spread out the cost of online purchases over time.

Our suggestion about ZestMoney:
Not trustworthy for Personal Loan. We do not recommend this.

8. Indiabulls Dhani

Overview: Indiabulls Dhani provides instant personal loans with a focus on quick disbursal and minimal paperwork.

Features:

• Instant Loan Approval: Fast processing with minimal documentation.
• Customizable Loan Amounts: Flexible loan amounts and tenures.
• User-Friendly App: Easy to navigate and apply.

Pros:

• Quick Disbursal: Fast loan approval and disbursal.
• Low Documentation: Minimal paperwork required.
• Competitive Rates: Reasonable interest rates.

Cons:

• Limited Customer Support: Some users report issues with customer service.
• Eligibility Criteria: May have stricter eligibility requirements.

Why Use It: Suitable for users looking for quick loans with minimal paperwork.

Our suggestion about IndiaBulls Dhani:
Trustworthy for Personal Loan, but we do not recommend this as the rate of interest might be very high.

9. Axis Finance

Overview: Axis Finance provides personal loans with competitive rates and flexible terms, backed by a well-established banking institution. Axis Finance is a trustworthy and super Best Personal Loan App under RBI.

Features:

• Competitive Interest Rates: Lower rates compared to many fintech apps.
• Flexible Repayment: Various repayment options available.
• Established Bank: Reliable and secure loan services.

Pros:

• Low Rates: Generally lower interest rates due to backing by a major bank.
• Trusted Institution: Reliable customer service and support.
• Flexible Terms: Customizable loan terms.

Cons:

• Longer Processing Time: May take longer compared to some fintech apps.
• More Documentation: Requires more documentation than fintech alternatives.

Why Use It: Ideal for those who prefer the reliability of a traditional bank and competitive rates.

Our suggestion about Axis Finance:
Trustworthy for Personal Loan, but we do not recommend this as the rate of interest might be as high as 18 / 19 %, but if are in urgent need of money, you may trust this easily.

10. HDFC Bank – Easy Loan

Overview: HDFC Bank’s Easy Loan app offers personal loans with a focus on convenience and customer service. This is also a trustworthy and Best Personal Loan App under RBI.

Features:

• Hassle-Free Application: Simple and easy loan application process.
• Quick Disbursal: Fast processing and disbursal.
• Competitive Rates: Reasonable interest rates.

Pros:

• Reputable Bank: Backed by a major bank with strong customer support.
• Flexible Options: Various loan options and repayment terms.
• Quick Processing: Fast loan approval and disbursal.

Cons:

• Higher Eligibility Criteria: Requires a stable income and good credit score.
• **More Paper

Our suggestion about Axis Finance:
Trustworthy for Personal Loan, but we do not recommend this as the rate of interest might be high. But if are in urgent need of money, you may go blindly.

Financial Advisory

Important Disclaimer

At TechnicalPuppy, we prioritize the safety and security of our community. In light of recent fraudulent activities, we feel compelled to issue the following advisory to protect our users from financial scams.

Disclaimer:

TechnicalPuppy is not responsible for any financial losses, theft, or fraud that may occur in connection with personal loan approvals or any other financial services advertised through our platform. We strongly advise all users to exercise caution and due diligence when engaging with any financial offers or loan approvals.

Key Points to Remember when choosing from the Best Personal Loan App under RBI:

1. Verify Sources:
   Always ensure that any personal loan offers you receive are from legitimate and verified financial institutions. Avoid engaging with unknown or suspicious sources.
2. Personal Information:
   Never share sensitive personal information such as your bank details, social security number, or passwords with anyone over phone calls, emails, or unverified online platforms.
3. Upfront Fees:
   Be wary of lenders who request upfront fees for loan approvals. Legitimate lenders typically deduct fees from the loan amount rather than requiring payment in advance.
4. Research and Reviews:
   Conduct thorough research on any financial institution or lender before proceeding with a loan application. Look for reviews, ratings, and any red flags that might indicate fraudulent activity.
5. Contact Authorities:
   If you suspect that you have been targeted by a scam, report the incident to the relevant financial authorities and law enforcement immediately.

Our Commitment:

While TechnicalPuppy endeavors to provide accurate and reliable information, it is ultimately the responsibility of our users to protect themselves from fraud. We do not endorse or take responsibility for any third-party financial services advertised on our platform.

Stay Informed, Stay Safe:

We urge our users to stay vigilant and informed. Regularly update your knowledge on the latest financial scams and take proactive steps to safeguard your financial wellbeing.

If you have any questions or suggestions, feel free to visit our contact page.