Money problems have a habit of arriving without much warning. It could be an unexpected medical bill, a repair that simply cannot wait, last-minute emergency travel, or a month when your expenses run higher than usual. Whatever the reason, there are times when having access to extra funds can make things a little easier.
That is one reason personal loan apps have become popular. Much of the process that once meant a visit to a bank can now be done from a smartphone. You can apply online, complete verification digitally and, if your application is approved, receive the loan directly in your bank account.
Of course, not every app works in the same way. The amount you can borrow, who can apply, the documents required and the repayment options can all differ.
If you are comparing your choices, here are the top six personal loan apps to look at.
1. FlexSalary – For Salaried and Self-Employed Borrowers
FlexSalary is offered by Vivifi India Finance Private Limited, an RBI-registered NBFC. One thing that makes the platform relevant to a broader group of borrowers is that it caters to both salaried and self-employed individuals, subject to eligibility.
Eligible borrowers can apply for an unsecured personal loan of up to ₹3 lakh. The application is handled online, so there is no need to visit a branch or provide an asset as security.
Key features:
Salaried and self-employed applicants: A fixed monthly salary is not the only route to eligibility. Self-employed individuals can also apply, provided they meet the applicable criteria.
Up to ₹3 lakh: Depending on eligibility, the approved amount can be used for a range of unexpected expenses.
Entirely online: The application, verification and document submission can be completed digitally.
Less paperwork: The process uses basic documentation and digital verification rather than requiring borrowers to manage a large amount of physical paperwork.
No collateral: Since the personal loan is unsecured, borrowers do not have to pledge property or another asset.
Faster processing: Once the necessary details have been submitted and the required checks are completed, eligible applications can move through the process without a branch-based wait.
Room to repay early: Eligible borrowers can make full or partial prepayments without any additional prepayment charge, subject to the applicable terms.
Digital account access: Loan information and repayments can be managed online.
Apply from wherever you are: There is no need to arrange a branch visit simply to submit a personal loan application. Individuals can apply from the place they are and at anytime.
For borrowers who want an unsecured loan and prefer to handle financial transactions online, that combination can make FlexSalary worth putting on the shortlist.
2. mPokket – A Choice for Smaller Borrowing Needs
mPokket takes an app-first approach to lending and is known for catering to smaller borrowing requirements. The process is designed to be completed online, which can be useful when the amount needed is relatively modest and time is a consideration.
A few things to know:
Applications and verification are completed digitally.
Approved funds are transferred to the borrower’s bank account.
Repayments and loan details can be managed through the app.
3. True Balance – Different Credit Options Under One Platform
True Balance offers more than one digital credit product through its platform. That allows borrowers to explore different options instead of treating every requirement as the same type of loan.
Some of its basic conveniences include:
Different digital borrowing products available through the platform.
Online application and verification.
Digital access to repayment and account information.
Eligibility can vary depending on which credit product a borrower chooses, so it is worth checking the criteria for each before applying.
Digital KYC is a part of the onboarding process, which can help move an application along without the extra paperwork.
Borrowers can also use the app to track past transactions and repayment history, which is useful if you are managing more than one type of credit on the same platform.
Since the platform hosts multiple products, comparing the loan amount, tenure and charges for each option can help before deciding which one fits your requirement.
4. Kissht – An Online Route to Personal Credit
Kissht is another digital lending platform offering personal loans along with other credit products. Its process is built around online applications and digital documentation, which means borrowers can avoid the usual branch-based paperwork.
The platform offers:
Online application and documentation.
Digital eligibility checks and verification.
Bank-account disbursal for approved applications.
5. KreditBee – For Salaried and Self-Employed Borrowers
KreditBee offers personal loans to eligible borrowers, including both salaried and self-employed individuals. Much of the application process is handled digitally, from submitting information to completing documentation and verification.
Its main conveniences include:
Personal loan applications can be submitted online.
Documentation and verification are handled digitally.
Loan information and repayments can be managed online.
6. CASHe – A Digital Option for Working Professionals
CASHe focuses on providing credit solutions to working professionals. Its mobile-based approach allows eligible users to complete much of the loan process without having to visit a physical location.
The platform offers:
Online application and digital documentation.
Digital processing for eligible borrowers.
Online access to loan and repayment details.
Loan amount and tenure can depend on factors like the applicant’s income and credit profile, so terms may differ from one borrower to another.
Repayment reminders and account tracking are built into the app, which can help borrowers keep an eye on the due date.
CASHe also allows eligible borrowers to check their loan eligibility and possible loan amount before formally applying, which can help set expectations early in the process.
Since the platform is aimed at working professionals, applicants may want to compare its terms against other salaried-employee-focused apps before choosing where to apply.
Which Personal Loan App Makes Sense for You?
There is no single app that will be the right fit for everyone. The amount you need and your employment situation will naturally influence the options available to you.
Someone looking for a smaller amount may want to explore mPokket or True Balance. Kissht, KreditBee and CASHe are other digital lending platforms that can be compared based on the borrower’s requirements and eligibility.
FlexSalary has a somewhat broader proposition. It is available to both salaried and self-employed borrowers, offers eligible customers loans of up to ₹3 lakh, does not require collateral and keeps the application process online. For someone comparing instant personal loan apps and looking to apply for a personal loan online rather than visit a branch, that combination is worth factoring in. The option to make full or partial prepayment penalty adds some flexibility beyond the initial application.
That does not mean one platform is automatically better than the others. A personal loan is a financial commitment, so the details of the individual offer matter more than a general comparison.
Before accepting a loan, check the amount being offered, repayment schedule, applicable charges, documents required and conditions around prepayment. Read the loan documents carefully and make sure the monthly repayment works with your existing expenses.
The convenience of applying through an app is useful, but it should not be the only reason you borrow. The better choice is the one that meets your immediate requirement while leaving you with a repayment amount you can manage comfortably. Apply today!
