8 Best Instant Personal Loan Apps for Emergency Cash in 2021

There are many reasons why people opt for a personal loan. Earlier, the preferred option was to turn towards banks, which would take time to process a simple loan application. Today, many companies are offering personal loans within minutes if they fulfill the preconditions and submit the documents.Now people can effectively and efficiently get funds at very low-interest rates by applying for a personal loan with an app. Not only do these applications allow borrowers to submit an online loan application, but they also help them digitally complete the whole loan process in a viable manner. Here we have listed the best apps for instant personal loans along with Google ratings.Documents required for instant loans through loan appsYou need the following documents to apply for a personal loan:Aadhaar card/PAN cardPhotographBank account details and statementsSalary slipsFill in a Know Your Customer(KYC) formThe amount of the loan shall be calculated on the merits of your salary and your credit records after consideration of the risk factors. PaySense was founded in 2015 and based out of Mumbai, it is a venture-backed, financial services startup. PaySense offers a Personal Loan up to Rs 5 Lakhs easily and quickly at your doorstep after uploading the documents.Features of Paysense Personal LoanThe loans are given for a duration of 3 months to 60 months.The standard processing fee is 2.5% of the loan amountThe flexible interest rate applicable starting from 13 % per annumSalary should be more than Rs 18,000Google rating is 3.5 starsAs of now, Paysenses is based in any one of the 50+ cities we serve across pan-India CASHe was founded in 2016 by V. Raman Kumar, whose goal was to bring a formal credit system to millions of young salaried millennials who were refused credit by traditional banks and financial institutions.Features of CASHe:Loans range from Rs 10,000 to Rs 3,00,000The credit period varies between 2 months to 1 year.The loan application is 100% paperlessThe amount is instantly credited to your bank accountThere are no foreclosure chargesThe minimum net take-home monthly salary should be Rs 15,000Googles rating is 4 stars. Instant cash facility for up to Rs 5 lakhs. Early salary has been aligned with educational institutions, so you can invest in yourself. There is no prepayment charges.Features of Early SalaryThe loan amount rages from Rs 5000 to Rs 5,00,000Flexible repayment tenure option from 90 days to 12 monthsApply for repeat loans any time of the day and get them transferred to your bank account.Advance salary loans starting at just Rs 6 per dayProcessing fees ranging between 0% - 4% of the loan amountInterest rates range from 0%-30% per annumMinimum take-home salary per month should be Rs 20KGoogles rating is 4.5 stars. KreditBee is an instant personal loan platform for self-employed and salaried professionals. You can also use KreditBee loans, even though you havent taken out a loan yet, or dont have a credit card. KreditBee offers three types of personal loans for customers in India.Features of KreditBeeA personal loan can be availed up to Rs 2 lakhThe interest rate is applicable at 0-2.49% per monthLoans range from Rs1,000 to Rs200,000Tenure varies from 62 days to 15 monthsKreditBee charges a one-time service fee while onboarding A small processing fee is charged for loansGoogle rating is 4 stars. CashBean is a firm, registered under RBI, of P C Financial Services Private Limited. All Indian citizens between 21 and 56 years of age, employed or self-employed, with a monthly income stream, can opt for a personal loan with CashBean.Features of CashbeanLoan Amount ranges from Rs 1,500 to Rs 60,000.The interest rate can go up to 33% per annum.The processing fee ranges from Rs 90 - Rs 2000 for a one-time charge.GST is applicable on 18% of the Processing FeeLoan tenure varies from 62 days to 120 dayAll the transactions are secured via 256-bit SSL encryption.Googles rating is 4 star MoneyView provides personal loans of up to 50 lakes approved within hours for a period of up to 60 months. You can get the loan amount directly in your bank account in just 24 hours! It has a proprietary credit model that allows to see past customers credit score or history & understand the financial profile better.Features of MoneyViewLoan amount ranges from Rs10,000 to Rs 5,00,000Repayment tenure varies from 3 months to 5 yearsAnnual Interest Rate is applicable and ranges between 16% - 39%*The processing fee is charged and varies from 2% - 8%*Google rating is 4.5 stars. Credy offers instant personal loans, education loans, credit card refinancing, low cibil loans to emergency loans to meet all your financial requirements.Features of CredyThe interest rate typically varies between 1-1.5% of the loan amount per monthThe period of repayment will vary between 3 months - 15 monthsThe maximum interest rate is 30%Processing fees will be 3% of the loan amountRepay on time, to get top-up loans and improve your credit scoreA salaried employee earning a minimum monthly income of Rs 15000 per month. MoneyTap offers loans up to Rs 5,00,000 & pays interest on the exact amount you withdraw from your MoneyTap balance.Features of MoneyTapFor salaried employees only, the minimum salary should be Rs 30,000 per monthA loan can be availed easily with a 100% paperless processYou can use any amount from your available credit lineMake UPI transactions directly from your Credit LineInterest rates starting from as low as 13% per annumTenure can range from 3 to 36 monthsGoogle rate is 4 stars.ConclusionThere are several apps that are in the market offering a personal loan. However, one should be careful and do due diligence before choosing the company. Recently, Google has removed those personal loan apps from its Play Store that have been found in violation of its safety policies.