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How to Get a Personal Loan in Minutes: Top 5 Apps Reviewed

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Getting a personal loan in India has become easier than ever, thanks to digital apps that let you apply in minutes and get money in your bank account almost instantly. Whether you need funds for a small emergency or a big purchase, personal loans can bridge the gap. Here’s a simple guide to help you through the process, plus a look at the top 5 apps you can use right now.

Top 5 Personal Loan Apps in India

App Name Interest Rate p.a. Loan Amount Tenure
MoneyTap 12% – 36% ₹3,000 – ₹5,00,000 2 – 36 months
MoneyView 16% – 39%* ₹5,000 – ₹10,00,000 3 – 60 months
KreditBee 16% – 29.95% ₹1,000 – ₹5,00,000 3 – 24 months
CASHe 13% – 25% approx. ₹50,000 – ₹3,00,000 9 – 18 months
Fibe(formerly EarlySalary) 16% onwards ₹5,000 – ₹5,00,000 3 – 36 months

How to Get a Personal Loan: Step by Step

Let’s walk through each step in a simple, friendly way so you know exactly what to expect.

1. Check Your Eligibility

Before you apply, make sure you qualify. This saves time and keeps surprises to a minimum.

  • Age
    You usually need to be at least 21 and not older than 60–65 years by loan maturity.
  • Income
    Lenders want to see that you earn enough to repay. For salaried folks, a take-home pay of around ₹15,000–₹20,000 per month is often the minimum. If you run your own business, they’ll look at your bank statements or ITRs to confirm steady cash flow.
  • Employment Type
    Apps accept both salaried employees and self-employed professionals. Salaried applicants may need a few months of payslips; business owners need 1–2 years of accounts.
  • Credit Score
    This three-digit number (typically from 300 to 900) shows how reliably you repay past loans or cards. A score above 700 gets you the best rates, but many lenders will still work with scores as low as 650.

2. Gather Your Documents

Having documents ready makes the process smooth and quick.

  1. Identity Proof
    • Aadhar Card
    • PAN Card
    • Passport or Voter ID (sometimes accepted)
  2. Address Proof
    • Utility bill (electricity, water, or gas)
    • Passport or Driver’s License
    • Rental agreement (if you live on rent)
  3. Income Proof
    • Salaried: Last 3–6 months’ salary slips or Form 16
    • Self-employed: Last 1–2 years’ bank statements and Income Tax Returns (ITR)
  4. Photograph & Signature
    • A clear, recent passport-style photo and a scanned signature for e-KYC.

Tip: Keep digital copies (JPEG or PDF) saved on your phone or computer so you can upload them instantly.

3. Choose the Right App

Each app has its own perks. Look at:

  • Interest Rate
    Even a 1% difference adds up over months.
  • Processing Fee
    Usually 1%–5% of your loan amount, taken up front.
  • Loan Amount & Tenure
    How much you can borrow and how long you have to repay (e.g., 3–60 months).
  • Special Features
    Some apps let you re-borrow without a fresh application or prepay without penalties.

It helps to write down two or three apps, compare their offers side by side, then pick the best fit.

4. Fill in the Application

Once you’ve settled on an app, here’s what to do:

  1. Download & Sign Up
    • Install the app from Google Play or the App Store.
    • Create your account with your phone number and email.
  2. Enter Personal Details
    • Name, date of birth, address, PAN number.
    • Employment details: employer name or business type.
  3. Upload Documents
    • Use the app’s camera feature or upload stored files.
    • Make sure the images are clear and all corners of the document are visible.
  4. Complete e-KYC
    • You’ll get an OTP on your Aadhar-linked mobile.
    • Enter it to verify your identity instantly.
  5. Choose Loan Amount & Tenure
    • Slide the bar or type in the amount you need.
    • Select how many months you want to repay.
  6. Review & Submit
    • Check the interest rate, processing fee, EMI amount.
    • Accept terms and conditions, then hit “Submit.”

5. Approval & Disbursal

Here’s where the magic happens:

  • Instant Decision
    Many apps use automated checks and give you an approval or conditional offer in minutes.
  • Additional Checks (if any)
    Occasionally, the lender may call you or ask for one more document. This usually adds a few hours.
  • Money in Your Account
    Once everything is clear, the loan amount hits your bank account—often the same day or within 24 hours.

6. Repay on Time

Paying back on schedule keeps your credit score healthy and avoids extra charges.

  • EMIs Start Next Month
    If you get funds on June 10, your first EMI may be due around July 10.
  • Auto-Debit Option
    Many apps let you set up an auto-debit from your bank so you never miss a payment.
  • Prepayment or Part-Payment
    Check if the app charges a penalty—some allow you to clear the loan early without extra fees.
  • Regular Statements
    You’ll get monthly statements in the app, showing balance outstanding and interest paid.

Final Words

Getting a personal loan in India is really just about ticking boxes and comparing offers. Keep your documents ready, pick a user-friendly app, and always read the small print on rates and fees. Borrow only what you need, and budget your EMIs so repayments feel easy, not heavy.

All set? Go ahead, choose the app that suits you best, and get that loan in a few taps! Good luck.

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