December 9th, 2019 | Updated on December 19th, 2019
Personal loan apps were built around the idea that if you wanted to avail of a loan, you could get one by using selected mobile tools designed for this purpose rather than going to the bank directly.
A personal loan is typically unsecured in nature and can be given by a bank, financial organization, money lending institution or a credit union.
Many of these lenders offer loans through mobile applications on both, Google Play store for Android devices and the App Store for iOS devices.
The app is associated with the online lender or respective bank that grants you a personal loan (sometimes called installment loan). These loans come with a fixed monthly payment cycle until the debt is cleared.
Types Of Personal Loans Offered By Numerous Banks
- Personal loan for a wedding: Give your better half the dream wedding they deserve.
- Personal loan for a holiday: Travel now and pay after the vacation.
- Personal loan for funding a fresher: Avail a loan after making your first paycheck, the loan amount can be granted up to Rs.1,50,000 without difficulty.
- Personal loan for home renovation: Upgrade your home to meet your lifestyle.
- Personal loan to top up: For those in need of a loan to meet their financial shortcomings.
Qualification for Personal Loan Eligibility
Applying for a personal loan differs from bank to bank as they all have their similar but, own conditions to be met. Listed below are the conditions for a few of the large banks that offer personal loans.
Conditions For HDFC Bank
HDFC Bank offers personal loans to salaried and self-employed individuals. They guarantee the loan amount within one working day of document submission. Their maximum amount of lending is up to Rs.10 lakh.
The documents required are a form of identity proof, address proof, the last 2 prior salary statements and bank statements for the previous 3 months.
- The customer should be between the ages of 21 to 60 years.
- The customer should be employed in private or public sector companies.
- The customer should have held a job for at least 24 months.
- The customer should earn a minimum net income amount of Rs.15000 per month but Rs.20000 if he works in Mumbai, Delhi, Bangalore, Pune, Cochin, Kolkata, and Ahmedabad.
Conditions For ICICI Bank
To avail a personal loan of up to Rs.20 lakh, the following criteria should be met.
For Salaried Individuals
- The customer should be between the ages of 23 to 58 years.
- The customer should have a monthly net income of Rs.17500. (Rs.25000 if residing in Delhi and Mumbai and Rs.20000 if residing in Bangalore, Chennai, Pune, Kolkata, and Hyderabad)
- The customer should have a minimum of 24 months of work experience.
- The customer should reside for at least a year in his current residence.
For Self-Employed Individuals
- If self-employed, the customer should be between the ages of 28 to 65 years.
- The customer should have a minimum turnover of Rs.40 lakh for non-professionals and Rs.15 lakh for professionals.
- The customer should have a minimum profit of Rs.1 lakh after tax for non-professionals and Rs.2 lakh after tax for self-employed/professionals.
- The customer should be in the current business for at least 5 years and a minimum of 3 years for doctors.
- The customer should have a minimum liability relationship with ICICI Bank of 1 year (current or savings account).
Conditions For Axis Bank
Axis Bank offers personal loans to eligible customers ranging from Rs.50000 to Rs.15 lakh.
The documents required for salaried employees are a duly filled application form, a signed loan agreement form (ECS Forms) and KYC documents like residence proof, identity proof, etc.
- The customer should be between the ages of 21 to 60 years.
- The customer should hold a job in a private or public company.
- The customer should earn a minimum net income of Rs.15000 per month.
- The customer should have held their current job for at least 12 months.
Each bank comes with its own interest rates and other charges pertaining to the defaulter’s fee. Their EMI rates differ, based on your loan amount and the tenure selected to pay back the debt.
Instant Online Personal Loan Apps
Instant online personal loans are the new, go-to way to address your quick cash requirements. Loans granted through mobile apps are fast and hassle-free. In some cases, personal loans can be granted without the traditional documents.
For example, in case of an emergency cash crunch. The first step is to borrow from close family members, relatives, and friends.
If it is a large amount, then a loan may be needed but by the time you get approval and disbursement of the loan amount by the bank, it could be 2 to 3 days or more.
That’s where instant personal loan apps come to your rescue. Some of the instant loan apps that are well known are listed as follows.
CashBean is a personal loan platform for Indian customers that assures to meet all their queries and provide support any time online, 24/7. The procedure is quite simple, to start:
- Download the app from the Google Play store.
- Register your mobile number and choose the application form pertaining to you.
- Complete the necessary requirements like KYC details.
- There will be a telephone call for confirmation.
- Go ahead and select your loan amount required, your electronic signature will be required. Once the application goes through, you will get an SMS confirmation.
- The loan amount will be delivered into your bank account within 5 minutes.
This instant personal loan app is available to customers with a Zestmoney credit limit. In case you do not have one, you can sign up for this service through their app or website.
- Download the Zestmoney app from the Google Play store.
- Complete your profile by submitting the necessary KYC documents.
- Once this is done, you will receive an SMS stating that you have completed signing up.
- Now you are eligible for a personal loan, with any of Zestmoney’s merchant partners.
- Enter the loan amount required and avail your personal loan.
Both the instant loan apps listed above come with their own eligibility criteria and interest rates based on the annual income of the customer that avails a loan.
The customer’s credit and risk profile are also taken into consideration when checking his eligibility.
Each transaction that happens on this mobile platform is secured with 128-bit SSL encryption for the utmost safety and information is moved only over trusted and secured connections. Your information is not shared with third parties without your approval.