Nowadays, many online loan apps have come, which promise to give instant loans to people with low credit score. Which of those low credit score loan apps is best for you? People often have this question, the answer to which you will get in this post.
Here we will tell you about the Best Low Credit Score Loan Apps In India, through which you can take a loan. For this you do not need to go anywhere, the entire process of getting the loan is done online sitting at home. Apart from this, we have also told some important things, which you have to keep in mind before applying in these apps, and what are the benefits of taking a loan from here? We have explained all this in detail further.
Low Credit Score Loan Apps 2024
All the Low Credit Score Loan Apps that we have mentioned here strictly follow the rules of the Reserve Bank of India (RBI). It is completely safe to use them. Important information related to these Apps like what percentage interest rate will be charged on them? What is the period for repayment of loan? What is the maximum loan amount that can be availed? All this is explained further.
From Kredit Bee App you can get loan from Rs 1000 to Rs 4 lakh. The loan interest rate starts from 12.25% per annum. Within minutes of loan approval, the amount is transferred directly to your bank account.
The maximum period for repaying the loan is 2 years, within which you have to repay the entire loan including interest. You can spend the loan amount received for any purpose like paying bills, rent, daily expenses, treatment, shopping, etc. This app strictly follows all the instructions of NBFC and RBI.
mPokket app is also a great instant loan app, which was started in the year 2016. Through this, you can take loan from Rs 500 to Rs 30,000 directly in your bank account. The loan repayment period ranges from 61 days to 4 months, within which you have to repay the entire loan including interest.
Its interest rate starts from 2% to 6% per month. The interest rate may be higher or lower depending on the credit score. Their customer care service is available 24/7, from where you can get help anytime.
Through Flex Salary you can get a loan ranging from Rs 4,000 to Rs 2 lakh. For this, the credit score should be more than 550 so that the loan application can be accepted. This app is especially for working people who suddenly need money.
Here you can choose the loan tenure and installment option as per your choice. You have to download this app on your phone, then upload all the documents and verify them properly. After selecting the loan amount you want, the loan amount is sent directly to your bank account.
MoneyTap is a very famous loan giving app through which you can take loan ranging from Rs 3000 to Rs 5 lakh. Your credit score must be at least 600.
How much loan you will get depends on your credit score. If we talk about its interest rate, it starts from around 12% per annum. In this, loan is available without security, that is, you can also call it unsecured loan, in which loan is available without mortgaging any goods.
MoneyTap has partnerships with NBFCs. They have offices in many different cities like Mumbai, NCR, Bengaluru, Hyderabad. To get the loan, the minimum monthly income of the applicant should be Rs 30,000, only then the company will give the loan. In this you get the benefit of “no-usage-no-interest”, which means that you have to pay interest only on the amount that you have spent, no interest will be charged on the remaining amount.
Nira Loan App
Nira app is a very famous loan giving app, from where loans ranging from Rs 5000 to a maximum of Rs 5 lakh are available. For this, your credit score should be more than 600, only then your loan application will be approved. The approval process here is very fast.
Download Nira App and complete the KYC process with your documents. Still, if you want any help related to loan, then you can contact their customer care and ask.
Pay Sense Loan App
Pay Sense is a very good instant loan app from where you can get a loan ranging from Rs 5,000 to Rs 5 lakh. Your credit score should be more than 650 after which you will get the loan.
In this, the process of loan application is completely online, you do not need to go anywhere. All the work of document verification can also be done through online mode sitting at home.
Taking loan in this is quite easy and fast. After receiving the loan amount, you can use it for any work as per your choice. Its monthly interest rate ranges between approximately 1.08% to 2.33%.
In this also you do not have to mortgage any of your property for the loan. In this the entire paper process is quite easy. Which does not cause much trouble in doing. Paysense’s loan giving services are running in about 40 cities across the country.
Home Credit Loan App
HomeCredit app which provides you loan from Rs 10 thousand to maximum Rs 50 thousand. For this, your credit score should be at least 650. Through this, only those whose age is between 19 years to 65 years will be able to take loan.
If we talk about its interest rate, it is around 2.4% per month which can be more or less depending on the credit score. According to your credit score, you can take a loan up to a maximum of Rs 2 lakh from here, for this you only have to show PAN card, Aadhar card and other necessary documents. Once the loan application is accepted, the amount goes directly into your bank account.
Buddy Loan loan app
With this app you can get a loan ranging from Rs 10 thousand to a maximum of Rs 15 lakh. For this your credit score must be more than 600. Buddy Loan is a very good instant loan app. Here the entire process of getting a loan is online, from verification of your documents to receiving the loan amount in your bank account.
Navi loan app
Its interest rate starts from around 9% per annum, which is much lower than other apps. Here you are given time up to 6 years to repay the maximum loan amount.
If everything goes right then it does not take much time to get the loan approved. Through Navi App you can get a maximum loan of up to Rs 20 lakh. To take the loan, you get it after uploading your Aadhar card, PAN card and necessary documents. The best thing about this is that you do not have to pay any processing fee.
CASHe Loan App
Through CASHe you can get a loan ranging from Rs 10 thousand to Rs 5 lakh. For this you must have a credit score of at least 600. It is quite easy to use. Its interest rate starts from 1.75% per month. If you want to ask anything related to the loan, then their customer support is available 24/7 from whom you can take help.
Low Credit Score Loan App Eligibility
To apply for a loan, the applicant must have these qualifications, only then his application will be accepted. This loan is only for Indian citizens, whose age is between 18 to 60 years.
If the applicant works somewhere then it is necessary to show the salary slip in which his monthly income must be more than Rs 15 thousand, only then he has the possibility of getting the loan. Apart from this, your Aadhar card should be linked to your mobile number.
Benefits of Low Credit Score Apps
There are many benefits of these low credit score loan apps which we have told –
- It is very easy and fast to get a loan through this, you can apply for the loan sitting at home. For this, first you have to download that loan app and then register it with your documents.
- After the loan application is accepted in these apps, the amount is immediately transferred to your bank account. These loan apps are very useful for those people who need money immediately, but do not want to wait long in the bank.
- To take a loan in this, you do not have to keep any of your assets as security, which can also be called Unsecured loan.
- You can spend the loan amount received from Low credit score loan app anywhere and for any purpose. These apps do not impose any restrictions on it. Spend it wherever you want.
Some important things to keep in mind before taking loan from these apps –
Irrespective of which app you are applying for loan, before that you should keep some important things in mind, about which we have mentioned below.
- Whichever App you are taking loan from, know the interest rate, processing fee, loan repayment period, all this very well.
- Those who are using loan apps, they must be approved by RBI and NBFC, so that they remain safe in using the apps.
- Before selecting an app, read online reviews about it, so that you can get an idea of how that app is.
- If the loan is not returned on time, these loan apps charge us some extra as penalty, about which you have to know carefully.
In this post we have told you about many of the best Low Credit Score Loan Apps. You can get the loan by applying for the loan in any of these apps whose interest rate, loan repayment period and fees suit you. Still, if you have any question then do not forget to comment.
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FAQ’s Low Credit Score Loan Apps In India
Through which apps you can get a loan even with a low credit score?
There are instant loan apps like Money Tap, Flex Salary Kredit Bee, etc., where you can apply for loan. All this has been explained in this post.
Are there chances of getting a loan with a low credit score?
Yes, nowadays there are many loan apps which give loans to people even with low credit, but the interest rate in these is higher.
To whom do these loan apps give loans?
Whose age is between 18 to 60 years and have a good permanent source of income. Also, all the necessary documents should be ready and they can apply.
Low Credit Score Loan Apps, Low Credit Score Loan Apps