Best Instant Personal Loan Providers in Bangalore
Instant Personal Loans are all the rage these days, and almost everyone is able to borrow money depending upon their requirements. It is a well-known fact that the emerging App-Based Fintech Companies have dramatically pushed the availability of instant credit for maximum users. Bangalore, which is the hub of IT and high technology industry in India, has become one of the best markets for the instant Personal Loan providers. These companies have found a huge chunk of young, upwardly mobile professionals with predictable incomes, deep risk-appetite, and the need to get things done as fast as possible.
Let us look at some of the best providers of instant Personal Loans in the Bangalore area.
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MoneyTap is the hot favourite Personal Loan Provider in Bangalore these days. They are very popular because of their extremely unique personal credit line offering. Consider it as a standing loan of up to Rs 5 lakh. The app allows borrowing very small chunks of money, even as low as Rs 3000. Being a credit line system, the borrower can choose to repay in the form of EMIs or only in the form of interest payments and can pay back the principal amount in one go when they have the money. MoneyTap’s process of lending is very simple. Any Bangalorean can install the app, upload KYC documents, and the company will provide them a basic credit limit. Once the borrower’s profile is approved, they can qualify for higher loan amounts as well. Being a Personal Loan, there is no need for any collateral or any gold to be pledged.
mPOKKET is another unique, instant Personal Loan provider with a core focus on borrowers in the college-going demographic. As long as you are a student over the age of 18 and are studying in an undergraduate or a post-graduate course, you are eligible for taking out a Personal Loan from mPOKKET. Borrowers start with a basic credit limit, and based upon usage and repayment track record; the lender will increase their borrowing ability. Unlike other Personal Loans in Bangalore, these mPOKKET loans are offered for very short durations, between 61 and 90 days only. One unique feature is that the borrowers have the option of taking the money in their bank accounts or in their PayTM Wallets as well. As with other apps, the process here is also very simple. Install the app, upload your KYC documents, along with college identity card, selfie photos, and a small selfie video. The loan request gets processed instantly, and money comes to the borrower’s account or wallet in a matter of minutes. Loan repayments can be made by many methods like UPI, PayTM wallet, or Debit Card charge.
KreditBee is another company that is offering Instant Personal Loans in Bangalore. Their loan offers range between Rs 1000 to Rs 2 lakhs, depending upon the borrower profile. The special feature of KreditBee is that they allow a person to buy directly from online portals on a credit basis. Personal Loan Interest Rates of KreditBee are just 1.02% per month for salaried borrowers. The catch with the lender is that it is currently only available for android mobile users, and the applicants who use an iPhone will have to wait for some time for the iOS app to become available. Amazon India, Flipkart, ClearTrip, MakeMy Trip, and many other online sites are among some of the portals where KreditBee allows direct purchases. With a track record of more than 2 million satisfied customers and 20 million app downloads, KreditBee is a great choice for people who want to borrow money but only have minimal documentation like PAN card, address proof and age proof of being above 21 years of age.
MoneyView is also a Personal Loan provider, which is catching up very fast in the Bangalore area. Their loan offerings start from just Rs 10,000 and go up to Rs 5 Lakhs. Personal Loan Interest Rates offered by MoneyView are just 1.33% per month. The company offers loans with just 2.5% of processing fee. They offer Personal Loans in Bangalore for both salaried and self-employed professionals. The minimum salary capping is set at Rs 13,500 per month for a loan application, and the same should be credited in a bank account. One point to note here is MoneyView lends on lower credit scores as well. If you have a 650 CIBIL score or a 750 Experian score, you are eligible to borrow money from MoneyView. You will be required to present your PAN Card, Aadhaar Card, and bank statement in PDF file format.
PaySense is a very different kind of lending company active in Bangalore. They offer loans to people who do not have any kind of credit history and do not have any kind of credit score with any credit bureau. The company provides loans to people who have just started working and are taking their first loan and have never held or used any credit of any kind, like loan or credit card. PaySense allows the borrowers to apply for the loan through their mobile app. Borrowers also have the option of going online on a computer and applying for the loan from the PaySense website. The company will get the signed documents collected from the applicant’s doorstep by using their courier partners. They provide loans between just Rs 5000 to Rs 5 lakhs. They also have started allied business lines where they provide vehicle loans for two-wheelers and cars, both used and new.
These are the top providers of Personal Loans in Bangalore and are indeed go-to options for anyone who needs fast and affordable loans.
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