As we continue into the new year, one fact that remains constant is that anyone of us can land in financial trouble at any given moment, and thus equipping ourselves with the knowledge of lending options available to us is crucial.
If you have been thinking about getting a personal loan for some time now, either to overcome financial uncertainty or to explore new territories, this post is for you, as we will be covering in-depth the various lenders who give out small personal loans across India.
Without further ado, let’s get started.
What Is a Personal Loan?
One of the first and most important aspects we need to know is the meaning of a personal loan. In simple terms, a personal loan can be understood as being a financial instrument through which you can borrow a certain amount of money, usually in the range of ₹10,000 to ₹500,000, and use it to meet your urgent financial needs. One of the most distinctive features of a personal loan is engraved in the fact that you do not need to share with the lender your spending avenue, that is where you will be spending the loan amount.
This feature not only empowers you to use a personal loan to meet your urgent financial needs but also makes sure that you are not restrained by contractual mandates.
Personal Lending Options From Private Financiers
Now that you know the meaning of a personal loan let us explore the various options available to you from multiple private lenders and NBFCs (Non-Banking Financial Institutions) across India.
- Money View Loans
By far the most popular choice among Millenials, Money View is known across the country for its highly competitive and low rates of interest. Starting at just 1.13% per month, Money View is widely regarded as one of the best consumer-friendly lenders, mainly because of the fact that they give out loans to both salaried as well as self-employed professionals.
Along with this, at MoneyView, you also have the option of availing a loan anywhere in the range of ₹5,000 to ₹500,000 and can get the money in your bank account in less than 24 hours, lest you meet all the eligibility criteria.
In order to avail of a loan from MoneyView, you either need to have a minimum monthly salary of ₹13,500 in case of salaried and ₹20,000 in case of self-employed professionals. Along with this, those having a credit score of above 750 on a scale of 900 are preferred.
2. Gopay Sense
Next to Dhani, another popular lender among Millenials and salaried employees is GoPay Sense. An NBFC by nature, GoPay Sense mainly renders small personal loans to salaried employees of both private as well as public sector companies.
A small personal loan from GoPay Sense can help you easily meet your urgent financial needs as well as other commitments, mainly because of their quick approval and shorter disbursement times. Along with this, the lender also offers competitive rates of interest, making them an attractive option to consider.
Similar to Dhani, you need to download GoPay Sense’s smartphone application from your respective app store or visit their official website and share your eKYC information to initiate the process. However, please note that you need to be a salaried employee with a minimum credit score of 750 on a scale of 900 to get approved.
If you have been researching personal loans for some time now, chances are that you have definitely come across Dhani. A personal loan offering from the house of IndiaBulls, Dhani is famous for its consumer-friendly lending options along with other value-added services it provides. Available in two variants of a direct personal loan and also a credit line, Dhani is particularly popular among first-time borrowers mainly because of their low-interest rates and convenience.
All you need to do in order to avail of a loan from Dhani is download their smartphone application, which is available both at the AppStore and Playstore and share your eKYC information to initiate the process. You can visit the official website of Dhani to get more information about their offerings, however, keep in mind that you need to have a minimum credit score of 750 on a scale of 900 and also preferably be a salaried employee to a private or public sector company to get your application approved easily.
Last but not least is KreditBee, which is a private financing company based out of Bangalore. Started in 2016, as a company focused on providing credit to college students and graduates, the lender has now shifted its focus to both salaried as well as self-employed professionals.
If you are looking for a small personal loan to meet your urgent expenses, chances are that you will find KreditBee to be your most effective option mainly because of their low rate of interest as well as sufficient loan amounts. Similar to other private lenders mentioned in this list, you need to either visit the official website of KreditBee or download their smartphone application and share your eKYC information to get the process started.
Although the exact eligibility criteria are missing from the website, it is good to note that you will need to have a minimum of 750 credit score to get your application easily approved.
Getting a small personal loan when you need it the most can mean the difference between overcoming your financial worries or succumbing to their pressure. So go ahead, make a choice, and secure your small personal loan from a lender who suits your needs.