4 Personal Loan Apps You Should Know About

In the current era, a large and increasing number of individuals are opting for personal loans to meet their extra or must required expenses. The prime reason for the significant rise in the growing popularity of such loans is the ease of access to it. Moreover, as it is an unsecured loan, it does not require collateral, and the processing time is quick. Moreover, one can easily avail of a personal loan from any bank or a non-banking financial company of their own choice.


What is a personal loan?


A personal loan is a type of loan provided by financial institutions which can be used for any personal need. Financial institutions provide this unsecured credit based on employment history, repayment capacity, income level, credit history and profession. Such a loan can be used to meet any of your immediate needs as it is disbursed within a few minutes.


Below mentioned are four personal loan applications one should know about -


  1. TrueBalance - One of my favourites and a leading financial services platform, TrueBalance, is a personal loan app that has been trusted by more than 75 million users across the country. One can easily download this application on the Android Play Store, and it offers a personal loan from ₹ 5,000 to ₹ 50,000 for a tenure of a minimum of 2 to 3 months. The processing fee is also low on this platform and what makes it a perfect application to go for is its interest rate starting at just 2.4% per month.


  1. mPokket - More popular among the youths, this finance application offers personal loans from Rs 500 up to Rs 30,000 for 61 days to 120 days. Trusted by more than 1.5 crore Indians, the loan amount on this application is disbursed within a few minutes. Moreover, once the loan amount is approved, one gets the money in their bank account or Paytm wallet, whatever they choose.

  2. Bajaj Finserv: UPI, Pay, Loans - This application has a minimal processing fee and offers a loan amount of Rs 30,000 and a maximum of Rs 25 Lakh. Available for professionals and self-employed individuals, the repayment tenure on this financial platform is 12 to 84 months, and the ROI (Rate of interest) ranges from 12% to 34%.

  3. NIRA - NIRA offers personal loans of up to Rs 1 lakh. If you take a loan from this application, the repayment period starts from a minimum of 91 days to a maximum of 24 months. Further, the interest rate ranges between 1.67% to 2.25% per month. Well, the good news is that if your repayment behaviour is good, your interest rate will decrease over time.


Also Read:- Personal Loans Are Necessary For The Success Of A Business


From all of the applications mentioned above, I experienced TrueBalance recently, and in my opinion, it is one of the easiest and best loan apps to use. As I planned to renovate my room this summer, I needed some funds to fulfil the requirement. One of my friends who already was using this application guided me regarding this, and within no time, I downloaded it and applied for a personal loan. To my surprise, the loan was disbursed within a few minutes. Hence, I was able to fulfil the plan of renovating my entire room with a personal loan. Not only this, but one can use a personal loan for anything, literally. From funding your next trip to buying a gadget you have been eyeing for so long, you are your boss here!


The current era is all about digitalization, and gone are the days when one had to travel to the bank for every piece of paperwork. Nowadays, if you have an internet-enabled smartphone, you have your complete bank in your hands.


As now you know what a personal loan is all about, the most important thing to keep in mind while going for the same is that you have a plan on how to repay it. This is because you need to remember that you ultimately borrow money that must be repaid-with interest on top. So, although personal loans are a great way to access funds easily whenever you require them, you should always utilize them responsibly.