Which Online Loan App Offers the Lowest Interest Rates?

 You may face unexpected situations at any time. This creates an urgent need for finances that can help to cope with such situations. Banks do offer personal loans for such situations, but the only drawback is that they provide the loan with high interest rates. This might not be a suitable option for anyone earning a lower income and has a lower repayment ability. This makes people consider online personal loan apps that offer loans at the minimum interest rates possible and sometimes with zero interest rates. In this article, we’ll mention some of such apps that provide these loans and can be considered based on your specific requirements.

mPOKKET

The app is popular among college-going students and young professionals as they’re often in need of small loans for urgent financial needs. They provide loans from as low as Rs. 500 to as high as Rs.30000. They offer these loans quickly, within a few hours, with minimal documentation only after the borrower has met the eligibility criteria. The app also offers flexible repayment options, allowing them to pay in a minimum of 120 days.

Kredit Bee

The loan mostly gets approved within 24 hours through this app. They offer competitive interest rates, which usually start at 1.02%. The range of amount that a borrower can receive from this app is from Rs. 1000 to Rs. 5 lakhs. The documentation process is also quite smooth as they only need a digital copy of your photograph, PAN card for identity verification, and address proof. 

Tata Capital

The company offers multipurpose personal loans without asking for the purpose of taking the loan. Another reason to consider Tata capital online loan app for taking a personal loan is because of the benefit of “no collateral requirement.” They also provide an overdraft facility, which lets you withdraw funds up to an agreed limit by opting for an overdraft facility. They offer loans up to 35 lakhs with interest rates starting from 10.99% pa. 

PaySense

The app offers a loan ranging from Rs. 5000 to Rs. 5,00,000. They provide loans to people without any requirement on their credit history. They offer repayment options ranging from 12 to 60 months. They also offer hassle-free methods of tracking the EMI payments with options like auto-debit, and sometimes, they also send reminders through text messages. This helps to prepare for any type of unforeseen emergencies. Interest rates they charge range from 1.08% to 2.33 %, which needs to be paid monthly.

Conclusion 

During an emergency, you may have an urgent need for finances. While traditional banks may offer personal loans, they usually come with high interest rates, making online personal loan apps a more attractive option. Apps like mPOKKET, KreditBee, PaySense, and Navi provide quick loans with minimal documentation and flexible repayment options, catering to various financial needs and eligibility criteria. These apps offer competitive interest rates, ranging from as low as 1.02% to as high as 9.9% per annum, making them accessible to individuals with different income levels and repayment abilities.