An instant or insta loan app can be a lifesaver when you face a cash crunch. In such troubled times, an instant loan app acts as your trusted friend. The super-easy application process and relaxed eligibility criteria ensure that anyone can apply for an instant loan. You only need a smartphone with an internet connection, and you are eligible to download an insta loan app and apply online.
However, choosing the best loan app is not as easy as understanding the benefits of an instant loan. Look around, and you can often see news flashes about fake loan apps. A handful of fake loan apps are enough to tarnish the reputation of the best apps.
Fortunately, we downloaded and tried almost all instant loan apps available on Google Play Store and picked the best for you. We evaluated these loan apps on various parameters like loan amount, ease of application, approval time, interest rate, documentation, app performance and stability, and investors.
Head to the following sections to learn more about the best Indian instant loan app in 2021.
So, Which is 2021's Best Instant Loan App and Why?
Avail Finance, founded by Ankush Aggarwal and Tushar Mehndiratta in February 2017, has emerged as a viable alternative to shoddy instant loan apps. The company targets a blue-collared workforce, such as drivers, cooks, domestic help, etc., and provides them with urgent cash at ultra-low interest. Till January 2020, Avail Finance cumulatively disbursed loans over INR 250 Crores to more than one million borrowers. And, it has managed to rake in more than $37 million since its inception from notable investors like Ankit Bhati, Kunal Shah, Binny Bansal, and Manish Patel, among others. Moreover, the company is steadily expanding to the nook and corners of India with its super-responsive app.
Now that you know the brains behind Avail Finance, it's time to discover the best features of Avail Finance's instant loans.
The Best Features of Avail Finance's Instant Loan
Avail Finance provides quick-approval short-term insta loans to eligible Indian borrowers. The company primarily targets financially underserved people in India who cannot apply for loans with brick-and-mortar lenders. You can apply for an instant loan if you are a salaried professional earning less than INR 35,000 per month. All you need to do is visit Google PlayStore and download the Avail Finance mobile app.
1. The Application Process
The application process is super-easy and convenient. The Avail Finance mobile app occupies minimum space and provides maximum functionality. To register on the platform, you need to enter your personal details like name, email ID, phone number, etc. After validating the OTP received on your registered mobile number, you will get access to the dashboard. You can now apply for a loan anytime, all the time.
2. Ultra-Low Interest Rate; Not a Penny Extra
Avail Finance charges a flat interest rate of 2% per month, irrespective of the loan amount. Moreover, unlike shoddy insta loan apps, Avail Finance does not increase the interest rate in the middle. Hence, you can comfortably create room for the EMI in your monthly budget and pay conveniently.
3. Affordable Loan Amount and Tenure
The loan amount determines your satisfaction level with an instant loan. While a high loan amount might seem catchy, repaying the principal and interest might seem challenging. Avail Finance manages this beautifully by offering you a loan amount to care for your urgent financial needs without ever taxing your wallet. You can avail of a loan amount of up to INR 40,000 for a tenure of eight (8) months. Since the loan is unsecured, you do not need to mortgage anything while applying.
4. Minimal Documentation
After hearing that Avail Finance required only five documents to accept your insta loan application, how would you react? Yes. It is true. You need to submit your Aadhar Card, PAN card, bank statement, address proof, selfie photograph, and voila! You have successfully applied for the loan.
So, Which Is The Best Instant Loan App?
The shortest possible answer to this question is Avail Finance. Avail Finance's responsive instant loan app offers you low-interest funds at lightning speed. Flexible repayment options make the deal even sweeter. Try it now to forget all your short-term financial worries.