Top 03 Best And Easy Personal Loan App
Hello friends, welcome to our website. In today’s post, I will tell you how to take the best and easiest loan and through which app.
Friends, we may need money at any time, but what can we do if we are unable to arrange the money at that time?
Nowadays the world has become digital, we can take online loans using Geto Digital.So let us tell you today which are those three apps which can give you a loan at a very high interest rate in an emergency, that too very quickly, within about 10 minutes.
Top 03 Best Personal Loan App:
- Branch
- Mpokket
- Pocketly
¹. Branch
Branch One International It is a personal loan app which has branches in India as well as other countries. Branch is a loan app that offers loans even if you don’t have a credit score. Initially, it gives you Rs 500 or Rs 1000. If you repay the loan amount on time, the branch also builds your credit and gives you a bigger loan amount.
If your credit score is not good then go to Playstore now and download Branch App
Process Of Loan:
If you want to take a loan, follow the steps given below.
- download the app from playstore
- Log in to the app with your mobile number
- Fill in your personal information
- Personal Info (Pan Number, Adhar Number)
- After doing all this, take a selfie of yourself.
- Link your bank account
- Your loan page will open after a few minutes of the process completion.
- In the loan page, you will see amounts ranging from Rs 500 to Rs 2500.
- Click on the number you need
- Select your bank account
- The money will be credited to your account within 10 minutes.
2.mPokket
MPokket is an Instant Personal Loan App in India.
It is primarily known for providing small, quick loans to:
- Students with part-time incomes.
- Salaried professionals, self-employed individuals, merchants, contract workers, and gig workers.
🌟 Key Details - Loan Amount: Up to ₹50,000 (though initial loans may be smaller, like ₹500 to ₹30,000 in some mentions).
- Process: The entire process is 100% digital, with minimum documentation and fast online verification.
- Lender: The loans are given out by mPokket Financial Services Private Limited, which is an RBI registered NBFC (Non-Banking Financial Company).
- Repayment: Offers flexible repayment options, including Easy Monthly Instalments (EMIs) from 6 to 12 months (or shorter terms like 61 to 120 days for smaller loans).
Would you like to know about their eligibility criteria, interest rates, or how to apply?
How To Apply ?
The application for an mPokket loan is a quick, 100% digital process completed primarily through their mobile app.
Here is a breakdown of the steps, eligibility, and documents required:
📱 Application Steps (100% Digital)
- Download the App: Download and install the mPokket: Instant Loan App from the Google Play Store or Apple App Store.
- Register/Sign Up: Sign up using your mobile number and verify it with an OTP (One-Time Password).
- Complete Your Profile: Fill in your personal information and details about your current status (student, salaried professional, self-employed, etc.).
- Complete KYC: Complete the Know Your Customer (KYC) process by uploading photos of the required documents, such as your PAN card and Aadhaar card.
- Upload Selfie: You will need to upload a clear selfie for verification.
- Get Approved: Once your profile and documents are verified (which is often very fast), your profile will be approved, and you’ll be given a sanctioned credit limit.
- Select Loan & Disbursal: Select the desired loan amount and repayment tenure from the available options. Provide your verified bank account details to receive the funds instantly.
✅ Eligibility Criteria
The main eligibility requirements vary slightly based on your status:
| Applicant Type | Key Criteria |
|—|—|
| General | Must be an Indian citizen, 18 years or older. |
| Salaried | Minimum net monthly income of ₹9,000 or above. |
| Student | Must be 18 years or older with a valid college ID card. |
📋 Required Documents
The documents required are generally minimal and uploaded digitally: - Identity & Address Proof (KYC):
- Aadhaar Card
- PAN Card
- Income Proof (For Salaried):
- Last 3 months’ Bank Statements
- Salary Slip or Joining Letter
- Proof of Study (For Students):
- Valid College ID Card
Would you like to check the interest rates and fees for an mPokket loan?
Intrest rates and fees
mPokket offers loans with interest rates and fees that are competitive for the small, short-term, and instant loan segment, but it’s important to understand the full structure.
Here is a breakdown of the typical charges:
💰 Interest Rates and Tenure
| Feature | Details |
|---|---|
| Interest Rate (Monthly) | Typically ranges from 0% to 4% per month. |
| Interest Rate (Annual) | Generally ranges from 24% to 39% per annum (p.a.). |
| Annual Percentage Rate (APR) | Can go up to 61.6% or higher, as the APR includes both interest and fees. |
| Tenure | Repayment period is usually short, ranging from 61 days to 12 months (often up to 120 days/4 months for smaller amounts). |
| Note: The Annual Percentage Rate (APR) is the most crucial figure as it represents the total cost of the loan (interest + all mandatory fees) as a yearly rate. | |
| 💸 Other Charges and Fees | |
| Charge Type | Details |
| — | — |
| Processing & Loan Management Fees | Varies depending on the loan amount and category. Typically ranges from ₹50 to ₹200 (or more for larger loans) + 18% GST. |
| Penal Charges / Late Payment Fee | Imposed for delayed repayments. Can range from ₹40 to ₹1,400 + 18% GST. |
| Bounce Charges | Applied for the dishonor of any payment instrument (e.g., failed EMI). Typically ranges from ₹25 to ₹500. |
| Overdue/Late Payment Charges | Can be significant, with an upper limit of up to 40% of the amount due in some cases. |
| 💡 Example Loan Calculation | |
| For a transparent understanding, here is an example based on information provided by mPokket for a salaried loan: | |
| Particular | Amount |
| — | — |
| Loan Amount | ₹25,000 |
| Tenure | 12 Months EMI |
| Interest Rate | 24% Per annum |
| Processing Fee | ₹937 |
| GST on Processing Fee | ₹169 |
| Disbursed Amount (Received) | ₹23,894 |
| Total Interest | ₹3,368 |
| Total Repayable Amount | ₹28,397 |
| EMI | ₹2,364 |
| Key Takeaway |
Always review the actual Loan Agreement document presented to you within the app before accepting the loan. It will clearly specify the exact interest rate, processing fees, and the final total amount repayable for your specific loan offer
3.pocketly
Pocketly is a financial technology (fintech) platform in India that provides instant personal loans primarily targeted at young salaried professionals, self-employed individuals, and students with income proof.
It operates similarly to mPokket, offering small, quick, and fully digital loans.
🌟 Key Features & Details
| Feature | Details |
|---|---|
| Loan Amount | Generally from ₹1,000 up to ₹50,000. |
| Lending Partner | The loans are facilitated through RBI-registered NBFCs, such as Speel Finance Company Private Limited. |
| Process | Entirely digital, with an easy signup, minimal KYC documentation, and fast disbursal (often within 24 hours). |
| Target Users | Salaried (with minimum income), Self-Employed, and Non-Salaried individuals (like students with some income). |
| 📋 Eligibility & Documentation |
- Age: Must be an Indian individual 18 years or older.
- Income Requirement:
- Salaried/Self-Employed: Usually a minimum monthly income of ₹15,000 is required for higher limits.
- Non-Salaried/Students: A starter loan is often available to help begin a credit journey, based on minimal income proof.
- Required Documents:
- Aadhaar Card
- PAN Card
- Bank Account Details
- Proof of Address
- Employment/Salary Proof (for salaried/self-employed)
💰 Interest Rates and Fees
The exact rate is based on your profile and loan amount, but here are the general ranges:
| Charge Type | Range/Details |
|—|—|
| Interest Rate (Monthly) | Starts from 2% to 3% per month. |
| Interest Rate (Annual) | Generally 24% to 36% per annum (p.a.). |
| Annual Percentage Rate (APR) | Can range widely, often 30% to 132%, as it includes all fees. |
| Processing Fees | 0% to 7.5% of the loan amount, plus GST. |
| Tenure | Repayment period is short-term, typically 2 to 6 months. |
Important Note: Because these are instant, short-term, unsecured loans, the APR (Total annual cost including all fees) tends to be higher than traditional bank loans. Always check the final loan agreement for the exact cost before acceptance.
Would you like to know more about the step-by-step application process or see an example loan calculation?
Process And Calculations
That’s a great choice. Here is the step-by-step application process for Pocketly, followed by an example loan calculation to help you understand the costs.
📝 Pocketly Application Process
The entire application for a Pocketly loan is done digitally through their mobile app.
Step 1: Download and Register
- Download: Get the Pocketly: Instant Loan App from the Google Play Store or Apple App Store.
- Sign Up: Register using your mobile number and verify it with an OTP.
Step 2: Complete Your Profile & KYC - Basic Details: Input your personal information, including your name, address, and employment/student status.
- KYC: Complete the Know Your Customer (KYC) process by uploading your required documents:
- Aadhaar Card
- PAN Card
- Income Proof: Upload necessary proof depending on your profile:
- Salaried: Salary slips and bank statements.
- Student/Non-Salaried: College ID card and proof of part-time income (if any).
- Verification: Your profile is reviewed. Since the process is minimal and digital, approval is often quick.
Step 3: Select Loan and Disbursal - Check Limit: Once approved, the app will display the maximum loan amount you are eligible for.
- Select Loan: Choose the desired loan amount (starting from ₹1,000 up to your limit) and the repayment tenure (usually 2 to 6 months).
- Bank Details: Provide the details of your verified bank account.
- Review & Accept: Review the final loan agreement, which will clearly state the interest rate, processing fee, and total repayment amount.
- Disbursal: Upon acceptance, the funds are typically disbursed instantly or within a few hours to your bank account.
💰 Example Loan Calculation
Pocketly loans are often structured with a Processing Fee and a simple interest rate applied over the short tenure.
| Particulars | Example Value | Notes |
|—|—|—|
| Loan Amount (Principal – P) | ₹10,000 | The amount you borrow. |
| Tenure (N) | 3 Months | Repayment period. |
| Annual Interest Rate (R) | 30% p.a. | This translates to 2.5% per month. |
| Processing Fee | 5% + GST | ₹500 (5% of ₹10,000) + ₹90 (18% GST) = ₹590 |
| Amount Disbursed (Received) | ₹9,410 | ₹10,000 (P) – ₹590 (Fees) |
| Total Interest Payable | ₹750 | Calculated as ₹10,000 x 30% / 12 months x 3 months. |
| Total Repayable Amount | ₹10,750 | (Principal + Interest) |
| EMI (Monthly Payment) | ₹3,583 | (₹10,750 / 3 months) |
Disclaimer: This is an illustrative example. Your actual interest rate, processing fee, and EMI will be explicitly stated in the final loan agreement based on your personal credit profile and the NBFC lending the money.
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