Category: Personal Finance

Documents required for instant loans through apps

Here we have listed the best apps for instant personal loans along with Google ratings.

Documents required for instant loans through loan apps

You need the following documents to apply for a personal loan:

Aadhaar card/PAN card

Photograph

Bank account details and statements

Salary slips

Fill in a Know Your Customer(KYC) form

The amount of the loan shall be calculated on the merits of your salary and your credit records after consideration of the risk factors.

PaySense

PaySense was founded in 2015 and based out of Mumbai, it is a venture-backed, financial services startup. PaySense offers a Personal Loan up to Rs 5 Lakhs easily and quickly at your doorstep after uploading the documents.

Features of Paysense Personal Loan

• The loans are given for a duration of 3 months to 60 months.
• The standard processing fee is 2.5% of the loan amount
• The flexible interest rate applicable starting from 13 % per annum
• Salary should be more than Rs 18,000
• Google rating is 3.5 stars
• As of now, Paysenses is based in any one of the 50+ cities we serve across pan-India

CASHe

CASHe was founded in 2016 by V. Raman Kumar, whose goal was to bring a formal credit system to millions of young salaried millennials who were refused credit by traditional banks and financial institutions.

Features of CASHe:

• Loans range from Rs 10,000 to Rs 3,00,000
• The credit period varies between 2 months to 1 year.
• The loan application is 100% paperless
• The amount is instantly credited to your bank account
• There are no foreclosure charges
• The minimum net take-home monthly salary should be Rs 15,000
• Google’s rating is 4 stars.

Early Salary

Instant cash facility for up to Rs 5 lakhs. Early salary has been aligned with educational institutions, so you can invest in yourself. There is no prepayment charges.

Features of Early Salary

The loan amount rages from Rs 5000 to Rs 5,00,000

Flexible repayment tenure option from 90 days to 12 months

Apply for repeat loans any time of the day and get them transferred to your bank account.

Advance salary loans starting at just Rs 6 per day

Processing fees ranging between 0% – 4% of the loan amount

Interest rates range from 0%-30% per annum

Minimum take-home salary per month should be Rs 20K

Google’s rating is 4.5 stars.

KreditBee

KreditBee is an instant personal loan platform for self-employed and salaried professionals. You can also use KreditBee loans, even though you haven’t taken out a loan yet, or don’t have a credit card. KreditBee offers three types of personal loans for customers in India.

Features of KreditBee

• A personal loan can be availed up to Rs 2 lakh
• The interest rate is applicable at 0-2.49% per month
• Loans range from Rs1,000 to Rs200,000
• Tenure varies from 62 days to 15 months
• KreditBee charges a one-time service fee while onboarding
• A small processing fee is charged for loans
• Google rating is 4 stars.

MoneyView

MoneyView provides personal loans of up to 50 lakes approved within hours for a period of up to 60 months. You can get the loan amount directly in your bank account in just 24 hours! It has a proprietary credit model that allows to see past customers’ credit score or history & understand the financial profile better.

Features of MoneyView

• Loan amount ranges from Rs10,000 to Rs 5,00,000
• Repayment tenure varies from 3 months to 5 years
• Annual Interest Rate is applicable and ranges between 16% – 39%*
• The processing fee is charged and varies from 2% – 8%*
• Google rating is 4.5 stars.

Credy

Credy offers instant personal loans, education loans, credit card refinancing, low cibil loans to emergency loans to meet all your financial requirements.

Features of Credy

• The interest rate typically varies between 1-1.5% of the loan amount per month
• The period of repayment will vary between 3 months – 15 months
• The maximum interest rate is 30%
• Processing fees will be 3% of the loan amount
• Repay on time, to get top-up loans and improve your credit score
• A salaried employee earning a minimum monthly income of Rs 15000 per month.

Money Tap

MoneyTap offers loans up to Rs 5,00,000 & pays interest on the exact amount you withdraw from your MoneyTap balance.

Features of MoneyTap

• For salaried employees only, the minimum salary should be Rs 30,000 per month
• A loan can be availed easily with a 100% paperless process
• You can use any amount from your available credit line
• Make UPI transactions directly from your Credit Line
• Interest rates starting from as low as 13% per annum
• Tenure can range from 3 to 36 months
• Google rate is 4 stars.

Conclusion

There are several apps that are in the market offering a personal loan. However, one should be careful and do due diligence before choosing the company. Recently, Google has removed those personal loan apps from its Play Store that have been found in violation of its safety policies.

WazirX

WazirX is India’s most successful crypto exchange, which started trading on 8 March and aims to become India’s most trustworthy cryptocurrency exchange. The platform provides its customers with peer-to-peer transaction capabilities and manages a technology that is capable of processing millions of transactions and can scale up the framework to satisfy rising demands.

WazirX provides a smooth and efficient trading experience across all platforms-web, Android & iOS mobile, Windows, and Mac applications. The exchange has an innovative KYC system in which identity verification takes place within a few hours of registration.

BuyUCoin

BuyUcoin is another pioneer in the crypto-currency market in India. It provides a convenient and trustworthy forum for several cryptocurrencies such as Bitcoin, Ethereum, Ethereum Classic, List, NEM, Civic, Litecoin, Bitcoin Cash, and many others to purchase, exchange.

The functionality of periodic transactions has now been introduced to Buy You Coin so that users can participate in crypto as a SIP. To stop the risk of a blanket ban on cryptos in India, BuyUcoin has created and proposed a “sandbox” system to monitor cryptocurrencies in India. To have unhackable protection, the platform stores 95% of your funds offline.

CoinDCX

It was launched on April 7, 2018, with the goal of offering a user-friendly experience where users can access a wide variety of financial products and services enabled by industry-leading security and insurance protection processes.

Other than bank transfers, different payment strategies such as UPI and IMPS are also approved.

Bitbns

Bitbns is a peer-peer (P2P) sharing site to offer and take bitcoins. The P2P model allows users to purchase and sell cryptocurrency without the intervention of a third party. Bitbns lets you automate your orders with advanced tools & features. With 98+ cryptocurrencies currently listed, Bitbns allows users to purchase and sell cryptocurrencies at the best available rates and provides ease of trading like no other cryptocurrency exchange.

Zebpay

Zebpay is the business of cryptocurrencies since the year 2014, reaching great heights of over 3 million customers and $2 billion in fiat transactions. It offers to buy Bitcoin and a range of Altcoins instantly with guaranteed execution and minimal slippage.

Robust security mechanisms include controls to block all outgoing transactions with the Disable Outgoing Transactions feature.

CoinSwitch

CoinSwitch Kuber is a stable and user-friendly crypto trading site for users in India. Its users can access the combined liquidity of India’s leading cryptocurrency exchanges to get the best offer and trade instantaneously after finishing KYC/AML procedures. CoinSwitch Kuber software is the best cryptocurrency exchange for Indians, offering a smooth user experience with a clear user interface. The platform is ideal for beginners as well as daily doers.

Giottus

Giottus Cold wallets are protected by 100% cyber-theft insurance. They have also collaborated with the global custodial service pioneer, Bitgo, to provide insurance coverage for your savings. It provides 24 x 7 free instant deposit & withdrawal of Rupees processed within 10 seconds.

You only need to register and get a chance to win up to 10,000 Matic Tokens for free.

Disclaimer:

The article is not a solicitation to buy, sell cryptocurrency in any exchanges mentioned in the article. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and the author do not accept culpability for losses and/or damages arising based on information in this article.

Eligibility

In order to join NPS government employees, private employees, senior citizens who have taken voluntary retirement are allowed to make contributions. In order to open an NPS account, one must fall under the age limit of 18 years and 65 years respectively. A PPF can be opened by any Indian resident. If the second account is in the name of a minor, one individual with no age limit can have just one PPF account. There is no eligibility for NRIs and HUFs to open a PPF account.

PPF Returns

PPF provides you with a fixed interest rate that is adjusted every quarter which is determined by a board on the basis of adjustments in government bond yields. Among government-backed investment opportunities, PPF is considered to be the best and secure for the higher returns. For the quarter ending March 31, 2021, the current PPF interest rate is 7,1 per cent. Check out the historical returns of PPF below:

NPS Returns

The return on your NPS investment is not guaranteed, since these are market-linked investments. Under NPS get the option of investing in a blend of equities, corporate bonds and government securities to benefit from higher returns. NPS returns are entirely market-based and based on the performance of your investment manager and asset that you have selected. In the past year, Scheme E (which primarily invests in equities) under the NPS Tier I Account delivered an average return of 23%. Over the past year, all pension fund managers in Scheme E of NPS have provided more than 20 per cent returns. In the last five years, the average return of NPS Scheme E settled around 15%, whereas the 10-year return settled around 11%. Returns under the NPS debt schemes have dropped from a peak of around 14% to around 11.2% and 10% respectively under Scheme C and Scheme G. (Source: NPS Trust).

Maturity period

PPF account comes with a maturity period of 15 years which further can be extended to a block of 5 years. One can invest in NPS up to an age of 60 years since it is a retirement scheme or fund. And even one can keep the account active up to the age of 70.

Minimum and maximum deposit limit

You have to invest a minimum of Rs 500 in PPF, while the cumulative contribution in any given financial year is capped at Rs 1.5 lakhs. The account is considered as ‘inactive’ if one fails to contribute the minimum deposit amount. The minimum contribution required when it comes to NPS is Rs. 6.000. Whether employed with the state government or the central government excluding the Armed Forces, all govt employees can contribute 10 per cent of the basic salary plus dearness allowance towards NPS. This contribution is the same for private employees and voluntary contributions in NPS by self-employed.

Interest payout

In case of PPF you get the entire contribution and the accumulated return after the 15-year period as a lump-sum. Whereas under NPS you must invest at least 40 per cent of your accumulated corpus at the time of retirement in buying an annuity policy that offers regular income and the rest 60% of the corpus can be withdrawn as a lump sum.

Security in terms of risk

PPF is a retirement scheme backed by the government and thus carries a low-risk level and provides guaranteed returns. Whereas NPS operated by the NPS Trust, administered by the government-run pension fund regulator, PFRDA. Public and private fund management companies authorized by PFRDA administer the investments that are deposited by NPS subscribers. Since fund management is only accessible to fund managers, PFRDA controls them closely and frequently tracks them. So, it would have market-driven risks when it relates to the security of your investment in NPS.

Taxation

In each financial year, both PPF and NPS provide you with tax deduction benefits of Rs 1.5 lakh. By investing up to a limit of Rs 1.5 lakh one can get tax-free income at the time of maturity. NPS provides you with an additional deduction of Rs 50, 000 under section 80CCD(1B) over and above the Rs 1.5 lakh contribution under section 80CCD1. So you will ultimately get a deduction of Rs 2 lakh per year under NPS. Under NPS, up to 60% of the retirement corpus you receive is completely tax-free, but the annuity benefit you receive monthly is taxable.

Our take

The most prominent retirement based schemes are both the Public Provident Fund (PPF) and the National Pension System (NPS). That being said, the PPF account allows an investor to gain an exemption from income tax on investment of up to Rs 1.5 lakh in a fiscal year and, at the same time, allows investors to cherish a tax deduction on the maturity amount (including interest). Although the taxpayer can claim a tax deduction under the NPS on investment of up to Rs 1.5 lakh in a fiscal year the purchased annuity policy i.e. of 40% is not tax-free. Consequently, like the PPF, the NPS Scheme is not 100 per cent tax-free. Although, also, if someone’s risk tolerance is moderately higher, then NPS can be a good bet here. Although PPF provides the best returns in the classification of fixed income, in the long run, NPS has provided double-digit returns if we compare it with the historical returns of PPF as mentioned in the above table. But NPS has a major drawback if we consider the maturity benefit as one can not withdraw the entire corpus and is mandated to purchase an annuity policy. At present, the PPF interest rate is 7.1 per cent which is much higher than bank FDs. Depending on the risk appetite of the investors PPF can be a good bet here if someone is not ready to welcome market-based returns into his or her portfolio. If anyone, though, has a strong risk appetite and a higher tax slab limit, then instead of a PPF account, a market-linked return and risk-oriented scheme i.e. NPS can be a good bet.

is showing continued stress in its book with new loan stress at 17% as per brokerage firm Elara Capital. Also outstanding stress stands at 39 percent.

On the operations front, while profitability saw a surge quarter on quarter by 16 percent, on a yearly basis there has been seen a decline of 101% in net profit in the review period ending December 2020.