The loan has become a common demand for people who always look for sufficient funds in an emergency. Gone are the days when relatives were looking for emergency funds. Today, multiple loan lenders are available across the country, giving you sufficient funds to curb your financial crisis and regulate your monetary expenses without asking anyone for help.
However, the prime question every loan borrower asks is which loan application is best to use and how to find the right loan application for a specific purpose.
Interestingly, this is a vital point that needs a strong answer, and hence today, we have brought you three prominent loan applications available on Google Play Store.
The names are:
It's tough to find the best among them without comparing these options and find the conclusion based on detailed analysis. So, let's deep dive into these three loan applications and find which one is best for you without any delay.
It is one of the top tech intermediaries that disburse a personal loan from recognized lenders across the country. Interestingly, KreditBee also provides you with a business loan that can help you enhance your business prospects.
Personal Loan by KreditBee:
KreditBee has exciting features when it comes to a Personal Loan. It offers you a personal loan of up to Rs. 2,00,000 at an interest rate of 0-2.49% per month. For salaried people, the interest rate decreases to 1.02% per month. You can get the maximum repayment tenure of 15 months for your personal loan.
One of the few personal loan applications gives you a personal loan of as low as Rs. 1,000.
You can apply for a personal loan without heavy documentation with a three-step process. Here are the steps you can follow to apply for a personal loan from KreditBee.
Other Features of KreditBee Application:
You will be amazed to know that the KreditBee app isn't limited to providing a personal loan. Instead, it offers many other features that are listed below:
KreditBee Card: It brings a unique yet amazing card that gives you the option to withdraw cash in a single step. With this virtual card, you can check your credit score and get credit with no hidden charges.
Also Read- Review of HDFC Bank Personal Loan
Zero Documentation: If you plan to take a personal loan from KreditBee, you just need to submit your PAN Card and an Identity/Address Proof (Aadhaar/Voter ID/Passport) to apply for the loan.
In case you miss to pay the overdue amount on time, you will be penalized Rs. 500 + 0.15% of the installment due. So, before you miss any payment, know the late payment charges.
About Bajaj Finance:
Bajaj Finance doesn't need any introduction. It is one of the popular fintech companies offering a personal loan of up to 25 lakh without heavy documentation. Bajaj finance is a popular name in the finance industry that provides various other facilities apart from a personal loan.
This fintech company provides personal loans, home loans, business loans, gold loans, doctors, pre-owned vehicle loans, and many more.
Features of Bajaj Finance:
Approval in 5 Minutes: You can check your eligibility, and if qualified, you get instant approval without a hefty documentation process.
Get money within 24 Hours: In most cases, you get the approved amount within 24 hours. In short, you get money in your bank on the same day.
Zero Hidden Charges: The personal loan by Bajaj finance is offered with no hidden charges, making it a practical option to choose.
Up to 60 Months for Repayment: You can take up to 5 years, i.e., 60 months, to repay the personal loan.
Special offers for Pre-approved Customers: Some customers are given special personal loans based on their CIBIL score.
10K to 25 Lakh Loan: You can apply for a personal loan for a minimum of 10,000 to 25 lakh. However, your credit limit varies based on your CIBIL score.
Bajaj Finance Personal Loan Charges:
If you are applying for Bajaj finance personal loan, it's essential to know the charges. Here is the list of charges you need to pay with your personal loan.
Interest Rate: You get the personal loan at an interest rate starting from 13%.
Processing Fees: The processing fees of up to 4% of the loan amount (plus taxes) are charged after your personal loan is approved.
Pre-Payment Charges: If you want to pay an additional amount in your personal loan account, you will be charged 2% added with the applicable taxes on the part-payment amount paid.
Skipped EMI Penalty: If you miss any EMI, you will attract the penal interest rate of 2% to 4% every month.
Foreclosure Charges: In case of a foreclosure, you have to pay 4% plus applicable taxes on the principal outstanding amount as on the date of full pre-payment.
Cashbean is also a personal loan provider that gives you instant credit up to 60,000. With a 100% digital process, it allows the user to take a personal loan and fulfill their emergency requirements. With Cashbean, you can get a loan of up to 6 months. The best part of taking a Cashbean personal loan is you don't require a good credit score. Further, anyone between 18 to 56 years can apply for a personal loan.
Features of Cashbean:
100% Online Process: The entire process from application to approval is online. It means you don't need to mess into documentation and visit any office.
Money within 24 Hours: Post approval, you get the cash on the same day, making it a 24-day credit.
No Credit Checks: Most of the time, personal loans are provided to borrowers with a good credit score. However, Cashbean gives personal loans to people with bad personal loan.
Multiple Repayment Options: You can choose from multiple payment modes to pay the personal loan on time.
Cashbean Personal Loan Important Details:
? Interest Rate: The interest rate of personal loan offered by Cashbean starts at 33%.
? Processing Fees: Once the loan is approved, you will be charged up to Rs. 3,000 as processing fees.
? Loan Tenure: You can get a loan from 3 months to 12 months.
? Loan Amount: Cashbean provides you with a personal loan of Rs. 15,000 to Rs. 60,000.
? Late Payment Fees: If you cannot pay the EMI on time, you will be penalized with 2% per day charges.
Now you have detailed knowledge about these three loan applications; it's time to run a head-to-head comparison between the three.
Loan Amount: With KreditBee, you get a loan of up to 2 lakh, whereas Bajaj finance gives you up to 25 lakh loan. Furthermore, Cashbean gives you a personal loan of up to 60,000. So, if you are looking for a bigger loan, Bajaj finance is a good option.
Ease of Loan Approval: All three options have a seamless and hassle-free loan approval process. You can choose any of them from the ease of loan approval aspect as everyone provides you 100% documentation-free loan.
Also Read- Axis Bank Personal Loan Review
Simplicity of Application: Both Kreditbee and Cashbean have a simple app interface. However, Bajaj finance provides you multiple benefits (apart from personal loan), making it a big challenge for users to use it correctly.
Online Ratings: With more than 6 lakh reviews, KreditBee has a 4.3 rating on the app store, whereas Cashbean has more than 13 lakh reviews and 4.0 ratings. Moreover, Bajaj finance has 3.9 ratings with more than 3 lakh reviews.
Loan Interest Rate: This is a vital point you should consider before selection. Kreditbee has an interest rate starting at 10.99% to 18%. Bajaj Finance has an interest rate of around 13%. However, Cashbean has the highest interest rates starting at 33%.
With that said, you get a clear picture of these three personal loan apps. If you are planning to take a personal loan, you can read this article thoroughly and make the right decision.