There is always an emergency in everyone's life when they want funds to meet their end needs and come out of their financial troubles.
What is a Personal Loan?
A personal loan is a special loan that doesn't require collateral and is especially available to tackle your emergency funds requirement. The personal loan has become a new norm among people as it is available with minimal documentation and provides you a loan in case of emergency.
There are multiple benefits of taking a personal loan; below are some of them.
Flexibility and Versatility: Most of the loans are made for specific needs like home loan, education loan, construction loans, vehicle loan, etc. It means you can't use that amount for other purposes. However, a personal loan gives you the freedom to use it for whatever purpose you want.
Lower Interest Rates and Higher Borrowing Limits: Nowadays, you get a personal loan for up to 25 lakh, depending upon the lender and your credit history. Compared to the loan amount, you are required to pay lower interest rates. The personal loan interest rates can start from 9-10 percent.
No Collateral Requirement: Borrowers have to put collateral to get a loan in most cases. However, in the case of a personal loan, you don't need to put any collateral. That's why it is in huge demand and is often termed a No-Collateral loan.
Easier to Manage: A personal loan can help you manage multiple expenses with a single loan for whatever purpose you want. It means you don't need to maintain various credit accounts for different purposes.
Multiple personal loan applications are available, but a few of them are worth selecting. Today we have brought you three popular personal loan applications.
? Navi Loans
About Navi Loans:
Navi Loans is one of the prominent online applications offering personal loans for emergencies. With a loan amount of up to Rs. 5 lakh, you can fill your monetary needs and bring your hard time to normal.
Traits of Navi Loan:
Instant Loan Approvals: Navi Loan makes sure your loan request is fulfilled in the shortest possible time.
Complete Paperless Work: The entire process of application till the amount disbursal is done online, saving your time and effort.
Flexible EMI: You can decide your EMI amount to ensure the EMIs doesn't put an extra burden on your monthly expenses.
Rates & Charges of Personal Loan by Navi Loans:
Loan amount: With Navi Loans, you can get a minimum loan of Rs 10,000 and a maximum of Rs. 5 lakh.
Interest Rates: You can get a personal loan with an interest rate ranging between 12% to 36% per annum for a duration of 3 to 60 months.
Processing Fees: Navi Loan charges 2.5% to 6% of the personal loan amount as processing fees.
Kissht is a personal loan lender that gives loans to people or businesses based on their credit history. With a 100% digital process, Kissht ensures you don't require a documentation process and get your personal loan approved within a few minutes.
With Kissht, you can get an instant credit of up to Rs. 30,000. You get a personal loan with an interest rate ranging between 14% - 28% per annum. Moreover, you can take a personal loan for 3 to 24 months.
Types of Personal Loan by Kissht:
Online Shopping Purchase Loan: Kissht gives you multiple e-vouchers that you can use to get cashback on various e-commerce platforms. You can use these vouchers on partner platforms like Flipkart, Amazon.
Quick Personal Loan: Quick personal loan is another type of loan offered by Kissht. This loan is offered to individuals and groups. You can get a loan of Rs. 5000 to Rs. 1,00,000. Your APR will be between 16% and 26% based on your CIBIL score.
Revolving line of credit up to 2 years: Under the revolving line of credit, customers can repay the overdue amount and reuse the credit line limit for the next 2 years. However, it's essential to pay the EMIs on time. Kissht offers a credit line limit of up to Rs. 30,000 with APR between 20% and 28%.
Traits of Taking Kissht Personal Loan:
? Instant Eligibility Check: Kissht gives you the platform to check your CIBIL score and your eligible credit limit. Your credit limit can be calculated within minutes without hassle.
? Instant Amount Credit: Once your personal loan is approved, you get the amount right in your bank account within 5 minutes.
? Only Aadhaar Card Required: Interestingly, you don't require to submit multiple documents for the entire process of getting a personal loan. Instead, you just need to submit your Aadhar card.
? 100% Digital Process: Above all, the entire process is digital, omitting the traditional lengthy documentation process and instant loan approval.
Other Features of Kissht Application:
Online Shopping with Kissht: Kissht allows you to do online shopping without requiring a credit card. You can shop and convert your transactions into a no-cost EMI.
Kissht Credit QR: With Kissht credit QR, you can accept payments from your customers, making the online transaction easy and smooth.
You must be salaried or self-employed above 21 years of age to avail a personal loan from Kissht.
Moneyview is a personal loan provider that allows you to take a loan starting from Rs. 10000 to Rs. 500000. A simple and easy process gives you a hassle-free mode to apply for the personal loan and get the disbursed amount right in your bank account. The platform also provides you the option to check your eligibility and calculate your EMIs.
Traits of Moneyview:
No Credit Checks: Moneyview has its own credit model that doesn't require credit checks, making everyone take a loan without worrying about CIBIL score.
Easy EMI: You can get a loan for 3-60 months. You can repay the loan based on your convenience.
Hassle-free: The entire process from application to disbursement is online, making it 100% paperless.
100% Transparent: The entire process of taking a personal loan is stress-free and 100% transparent. There aren't any hidden charges keeping everything clear.
Loan Disbursal within 24 Hours: Post-approval, your loan amount will be credited to your bank account within 24 hours.
100% Digital Process: Taking a personal loan from Moneyview gives you the benefit of 100% paperless work. It means you don't need to indulge in the documentation and wait for the approval. Moneyview gives your eligible credit limit within 2 minutes and completes the loan process within a few minutes with 100% paperless work.
Rates & Charges of Personal Loan by Moneyview:
Interest Rate: You will get a personal loan from Moneyview with an interest rate of 16%.
Processing Fees: You will be charged at least 2% of the loan amount.
Full Payment Charges: If you plan to pay the total amount of the personal loan, you have to at least pay 3 EMIs before closing your personal loan account.
Interest on Overdue EMIs: In case you skip any EMI, you will be charged 2% per month for every overdue EMI.
Check Bounce Charges: You will be charged Rs for every check bounce. 500.
Anyone who is salaried or self-employed between 21 and 57 can apply for a personal loan by Moneyview. However, you should have a credit score above 650 to qualify for the loan amount. Further, your salary must be credited to your bank account.
If everything matches you and you fall in the eligible criteria, you can install the app, fill in basic information and get information about your credit limit. You can then withdraw the credit limit to your bank account.
Now you have clear information about all three personal loan applications; it's time to compare them on specific points.
Loan Amount: Navi and Moneyview give you a personal loan of up to 5 lakh, whereas Kissht gives you up to 1 lakh personal loan.
Interest Rate: Navi Loans has a loan interest ranging between 12% to 36%, whereas Kissht gives you a personal loan at an interest rate of 16% to 26%. Moreover, Moneyview has an interest rate starting at 16%.
Charges & Fees: Navi and Moneyview have a processing fee of 2% of the loan amount. However, Kissht charges 2.5% as the processing fees for the loan.
Ease of Loan Process: All three applications give you an easy and hassle-free application for a personal loan. So, you can choose any one of them when it comes to ease of loan process.
User Ratings: Kissht has a rating of 4.6 on Google Play store with more than 6 lakh customer reviews. However, Navi (being a newcomer) has 3.9 ratings with 1+ lakh reviews. Moreover, Moneyview has 4.6 ratings with 4+ lakh reviews.
With this detailed and head-to-head comparison, you can now make the right decision between these three personal loan applications. Whatever application you choose, it's essential to research the loan amount and penalties & charges associated with them.