Are you worried about the month-end expenses already because you have to pay important bills or a sudden expense came up and you are low on funds? The first instinct may be to ask family or friends and if the amount is quite high, you could decide to apply for a bank loan. But now micro-lending platforms are offering instant loans with competitive interest rates and tenure durations. Applying for a loan with these fintech companies isn’t just easy but also quicker than traditional options like banks. Hence , we have curated a list of the Top 5 micro-lending platforms to help you choose a loan by comparing and selecting the best loan as per your requirement.
1. SmartCoin- SmartCoin is India’s first fully-automated next-gen Fintech company aiming to address the credit requirements of innumerous self-employed micro-entrepreneurs, micro-merchants and middle/lower-income salaried individuals. At SmartCoin, anyone can avail loan from Rs. 1000 – up to 25,000 with a tenure of 91 days to 120 days. Through SmartCoin, you can avail instant repeat loans as it also improves the credit history of the customer by allowing them to get higher loans later if the initial loan is repaid on time. Customers get a bank transfer once they finish filling all details within a few hours on its app. It also offers its customers completely paperless transactions. SmartCoin also offers the Flexi-loan and repayment schedule options to its customers as well.
2. MoneyTap- MoneyTap is a Bengaluru-based fintech company. It disrupted the digital lending business by offering lines of credit in the form of personal loans for consumers, in partnership with RBL Bank. It recently received an NBFC licence, which they intend to use to enter into co-lending space with their lending partners. This allows them to offer better interest rates to customers. MoneyTap has been offering quick collateral-free personal loans to borrowers since 2016. One of its notable features is that it has a very simple documentation process for getting a personal loan. The mobile app also allows you to keep track of all the borrowings.
3. Shubh Loans: Shubh Loans- a Bengaluru-based fintech startup which is a lending app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (up to 4 years) EMI tenure. The smart credit model deviates from the traditional model (where the individual’s repayment capacity is the sole criteria) and replaces it with the Shubh Loans credit model (which analyzes repayment capacity of and intention-to-pay by the individual.
4. Happy Loans: Happy assess over 1,000 variables about the merchants to underwrite their micro-business. Its credit model is based on the merchant’s level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics, and business trends. If the merchant is doing healthy business with the partner, he/she is likely to get a big credit line from Happy Loans. Promising a unique borrowing experience to Indians, Happy Loans provides customised loan offerings to the micro-enterprises’ owners to meet their specific demands. It even offers micro business loans that start as low as Rs 2,000 for the duration as minimum as 30 days.
5. KreditBee- KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account. Launched two years ago, KreditBee is an Instant Personal Loan platform for self-employed and salaried professionals. They can apply for Personal loans starting from Rs 1,000 up to Rs 2 Lakhs as per their requirement. The documentation required is very minimal, and the entire process – starting from registration on our app to loan disbursement does not take more than 15 minutes. They offer Flexi Personal Loans that are the smaller ticket size loans ranging from Rs 1,000 to Rs 10,000, to suffice the needs of salaried and self-employed for small expenses or unexpected emergencies, as also an essential infusion from much-needed funds during cash crunch at the end of the month.