10 years ago, we cannot imagine instant loans. But now you will get an instant loan within 1 minute. Just need KYC documents to get this loan. This loan is available from Rs. 1,000 to 5 lakhs.
But it is quite difficult to get a loan if you have a bad or low credit score. Don’t worry; we are going to tell you 5 instant personal loan apps that will give instant loans with a low credit score.
What is the Low Credit Score?
Your creditworthiness is overall processed by your credit score. When a person does not pay their payments on time or has huge debts, they are said to have poor credit. A credit score below 550 on a scale from 300 to 900 is often indicative of poor credit.
| Poor Score | 300-550 |
| Average Score | 550-650 |
| Good Score | 650-750 |
| Excellent Score | 750-900 |
5 Instant Apps with Low Credit Scores
| SL No | Loan Apps | Loan Amount | Interest Rate |
| 1. | StashFin | Rs. 1,000 to 5 lakh | 11.99% to 59.99% p.a. |
| 2. | Kissht | Rs. 5,000 to 1 lakh | 14% to 28% p.a. |
| 3. | Cashe | Rs. 9,000 to 4 lakh | 2.75% per month |
| 4. | Ring | Rs. 1,000 to 30,000 | 14% to 28% p.a. |
| 5. | Paysense | Rs. 5,000 to 5 lakh | 1.4%- 2.3% per month |
1. StashFin
StashFin provides personal loans of up to Rs. 5 lakhs with minimum loan amounts of Rs.1000. If you have a stable income and are currently working, you may apply for a StashFin Personal Loan to finance expenses like these: home improvements, vacations, consumer durables, debt consolidation, and other modest expenditures.
Anyone may apply for a personal loan with Stashfin and get money of up to 5 Lakh in minutes.
| Interest rate | Starting from 11.99% p.a. |
| Loan Amount | 1,000 to 5 lakh |
| Approval Process | Online |
| Income Required | Rs. 20,000 per month |
| Loan Tenure | 3 months to 36 months |
| Eligible Age | 18 years & above |
| Processing Fees | Up to 10% of Loan |
| Eligible For | Salaried Persona / Self Employed |
Also Read: 5 apps that give you instant loans in India
2. Kissht
Founded by Onemi Technology Private Limited, Kissht provides users with instant access to finance. Quick personal loans from Kissht are available from 5,000 to 1 lakh with terms ranging from 3 months to 24 months.
You may use a Kissht personal loan for whatever you like, including online shopping. You may get a loan for up to 1 Lakh. Onemi Technology Private Limited powers the NBFC Kissht.
| Interest rate | 14% to 28% per annum |
| Loan Amount | From 5,000 to 1 lakh |
| Approval Process | Online |
| Income Required | Rs.15,000 per month |
| Loan Tenure | 3 months to 24 months |
| Eligibility Age | 21 years or above |
| Processing Fees | Rs. 199 + GST |
| Eligible For | Salaried Person / Self Employed |
3. Cashe
Cashe loans are a kind of personal loan that may be applied for and approved for using an app, with little paperwork and fast processing. This method is easy to implement and very effective.
Cashe is an app that can get you a loan of up to 4 lakh rupees. Typically, the time it takes to get a personal loan is less than a day. Customers may borrow from CASHe for 90 days to 540 days at interest rates ranging from 2.75% per month.
| Interest rate | 2.75% per month |
| Loan Amount | Rs. 9,000 to 4 lakh |
| Approval Process | Online |
| Income Required | Rs.12,000 per month |
| Loan Tenure | 90 days to 1.5 years |
| Eligibility Age | 23 to 58 years |
| Processing Fees | Up to 3% of the loan amount |
| Eligible For | Salaried Person / Self Employed |
4. Ring
The young and restless of India may rely on RING, the most dependable transaction credit app, for convenient in-store and online shopping, instant credit at the register, bill payments, and money transfers. Low-value transactions offer to the customer, thus they are actively encouraged.
Ring Pay Later gives you fast access to a credit line of up to Rs. 30,000.
| Interest rate | 14% – 28% p.a. |
| Credit Limit | Up to Rs. 30,000/- |
| Interest-Free | Up to 30 days |
| Approval Process | Online |
| Loan Tenure | 3 months to 24 months |
| Eligibility Age | 21 years or above |
| Processing Fees | 3% + GST |
| Eligible for | Self-Employed / Salaried Person / Student / HouseWife |
Also Read: How to apply for insta personal loan
5. Paysense
Make use of Paysense to get your hands on a quick cash loan. Apply for a loan between Rs. 5,000 to 5 lakh rupees. Quick personal loans are available from Paysense for both salaried and self-employed borrowers, with EMI options and repayment periods of 3-60 months.
Paysense provides instant loans with a 100% digital process.
| Loan amount | Rs. 5,000 – Rs 5 lakh |
| Loan tenure | 3 months- 60 months |
| Interest rate | 1.4%- 2.3% per month |
| Income Required | Rs. 18,000 for Salaried Employees & Rs. 20,000 for Self Employed |
| Processing fee | Up to 3% of the loan amount |
| Age Required | 21 – 60 years |
| Cibil Score | No |
| Eligible For | Salaried / Self Employed |
Instant Loan Eligibility Criteria
Check out the eligibility criteria to apply for an instant loan with a bad CIBIL score:
- Applicant should be an Indian Citizen
- The minimum credit score required 680
- Aadhaar-linked mobile no need
- Should be a source of income
Documents Required for Instant Loan
The following documents are required to apply for an instant loan with a low credit score:
- Pan Card
- Aadhaar Card
- Electricity bill / Gas bill as a residence proof
- Recent bank statement
- Source of income proof
Also Read: HDFC Bank Instant Personal Loan
How to Get an Instant Loan with a Low Credit Score
Step 1: Choose the following apps that provide an instant loan with a low or bad credit score.
Step 2: Check out the eligibility criteria of the lender.
Step 3: Now, click on apply button.
Step 4: Sign up through mobile no and start the process.
Step 5: Fill out the form carefully.
Step 6: Upload KYC documents and check eligibility.
Step 7: After the process, you will get the loan offer.
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