Introduction:
These days you’ll see loan ads everywhere—on every street corner, Instagram,
even WhatsApp. There are over 10,000 loan apps in India now. But the moment you
say you don’t have income proof, 90% of these apps just shut you out. In this
video, we’ll show you apps that don’t ask for income proof. This video is only
for people who really need a loan out of necessity, not for luxury. We still
don’t recommend taking instant loans lightly. But if you really have to take
one, here’s how.
What is Personal Loan?
Make sure you
only take loans from companies approved by the RBI and whose terms and
conditions are good. Don’t stress about it. Watch this video till the end.
You’ll get all the info you need. Instant loan apps without income proof can be
divided into two categories. The first one gives you a loan without any income,
mainly for students. The second requires you to have an income, but you don’t
need to upload proof. We’ll analyze both categories throughout this video.
We’re gonna compare seven popular apps side by side.
Let's compare
the key factors side by side: loan amount, eligibility, interest rate, tenure,
processing fees, disbursement speed, late fees, and app ratings. First, we'll
talk about the maximum loan amount—basically, how much loan you can get from
these apps. Along with that, we'll also compare the loan tenure. As you can
see, Navi offers the highest loan amount. Then comes Airtel Flexi Credit for
Less Pay, MoneyTap, and KreditBee, where you can get loans up to 5 lakhs. Next
up is your M Pocket and Pocket apps give you a pretty low
loan amount because they mainly target students who don’t have any income but
still get loans. That’s why they offer smaller amounts compared to other apps.
For the other five apps mentioned, you do need to have a source of income, but
you don’t have to upload income proof like salary slips. Talking about Tenio,
among the top three apps—Nav, LazyPay, and Airtel Flexi—you can get a loan for
up to 5 years.
They’re
offering a “Followed by Money” tab that gives you a loan for up to 3 years.
Then there’s “Credit,” which offers loans for up to 2 years. Both M Pocket and
Pocketly not only give you the loan amount but also have shorter repayment
periods. If you look at 4 months, that’s a pretty short time to pay back the
loan. But this shows their main focus, like I said, is on students. So these
are for students who rely on personal apps for their monthly expenses. Next,
let’s check out what charges apply on all these apps.
Hey, like you
can see, we’ve written down the interest ranges for all the apps here. To be
honest, these apps don’t give very clear info about their interest rates. They
just give you a broad range, which doesn’t help much. Pocket and Pocketly are
charging the most, and that makes sense because these two apps are giving loans
to students who don’t have any credit score or income proof. So obviously, it
makes sense that their interest rates are the highest. Only this one charges a processing fee, and that too zero charges. All
the other apps charge something or the other. Some have flat charges like
LazyPay, CreditBe, MobiKwik, and Pocketly, and some have variable charges like
Airtel Flexi and MoneyTap. Now, talking about prepayment charges, it’s the same
story. Some have flat charges, some have variable. Which one is right for you?
It depends on the loan amount you’re taking. Still, let me explain with an
example. Suppose you take a loan of 50,000
you have taken it for 6 months, and you make the payment one month in advance.
So, what charges will apply in this case? Let’s discuss that. The highest
processing fee is charged by CreditBee. Followed by Airtel Flexi and MoneyTap.
The processing fees for the others are quite moderate. Navi doesn’t charge any
processing fee at all. But again, Navi is good only for those customers whose
credit score is 750 plus with a stable income source. In other words, people
who can easily get a loan from a regular bank.
So, as
expected, M Pocket has the most users, followed by Airtel Flexi and Credit Bee.
There are three apps like Laz Pay and Pocketly that don’t charge any prepayment
fees. Now, let’s talk about the eligibility criteria for all these apps. Like
we already told you, M Pocket and Pocketly are student-focused apps. So here,
you don’t even need income proof or income at all. But the important thing to
note is that if you’re over 22 or 23 years old on both these apps, you will
need to show income proof. If we talk about the age criteria is 21, so if you're 21, you can qualify for apps like
Navi, LazyPay, Airtel Flexi, and KreditBee. But for MoneyTap, the minimum age
requirement is 23. Now, talking about the CIBIL score, this is where a lot of
people get stuck. If you're a student and don’t have any credit score at all,
you basically have two options left: M Pocket and Pocketly. If your CIBIL score
is between 600 and 700, then most apps will offer you loans. The interest rate
will be pretty high, but you will definitely get the offer. Talking about Navi,
like I said, their credit score criteria is 750 plus. As I mentioned earlier,
it's only for those customers who can also get a loan from a regular bank. For
minimum monthly salary, with Credit B and Airtel, you need at least ₹1,000 per
month. In Navi, it’s ₹25,000, and for MoneyTap, your minimum monthly salary
should be ₹0. Now, let's see how you can apply for a loan on all these apps.
How quickly you
can get a loan from here? Look, man, for all these companies, you have to apply
online anyway, and the money will get credited to your bank online too. Now,
some companies like Nav, M Pocket, and LP can give you a loan within minutes.
But then there are others, like Airtel Flexi Money Tab, where it might take one
or two days to get the loan. Honestly, the whole loan process time really
depends on your credit score.
How complete
are your documents? You haven’t defaulted before, right? Etcetera, etcetera.
Honestly, the simpler your case is, the faster you’ll get the loan. I want to
add one more thing here. All this information has been dug up by me and my team
so that you can get everything you need about instant loan apps in just 6 to 7
minutes without wasting your time. If you found this video helpful, and if you
think our effort is useful to you, please drop a comment below saying,
"This is the best video."
On Instagram apps, our hard work will pay off. Here, all the apps have ratings above four and have a good number of downloads. Pocketly is relatively new in the app market, so its downloads are a bit lower, and its rating is also slightly less compared to other apps. M Pocket currently has only an Android version; the Apple version doesn’t exist yet. To wrap up the conversation, let’s also check out the customer support of these apps because sometimes apps charge unexpected fees. So, it’s really important to have good customer support to answer your questions and solve your problems. Ideally, you should prefer a company that provides support both over the phone and email. The three apps—M Pocket, Pocket, and Money Tab—only offer support via email. All the other apps provide customer support through both phone and chatbot. As you can see, choosing the best instant loan app is pretty tough because the answer varies for each customer. Depending on your needs, you should choose which instant loan app is best for you.
Conclusion:
Hope you liked this blog post and this will
certainly help to choose best option for personal loan. Let me know in comments
if you have ever taken personal loan. If yes, comment your Bank Name and your experience
with it. Also let me know if you want blog on any specific topic pertaining to
Finance, Investments or Insurance. I’ll be more than happy to write blog post
on the same soon. You feedback through Comments or Contact us section means a
lot to us for giving you diverse, useful and informative blogs.
Tags: Finmotive, #Finmotive, #Finmotive001, Best personal loans in India 2025, Lowest interest personal loan India, Personal loan eligibility India, Instant personal loan approval India, Top banks for personal loans
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