Exploring the two best instant personal loan app in India 2021

 Selecting a lender for getting the personal loan is the most difficult task to do. No matter how much you try, you can never decide instantly about a lender. Therefore, the difficulty for a borrower is which lender is preferable. Thus, we have brought two lenders, LazyPay and SmartCoin with you.  

We will share the details. Once you know it, taking a decision would be easy. Let’s begin with LazyPay.  

LazyPay Personal loan  

If you are looking for a way to Shop now, and pay later, then LazyPay is the perfect app. It offers personalized loans as per the requirements of the borrowers. It is a part of PAYu group. Similar to SmartCoin, LazyPay processing is also completely online.  Let’s check out its features.  

• LazyPay does not required any collateral.  
• Once the verification is complete, you will have a lifetime credit limit.  
• The funds are transferred instantly.  

Now, we will check out its loan details.  

• The loan amount is from Rs 10,000 to Rs 1 lakhs.  
• The interest rate is from 15% to 32% P.A 
• The loan tenure is from 3 months to 24 months.  

The eligibility Criteria?  

• The applicant age should be between 22 years to 55 years.  
• The application should be living in a tier 1 or tier 2 city 
• The borrower should a salaried or self-employed professional 
• The borrower should be an Indian resident 

Documents required to apply?  

These are the documents you will have to submit.  

• Identity Proof – Aadhar card, Passport, Driving license, Voter ID card  
• PAN Card 
• Bank details – Salary slip, Account number and other details 
• A photograph 

How to apply?  

There are two ways to apply for LazyPay personal loan. First, you can download it’s app from the Google play store. The second way is to apply via Afinoz.com, which is an online financial marketplace.  Here you could easily apply.  

 

SmartCoin Personal loan  

Aiming to solve the financial problem via technology, SmartCoin has a come a long way. It focuses on offering micro loan to the middle- or lower-income class people.  It is an app-based loan app offering quick services. Now, we will see the loan details.  

• SmartCoin offers loan from Rs 1,000 to Rs 25,000.  
• The interest rate is from 0% to 36% depending upon the borrower’s profile. 
• The loan tenure is from 62 days to 180 days.  
• The processing fee is from 0% to 7% depending upon the risk assessment.  

The Eligibility criteria for the SmartCoin personal loan  

• The borrower minimum age should be at least 23 years to apply 
• The borrower should be an Indian resident 
• The borrower should be a Salaried individual.  
• The minimum monthly salary of the borrower should be at least Rs 15,000 to apply.  

What are the documents required?  

• Proof of identity – Aadhar card, PAN card, Driving license 
• Proof of address - Registered rent agreement, utility bill, electricity bill 
• Income proof - Bank statement and salary slip of previous 3 months 
• A selfie or a photograph 

How to apply?  

Similar to LazyPay process, you can download SmartCoin app from the app store, or visit Afinoz.com to apply for the loan. Both ways are easy quick and transparent.  

The EMI calculator 

If you are interested in knowing the monthly EMI, you could use a personal loan EMI calculator. It is available for both LazyPay and SmartCoin. Just enter the loan amount, the interest rate and the tenure. It will show the monthly EMI.  

Conclusion 

So, these are two lenders, LazyPay and SmartCoin, you can check out for a loan. They are considered amongst the best instant personal loan app in India 2021. However, Your decision should be based on the financial requirements. And do make sure to read the loan documents before you sign them.