Top 5 Private Personal Loan Finance Companies in India

There comes a time when every one of us, no matter how financially stable we are, require financial assistance. It either comes in the form of a cash crunch situation or a medical emergency, and these times not only test our patience or rigor but also test our ability to deal with stressful times.

If you are currently undergoing a cash crunch scenario and you are looking for a quick way to collect some cash, then this article is for you.

In today’s article, we will share with you the top 5 private finance companies in India which offer personal loans.

Bajaj Finserv

One of the most well known private finance companies in India for personal loans is undoubtedly Bajaj Finserv. A sister concern of the Bajaj group, Bajaj Finserv is known for their offers customized to the needs of modern customers. Starting all from small business loans to personal loans and medical emergency loans, Finserv offers it all.

Personal Loan Details

Mentioned below are the details of the personal loans offered by Bajaj Finserv. 

• Rate of Interest: Starts at 13% per annum
• Minimum Age to Apply: 21 years
• Maximum Age to Apply: 60 years
• Minimum Monthly Income: ₹15,000 to ₹20,000, depending on the city you currently reside in.
• Processing Fee: Bajaj Finserv charges a processing fee of 4.13% of the sanctioned loan amount, which is exclusive of taxes.
• Loan Amount: The borrower can get a loan of upto ₹25 lakhs from Finserv.
• Disbursement Time: 24 hours post-approval
• Loan Tenure: 12 to 60 months

One of the best features of personal loans from Bajaj Finserv is the fact that they have special offers for their women customers with lower rates of interest and longer tenures.

Money View Loans

A name synonymous with Gen Z borrowers, Money View is hugely popular among modern customers for their wide range of personal loan offers suited to the specific needs of today’s youth. A young company by age, Money View has been operating for the last 5 years and has already serviced more than 1 crore customers across India.

Personal Loan Details

Mentioned below are the details of the personal loans offered by Money View:

• Rate of Interest: 1.13% per month
• Minimum Age to Apply: 21 years
• Maximum Age to Apply: 57 years
• Minimum Monthly Income: ₹13,500 to ₹25,000 depending on the city you currently reside in and also your type of employment that is either full-time employed or self-employed.
• Processing Fee: Money View charges 2% of the total sanctioned loan as the processing fee of the loan.
• Loan Amount: The borrower can get a loan of upto ₹5 lakhs from Money View
• Disbursement Time: 24 hours to 48 hours from loan approval.
• Loan Tenure: Upto 60 months

MoneyTap

A one of a kind offering in India, MoneyTap, a private personal finance company based out of Bangalore, has introduced a revolving line of credit, which lets consumers borrow as they go. Instead of giving out a large sum of money as a loan to the borrower at once, MoneyTap is focusing on a model where the borrower will have a pre-approved loan offer as well as a line of credit, and when the borrower needs the cash, he or she can use this line of credit.

This model is not only beneficial for the borrower as they only have to pay interest on the credit they use but also for the company as it increases their popularity to a wider audience base.

Personal Loan Details

Mentioned below are the details of the personal loans offered by SBI bank:

• Rate of Interest: Starts at 13% per annum
• Minimum Age to Apply: 23 years
• Maximum Age to Apply: 55 years
• Minimum Monthly Income: ₹20,000
• Processing Fee: MoneyTap doesn’t charge a processing fee on its loans.
• Loan Amount: The borrower can get a loan of upto ₹5 lakhs from MoneyTap via its revolving credit line.
• Disbursement Time: Within 24 hours post-approval
• Loan Tenure: 2 to 36 months

Dhani by IndiaBulls

If you regularly watch TV or browse the internet, chances are that you have come across Dhani by IndiaBulls at least once. First marketed by Mahendra Singh Dhoni and then by Ayushman Khurana, Dhani is aiming at becoming the most popular private financing company in India, and from the looks of it, it is well on track.

Personal Loan Details

Mentioned below are the details of the personal loans offered by the Dhani app:

• Rate of Interest: Starts at 13.99% per annum
• Minimum Age to Apply: 21 years
• Maximum Age to Apply: 60 years
• Minimum Monthly Income: ₹15,000 for full-time professionals and ₹25,000 for self-employed professionals.
• Processing Fee: Not applicable
• Loan Amount: The borrower can get a loan of upto ₹3 lakhs from the Dhani app.
• Disbursement Time: 24 hours post application approval
• Loan Tenure: 3 to 24 months

PaySense

Last but not least is PaySense, a private finance company, part of the PayU group. Similar to other companies mentioned in this list, PaySense too focuses on creating loans for modern India and thus has made it insanely easy for the youth to access such loans.

The company has been operational for the past 5 years, and they have already serviced customers in more than 43 cities with close to 1.2 lakh loan applications and disbursed more than 1000+ crores.

One of the most unique features of PaySense is the fact that service customers who are completely new to the credit system as well, thus making it easier for everyone to get a personal loan.

• Rate of Interest: 1.4% to 2.3% per month
• Minimum Age to Apply: 21 years
• Maximum Age to Apply: 60 years
• Minimum Monthly Income: ₹12,000 for salaried employees and ₹15,000 for self-employed professionals.
• Processing Fee: Upto 2% of the total sanctioned loan amount
• Loan Amount: The borrower can get a loan of upto ₹5 lakhs from PaySense
• Disbursement Time: Within 24 hours post-approval
• Loan Tenure: 3 to 48 months

Ending Lines

Getting a personal loan in India in 2020 has become easier than ever before, thanks to the many finance companies who now specialize in this domain. So go ahead and choose from one of these private finance companies and get your desired loan amount today.