Top 25 Best Low Credit Score Loan App List

Immediate approvals, flexible loan schedules, and minimal documentation benefit those who require financial aid the most. Low CIBIL™ score loan apps focus on income and repayment capability rather than just credit scores, so these applications provide borrowers with low credit histories fast, hassle-free loans.  

The app determines loan interest rates for borrowers with poor CIBIL™ scores, and these rates might range from 1.02% monthly to 54% annually. Low CIBIL™ score loan apps make borrowing more inclusive and easier, whether people pay unanticipated costs, handle medical crises, or accomplish personal goals. 

Top 25 Best Low Credit Score Loan App List  

The apps mentioned above are not ranked in any specific order. 

Bad CIBIL™ Loan App List for 2025 

1. LazyPay 

LazyPay is a fast and seamless credit solution that provides instant approvals, allowing users to shop at millions of merchants and pay later. Whether it’s a quick loan, no-cost EMI, or scan & pay later feature, LazyPay ensures hassle-free transactions with minimal paperwork and instant approvals. 

Loan Amount Range: ₹10,000 to ₹5,00,000 

Interest Rate: 15% to 32% per annum 

Processing Fee: 2% of the loan amount 

Eligibility Criteria 

• Must be a salaried professional 

• Age: 22-55 years 

• Resides in a Tier-1 or Tier-2 Indian city 

• Indian resident 

Pros 

• Instant loan approvals and quick disbursal 

• No-cost EMI options available 

• Flexible repayment options available from 3 to 24 months 

• Wide merchant acceptance, including Flipkart, Amazon, Swiggy, and more 

Cons 

• High-interest rates, going up to 32 percent 

• Shorter repayment cycles for Pay Later options 

• Eligibility limited to salaried professionals in Tier-1 and Tier-2 cities 

2. mPokket

mPokket is a fast and reliable loan app designed for students, working professionals, and self-employed individuals in India. With quick approvals, a 100 percent online process, and direct bank transfers, mPokket provides hassle-free financial support whenever needed. Whether covering tuition fees, daily expenses, or unexpected costs, mPokket offers flexible repayment options to suit different financial needs. 

Loan Amount Range: ₹500 to ₹45,000 

Interest Rate: Varies based on eligibility 

Processing Fee: Applicable but varies 

Eligibility Criteria 

• Available for college students with a part-time income 

• Working professionals and self-employed individuals can apply 

• Indian residents 

Pros 

• Instant loan approval within seven minutes 

• 100 percent online application process 

• Direct bank transfer for quick fund access 

• Flexible repayment options, including bullet loans and EMIs 

Cons 

• Lower loan limits compared to other personal loan providers 

• Interest rates may be high for some borrowers 

• Processing fee applicable on loan disbursal 

3. Indialends

IndiaLends is a trusted personal loan platform that connects borrowers with 70+ RBI-approved lenders, offering loans at competitive interest rates starting from 10.75 percent. With a simple two-step eligibility check, minimal documentation, and a fully digital process, IndiaLends ensures quick disbursal of funds directly into your bank account. 

Loan Amount Range: ₹10,000 to ₹50,00,000 

Interest Rate: Starting from 10.75 percent per annum 

Processing Fee: Varies based on lender and loan amount 

Eligibility Criteria 

• Must be an Indian resident 

• Should have a stable income source 

• Eligibility and loan offers depend on credit score and financial profile 

Pros 

• Competitive interest rates starting at 10.75 percent 

• Multiple offers from 70+ RBI-approved lenders 

• 100 percent online and paperless loan application process 

• No collateral required for loan approval 

• Quick disbursal of funds, usually within three days 

Cons 

• Interest rates may vary based on credit score and lender 

• Processing fees depend on the lender and loan amount 

• Approval and loan amount depend on creditworthiness 

4. Bajaj Finance

Bajaj Finance's Insta Personal Loan offers immediate financial assistance with pre-approved limits, enabling swift access to funds without extensive documentation. Eligible customers can receive loans up to Rs. 12,76,500, with disbursal occurring within 30 minutes of approval. 

Loan Amount Range: Rs. 20,000 to Rs. 12,76,500 

Interest Rate: 16% to 31% per annum 

Processing Fee: Up to 3.93% of the loan amount 

Eligibility Criteria 

• Existing Bajaj Finance customers with pre-approved offers 

• New customers may need to undergo a CIBIL™ check and provide additional documents 

• Age: 21 to 80 years (at loan maturity) 

Pros 

• Immediate processing with funds disbursed within 30 minutes 

• No documentation required for existing customers 

• Flexible repayment tenures available from 12 to 96 months 

• No hidden charges 

Cons 

• High-interest rates, ranging from 16% to 31% per annum 

• Processing fee of up to 3.93% of the loan amount 

• Penal charges for delayed payments at Rs. 8 per day per instalment 

5. Money View

Money View is a digital lending platform in India offering instant personal loans of up to ₹10 lakhs with a quick and hassle-free online application process. Users can apply for loans through the Money View app, benefiting from flexible tenures and competitive interest rates. 

Loan Amount Range: ₹5,000 to ₹10,00,000 

Interest Rate: Starting from 14% per annum 

Processing Fee: Starting from 2% of the approved loan amount 

Eligibility 

• Age: 21 to 57 years 

• Income: Minimum monthly household income of ₹25,000, credited directly to a bank account 

• Credit Score: Minimum CIBIL score of 650 

• Employment: Both salaried and self-employed individuals are eligible 

Pros 

• Quick loan approval and disbursal 

• Flexible repayment tenures ranging from 3 to 60 months 

• Completely digital application process 

• No collateral required 

Cons 

• Part-prepayment of the loan is not allowed 

• Foreclosure is permitted only after a minimum of 3 EMIs have been paid 

• Interest rates may be higher for applicants with lower credit scores 

6. Ujjivan

Ujjivan Small Finance Bank offers personal loans tailored for various needs such as marriage, medical treatment, education, foreign travel, or other general purposes. These loans are available to resident Indian citizens aged between 22 to 58 years, with loan amounts ranging from Rs. 50,000 to Rs. 15,00,000. 

Loan Amount Range: Rs. 50,000 to Rs. 15,00,000 

Interest Rate: Starting from 11.49% per annum 

Processing Fee: Starting from 1% to 2% of the loan amount 

Eligibility: 

• Resident Indian citizens 

• Aged between 22 to 58 years 

• Having a regular income 

Pros: 

• Flexible loan amounts catering to diverse financial needs 

• Minimal processing fees, enhancing affordability 

• No collateral required, simplifying the loan process 

Cons: 

• Pre-closure is allowed only after 6 months, with applicable charges 

• Specific purposes such as the purchase of shares or bullion are not permitted 

• Age eligibility is restricted to a maximum of 58 years 

7. Pocketly

Pocketly is a personal loan app designed to provide quick and flexible financial solutions, offering loans ranging from ₹500 to ₹50,000 with a fully online application process and rapid disbursal. 

Loan Amount Range: ₹500 to ₹50,000 

Interest Rate: 2% to 3% per month (24% to 36% per annum) 

Processing Fee: 0% to 7.5% of the loan amount; GST extra as applicable 

Eligibility: 

• Age between 18 to 30 years 

• Valid personal details 

• Verified email 

• Address Proof (Aadhaar) 

• Identity Proof (PAN) 

• Completion of Video KYC 

Pros: 

• 100% online process with no physical document submission 

• Flexible loan amounts starting from as low as ₹500 

• Rapid loan disbursal, often within minutes 

• No annual or joining fees; transparent fee structure 

Cons: 

• High interest rates compared to traditional loans 

• Short loan tenures, which may lead to higher monthly repayments 

• Age eligibility is limited to individuals between 18 to 30 years 

• Processing fees can be up to 7.5% of the loan amount  

8. Bueno Loans

Bueno Finance is a financial services platform aiming to improve the financial health of its customers by acting as a bridge between individuals and major banks or NBFCs, facilitating access to formal credit. Through its application, users can apply for instant personal loans, build their credit history, and eventually qualify for larger loans at lower rates. 

Loan Amount Range: Up to ₹10,000 for initial instant credit; higher loan amounts available as users build credit history. 

Interest Rate: 0% to 2% per month (maximum APR of 50%). 

Processing Fee: ₹200 for initial instant credit. 

Eligibility: Resident Indian citizens aged 18 to 30 years with a regular income. 

Pros: 

• Access to instant credit up to ₹10,000 at low interest rates. 

• Opportunity to build credit history for future larger loans at lower rates. 

• Simple and transparent fee structure with a nominal processing fee. 

Cons: 

• Initial loan amounts are relatively small. 

• Higher interest rates (15%-24% APR) may apply for larger loans as users progress. 

• Limited to users within the specified age range and income criteria. 

9. Home Credit

Home Credit offers personal loans up to ₹4.8 lakh with an easy online application process, requiring only two documents and no bank visits. The loans feature flexible tenures and quick disbursal, making them suitable for various financial needs. 

Loan Amount Range: ₹10,000 to ₹4.8 lakh 

Interest Rate: Starting from 1.6% per month (approximately 19.2% annually) 

Processing Fee: Varies between 2.5% - 5% of the loan amount 

Eligibility: 

• Indian citizen aged between 18 and 60 years 

• Valid ID proof (PAN card mandatory) and address proof 

• Salaried, self-employed, or pensioner with an active source of income 

• Active bank account 

• Monthly household income should be more than ₹25,000 

Pros: 

• Quick and convenient online application process 

• Instant approval and disbursal within hours 

• No collateral required 

• Flexible loan tenures 

Cons: 

• High processing fee compared to some other lenders 

• Interest rates may be higher for applicants with lower credit scores 

10. SmartCoin (Olyv)

Olyv, formerly known as SmartCoin, is a comprehensive financial wellness app that offers quick, digital personal loans and tools to manage your financial health. Users can access loans up to ₹5 lakh with a seamless, paperless process, and also monitor their credit scores and invest in digital gold. 

Loan Amount Range: ₹1,000 to ₹5,00,000 

Interest Rate: 18% to 30% per annum on a reducing balance 

Processing Fee: 2% to 12% (excluding GST) 

Eligibility: 

• Age: 21 to 60 years 

• Employment Status: Salaried or self-employed with a stable income 

• Income: Minimum monthly income of ₹20,000 for salaried individuals and ₹30,000 for self-employed individuals 

• Credit Score: A good credit score (generally 650 and above) is preferred 

Pros: 

• 100% digital loan application process with instant approval 

• No collateral or physical paperwork required 

• Flexible loan tenures ranging from 2 to 24 months 

• Additional features like free credit score tracking and digital gold investment options 

Cons: 

• High processing fees ranging from 2% to 12% (excluding GST) 

• Interest rates can be relatively high, depending on the borrower's profile 

• Bounce/late payment charges ranging from ₹0 to ₹500 (excluding GST) 

11. Pay With Ring 

Pay with Ring is a financial platform that offers instant personal, business, and loan-against-property solutions through a 100% digital process, enabling users to access funds swiftly without paperwork. With over 50 million app downloads and more than 10 million loans disbursed, it has established itself as a trusted lending service in India. 

Loan Amount Range: Up to ₹5,00,000 for personal and business loans; up to ₹15,00,000 for loan against property. 

Interest Rate: Annual Percentage Rate (APR) ranges from 32% to 67% per annum. 

Processing Fee: Specific details about processing fees are not provided on the official website. 

Eligibility: 

• Must complete digital Know Your Customer (KYC) verification. 

• Provide basic personal and employment details. 

• Maintain an active bank account for loan disbursement. 

Pros: 

• Funds are transferred to the user's bank account within 5 minutes upon approval. 

• Repayment periods range from 3 to 60 months, allowing borrowers to choose terms that suit their financial situation. 

• Loans are unsecured, meaning no assets need to be pledged. 

Cons: 

• The APR can be as high as 67%, which is relatively higher compared to traditional lending institutions. 

• The lack of detailed information about processing fees may lead to uncertainty regarding the total cost of the loan. 

12. ABFL Personal Loan

Aditya Birla Finance Limited (ABFL) offers personal loans tailored to meet various financial needs, such as weddings, vacations, home renovations, or unexpected emergencies. With loan amounts up to ₹40 lakh and flexible tenures extending up to 7 years, ABFL ensures quick and easy access to funds through a seamless loan application process with easy EMI options and low interest rates. 

Loan Amount Range: ₹50,000 to ₹50 lakh 

Interest Rate: 10% to 32% per annum 

Processing Fee: Up to 3% of the loan amount (excluding GST) 

Eligibility: 

• Age: 23 to 60 years  

• Employment: Both salaried and self-employed individuals with a stable income and employment history  

• Credit Score: A good credit history is preferred 

Pros: 

• High loan amount eligibility, offering up to ₹50 lakh 

• Flexible repayment tenure of up to 7 years 

• No collateral or security required 

Cons: 

• Processing fees can be up to 3% of the loan amount, excluding GST 

• Prepayment is not allowed within the first 12 months from the date of disbursement 

• Foreclosure charges of up to 4% on the principal outstanding amount, plus GST 

13. CASHe

CASHe is an instant personal loan app designed for salaried professionals, offering quick and hassle-free loans ranging from ₹25,000 to ₹4,00,000. With flexible repayment tenures of up to 1.5 years, users can address various financial needs without the requirement of collateral. 

Loan Amount Range: ₹25,000 to ₹4,00,000 

Interest Rate: 2.79% to 3% per month (reducing balance interest) 

Processing Fee: 2.5% of the loan amount 

Eligibility: 

• Age between 21 to 55 years 

• Minimum monthly salary of ₹25,000 

• Salary must be credited through direct bank transfer 

Pros: 

• Quick disbursal with minimal documentation 

• No collateral required 

• Flexible repayment options 

• User-friendly mobile application 

Cons: 

• Higher interest rates compared to traditional bank loans 

• Strict eligibility criteria regarding age and salary 

• Processing fee applicable 

14. NIRA

NIRA is a financial services platform that partners with RBI-regulated NBFCs and banks to offer instant personal loans to salaried individuals in India. Through its user-friendly mobile app, users can apply for loans ranging from ₹5,000 to ₹1,00,000, with flexible repayment periods between 3 to 24 months. 

Loan Amount Range: ₹5,000 to ₹1,00,000 

Interest Rate: Annual Percentage Rate (APR) between 24% to 36% (reducing balance) 

Processing Fee: Up to ₹350 plus GST, or 2% to 7% of the loan amount plus GST 

Eligibility Criteria: 

• Minimum Monthly Salary: ₹12,000 

• Age Requirement: 22 to 59 years 

Pros: 

• Approved loans are credited to the user's bank account within 24 hours. 

• Borrowers can choose repayment periods ranging from 3 to 24 months. 

• Loans are unsecured, eliminating the need for any collateral. 

Cons: 

• The APR ranges from 24% to 36%, which may be higher compared to traditional bank loans. 

• A late fee of ₹500 is charged if the overdue period exceeds 30 days, with a maximum late fee of ₹1,000 if it exceeds 90 days. 

15. Prefr

Prefr is an instant loan platform designed to support both salaried and self-employed individuals by offering personal loans up to ₹3,00,000. With a quick and paperless application process, Prefr aims to facilitate financial growth for its users, enabling them to meet personal and professional needs without unnecessary delays. 

Loan Amount Range: ₹25,000 to ₹3,00,000 

Interest Rate: 18% to 36% per annum 

Processing Fee: 3% to 5% of the loan amount 

Eligibility: Salaried and self-employed individuals aged between 22 to 55 years, with a minimum monthly income of ₹18,000 for salaried and ₹20,000 for self-employed applicants 

Pros 

• Quick approval and disbursal process 

• No collateral required 

• Flexible repayment tenure ranging from 6 to 36 months 

Cons 

• High interest rates, especially for applicants with lower credit scores 

• Processing fees can be relatively high 

16. Kissht

Kissht is a trusted digital lending platform in India that offers instant personal and business loans up to ₹5,00,000 with minimal documentation and quick disbursal, catering to both individual and entrepreneurial financial needs. 

Loan Amount Range: ₹10,000 to ₹5,00,000 

Interest Rate: Starting at 3.8% per month (approximately 45.6% per annum) 

Processing Fee: Varies based on loan amount and tenure; for example, a ₹60,000 loan over 18 months incurs a processing fee of ₹4,248 

Eligibility: 

• Minimum monthly income of ₹15,000 for salaried individuals 

Pros: 

• Quick loan approval and disbursal, often within 5 minutes 

• 100% digital process with minimal documentation 

• Flexible repayment tenure ranging from 3 to 60 months 

Cons: 

• High-interest rates, with Annual Percentage Rates (APR) ranging from 32% to 67% 

• Processing fees can be substantial, depending on the loan amount and tenure 

• Potential additional charges for late payments or foreclosures 

17. KreditBee

KreditBee is a digital lending platform in India that offers instant personal loans ranging from ₹1,000 to ₹5,00,000 through a 100% online process, with funds disbursed directly into your bank account in as little as 10 minutes.The platform caters to both salaried and self-employed individuals, providing flexible repayment tenures and competitive interest rates. 

Loan Amount Range: ₹1,000 to ₹5,00,000 

Interest Rate: 17% to 29.95% per annum 

Processing Fee: Up to 5.5% + GST 

Eligibility: 

• Age: Above 21 years 

• Minimum monthly personal income of ₹10,000 and minimum monthly household income of ₹25,000 

Pros: 

• Loan amount credited to your bank account in as little as 10 minutes. 

• Caters to both salaried and self-employed individuals with varying loan amounts and tenures. 

• No need for physical documentation; the entire process is digital. 

Cons: 

• Interest rates can go up to 29.95% per annum, which is relatively high compared to traditional bank loans. 

• Late payments can attract significant penalties, including EMI bounce charges and penal interest on overdue amounts. 

18. PaySense

PaySense is a leading personal loan app in India, offering instant personal loans ranging from ₹5,000 to ₹5,00,000 with flexible EMI options and zero collateral requirements. With over 10 million app installs and serving more than 300,000 satisfied customers across 600+ cities, PaySense provides a seamless digital experience for users seeking quick financial assistance. 

Loan Amount Range: ₹5,000 to ₹5,00,000 

Interest Rate: 14% to 36% per annum 

Processing Fee: Up to 5.5% + GST 

Eligibility Criteria: 

• Indian resident 

• Age between 21 and 60 years 

• Based in one of the 600+ cities served 

Pros: 

• Simple application process that takes approximately 2 minutes to sign up 

• Flexible and affordable EMI options 

• Full transparency with no hidden costs 

• 24/7 access, allowing users to apply anytime and anywhere 

• Zero collateral requirement and a paperless process 

Cons: 

• Some users have reported unprofessional customer service and aggressive collection practices 

• High-interest rates and additional charges have been a concern for certain borrowers 

19. Mystro Loans

Mystro Loans is an RBI-authorized NBFC offering a comprehensive personal finance app that enables users to avail loans, pay bills, manage debt, and monitor monthly expenditures—all within a single platform. With a fully digital, paperless process, Mystro provides quick and convenient loan solutions tailored to individual and business needs. 

Loan Amount Range: Upto 2 lakhs 

Interest Rate: 1.80% to 3.00% per month 

Processing Fee: Information not specified 

Eligibility: 

• Indian nationals above the age of 18 

• Salaried individuals with a minimum of 1 year of employment, including at least 6 months with the current employer 

• Self-employed professionals should have a minimum of 1 year in their current business 

Pros: 

• No prepayment penalties, allowing for zero foreclosure charges 

• Quick loan disbursal, with processes designed for same-day approval 

• Transparent terms with no hidden charges 

Cons: 

• Processing fee details are not specified, which may lead to uncertainty regarding total loan costs 

• Interest rates are provided on a monthly basis; borrowers should calculate the annual rate to fully understand the cost 

20. IndusInd Bank

IndusInd Bank's Personal Loan offers a seamless digital experience with instant approvals and quick disbursals, allowing customers to access funds ranging from ₹30,000 to ₹50 lakh. With flexible repayment tenures between 12 to 84 months and competitive interest rates starting from 10.49% per annum, it caters to a variety of financial needs without requiring any collateral. 

Loan Amount Range: ₹30,000 to ₹50 lakh 

Interest Rate: Starting from 10.49% per annum 

Processing Fee: Up to 3.5% of the loan amount 

Eligibility Criteria: 

• Age: 21 to 60 years 

• Minimum Net Monthly Income: ₹25,000 

• Employment: At least 2 years of total employment with a minimum of 1 year in the current organisation 

• Residency: Minimum 1 year at the current residence if rented 

Pros: 

• Entirely digital application process with instant approvals and quick disbursals 

• Flexible repayment tenures from 12 to 84 months 

• No collateral or guarantor required 

Cons: 

• Processing fee of up to 3.5% may increase the overall loan cost 

• Pre-closure charges applicable if the loan is closed before completion of the tenure 

• Strict eligibility criteria, including minimum income and employment stability requirements 

21. DigiMoney

DigiMoney Insta Loan App, developed by DigiMoney Finance Private Limited—a Reserve Bank of India-licensed Non-Banking Finance Company (NBFC)—offers a fully digital and automated lending process. Users can register, undergo credit evaluation, receive approval, and have funds disbursed directly to their bank accounts in under 10 minutes, eliminating the need for physical bank visits. 

Loan Amount Range: ₹10,000 to ₹100,000 

Interest Rate: 10% to 24% per annum 

Processing Fee: Starting from ₹1,000 

Eligibility: 

• Indian citizen 

• Salaried individuals aged above 25 

• Minimum monthly take-home salary of ₹10,000 

Pros: 

• Entirely digital process with instant approvals and disbursements 

• Competitive interest rates starting at 10% per annum 

• No document uploads required 

• Quick processing—from registration to disbursement in under 10 minutes 

• Flexible loan terms and EMI options 

Cons: 

• Loan tenure is limited to a maximum of 12 months 

• Processing fee starts at ₹1,000, which may be higher compared to some competitors 

22. MoneyTap  

MoneyTap is an app-based personal loan platform that provides instant credit lines up to ₹5,00,000, allowing users to borrow as little as ₹3,000 with flexible repayment options ranging from 2 to 36 months. Interest is charged only on the amount utilized, and the app offers quick approvals with minimal documentation. 

Loan Amount Range: ₹3,000 to ₹5,00,000 

Interest Rate: Starting from 1.08% per month (13% per annum) 

Processing Fee: Details not specified 

Eligibility: 

• Minimum monthly income of ₹30,000 

• Age between 23 and 55 years 

• Salaried employees or self-employed professionals 

Pros: 

• Instant approval with minimal documentation 

• Interest charged only on the amount utilized 

• Flexible repayment tenure between 2 to 36 months 

• Complimentary MoneyTap-RBL Credit Card for eligible users 

Cons: 

• Minimum income requirement may exclude some applicants 

• Processing fee details are not clearly specified 

23. PayMeIndia  

PayMe is a trusted digital lending app with over 6 million users in India, offering hassle-free personal loans through a completely paperless process. Users can apply for loans ranging from ₹2,000 to ₹10,00,000 with flexible repayment tenures between 3 to 24 months, and receive funds credited to their accounts within a day. 

Loan Amount Range: ₹2,000 to ₹10,00,000 

Interest Rate: Starting from 1.5% per month 

Processing Fee: 2% to 10% of the loan amount 

Eligibility: 

• Salaried Employees: Minimum age of 21 years, net monthly income of at least ₹15,000, and a CIBIL™ score above 650. 

• Self-Employed Individuals: Minimum age of 22 years, net monthly income of at least ₹25,000, and a CIBIL™ score above 650. 

Pros: 

• Completely digital and paperless application process 

• Quick approval and disbursal, with funds credited within 24 hours 

• Flexible repayment options with tenures ranging from 3 to 24 months 

• No collateral required for loan approval 

Cons: 

• High processing fees ranging from 2% to 10% 

• High interest rates, with a maximum Annual Percentage Rate (APR) of up to 75% 

• Strict eligibility criteria, including a minimum CIBIL™ score of 650 

24. Dhani

Dhani is a digital lending platform by Dhani Loans and Services Limited (formerly Indiabulls Consumer Finance Limited) that offers instant personal loans through a seamless online process. With minimal documentation, users can access loans ranging from ₹1,000 to ₹15 lakhs, disbursed directly into their bank accounts. 

Loan Amount Range: ₹1,000 to ₹15 lakhs 

Interest Rate: Starting at 13.99% per annum 

Processing Fee: 3% onwards 

Eligibility: 

• Age: 21 years or above 

• Occupation: Salaried or self-employed 

• Nationality: Indian citizen 

Pros: 

• No need for physical paperwork; the entire application and disbursal process is digital. 

• Loans are disbursed instantly upon approval, providing immediate access to funds. 

• Borrow as little as ₹1,000 or as much as ₹15 lakhs, catering to various financial needs. 

• Repayment periods range from 3 months to 24 months, allowing borrowers to choose terms that suit their repayment capacity. 

Cons: 

• A processing fee starting from 3% is applicable, which adds to the overall cost of the loan. 

• Prepayment of loans may attract charges, which could deter borrowers from settling their loans early. 

• Penalties are imposed for bounced payments, which can increase the cost for borrowers who miss their EMI deadlines.  

25. Zype

Zype is a digital lending platform offering instant personal loans up to ₹5,00,000 for salaried individuals in India. With a quick online application process, users can receive loan approvals in under 60 seconds and have funds disbursed directly into their bank accounts. The platform caters to various financial needs, including medical emergencies and home repairs, making it a trusted choice for over 5 million users. 

Loan Amount Range: ₹3,000 to ₹5,00,000 

Interest Rate: 18% to 36% per annum, varying based on the applicant's risk profile 

Processing Fee: 2% to 6% of the loan amount 

Eligibility: 

• Salaried professionals 

• Minimum monthly salary of ₹15,000 

• Valid PAN and Aadhaar cards 

• Age 21 years and above 

Pros: 

• Instant Approval: Loan approvals in under 60 seconds with immediate fund disbursal. 

• 100% Online Process: No physical documentation required, ensuring a seamless application experience. 

• Flexible Repayment Tenures: Choose from repayment periods of 6, 9, or 12 months. 

Cons: 

• Interest rates can be as high as 36% per annum, depending on the applicant's credit profile. 

• A processing fee ranging from 2% to 6% is applicable, which could increase the overall cost of the loan.  

Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the respective lender’s website or contact them. 

Key Benefits of Low CIBIL Score Loan Apps

1. Easy Loan Approval

Unlike traditional banks that require a high credit score, low CIBIL™ score loan apps approve loans based on alternative criteria such as income, employment status, and repayment capacity. This makes it easier for individuals with poor credit scores to access funds.

2. Instant Loan Disbursement

Many loan apps offer instant loan approval and disbursement, with funds credited to your bank account within minutes or hours. This feature is highly beneficial for individuals facing emergency financial situations, such as medical expenses or urgent bill payments.

3. Minimal Documentation

Low CIBIL score loan apps require minimal paperwork, unlike traditional loans that demand extensive documentation. In most cases, applicants need to submit only their Aadhaar card, PAN card, bank statement, and salary slip to complete the loan process.

4. Flexible Loan Amount and Tenure

These apps provide small-ticket loans ranging from ₹1,000 to ₹2,00,000, depending on the borrower's profile. The repayment tenure is also flexible, allowing users to choose a tenure between 7 days to 24 months, making it convenient for borrowers to repay the loan as per their financial capability.

5. No Collateral Required

Most loan apps offer unsecured personal loans, meaning you don't need to pledge any assets such as property, gold, or fixed deposits to avail of the loan. This makes them a risk-free borrowing option for individuals without valuable assets.

6. Improves Credit Score

Timely repayment of loans taken through these apps can help improve your credit score over time. Since these lenders report repayments to credit bureaus, responsible borrowing can boost your CIBIL score, making it easier to qualify for traditional loans in the future.

7. 24/7 Availability

Unlike banks that operate within fixed hours, loan apps are available 24/7, allowing users to apply for a loan anytime and from anywhere. This ensures financial support even during odd hours or holidays.

8. Customizable Loan Offers

Many loan apps use AI-driven credit assessment models to offer customized loan products based on an individual's financial profile. This personalized approach ensures that borrowers receive the best loan offers with competitive interest rates and flexible repayment options.

9. Safe and Secure Transactions

Reputed loan apps follow strict data security protocols to protect users’ financial and personal information. They use encrypted payment gateways and comply with RBI regulations, ensuring a secure and trustworthy lending process.

10. Best Alternative to Payday Loans

Payday loans often come with exorbitant interest rates and hidden charges. In contrast, low CIBIL™ score loan apps provide affordable and transparent loan options, making them a better alternative to payday lending services.

FAQs On Loan Apps for Low CIBIL™ Score 

1. What are low credit score loan apps? 

Low credit score loan apps are financial platforms that offer personal loans to individuals with poor or limited credit histories, focusing more on income and repayment capability than traditional credit scores.  

2. Can I get a loan with a low CIBIL score? 

Yes, several loan apps in India, such as MoneyView and KreditBee, provide personal loans to individuals with low CIBIL™ scores, assessing factors beyond just credit history.  

3. What are the typical interest rates for these loans? 

Interest rates vary by app; for example, LazyPay offers rates between 15% to 32% per annum, while mPokket's rates vary based on eligibility.  

4. How quickly can I get approved and receive funds? 

Many low credit score loan apps offer quick approvals and disbursals, with some apps like True Balance claiming loan approval and fund transfer within 30 minutes.  

5. Are these loan apps safe to use? 

Reputable loan apps like CASHe and KreditBee are considered safe; however, it's essential to verify the app's credentials and read user reviews before applying.  

6. Do low CIBIL score loan app require collateral for loan approval? 

Most low credit score loan apps, such as PaySense, do not require collateral, offering unsecured personal loans based on your income and repayment capacity. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.