Fri, 12 Aug 2022

Which Loan App is best for micro loans in India?

25 Jun 2022, 22:24 GMT+10

In our fast life today, the need for an emergency fund can arise at any point. Emergency needs can range from buying a gadget for work or for more serious reasons like healthcare. But you don't have to worry about getting an emergency fund instantly. Today, one can easily get a loan using loan apps in India. Personal loans are truly a boon for the borrower. An instant personal loan is flexible in nature and hence, it can be used for several purposes. Such as -

  • Home Renovation
  • Wedding
  • Higher Education
  • Debt Consolidation
  • Medical Emergencies
  • Expanding your Business
  • Celebration and Functions
  • Buying Electronics or Gadgets
  • Paying Credit Card Bills
  • Moving and Relocating
  • Credit Score Improvement
  • Funding your Holiday

With the online loan apps, you can take a loan of as low as ₹1000 to a maximum range of lakhs without pledging any collateral in return. Additionally, with the option to pay the loan amount later, or in easy instalments, that too at an affordable interest rate.. However, before opting for loans, good financial planning is highly advised, as it helps in preventing you from incurring huge debts.

The emergence of technology has made things quite easy for us. Now with the help of a loan app, you can easily apply and get the loan disbursed within 5-10 minutes. However, it depends on how accurate you provide the required information for the disbursal of an instant loan. While exploring the possibility of disbursement of micro and instant loans from different apps, we went through many of them and came across TrueBalance App.

The market for such finance apps is quite competitive, and to withstand the competition, one needs to serve the best quality to its audience to sustain and thrive. Before discussing further the reason behind choosing this instant loan app, let's briefly discuss the micro loan apps and how the loan application works.

What are micro loan apps? Are micro loan apps in India legal?

Micro loan apps, also known as microfinance apps or micro-credit apps, are mobile applications that provide a digital portal for the disbursement of instant micro-loans to the users at an affordable rate. These applications disburse the amount directly into your account once your loan request is approved.

With digitalization, many new online apps have been introduced, but not all of them are reliable. Various scammers have been taking the advantage of the borrowers' emergencies. To save the interest of the borrowers, RBI is in the process of regularising the loan apps.

As discussed above, microfinancing is a highly competitive sector. So, after looking through several apps on the play store that offer micro loans, here are the factors that made TrueBalance App our pick for the best micro loan app in India.

Allows you to borrow money in 5 simple steps

  • You can take a loan of as low as ₹5,000 to up to ₹50,000, instantly
  • Hassle-free loan processing
  • TrueBalance is an RBI registered PPI entity making it a highly reliable option
  • You can take a loan at any hour of the day, as this app is 24*7 available
  • Above 10 million user base
  • More than 75 million downloads of TrueBalance loan app
  • A decent interest rate compared to others
  • Smart user features like Level Up Loan allows the user to enhance their credit score.

There are other noteworthy features too, which make it a better pick in the Loan apps category. So, if you have a plan or want to stay financially safe during emergencies, go ahead and fill your loan application on TrueBalance in simple steps that provides loan through only RBI Licenced NBFCs. Download the TrueBalance loan app now from the Google Play Store and live a stress-free life!

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