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Personal loan borrowers have been increasing manifolds in India over several years. Hence, many dozens of lenders are offering funds in India. 

Unlike traditional lenders that have a tedious loan disbursement process, new lending players offer instant loan. Traditional banks have a lengthy documentation process. Whereas new lenders like Fintech companies or lending apps leverage on artificial intelligence and data science to offer instant loan without documents for pre-approved customers. Instant loan apps like FlexSalary and RedCarpet are known to offer instant loans. Borrowers looking for instant loans can get personal loans using one of these apps.  

RedCarpet loan

RedCarpet is one of the smallest personal loan apps in the country. You can avail instant loans in the form of a line of credit using this app for your unexpected financial needs. 

Features of RedCarpet instant loan

Instant credit: Instant credit is offered in the form of a line of credit. Moreover, only used money is converted into a loan. There are no charges on the unused credit. 

Ruby Card: Borrowers are provided with Ruby credit card after instant loan disbursal. This card works as other debit cards. Ruby Card is accepted at any bank’s ATM to withdraw cash from the borrower’s personal loan account. 

Expense tracker: Borrowers can analyse their expenses and access card statement an in-built expense tracker on RedCarpet app. 

Interest rates and charges

Followings are the rates and charges applicable on instant loan by RedCarpet:

Interest2% to 3% per month; no interest on balance paid within 1 month
Processing fee2% to 5% per month on disbursed amount subject to a minimum of Rs. 100 + GST
ATM cash withdrawal fee2% + GST on minimum withdrawal of Rs. 1000
Late payment penalty2% on overdue 
Reload feeRs. 60 + GST on every Rs. 2000 of credit amount 
Validity Up to 12 months for term loan
Over-limit fee2% of the amount over limit 

How to get an instant loan

Take the following steps:

Step 1: Install the RedCarpet app from the Play Store

Step 2: Enter your personal and financial inputs 

Step 3: Upload your KYC documents 

Step 4: Apply for a loan

Who can get RedCarpet credit?

Borrowers need to meet the following conditions to get RedCarpet loan:

  • Indian citizen 
  • Minimum age of the applicant should be 18 years
  • Valid identity proof and bank account are necessary 

FlexSalary personal loan

FlexSalary personal loan is backed by Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). This instant loan scheme is designed to address the financial needs of underserved consumers. Borrowers can get instant loans for their unplanned financial emergency. Once they repay the balance, they can get instant loan without documents

Key features of FlexSalary 

  • Instant cash loan up to Rs. 2 lakh
  • Flexible repayment tenure with no fixed EMI
  • Single application for multiple loans
  • Open-ended tenure of your preference 
  • Loan amount from Rs. 4,000 to Rs. 2 lakh

How to get Instant Cash Loan?

Take the following steps to get the loan using FlexSalary instant loan app:

Step 1: Download the FlexSalary app from the Play Store or App Store

Step 2: Click on ‘Apply Now’ button

Step 3: Enter personal details and income details

Step 4: Upload salary slips and banks statement, or complete net banking verification for income validation

How does it work?

  • Create an account on the FlexSalary app
  • Use this account to apply for instant loan without documentation multiple times
  • Access credit anytime anywhere 
  • Repay the loan in part or full as per your preference
  • No prepayment charge, so you foreclose the loan anytime 

Types of Flexsalary loans: 

Salary Advance loan 

Salaried borrowers whose minimum salary is Rs. 8000 per month is eligible to get loans against their salary with zero paperwork. They can avail of emergency funds under the Salary Advance Loan scheme to meet a host of unplanned financial requirements. 

Line of credit 

A line of credit loan up to Rs. 2 lakh can be availed on FlexSalary app. You can access a part of the approved amount and repay some balance. As and when you need, you can again get some amount within credit limit.   

Eligibility for FlexSalary

You need to meet a few simple loan eligibility criteria and upload some documents to get the line of credit/ salary advance loan from FlexSalary.

  • Citizenship: The applicant should be a citizen of India
  • Income: The minimum income of the applicant should be Rs. 8,000 per month
  • Age: Age of the applicant should be at least 21 years old at the time of application
  • Work experience: The applicant should have a minimum of 3 months’ work experience
  • Bank: The applicant Should have a valid bank account

These are two of the best instant loan apps. Eligible borrowers can get instant loans in a few hours or 1 to 2 days using any of these apps.

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