These start-ups offer micro loans to professionals


09 Jun 2018

#FinancialBytes: 7 Indian start-ups that offer micro loans to professionals

When it comes to taking loans, there are many options available in India; people can borrow money from banks/financial institutions easily.

However, banks provide bigger loans with higher interest rates for longer terms. But sometimes, people need small loans for short time.

So, several Indian fin-tech start-ups have started offering quick "micro loans" to help people meet their needs.

Here are 7 such start-ups.

PayMe India

Borrow as low as Rs. 1,000 with PayMe India

Borrow as low as Rs. 1,000 with PayMe India

PayMe India is a Noida-based fintech start-up offering short-term and long-term loans to salaried persons.

Its website says one can take a loan of Rs. 1,000-1,00,000 for 2-30 days at 2-6% interest per month and Rs. 500 processing fee.

It also provides an exclusive program for "Advance Salary" for employees of partner organizations under which they can borrow 50% of their net monthly income.


EarlySalary is another popular option for small loans

EarlySalary is a Pune-based fintech start-up that offers smaller and short-term "unsecured" loans within minutes through its smartphone app.

Individuals can borrow amounts between Rs. 7,000 and Rs. 1,00,000 with a repayment period ranging between 7 and 41 days at an interest rate of 24-30%.

EasySalary also charges a processing fee and stamp duty. It also has the option to prepay the loan.

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CrediFiable, another new-age finance company revolutionizing consumer loan market

CrediFiable, another new-age finance company revolutionizing consumer loan market

CrediFiable is a Bengaluru-based start-up offering micro loans to salaried professionals (even if they don't have a credit history) in a simpler online process.

It offers "unsecured" loans of Rs. 1,00,000-5,00,000 for a tenure of 6-36 months at an interest rate of 10.99%.

However, borrowers must have a gross annual income of over Rs. 3,00,000, valid PAN Card, bank account, college/university degree.


CASHe is among premier app lending platforms

CASHe is another fintech start-up based in Mumbai that was launched in 2016. It is a lending mobile app through which loans ranging between Rs. 5,000 and Rs. 1,00,000 (or 100% of one's salary) payable over 15-90 days can be availed.

For smaller loan amounts not more than 40% of an individual's salary, CASHe reportedly offers repayment periods of 15 and 30 days.


MoneyinMinutes specializes in lending instant loans online

MoneyinMinutes specializes in lending instant loans online

MoneyinMinutes offers instant loans at very low-interest rates even to those with low credit score.

Borrowers must be full-time employees with a minimum monthly salary of Rs. 15,000 credited electronically to their bank accounts.

One can avail a minimum loan of Rs. 5,000 and maximum of Rs. 1,00,000 at an interest of 0.1-0.7% per day. The repayment period can range between 1-180 days


Credy offers quick financing for all your needs

Credy offers smaller loans on personalized terms - customized as per one's requirements - without the requirement of a collateral.

Even people with low CIBIL score can avail loans online at lower costs.

Loan amounts ranging between Rs. 10,000 to Rs. 1,00,000 payable between 3 and 12 months can be availed without any hidden charges.

It levies an annual interest starting at 12%.

InstaPaisa brings together lenders and borrowers

InstaPaisa is a Delhi-based start-up that also offers micro loans to salaried professionals. It is an online/mobile lending platform but it also allows borrowers to access credit from other lending sources. It offers loans of up to Rs. 5L at a 8-12% interest per annum.

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