The battle of best personal loan app: ZestMoney instant loan vs FlexSalary instant loan

When you need money, what is the first thing you do? You ask your friends or family if they can lend you. If they can, you will not have to search for other options. However, what if they are not able to help you right now. Moreover, you really want to buy that new edition of that particular shoe you saw on the interest or buy a smartphone?

Well, when you are determined to buy it, one thing you can do is to check instant personal loan apps. They offer a quick loan without any substantial paperwork. The next issue comes, which app you should use. There are so many of them.

This is why, today, we have brought you two of the best instant loan apps. The battle is between ZestMoney instant loan vs FlexSalary instant loan. You read about them than decide for yourself which one you will use. Now, let’s begin with ZestMoney instant loan.

ZestMoney instant loan

ZestMoney was founded in 2015 to fulfill the needs and desires of those borrowers with limited access to money. Either they lack credit history or can’t have credit cards. Let’s check out the features of the ZestMoney Instant loan app.

Ø Borrowers with no credit history or CIBIL score can get the loan.

Ø The process is entirely digital.

Ø The loan amount is transferred directly into your bank account.

Ø There is no application fee

Ø There are no hidden charges

Ø The loan tenure is from 9 months to 24 months.

How to use ZestMoney

ZestMoney is primarily focused on shopping on leading e-commerce websites. There are more 1000 e-commerce partners to pay with ZestMoney. Some of them are:

1. Flipkart

2. Amazon

3. Myntra

4. MakeMyTrip

5. PayTm

The eligibility criteria

Ø The borrower should be an Indian citizen.

Ø The borrower should be above 18 years of age to apply.

How to apply for ZestMoney

Ø First, download the app from the Google play store.

Ø Please create an account; then, it will show your credit limit.

Ø Upload the KYC documents

Ø Start using the credit

As you can see, it is easy to use ZestMoney for shopping and getting an instant personal loan. This is the first part of the ZestMoney Instant loan vs FlexSalary instant loan. Now, let’s move on to FlexSalary credit.

FlexSalary instant loan

VivifiIndia, finance private, limited established FlexSalary. It is a non-banking finance company. It wanted to focus on the demands of Indian youths, who do not have quick access to money. In a short period, it has grown big. Let’s check out its features.

Ø The loan amount is offered up to ₹ 2 lakhs.

Ø Since the loan is unsecured, the borrower does not have to submit any collateral.

Ø As soon as the borrower submits the documents, the verification process starts.

Ø The interest rate could go up to 3% per month.

Ø The loan tenure depends upon the loan amount.

Ø The processing fee is Rs 650.

The eligibility criteria

Ø The borrower should be an Indian resident.

Ø The borrower should be 21 years of age to apply.

Ø The borrower’s minimum salary should be at least Rs 8,000 monthly.

Documents Required to apply

Ø Identity proof ( PAN card, Aadhar Card)

Ø Address proof ( Rent agreement, electricity bill)

Ø Bank statement and salary slips

Ø A selfie or the passport size photo

How to apply

Ø First, download the FlexSalary app from the Google play store.

Ø Create an account, fill up the application form

Ø Submit the documents

Ø Wait for verification

Ø Once the verification is complete, the credit will be transferred into your bank account.

So, this is everything you needed to know ZestMoney Instant loan vs FlexSalary instant loan. After reading about both of them, you can easily decide which one to choose to get the instant personal loan.

Originally published at https://ajit11.kinja.com on August 18, 2020.

I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments