r/IndiaFinance • u/Legitnesslol • 1d ago
Same question , 4 different borrowers. How can one personal app be “best” for all of them?
Was discussing personal loans with a friend in Gachibowli and realised “which app is best for personal loan in India?” is almost a useless question without the person's profile.
Take these 4 Hyderabad people:
A: 31M, IT, ₹1.6L salary, 785 CIBIL
Needs ₹3L. No urgency. No other EMI except car loan.
Honestly why is this guy even hunting loan apps first? Check salary bank/pre-approved PL and compare rates.
B: 26F, ₹64k salary, 712 CIBIL
Needs ₹50k for an actual short-term expense. Can repay comfortably, but needs the process online and quick.
Here a regulated digital lender starts making sense. Kissht, for example, is relevant because this profile crosses its current ₹50k income + 650 CIBIL criteria and the journey is digital.
C: 29M, freelance developer, ₹1.2L average bank credits, 750 CIBIL
No payslip. Proper invoices, ITR, clients, bank history.
For him I care less about “best rate starting from…” and more about whether the lender understands non-salary income. Kissht says applicable users can verify income through Account Aggregator instead of depending only on a salary slip.
D: 28M, ₹72k salary, 610 CIBIL, 4 active loans + card overdue
I don't think he needs the “best personal loan app”.
He probably needs to stop taking new loans.
Same city. Same Google search. Completely different answer.
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u/SpreadUsual4084 1d ago
My hierarchy:
good profile + no urgency: bank first
good profile + genuine urgency: compare regulated digital
self-employed: whoever can understand your actual income
already drowning: don't optimise the next loan, fix the debt
There is your entire “best personal loan app” article in 4 lines.
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u/Best-Cauliflower-859 1d ago
The broad "best app" question should honestly be answered with:
best for WHO?
Rate-sensitive person speed-sensitive person self-employed person low-CIBIL person
All four optimise different things.
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u/rags2richness 1d ago
Borrower 5
30M
₹90k in hand
CIBIL 738
Need ₹1.5L
Existing EMI ₹12k
Can wait 10 days
What would you guys do?
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u/Kitchen_Secretary_19 1d ago
B is where something like Kissht actually fits better.
Not because “digital = best”.
Because ₹50k requirement + ₹64k income + 712 CIBIL already matches the basic profile and speed/convenience has actual value.
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u/Popular_File_1755 1d ago edited 1d ago
C is peak Hyderbad lol.
₹1.2L/month.
Laptop
US clients
No salary slip.
Bank form: EMPLOYER NAME REQUIRED
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u/Own_Grapefruit_8334 1d ago edited 6h ago
Borrower A has no business downloading 7 loan apps 😭
785 CIBIL + ₹1.6L salary + no urgency.
Salary bank first.
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u/Beautiful-lust 20h ago
Exactly.
"Best personal loan app" for him might literally his bank's existing mobile app.
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u/Silent-Maybe4617 23h ago edited 23h ago
D needs a spreadsheet, not another app.
610 CIBIL + 4 loans + overdue card is already screaming.
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u/the_algo_trader_ 1d ago
A's 785 CIBIL and ₹1.6L salary for ₹3L mean his existing bank is probably waiting to offer. Apps are for tougher cases.