Traditional banks take a lot of time processing money loan applications, but India is changing the practices and norms and now taking a loan is not taboo. You can get a personal loan within minutes with the aid of instant personal loan apps in India. With the help of these apps, the application and disbursal process of personal loans has become pretty easy and quick. Now, you can get funds effectively and efficiently at a very low-interest rate by applying through the app.
Why should you take a personal loan?
People have various reasons for getting a personal loan. Here are some of the significant ones:
Easy approval Finance for home renovation Traveling Fast disbursal No collateral wanted Fixed-Rate of Interest You can choose the loan period Tax benefits
Documents necessitated
Here are a few documents that you would need to submit to get a personal loan from the best instant loan apps in India–
Aadhar card Salary slips A photograph Bank account details and statements KYC form
Features and Benefits of Instant Loan apps
Instant loan apps enable you to get a good amount of funds in just a few clicks and with minimum paperwork. For getting the loan, you would need a good internet connection, and you would get funds in just a couple of days in your account. Let us know more about the benefits and traits of instant loan apps:
- Quick process: You can avail funds from these apps instantly as soon as the loan is approved. The best thing is that you need not jump from one place to another for getting the loan; lenders have made the loan eligibility criteria easy because of the huge competition. 2) Save Time: In case if you have an emergency requirement for funds and don’t have much time to run through different banks for getting a loan, then these apps are best for you to avail yourself of a personal loan. You get the loan through these apps by clicking a button and getting the amount credited within no time. 3) Digital Documentation: The times when it was essential for people to submit the self-attested Xerox copies of the documents have gone, all thanks to digitalization. On these apps, you can upload the documents with the help of a scanner on your phone. Once the documents are uploaded and complete, you get the loan; isn’t that too simple?
- Access anywhere: People prefer taking a loan from the instant loan apps is because they do not have to stand in long queues. Through the apps, you can apply for the loan sitting at home, track your loan application online, and the verification of the documents and disbursal of funds is also done online. 5) Collateral-free: You would be happy to know that some of the best personal loan apps in India provide funds without the need for any security or collateral. This means that without mortgaging anything, you would be able to get the loan.
- No end-usage restrictions: The good part is that there are no restrictions on the usage of funds (obviously, the usage should be ethical) as you can use it for traveling, buying personal things, medical requirements, etc. You can apply for the loan online round the clock at competitive rates. 7) No credit history wanted: Chiefly, the personal loan apps do not demand any credit history or evidence for giving the loan. All you require is to meet the eligibility criteria and proffer the documents.
Person Loan Eligibility Criteria
For getting the loan from the apps, there is a basic criterion that you should meet for getting the loan approved. Here is the eligibility criterion for you:
- Age: It should be between 21-60 for applying for a personal loan through most of the apps
- Income: For availing of the loan from the apps, the minimum income they require is Rs.12,000 per month, but a few apps ask for a higher income per month.
- Loan Amount: The loan amount varies as per different apps, your income, and your bank statement. But usually, these apps offer loans for the amount Rs.10,000 to Rs 10,00,000
- Occupation: They provide loans to both salaried professionals and self-employed individuals
How to apply for a personal loan from the apps?
Applying for a personal loan from instant personal loan apps in India is very smooth and quick. There are just a few steps that you need to follow for getting the loan: This was about the process of applying for a personal loan on the apps.
Other important information
On the instant personal loan apps in India, the interest rate normally lies around 12% to 36% The processing fee that they charge is up to 3000 on the personal loan for most of the apps. Loan tenure is up to 60 months. The loans they offer come with a credit line or overdraft facility so that the lenders can make part payment easily. The good part is that you can pay interest only on the loan amount that you used.
These were some of the important points that need to be considered before you apply for the loan, but the most important question is still answered, and that is which are the best personal loan apps in India. Let us know about some of the best loan apps with excellent features and good ratings.
26 Best Instant Personal Loan Apps in India
1) MoneyTap
It is one of the fastest loan apps in India, as all you need to do is download the app for availing yourself of the loan. Both self-employed and professionals can apply for a loan on this app. They have flexible interest rates and are currently serving in more than 30 cities in India. Features
Founded in: 2015 Minimum Loan Amount: ₹3,000 Maximum Loan Amount: ₹5,00,000 Flexible EMI tenure ranging from 2 to 36 months A very low denial rate of loan applications. If you do not use the entire amount sanctioned, you will be imposed interest only on the sum you have withdrawn It is a 100% paperless process 13%-36% per month rate of interest
Cons
Their processing fee is Rs.499 Initial KYC takes times
This app is best suited for people who have a minimum income of Rs.30,000 a month.
2) PaySense
This app was founded in 2015 and is a venture-backed financial services start-up. It has gained a lot of popularity recently because of its immediate loan consent and payment process. You can download the app through the Google Play store and, after that, check your eligibility, upload the documents and apply for the loan. Features
Flexible EMI tenure ranging from 3 to 36 months The standard processing fee is 2.5% of the loan amount Provide facility of doorstep collection of documents Maximum Loan Amount – Rs. 5,00,000 Minimum Loan Amount – Rs. 5,000 The rate of interest starts at 13% p.a. It takes 3-5 days to get the funds It is based in 50+ cities across pan-India No collateral needed Google rating is 3.5 stars
Cons
The loan might get denied if you have a bad credit rating A few documents require to be verified, which might take some time
This loan is best for people who have a minimum salary of Rs.18 000 a month. Also Read: 10 Best Government Business Loan Schemes For MSMES And Startups
3) CASHe
It was founded in 2016 and is a great app to secure funds during an emergency or financial crisis. V.Raman Kumar founded it to bring a formal credit system for young salaried people for who the banks and other financial institutions refused loans. Features
The rate of interest starts at 27% p.a. You can get immediate loans for a short period of 15, 30, 90, and 180 days. Minimum Loan Amount: ₹7,000 Maximum Loan Amount: ₹4,00,000 Flexible EMI tenure varying from 2 to 12 months Round the clock service You can also carry a part of your loan amount directly to your Paytm wallet. They have a 100% paperless loan application process No foreclosure charges
Cons
It takes a little time for verification of the documents You should have a good credit score else they might reject the application
This personal loan app is best suited for those with a monthly salary of a minimum of Rs.15 000.
4) India Lends
It is one of the best personal loan apps in India as it is associated with more than 50 banks and offers different kinds of loans for different classes of loans. It is a low-interest loan app where you can avail of instant loans of up to Rs.50 lakhs. Features
Flexible EMI tenure ranging from 1 to 5 years The rate of interest starts from 10.75% 100% online method They provide loans to both salaried and self-employed people Supportive customer service They seek work experience of atleast 6 months for salaried persons and 3 years for self-employed individuals. You can get your credit score in 1 minute Quick disbursal Easy approval
Cons
Processing charges are up to 6% of the loan amount You will need the right KYC
This app is best suited for people with a minimum salary of Rs.15 000 per month.
5) Dhani
It is an excellent personal loan app as they disburse the loan amount quickly in your bank account. You can apply for the loan anytime, anywhere, and for any plan you desire. Initially, they started as a drugstore; later, they entered into financial services. Features
Maximum Loan Amount – Rs. 15,00,000 Minimum Loan Amount – Rs. 1,000 The rate of interest ranges from 10% to 13.99% Unlimited access to doctors The entire application method is online and entails minimal documentation. You get the money in your account spontaneously No processing fee & other charges Round the clock customer support Provocative cashback These are unsecured loans Loans are offered to both salaried and self-employed individuals.
Cons
You cannot use it on all e-commerce platforms. Primary documentation while registration might take time
This app is best for people who want speedy loans with low-interest rates. Also Read: Instant Payday Loans Within 24 Hours In India
6) Money View
This has become a well-known money lending app in the country because of the unparalleled range of features and benefits they offer. Along with the loan, they render their users with a smart money manager that can help you track expenses and budgeting. Features
Maximum Loan Amount – Rs. 5,00,000 Minimum Loan Amount – Rs. 10,000 The interest rate is around 16% to 39% Flexible EMI tenure ranging from 3 months to 5 years Once the application is accepted, the loan amount is paid within 24 hrs Eligibility check is performed within a couple of minutes from anywhere in the country The processing fee varies from 2.5% to 4% of the loan amount
Cons
High processing fee Their eligibility check might take time
This app is best for people who are looking for a quick loan with a flexible repayment schedule.
7) KreditBee
It is one of the best instant loan apps in India because of the excellent services they provide to its customers. They offer three types of loans: flex personal loans, online purchase loans, and personal loans for salaried people. Features
Flexible EMI tenure varying from 62 days to 15 months KreditBee app is secured with the 128 bit SSL encryption They charge a small processing fee The interest rate is around 0% to 29.95% Maximum Loan Amount – Rs. 2,00,000 Minimum Loan Amount – Rs. 1,000 Google rating is 4.5 stars They charge a one-time service fee while on-boarding
Cons
The loan tenure of 15 months is very less. You will require a good credit score for quick approval.
This app is apt for anyone who is earning at least Rs.10 000 a month.
8) EarlySalary
This app is made for people who don’t have a good credit history but need a loan. With prim documentation, you can take a loan from this app within just a couple of minutes. They provide their customers with easy payback options in flexible EMIs. Features
Maximum Loan Amount – Rs. 2,00,000 Minimum Loan Amount – Rs. 15,000 The processing fee is 2% of the loan amount Flexible repayment tenure option from 90 days to 12 months The interest rate is proximately 0% to 30% You can also appeal for repeat loans any time of the day and get them transferred to your bank account.
Cons
Tenure is relatively less than its competitors Interest rates are high
This app is suitable for people who have a salary of Rs.20 000 per month. Also Read: 22 Top Money Earning Websites
9) CashBean
This firm is registered under RBI of P C Financial Services Private Limited. This app was founded in 2018 and is available on both mobile and web, and has made financing easier for people. The best part is that you can apply for the loan with them only on their user-friendly mobile app. Features
Minimum Loan Amount: ₹1,500 Maximum Loan Amount: ₹60,000 No paperwork The interest rate can go up to 26% p.a. GST is applicable on 18% of the Processing fee The processing fee varies from 2.5% to 4% of the loan amount Flexible EMI tenure ranging from 62 days to 120 days All your transactions would be secured through 256-bit SSL encryption The processing fee varies from Rs.90 to Rs.2000 depending on the loan amount
Cons
The tenure period is very less. The loan amount is also pretty less as compared to the competitors
CashBean is best suited for people who are looking for loans without any paperwork.
10) Credit
This app is currently operational in Pune, Mumbai, Hyderabad, Chennai, Bangalore, and Hyderabad. It might be new in the market but is giving a strong competition by providing great services and reasonable interest rates. Features
Minimum Loan Amount: ₹10, 000 Maximum Loan Amount: ₹1,00,000 Loan duration extends from 3 to 15 months The interest rate starts at 12% and goes up to 18% The processing fee is 3% of the loan amount For getting top-up loans, you need to pay the EMIs on time
Cons
Tenure time is less
This loan is for people who have a minimum salary of Rs.15 000.
11) Nira
It is one of the best instant personal loan appss in India as you can easily get a higher amount of loans with their uncomplicated registration method. The best part is that you can also set up auto-debits and credits through this platform. Features
Minimum Loan Amount: ₹2,500 Maximum Loan Amount: ₹1,00,000 The tenure period is 12 months Interest rate ranges from 24% to 36% p.a. The processing fee ranges from Rs.350 to 2% of the loan amount.
Cons
12 months repayment period A higher amount of approval takes time
A person who is earning a minimum of Rs.12, 000 can apply for this loan.
12) Smart Coin
It is a FinTech company that aims to offer its customers a user-friendly and scalable lending platform. They offer loans to people from all walks of life, such as salaried, support staff, business owners, stay-at-home parents, etc. Features
Minimum Loan Amount: ₹4,000 Maximum Loan Amount: ₹1,00,000 Loan duration ranges from 62 to 180 days The interest rate ranges from 0% to 30% per annum. Its Google rating is 3.9 stars. You get the loan amount credited into your account within two working days.
Cons
The interest rate is comparatively high The repayment period is too short
You should have a minimum salary of Rs.15 000 to apply for this loan. Also Read: Top 15 DeFi Lending Platforms
13) RapidRupee
This is an excellent personal loan app and is best suited for people looking to get a loan instantly. With the help of RapidRupee, you can get the loan in just 30 minutes. Features
Minimum documentation, all you need to provide is PAN and Aadhar card Minimum Loan Amount: ₹1,000 Maximum Loan Amount: ₹60,000 The interest rate goes up to 12% p.a. Loan duration ranges from 3 to 12 months Its Google rating is 4.3 stars
Cons
They charge a processing fee of Rs.349 or more
This app is best suited for people who are looking for instant cash.
14) Home Credit
It is a component of the international Home Credit Group that is running in more than ten countries in Europe and Asia. It is one of the oldest money lending apps in India, where people from the age group of 19 to 65 can get short-term loans. Features
Minimum Loan Amount: ₹10,000 Maximum Loan Amount: ₹2,00,000 Loan duration ranges from 6 to 51 months Gives easygoing loan application and approval 100% private and protected online They do not check your credit history The interest rate ranges from 19% to 56%
Cons
The rate of interest varies on different products Check all their offers and terms & conditions before applying
This app is best suited for people who are looking for personal loans for the short term.
15) mPokket
It is one of the best personal loan apps in India for college students. It operates on the theory of pocket money for students. All you need to do is download the app, fill in the details, and get the money credited to your account once the application is approved. Features
Minimum Loan Amount: ₹500 Maximum Loan Amount: ₹30,000 Loan duration ranges from 61 to 90 days The interest rate ranges from 52% to 72%p.a. Its Google rating is 4.4 stars College ID and address proof required
Cons
It is not available in all locations The interest rate is too high
This loan is best suited for college students and working professionals. Also Read: Get Instant Cash Loan Online In India
16) PayMe India
This is a Fin-tech company which is based out of Noida. The loan application process of PayMe is done entirely through the app. It is an excellent platform with an extensive range of benefits which is why it was able to raise $2 million from Singapore-based investors. Features
Minimum Loan Amount: ₹2,000 Maximum Loan Amount: ₹2,00,000 The lending process is speedy and trustworthy. Personal loans are offered with convenient and flexible repayment plans The interest rate ranges from 18% to 42%p.a. You can get the loan amount within a day You can also get an immediate cash proposition
Cons
You need to pay the complete amount within 2 years The interest rate is usually high for short-term loans
This app is best for corporate employees who require instant cash.
17) InstaRupee
If you wish to take a loan from this app, you need to provide them with your Aadhar and PAN card for processing the application. For applying for this loan, you need to be an Indian citizen of age 18 years and above. Features
You can get a loan of up to Rs. 20,000 Their annualized percentage rate (APR) is around 20% to 30% Loan duration ranges from 91 to 120 days Its Google rating is 4.7 stars They have an easy online application process
Cons
Low repayment period
This app is perfect for part-time salaried people who are looking for instant cash.
18) uuCash
For getting instant cash, you need to submit a PAN card, Aadhar card, and a selfie. This is one of the best instant loan apps in India as the loan application process is simple, the app is very user-friendly, and its customer support is also amazing. Features
Minimum Loan Amount: ₹1,000 Maximum Loan Amount: ₹20,000 Processing time just takes 30 minutes The maximum APR charged on the loan amount is 20% Loan duration ranges from 91 to 365 days No processing fee Service charge ranges from 5% to 15%
Cons
The service charge is too high They also charge a sign-up fee
This app is perfect for both salaried and part-time people.
19) FlexSalary
This app renders loans to even those who do not reside or work in urban cities. They have no set EMIs and offer expeditious loan consents, which operate as an advance salary loan app. It is based in Hyderabad and has instant disbursals, plus it gives its borrowers the option to access their credit anytime. Features
Minimum Loan Amount: ₹4,000 Maximum Loan Amount: ₹2,00,000 Unsecured personal loan Loans are paid in a trouble-free environment. You get the option to determine the loan tenure Compliant repayment policy Prompt disbursals
Cons
You need to submit a lot of documents for getting the loan
For getting a loan through this app, your minimum salary should be Rs.8,000.
20) StashFin
It is a digital lending app founded by experts who have good knowledge of banking, finance, and technology. They wish to make lending easier for people in India and deliver best-in-class services and convenience to its customers. Features
Minimum Loan Amount: ₹1,000 Maximum Loan Amount: ₹5,00,000 The loan can be repaid in EMIs only electronically Easy application process The interest rates start from 11.99% to 59.99% per annum Loan duration ranges from 3 to 36 months Immediate transfer of funds You just have to pay the processing fee; there are no hidden charges.
Cons
The interest rates are pretty high
For getting the loan through StashFin, your salary should be above Rs.18 000.
21) LoanTap
This online platform delivers quick and flexible personal loans to salaried professionals and business owners on attractive terms. It was founded in 2015 with a tag line, “Bringing Dreams to Life,” which is absolutely true. Features
Minimum Loan Amount: ₹25, 000 Maximum Loan Amount: ₹10,00,000 Instant approval and disbursal Minimum documents required Transparent process Payment options of the app incorporate expedited payment options and bullet repayment to the principal outstanding. Indian citizens of 21 years and above can apply for this loan
Cons
The processing fee is 2% of the loan amount plus applicable taxes.
Also Read: 10 Best Banks For A Personal Loan In India
22) RupeeLend
It is a part of Casinity Group and is based in Gurugram, and is now running in larger cities of the country. It was launched in 2015; they offer short-term credit to its users instantly without submitting any documents. The good part is that it is a secure and reliable personal loan app for short-term emergencies. Features
Minimum Loan Amount: ₹10,000 Maximum Loan Amount: ₹1,00,000 You can get a same-day loan The application process is very straightforward Requires minimum documentation Meetings are done over phone calls Foreclosure can be done without paying any extra charges
Cons
It is operational in very few cities.
This app is best suited for people who want the money within a couple of hours.
23) AnyTime Loans
It was founded in 2014 and is a solution for all salaried people who want a personal loan instantly. They render loans to both salaried and self-employed people by connecting them to lending partners. They are 100% unsecured loans with complete transparency and no hidden terms or costs. Features
Minimum Loan Amount: ₹1,000 Maximum Loan Amount: ₹10,00,000 Instant loan approval Round the clock loans to salaried and self-employed individuals It is 100% paperless and contactless No collateral or guarantor High Liquidity
Cons
The interest rates would be relatively high
If you are looking for a safe and reliable platform, then Anytime Loans can be the best option for you.
24) Bajaj Finserv
This app has more than 12, 000 partner outlets in over 150 cities. They have been in the market for more than a decade and are one of the best instant personal loan apps in India. They provide personal loans which are instantly approved and disbursed within 24 hrs. Features
Minimum Loan Amount: ₹30,000 Maximum Loan Amount: ₹25,00,000 The annual interest rate is around 12% to 34% Its Google rating is 4 You can update personal details smoothly on the app. No security required You can use their zero interest EMI card to finance your purchases.
Cons
The rating is relatively less as compared to its competitors
This app is best suited for people who want a personal loan without any collateral or guarantor.
25) LazyPay
It is different from all the apps mentioned in the list, as even before putting in your details, you would be able to check your loan limit by just putting in your mobile number. It is one of the fastest loan apps in India because of the quick approvals and safe online application processing. Features
Minimum Loan Amount: ₹10,000 Maximum Loan Amount: ₹1,00,000 Pocket-friendly EMIs Easy digital process Minimum documentation The annual interest rate is around 12% to 34% Its Google rating is 4.4 There is a 14 day-interest-free window for repayment.
Cons
The loan amount is comparatively less.
This app is perfect for salaries people looking for a short-term loan. Also Read: List of Private Banks in India
26) ZestMoney
It was founded in 2015, and you do not need a credit score to get a loan approved from them. It is a unique app as here you can pay back your loan digitally in EMIs and can also get a cashback of 100% on your EMIs. Isn’t this interesting? Features Cons
A higher amount of approval takes time
This personal loan app is best suited for people who are looking for loans without much paperwork. These were some of the best personal loan apps in India that you can use for anytime type of requirement. The good part is that all these apps are safe and reliable, but it would depend on your requirement which suits you the most.
Factors to consider while taking an instant loan from apps
There are a lot of platforms that give instant loans with all digital documentation and verification performed. But, the question is which one is the best as all of them have more or less similar terms & conditions and interest rates. Don’t worry, here are a few factors that you should always check upon and compare before choosing one-
- Rate of interest: The interest rate varies from app to app, and it is one of the most important factors, especially in the case of short-term loans. Interest is usually high if you take a loan from the apps, especially if you default, the interest rate gets accumulated. Always seek apps that offer a less rate of interest and are reliable.
- Repayment period: Usually, the loan repayment period of the best instant loan apps in India ranges from 60 days to 5 years. But, some apps offer a loan with a very short loan repayment time which makes it tough to manage because of the high repayment amount. Always choose the app whose repayment period time suits you, and your monthly expenses are not impacted.
- Processing of documents: If you want an instant loan, then this factor is important for you as multiple apps take a lot of time in approval or disbursing the money. Thus, always check the processing speed of paperwork and see how quickly you can get a loan before selecting the platform.
- Repayment capacity: Not only do you need to check the terms and conditions of the bank, but before applying for the loan, it is essential for you to check your cash need and repayment capacity. See if you can manage funds without taking a loan, such as managing your savings, withdrawing the investment, etc. If you are unable to manage and wish to take a loan, then check how much cash flow you have to repay the loan. If the cash flow is less and you cannot pay the EMIs, then these loans can be a trap because of high-interest rates.
- Additional costs and conditions: Always consult the team to inquire about hidden terms and conditions. The processing fee is around 1%-6% as per your loan amount. But you can search for the apps that have low processing or serviced fees. This is where many people fail to be vigilant, and they end up paying a notable amount of money.
- Loan app ratings: Do not forget to check the reviews and ratings of the app before applying for the loan as they might charge you the fee and do not approve the loan, bad customer service, etc. Read about the experience of people who have already used the app, and then make your judgment. The apps with high ratings usually have a more satisfying user experience, easy application method, and loan management characteristics. This was the list of best instant personal loan apps in India; you can choose any of the apps as per your needs and budget. But, remember that you should take a loan only in case of emergency and if you can repay that, else you would end up paying more interest than your principal amount. Recommended: Top Business in India In today’s time, options for getting instant loans have increased, making it pretty easier for you to get a loan. Thus, always look for a lender with easy eligibility criteria, ensure repayment consistency and enquire about all the additional fees or charges before making the final decision.
