A personal loan is a boon for borrowers as people can use it in an emergency or when they have a shortage of funds. There are no restrictions on using this fund which means you can use it for any purpose such as wedding, traveling, medical requirements, etc. Earlier, people used to take loans from banks, but many companies are giving personal loans today.
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 nd 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.
Top Instant Loan Apps in India
| Loan App | Annual Interest Rate or APR | Loan Amount | |
| 1 | PaySense | 16% – 36% (APR) | ₹5,000 to ₹5 lakh |
| 2 | CASHe | 27% – 33% | ₹7,000 to ₹4 lakh |
| 3 | EarlySalary | 0% – 30% | ₹3,000 to ₹5 lakh |
| 4 | Nira | 24% – 36% (APR) | ₹5,000 to ₹1 lakh |
| 5 | KreditBee | 0% – 29.95% | ₹1,000 to ₹2 lakh |
| 6 | Credit | 12% – 18% | Up to ₹1 lakh |
| 7 | mPokket | Starting at 52% | ₹500 to ₹30,000 |
| 8 | Dhani | Starting at 13.99% | ₹1,000 to ₹15 lakh |
| 9 | Bajaj Finserv | 12% – 34% (APR) | ₹30,000 to ₹25 lakh |
| 10 | MoneyTap | 13% – 36% | ₹3,000 to ₹5 lakh |
| 11 | FlexSalary | Up to 36% (APR) | ₹4,000 to ₹2 lakh |
| 12 | MoneyView | 16% – 39% (APR) | ₹10,000 to ₹5 lakh |
| 13 | PayMe India | 18% to 42% (APR) | ₹2,000 to ₹2 lakh |
| 14 | SmartCoin | 0% – 30% | ₹4,000 to ₹1 lakh |
| 15 | StashFin | 9.99% – 35.99% (APR) | ₹1,000 to ₹5 lakh |
| 16 | HomeCredit | 19% – 56% (APR) | ₹10,000 to ₹2,40,000 |
| 17 | ZestMoney | Up to 36% (APR) | ₹1,000 to ₹10 lakh |
| 18 | InstaRupee | 20%-30% (APR) | Up to ₹20,000 |
| 19 | LoanTap | 18% – 30% | ₹25,000 to ₹10 lakh |
| 20 | RapidRupee | Starting at 12% | ₹1,000 to ₹60,000 |
| 21 | LazyPay | 15% – 32% | ₹10,000 to ₹1 lakh |
| 22 | IndiaLends | Starting at 10.75% | Up to ₹50 lakh |
| 23 | CashBean | Up to 26% | ₹1,500 to ₹60,000 |
Features and Benefits of the 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.
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.
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) 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.
11) 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.
12) 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.
13) 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.
14) 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
15) 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.
16) 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.
17) 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.
18) 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.
19) 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.
20) 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.
21) 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.
LazyPay app is perfect for salaries people looking for a short-term loan.
22) 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
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹10,00,000
- The loan process is so contoured that it gets passed in a couple of minutes.
- The annual interest rate is up to 36%
- Its Google rating is 4.6
- Loans up to one lakh are approved immediately
- You might also get a gift card or coupon from online partners like Amazon, Flipkart, Makemytrip, and Myntra.
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.
Also Read: List of Private Banks in India
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:
- Open the website of the app for which you want to apply for the loan. Once selected after that, register for an instant personal loan application.
- Now, put in the required personal and bank details, plus upload the documents required.
- They will check your details and eligibility, and accordingly, your loan amount will be approved.
- Once the loan amount is sanctioned, you need to submit your KYC and bank statements.
- Now, they would verify your documents, and once that is done, the amount will be credited to your account within a couple of hours.
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.
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-
1) 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.
2) 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.
3) 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.
4) 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.
5) 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.
6) 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.
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.
👋