Best 25 Instant Personal Loan Apps in India

What is an Instant Personal Loan? 

Instant Personal Loan Apps provide Personal Loans that are unsecured loans that are approved quickly and disbursed almost immediately with little to no verification.

Traditional banks take a long time to process personal loan applications, and money lenders are notorious for charging excessive interest rates, making the process extremely dubious. 

Throughout this complete financial system, personal loan applications have proven fantastic for providing safe and hassle-free instant cash loans in India.

Top 25 Instant Personal Loan Apps in India 2023

The following list includes India’s top 25 instant loan apps in 2023. Our lenders’ comparison tables are provided to give you an easy choice. The list also includes each platform’s maximum loan amount and starting interest rate. 

S. No.	Name	Max Loan Amount	Starting Interest Rate
1	Indiabulls Dhani	Rs. 5 lakhs	13.99% p.a.
2	MoneyTap	Rs. 5 lakhs	13% p.a.
3	KreditBee	Rs. 2 lakhs	15% p.a.
4	mPokket	Rs. 20,000	1% p.m.
5	PaySense	Rs. 5 lakhs	16% p.a.
6	CASHe	Rs. 4 lakhs	33.46% p.a.
7	EarlySalary	Rs. 5 lakhs	Rs. 9 per day
8	Bajaj Finserv	Rs. 25 lakhs	13% p.a.
9	StashFin	Rs. 5 lakhs	11.99% p.a.
10	RupeeLend	Rs. 1 lakh	0.1% per day
11	MoneyView	Rs. 5 lakhs	16% p.a.
12	Home Credit	Rs. 2 lakhs	19% p.a.
13	LazyPay	Rs. 1 lakh	18% p.a
14	PayMe India	Rs. 2 lakhs	18% p.a.
15	ePayLater	Rs. 20,000	36% p.a.
16	Credy	Rs.1 lakh	1% p.m.
17	FlexSalary	Rs. 2 lakhs	Up to 3% p.m.
18	LoanTap	Rs. 10 lakhs	18% p.a.
19	Realme PaySa	Rs. 10 lakhs	11% p.a.
20	Mi Credit	Rs. 5 lakhs	16.2% onwards
21	CashBean	Rs. 60,000	25.55% p.a.
23	NIRA	Rs. 1 lakh	1.67% p.m.
24	Navi	Rs. 20 lakhs	9.9% p.a.
25	ZestMoney	Rs. 1 Lakh	0% p.m.
26	SmartCoin	Rs. 25,000	20% p.a.
27	Buddy Loan	Rs 15 Lakhs	11.99% p.a.

Suggested Read: Fake Loan App List you should be aware of.

Our Top Selections for Best Instant Personal Loan Apps in India

Mobile banking and credit card applications have risen in popularity as platforms are gaining interest among millennials due to a variety of benefits, including customised lending, low-interest rates and a streamlined application process and  24×7 monitoring of transactions.

Here are the top loan apps in India listed according to user experience. 

Best Overall	IndusInd Bank
Best Instant	PaySense
Best Budget	KreditBee

You can also check out a full list of 70+ legitimate RBI approved apps here. These are reliable and backed by RBI.

There are many more personal loan apps in today’s market. Our list includes some of the best loan apps for the user convenience. The list also includes the highlights of each app.

1. Moneyview

Moneyview is one of the top-rated loan applications in India and provides unrivalled benefits and services to its customers. This is one of the best loan app without registration fee.

Major Highlights:

• The loan amount will be released within 24 hours if the application is accepted.
• You may check your eligibility criteria anywhere in the country in just two minutes.
• Moneyview only requires the following three documents: paychecks, identity cards, and proof of address.
• Borrowers can get an amount between Rs. 5,000 and Rs. 5 lahks with flexible repayment terms of up to 60 months at a low-interest rate beginning at just 1.33% per month.
• Moneyview does not need any security, meaning your loan is collateral free.

2. MoneyTap

It is a personal lending app that offers users a credit line that may be used as a credit card or an instant loan. One of the key advantages of MoneyTap’s loan is that you only pay interest on the loan amount you use, not the entire approved amount. It is a trusted loan app India. Some of the other advantages MoneyTap provides are-

Major Highlights:

• The no-usage-no-interest feature ensures that interest is only assessed on the loan’s portion that has been used.
• You may borrow any amount within the ranges of 3,000 and 5 lakh rupees at an interest rate of 1.08% each month.
• A flexible payback period of 2 months to 3 years is available.
• MoneyTap also provides its customers with free MasterCard credit cards.
• Candidates must be between 23 and 55 and make a minimum monthly income of Rs. 30,000 to be eligible for the loan.

3. KreditBee

KreditBee offers different types of personal loans – Flexi loans, which are small-ticket personal loans ideal for emergencies or minor requirements, and personal loans for self-employed and salaried applicants. There was also aSome of the features and benefits are –

Major Highlights:

• Borrowers might receive a loan between Rs. 1,000 and Rs. 3 lahks depending on the amount they request.
• KreditBee claims that the loan payment will be made in only 10 minutes.
• The interest rate, which starts at 1.02%, may change depending on the borrower’s credit history and other factors.
• The payback period for a salaried personal loan begins at 3 months and can go up to 10 months.
• The complete loan application procedure is carried out online and paperless.

4. PaySense

This instant lending software is also gaining popularity owing to its high acceptance and distribution rate. 

Major Highlights:

• PaySense gives loans to applicants who are new to borrowing and have no credit history, which is a very distinctive characteristic.
• You can quickly receive a loan of Rs. 5,000 and Rs. 5 lakhs.
• PaySense provides instant loans to both salaried and self-employed candidates.
• It also provides tools like reminders and auto-debit to help you keep track of your EMI payments.

5. CashE

Are you an employee looking for an instant loan? If so, CashE is a fantastic choice for you! CashE uses a special SLQ (Social Loan Quotient) to assess your loan eligibility. Some of the characteristics and advantages of their fast loans include:

Major Highlights:

• The loan amount ranges between Rs. 1,000 to Rs. 4,000,000.
• It is a fantastic alternative to a short-term loan with payback terms ranging from 3 months to one and a half years.
• The candidates must be over 18, and the minimum wage criterion is Rs. 12,000 monthly to qualify for the loan.
• CashE provides its customers with a well-designed loyalty program that enables them to take advantage of privileges like selecting lower interest rates or larger loan amounts.

6. Nira Finance

Nira Finance is another loan-related app that is popular in the market. This quick personal loan app can lend up to Rs. 1 lakh in only three minutes! Look at the features and benefits of their primary offering.

Major Highlights:

• Nira Finance offers a line of credit between Rs. 2,500 and Rs. 1,00,000.
• Nira Finance also offers finance to first-time applicants with no credit history. But you need a CIBIL score of 681 if you are a seasoned borrower.
• The length of the repayment period varies from 3 to 12 months.
• The interest is only charged on the amount used, not the whole loan amount.
• The monthly interest rates range between 1.67% to 2.25%.

7. Navi

Navi is one of the leading lenders in the Indian loan market. It is a digital lending software that offers loans online. 

Major Highlights:

• The Navi app allows you to apply for a personal loan up to Rs. 20 lakhs.
• Navi offers flexible EMI options of up to 72 months or 6 years. 
• You can repay your loan on your own terms without stressing too much about it.
• The whole loan application procedure is digital and accessible from anywhere.
• The loan amount gets credited to the account within a few minutes of approval.

8. Fibe

Fibe offers customers flexible repayment plans, attractive personal loans, and monetary autonomy. It takes pride in being accessible to everyone and provides individuals with adverse credit with instant cash loans. 

Major Highlights:

• Depending on eligibility, one can borrow between Rs. 5,000 and Rs. 10,00,000.
• The whole application process is conducted online with no paper involved.
• This lender’s unique feature allows you to apply for numerous loans on the same day, even if you already have one with them in progress.
• Fibe also has the benefit of being available 24/7. So you will always get a loan payout as soon as you apply.
• Fibe also provides salary advances with interest rates ranging from 2% to 2.5% for individuals who want a little extra money on the side. 

9. LoanTap

LoanTap provides specialised lending alternatives with affordable EMIs and flexible repayment plans. Some of the characteristics and advantages of LoanTap personal loans are listed below:

Major Highlights:

• LoanTap lends any amount between Rs. 50,000 and Rs. 10,00,000, depending on the borrower’s need.
• If the application has been approved, the loan will be deposited to your account within 24 to 36 hours.
• You must be an Indian citizen, age 21 or older, and have a monthly income of at least Rs. 30,000 in order to be eligible for a LoanTap personal loan.
• You can reduce your EMIs by choosing a flexible payback schedule that ranges from 6 to 60 months.
• There are no hidden fees or pre-payment penalties.
• Depending on your convenience, you can choose between an expedited repayment plan or an EMI-free loan after 6 months of disbursement.

10. mPokket

Turn to mPokket if you’re a salaried individual needing a personal loan instantly and safely. One of India’s top instant loan applications, it offers small personal loans with low-interest rates and no long-term EMI obligations in just a few minutes. Some of its highlights are-

Major Highlights:

• mPokket serves low-salaried and low-income individuals by providing loans of Rs. 500 to Rs. 30,000 to fund their urgent financial needs.
• Once the eligibility criteria are fulfilled, the loan amount is disbursed within a few hours.
• College students can also apply for loans by simply presenting documentation of their enrollment in the institution, such as their student ID, mark sheet, or letter of admission.
• The loan amount can be repaid within 120 days. 

Features of Instant Personal Loan Apps

The following are the main features of instant personal loan applications available in India:

• Quick disbursement and immediate access to money. 
• You can satisfy your financial responsibilities in real-time and stay afloat.
• Online loan applications are totally paperless and are accessible through a mobile app.
• Your eligibility for a personal loan is determined by a variety of variables, including your social quotient if your credit score is below the required threshold.
• Online loan applications offer faster and easier funding for your urgent financial needs.

Instant Personal Loan Apps Eligibility Criteria

One of the main advantages of personal loans from app-based lenders is that existing customers require little to no documentation.

To apply for a personal loan online or using a mobile device, you simply need to provide basic KYC documentation. 

Moreover, the bulk of these lending programs allows users to borrow even if they have bad credit or no credit to serve as many people as possible. Yet, while assessing the credit rating, they consider the client’s social profile and other personal data.

Suggested Read: Best 25+ Low Credit Score loan App List

Documents Required for Instant Personal Loan Apps

The following set of documents are needed to apply for an instant loan using a loan app:

• Complete KYC
• PAN
• Picture for Aadhaar Card (Clicked during e-KYC)
• Bank account details & statements
• Income proof/ salary slips

Final Words

In India, several personal loan applications offer quick payouts, an easy application process, and flexible repayment options.

But, the best loan applications also have other essential components, including stringent eligibility rules, quick document processing, flexibility in how funds are spent, process transparency, and no hidden costs.

When choosing which personal loan app to use, consider all the above factors and choose the option that best meets your demands. 

FAQs

How to repay your instant loan?

There are various options available for repaying the Instant App Loan. Online repayment of EMIs is possible through UIDs, e-wallets and bank transfers. 

Which app is best for Instant Business Loans?

Businesses that want fast cash could use ZipLoan Cash, Smart Coins and RealMe Pay. Log in to the app to access your profile. The loan is issued immediately. Traditionally arranged business loan programs from banks and NBFCs will be recommended to meet high-volume needs.

Which app provides personal loans in an emergency?

PaySense, Moneyview, mPokket, Fibe, Nira, Dhani and CashE are some of the instant personal loan apps that provide personal loans during emergencies.

Which application is the best for applying for a personal loan?

PaySense is India’s best personal loans app.

Which app gives loans without salary slips?

mPokket provides credit card loans without salary slips to students.

Where can I borrow money instantly?

Instant personal loan provider like Moneyview, Nira, Dhani, Fibe and similar apps like mpokket are the best way to borrow money instantly.

How will I receive the loan amount once my application has been approved?

The loan amount will be deposited to your bank account if your application has been approved. This could take few minutes to one day. 

Can I get a small loan without CIBIL?

Some instant loan apps offer instant cash loans for low cibil. However, they may charge a higher interest rate.

Kreditbee vs Navi, which is better?

Both apps have their own advantages. Nave offers a payback tenure of 72 months whereas Kreditbee gives 10 months to salaried individuals to repay.

Can I get instant 1000 loan?

Yes, you can use loan apps like Paytm Postpaid, to get instant loans. You can also get a personal loan salary of less than 12000 with Paytm postpaid.

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