Other Categories
10 Best Instant Personal Loan Apps in India (2024)
Looking for the best instant personal loan apps in India? Read through this article!
It is the best overall for getting online and easy personal loans of any amount of 1-50 Lakh Rupees at attractive interest rates (13-28%) and flexible repayment tenure of (1-7 years).
PaySense is a web-based platform that offers rapid personal loans with little to no paperwork and approval in minutes. Along with rapid credit, the app offers 365-day-a-year customer assistance and a variety of goods, including cash loans, salary advances, and instant loans, making it a popular choice among instant personal loan borrowers. Getting credit through PaySense is a simple way for everyone to receive a loan, and it includes the following benefits:
Personal Loans up to Rs. 5 lakhs are available instantly.
The entire digital process is completed.
Interest rates are reasonable.
Affordably priced EMIs with auto-debit and reminders.
This is one of the best instant loan platforms where you can quickly apply for personal loans between INR 30,000 and INR 5,00,000 and receive quick approval. The best part is that you won't have to worry about running out of time because you can get your loan application approved instantly.
Tata Capital is one of the best quick personal loan providers. Instant approval and quick disbursal make it a preferred choice for those in urgent need of funds. This expedited process can significantly reduce waiting times compared to traditional lending institutions.
India is evolving, and with it, so are people's mindsets, behaviours, norms, and habits. Taking out a loan is no longer frowned upon. Young Indians have taken out loans for various reasons, including studying abroad, financing a vacation, upgrading their home, purchasing a car, and even planning their wedding! Many businesses have started giving funds to fulfil this expanding demand. Money lending apps in India have progressively gained popularity due to the many benefits they provide, such as:
1. If you're in a time crunch and don't want to go from one lender to the next, an instant personal loan application like PaySense can help you get a personal loan with just a few clicks.
2. You may easily fill out an online application from the convenience of your own home and start the loan approval process.
3. When applying for a personal loan, you can scan and upload your documents using your phone's scanner.
4. Because of the competitive nature of the industry, lenders have relaxed their loan eligibility standards. This could be quite beneficial to you.
So, the next time you need cash fast, check out one of the many personal loan application possibilities available on your mobile app store. As we progress, We will present a thorough list of India's top personal loan applications and the critical features and facts you must grasp before applying for any of these applications in this article.
A personal loan is a great choice for those who want to avoid the hassles of traditional finance. A basic qualifying condition must be met to obtain a personal loan. A solid income, a stable place of residence, a decent credit score, age, and sufficient repayment ability are all part of it. You can easily get a personal loan to cover your modest expenses, whether you need Rs. 50,000 or Rs. 1,00,000. The following is a ranking list of India's finest instant personal loan applications, which may make getting a personal loan easier and more convenient. To learn more about them, keep scrolling.
Without further delay, let us look at the specifications of these 10 instant personal loan applications, their pros and cons, reviews, and much more to help you make a better decision.
This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field. You can get instant personal loans ranging from INR 5,000 to INR 5,00,000 for any work, and you do not have to wait for many approvals. The best part is that you do not have to worry about time, as this platform is known for quick approvals. What makes this platform the best instant personal loan app? It is because the documents can be picked up from home directly, and you do not need to courier them or scan for digital copies. They also have affordable EMI plans, making loan repayment easy and without hassles. If you need another loan, you can get it done with one click since the documentation has been recorded earlier.
Interest Rate Per Month - 1.08 to 2.33 per cent
Maximum Loan Amount - Rs. 5,00,000
Minimum Loan Amount - Rs. 5,000
Documentation - Proof of identity (Aadhar card/PAN card), Proof of address (Aadhar card, utility bills, or rental agreement), Proof of income (bank account statement), and a Photograph
Features - Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals
Pros
The documentation process on this application is straightforward and instantaneous.
It provides loans to first-time loanees and people with zero credit history
The loans can be fast-tracked and easily approved
The EMI plans are affordable and depend on the credit score.
Cons
You will need certain documents verified, which takes a lot of time
You cannot take heavy loans if you have a bad credit rating
This is one of the best instant loan platforms where you can quickly apply for personal loans between INR 30,000 and INR 5,00,000 and receive quick approval. The best part is that you won't have to worry about running out of time because you can get your loan application approved instantly.
Interest Rate Per Month - As low as 10.49%
Maximum Loan Amount - Rs. 5,00,000
Minimum Loan Amount - Rs. 30,000
Documentation - No Physical Documentation (Only your PAN card and Aadhaar details are required )
Features - Flexible tenure between 12 to 48 months, Fully digital process without the need of any physical documentation, Quick approvals & disbursals, Processing fee – 0% (valid for limited period), Low rate of interest
Pros
Zero Processing Fee (Valid for Limited period)
Digital Process with no physical documentation involved
Relaxed eligibility criteria
Instant approval and quick disbursal
The EMI plans are affordable
Cons
Good creditworthiness is required to get a loan approval
CASHe has made its name the best instant personal loan app, and it justifies itself with the kind of UI/UX it has to provide for its application. You can easily log in and register on the application, and the dashboard has all kinds of information you need to avail of an instant loan. You can choose from a wide range of loans; the maximum amount is INR 5,00,000 with different interest rates and credit periods. You can also transfer money directly to the linked bank account. You can also set up direct auto-debit for loan interest amounts, and you do not need to go to the platform every time. There are also tie-ups with Flipkart, Amazon, Big Basket, etc. for their Buy Now Pay Later programs, and you can also choose to insure your loans with insurance policies.
Interest Rate Per Month - Starts from 1.75 per cent
Maximum Loan Amount - Rs. 5,00,000
Minimum Loan Amount - Rs. 5,000
Documentation - Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card
Features - Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation
Pros
In this application, users get to set their credit limits from the approved credit line
It is a highly compatible application with platforms like Flipkart, Amazon, etc.
Users can directly transfer money to their friends.
Single time registration is only required
Cons
It requires time to verify all the documents
Users would need a great credit score to avail money from here
EarlySalary has to be one of the best one-stop solutions for any instant cash needs. This has made it the best instant personal loan app, and you can withdraw money for any personal needs. Be it shopping, travelling, paying utility bills, or any cash requirement that can help you sail through your difficult moments, EarlySalary helps with instant loans, which you can get approved for quite easily. You can get instant loans up to INR 5,00,000 for a tenure of up to 24 months, and there are also possibilities of low-cost EMIs on various shopping platforms and travelling platforms like MMT, Flipkart, Amazon, etc. EarlySalary has also partnered with educational institutions so that students can invest in themselves while upskilling without any worries. From Instant Cash Loans to EMIs on Shopping & Travel, EarlySalary has covered all bases.
Interest Rate Per Month - 2 to 2.5 percent
Maximum Loan Amount - Rs. 5,00,000
Minimum Loan Amount - Rs. 3,000
Documentation - Pan Card, Address Proof, ID Proof, 3 Month Salary Slip ( PDF) - Not mandatory for all customer
Features - Loan amount up to Rs. 5,00,000, 100% Digital process with minimum documentation, Flexible tenure up to 60 months, Pay interest only on the amount used for the number of days, Zero prepayment charge
Pros
You can directly transfer your approved amount to a bank account, without any worries
There are no prepayment charges involved in this platform
The mobile application has a great look and feel
You can get travel loans on the MMT portal, as well
Cons
The approval for instant loans usually takes time
The credit rating required is higher for loan approvals
Kredit Bee has to be one of the most lucrative platforms for instant loans. This makes it one of India's best instant loan apps, and the mobile application interface makes it easy to use. There have been more than 20 million downloads, and more than 2 million customers have been satisfied with its services. You have to be an Indian citizen above 21 years old, and with a valid PAN ID to apply for loans from here. If you are salaried, you have to earn more than INR 10,000 per month to get these instant loans. You can get up to INR 1,00,000 for 62 days up to 15 months, with a maximum interest of 2.49% per month depending on your credit score. The added benefits of easy credit to bank accounts, digital wallets, etc. make it the best instant personal loan app.
Interest Rate Per Month - 2 to 3 percent
Maximum Loan Amount - Rs. 1,00,000
Minimum Loan Amount - Rs. 1,000
Documentation - Proof of Identity (PAN card), Proof of Address (passport, Aadhar card, driving license, or voter ID), Bank Statement of Salary account showing the salary credit for a minimum of past 3 months (only for salaried people), and Salary slips for the past 3 months minimum (only for salaried people)
Features - 100% Online process, Low-interest rate, Flexible loan tenure ranging from 3 Months to 15 Months, No requirement of any credit history, Services available in all Indian cities
Pros
This has the best mobile application when it comes to Instant Personal Loan applications
There are more than 8 lending facilities at Kredit Bee
Salaried people can also generate loans at an interest rate as low as 1.02% per month
It has tie-ups with major eCommerce platforms like Flipkart, Amazon, Nykaa, Cleartrip, etc.
Cons
The credit period of large loans is not that much
The credit rating of the lender has to be more than decent
This is one of the most advanced instant loan platforms in India. They claim that their approvals are instant and within a minute. However, detailed terms take up to 3 hours and the money reaches within 24 hours. Credy has an efficient and fast online process, which reduces costs compared to most banks. Most users pay only about Rs 400 as interest per month on a loan of Rs 50,000. This makes it the best instant personal loan app. Their prompt service is a great example of customer service. They will help you with your ongoing financial needs and other requirements, anytime. You can always pay on time and apply for top-up loans. Credy also offers a fast and helpful customer service experience. One can use their website, IVR, and mobile app to help with loan applications or repayments. You can also get instant loans without documents.
Interest Rate Per Month - 1 to 1.5 percent
Maximum Loan Amount - Rs. 1,00,000
Minimum Loan Amount - Rs. 10,000
Documentation - PAN card, last 6-months statement of your salary account, ID Proof, Photograph, and Address Proof. Sometimes, the payslips, rent agreement, and closure certificate of previous loans may be asked.
Features - Loan up to Rs. 1 lakh in 5 minutes, Salary verification is done directly, Get real-time decision of loan terms, Digitally sign the loan agreement, Cash disbursal directly to your bank account, Payback in easy EMI, 24*7 customer support, Referral bonuses, No hidden charges, Flexible interest rates, and loan tenure
Pros
It supports multiple kinds of expenses like educational expenses, credit card expenses, etc.
The loan duration is usually from 3 to 12 months
You can also get the advance salary options with Credy
The rates are usually transparent and there are no hidden charges involved
Cons
It takes more than 24 hours for instant loan approvals
You can only get instant loans up to INR 100,000
This is one portal, which majorly specialises in short-term loans for students and salaried people. It helps get fast instant cash with prior approval to get rid of your cash crunch and get done with daily transactions and chores. The best part about the low-interest loan app is that you can directly credit your approved short-term loan money to any digital wallet like PayTm, bank accounts, etc. You do not need to open a different bank account or start a new UPI system. You can also buy directly from online portals, which makes it easier for people to handle transactions. This is one of the reasons why people love using mPokket regularly. Salaried people can avail short term loans up to INR 30,000, with just their proof of employment and salary credits. Students do not need any proof apart from their membership to any institution.
Interest Rate Per Month - Starts from 3.5 percent
Maximum Loan Amount - 30,000
Minimum Loan Amount - Rs. 500
Documentation - (A) For Student Loan - Identity proof (voter card/ driving license/ passport/ Aadhar card), College ID card, PAN card; (B) For Salary Loan - Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Company's ID card, Salary slip of the bank account where your salary is credited by your company
Features - Apply directly using an ID card, 100% online process with minimum documentation, Application is approved within 24 hours and you can get the money credited into your bank account or PayTM wallet, Easy repayment through various options, Provides good credit scores
Pros
This is very suitable for students and part-time workers who are studying in college
They have a longer credit period
They provide loans with lesser interest rates
You can directly do transactions and avail discounts from their app and platform
Cons
They are not available in all locations
mPokket needs guarantors for certain loan sanctions
It started as a pharmacy but has also pivoted into money lending services. Dhani is one of the best instant loans without documents and many outstation students love to use it to meet their daily ends when working as a part-timer. You can easily get an instant loan up to INR 5,00,000 and the interest rates are quite convenient and lesser in quantum. You will also get 2% cashback on every transaction, which you can use later for other redemptions and services. This is the best instant loan app without salary slips because no bank mandates are required and you can easily get a lifetime cashback card with the help of Dhani. Also, you get a virtually interest-free credit line up to INR 5,00,000 and can easily choose to get a 90-day payback scheme.
Interest Rate Per Month - 1 to 3.17 percent
Maximum Loan Amount - Rs. 5,00,000
Minimum Loan Amount - Rs. 1,000
Documentation - PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details
Features - Instant money up to ₹ 5 lakh at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support
Pros
Dhani has its pharmacy and money services platform integrated into one platform.
With Dhani, users can get faster loans with lesser EMIs and low-interest rates
Dhani also helps in all kinds of loans and credit rating facilities for faster approval
It has the best range of cashback services
Cons
You cannot use it on all kinds of eCommerce platforms
The initial documentation while registration takes time
This is one of the most prominent brands in personal financing and has been present in India for over a decade. They have a great range of offerings, making them one of the best personal loan apps. However, it is more prominent for financing consumer durables and other electronic items, you can also get their zero interest EMI card and use it to finance most of your purchases. They also help you with personal loans up to INR 25 lakhs, which depends completely on collaterals and other credit rating documents and credit period. You will also need securities for mortgages to get their loans. They also have investment plans and other products like insurance, term loans, gold loans, etc., making it a great place to finance yourself without thinking of getting cheated.
Interest Rate Per Month - Starts from 12.99 per cent
Maximum Loan Amount - Rs. 25,00,000
Minimum Loan Amount - Rs. 1,000
Documentation - KYC documents, Employee ID card, Address proof, Identity proof, Salary slip of previous 2 months, Last 3 months bank statement of your salary account
Features - Instant approval of loans, Fast disbursal, No collateral, HIgh maximum value, Services all over India, 24*7 customer support, Flexi loan option, Easy EMIs
Pros
This is the oldest brand when it comes to microfinancing of articles
It is readily available at all locations across India
You can get their card and use it for shopping for appliances
Cons
It is more prevalent in the consumer durables industry
The interest rates can be higher depending on the product
With a rating of 4.2 in the Google Play Store and 4.5 stars in the App Store, Navi is one of the most excellent loan-availing applications that benefit the borrower in private. They provide a solution for all your financial problems, whether you require a personal loan or have a medical emergency, and have the highest loan acceptance rate in the industry.
Typically, it offers loans up to Rs. 20,00,000 with interest rates of just 9.99 per cent to 45 per cent for maturities of up to 6 years. Additionally, as it is a paperless loan that is authorised in 10 minutes, you do not need to apply for a digital personal loan with no processing fees.
Pros
It has a rating of 4.2 on the Google Play Store
Availing a loan from Navi is quite a simple and smooth process
Interest on a loan from Navi ranges from 9.99% to 45%.
You can avail of loan up to Rs. 20,00,000 for meeting financial emergencies
Cons
It might take some time to disburse the amount to your bank account
Charges late fees
In India, more than 15-20 applications and finance platforms provide instant loans readily after complete digital documentation and verification. However, choosing one has become a dilemma since all of these platforms provide similar terms and conditions, and most of the features are relatively the same. So, in this section, we have mentioned some of the factors that our experts considered while choosing the best instant personal loan application.
Our experts decide to opt for any of the instant personal loan applications where you have flexible eligibility criteria. Eligibility criteria generally include age, location, credit score, employment status, source of income, and much more.
This plays a major role when choosing any platform. The processing of the documents will decide how fast you can get a personal loan. While some platforms prefer 100% paperless transactions and documentation, some platforms also look for KYC verification in person. Therefore, this factor becomes a personal choice because the urgency of your loan will help you decide which platform to choose from and which to let go of.
In the case of short-term personal loans, the rate of interest plays a major role since you will have to return the money instantaneously. Most of the applications offer interest rates on a per month basis because if you default a single payment, it gets rolled over to a greater amount. Hence, our experts look for only those apps which charge the least of the interest rates.
The payment schedules have to be flexible or else you will end up losing a lot of money. Our experts keep an eye out for those applications where you will be offered a grace period by which you can end up repaying the loans without affecting your credit rating and history.
Many of the platforms provide transaction-specific instant loans. This means that if the money is lent for utility payment only, you can only pay for rent, electricity, phone bills, etc. To avoid this scenario, our experts choose applications where you get a loan that can be used for all kinds of transactions.
With the advent of digital wallets like Paytm, PhonePe, GooglePay, etc. digital cash has seen a lot of advancement and most of these platforms provide a direct link to such digital wallets. This helps in ease of transactions and other features like auto pay, monthly subscription deductions, etc.
The swiftness of the application, along with the ease of use decides whether the mobile app is convenient for use or not. The easier the interface is, the faster one uses them to get registered and apply for loans. Hence, ensure that the application interface is good and devoid of bugs.
Integration with platforms like Flipkart, Big Basket, Myntra, Nykaa, Amazon, Cleartrip, and MakeMyTrip, etc. has become a necessity for these platforms. With these instant personal loan apps, you can use the Buy Now Pay Later feature and secure your wishlist and dream vacations at a lesser interest rate.
Our experts choose an instant personal loan application where there are no hidden terms and conditions. They also do a thorough research of the processing rates and other innuendos. This is the place where most people fail to be vigilant and they end up losing a fair share of the money.
The customer service of the application also plays an important role while choosing which Instant Personal Loan to use and withdraw from. Some platforms have a great customer support team that takes care of all queries, 24*7, and these applications also help in case of payments, processing, failure, and refunds. It's always good to have such applications only with enough ease of payments and credits.
Here are our answers to some of the most commonly asked questions about an instant personal loan application in India.
The best application for applying for an emergency loan is PaySense because of the various benefits and features, as stated before in this article.
PaySense is the best application that offers you a loan without requiring a salary slip. Some other applications that do not demand a salary slip are Dhani and SmartCoin, but they aren’t as good as PaySense if compared on equal terms.
All 10 applications listed above are the best-performing applications in the market to get an instant personal loan in India. The above-mentioned list was a rank list so that you can rely on these applications in the same order.
Aside from the apps mentioned above, India has several other lending apps that provide immediate personal loans in a matter of minutes. The market has risen substantially recently as consumer awareness and adoption have increased, welcoming several new companies. While these money lending apps in India have made borrowing more accessible, you should always read the terms and conditions before joining up to ensure that you understand the borrowing and repayment arrangements well.
So, what are you waiting for? Now is the perfect time to take your pick and sign up for India's best personal loan app!
To contact the Express Deals team, please drop an email to - expressdeal@newindianexpress.com
We will reach out to you in the next 48 business hours.
Disclaimer: At Express Deals, we work with subject matter experts to bring you the latest in product innovations and Indian eCommerce trends. Express Deals participates in various affiliate programs, which means we may earn revenue on purchases made through the links to retailer sites. Please note that prices mentioned on the pages can vary based on retailer promotions on any given day. Also, do note that we will not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, with respect to the featured products since they aren't directly sold by us.