10 Best Instant Personal Loan Apps in India (May 2022)

Looking for the best instant personal loan apps in India? Read through this article!

This article is related to an affiliate advertising program and The New Indian Express's journalists were not involved in production of this article. 

Our Top Picks

Best Overall - PaySense

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.

Best Budget - CASHe

CASHe is a mobile-based app that was launched by one of India's major online lenders to provide rapid, short-term personal loans. These personal loans assist borrowers in dealing with a variety of financial difficulties, including medical emergencies, weddings, home renovations, and higher education. CASHe allows consumers to borrow between Rs. 6,000 and Rs. 4 lakh for a period of 90 to 540 days. Getting credit through the Cashe is a simple way for everyone to acquire a loan, and it has the following benefits:

  • You can acquire credit for loans in as little as 8 minutes.
  • There is no time constraint in filling out the application.
  • The services are available all around the world.
  • The loan can be paid back with a check or a bank transfer.

Find Out The 10 Best Instant Personal Loan Applications In India In 2022

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 a variety of 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, and 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 simply scan your documents and upload them 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 move forward, We will present a thorough list of the top personal loan applications in India, as well as the different critical features and facts that you must grasp before applying for any of these applications, in this article.

Summary Of The 10 Best Instant Personal Loan Applications In India In 2022

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 the finest instant personal loan applications in India, which may make the process of getting a personal loan easier and more convenient. To learn more about them, keep scrolling.

S No.

Application Name

App Store Rating

Playstore Rating










Early Salary




Kredit Bee
















Bajaj Finserve




Money Tap




Smart Coin



A Complete List Of The 10 Best Instant Personal Loan Applications In India In 2022

Without any further delay, let us have a 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. 

1. PaySense

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 a lot of 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 a range of affordable EMI plans, which makes the repayment of the loan easy and without any hassles. If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.

  • 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



The documentation process on this application is very easy and instantaneous

You will need certain documents verified, which takes a lot of time

It provides loans to the first-time loanees and people with zero credit history

You cannot take heavy loans if you have a bad credit rating

The loans can be fast-tracked and easily approved


The EMI plans are affordable and depend on the credit score


2. CASHe

CASHe has made its name as 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 that you need to avail of an instant loan. You can choose from a wide range of loans and 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



In this application, users get to set their credit limits from the approved credit line

It requires time to verify all the documents

It is a highly compatible application with platforms like Flipkart, Amazon, etc.

Users would need a great credit score to avail money from here

Users can directly transfer money to their friends.


Single time registration is only required


3. Early Salary

EarlySalary has to be one of the best one-stop solutions when it comes to any kind of instant cash needs. This has made it the best instant personal loan app, and you can withdraw money for any kind of 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 got all bases covered.

  • 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



You can directly transfer your approved amount to a bank account, without any worries

The approval for instant loans usually takes time

There are no prepayment charges involved in this platform

The credit rating required is higher for loan approvals

The mobile application has a great look and feel


You can get travel loans on the MMT portal, as well


4. Kredit Bee 

Kredit Bee has to be one of the most lucrative platforms when it comes to instant loans. This makes it one of the best instant loan apps in India, and the interface of the mobile application makes it easy to use. There have been more than 20 million downloads, and more than 2 million customers have been satisfied with the services it offers. 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 a salaried person, 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



This has the best mobile application when it comes to Instant Personal Loan applications

The credit period of large loans is not that much

There are more than 8 lending facilities at Kredit Bee

The credit rating of the lender has to be more than decent

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.


5. Credy

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 of the 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 any 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 for any help you need regarding 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. In some cases, 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



It supports multiple kinds of expenses like educational expenses, credit card expenses, etc.

It takes more than 24 hours for instant loan approvals

The loan duration is usually from 3 to 12 months

You can only get instant loans up to INR 100,000

You can also get the advance salary options with Credy


The rates are usually transparent and there are no hidden charges involved


6. mPokket

This is one portal, which majorly specialises in short-term loans for students and salaried people. It helps in getting fast instant cash with prior approval so that you can 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



This is very suitable for students and part-time workers who are studying in college

They are not available in all locations

They have a longer credit period

mPokket needs guarantors for certain loan sanctions

They provide loans with lesser interest rates


You can directly do transactions and avail discounts from their app and platform


7. Dhani

It started as a pharmacy but has now pivoted into money lending services as well. 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. The reason why this is the best instant loan app without salary slips is that there are no bank mandates 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



Dhani has its pharmacy and money services platform integrated into one platform.

You cannot use it on all kinds of eCommerce platforms

With Dhani, users can get faster loans with lesser EMIs and low-interest rates

The initial documentation while registration takes time

Dhani also helps in all kinds of loans and credit rating facilities for faster approval


It has the best range of cashback services


8. Bajaj Finserve

This is one of the most prominent brands when it comes to personal financing and has been present in India for more than a decade. They have a great range of offerings, and that makes 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, and it depends completely on collaterals and other documents of credit rating and credit period. You will also need securities for mortgages to get their loans. They also have investment plans, and other products like insurances, term loans, gold loans, etc., which makes it a great place to finance yourself without thinking of getting cheated, at all.

  • Interest Rate Per Month - Starts from 12.99 percent
  • 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



This is the oldest brand when it comes to microfinancing of articles

It is more prevalent in the consumer durables industry

It is readily available at all locations across India

The interest rates can be higher depending on the product

You can get their card and use it for shopping for appliances


9. Money Tap

This is one of the rising stars in the segment of fastest instant loan apps. With MoneyTap, you can easily get an instant loan, and all you will need is to download the mobile app. So, how does it work? You start by downloading the application and registering yourself on the same site. You would have to fill the KYC documents and get a final approval post-registration. After this, you can instantly get a credit up to the approved limit of INR 5,00,000 depending on your credit score, and you can easily use that money to spend on your daily necessities, luxuries, travel, etc. The best part is that you will not need a lot of documentation, or unnecessary paperwork, or wait time. This makes this one of the best instant loan apps in India, and people do not hesitate to use it, as well.

  • Interest Rate Per Month - 1.08 to 2.3 percent
  • Maximum Loan Amount - Rs. 5,00,000
  • Minimum Loan Amount - Rs. 3,000
  • Documentation - Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement
  • Features - 100% paperless process with online approval of a loan, Pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount



This mobile application is very well-built and customers do not face any lag while using it

The credit period differs and is maximum up to 36 months, depending on the amount

You can easily create profiles with easy KYC

The initial KYC will take time

The credit line is easily offered and can be used as a wallet


Once the instant loans are approved, you do not need to think a lot about the credit score


10. Smart Coin

Smart Coin is one of the best instant personal loan apps in India and this is because the mobile-based lending platform and the proprietary algorithm usually help in the complete risk-free analysis of all the applications. The system also uses data science, artificial intelligence, and machine learning to assess all the different types of applications. You can also get loans from INR 1,000 to INR 25,000 with a tenure of 91 days to 120 days at lesser interest rates. To get started on the application, you need to download the application and register yourself. Once you do that, you will need to upload all the documents for KYC and once that gets verified, you can easily get instant loans. However, you need to have a good credit rating to get large loans. You can also apply for shorter credit periods, and this will qualify for more successive loans.

  • Interest Rate Per Month - 2.5 to 3 percent
  • Maximum Loan Amount - Rs. 25,000
  • Minimum Loan Amount - Rs. 1,000
  • Documentation - PAN card, Address proof, Selfie, Photo ID proof, Bank statement
  • Features - Collateral free loan, Quick repeat loans, Easy processing with minimum document, Direct Bank Transfer



They process all their loans completely paperless

They take a lot of time for their credit rating approvals

They enable bank transfers for all their credit applicants

They do not have that many users and it is growing

You can also get repeat loans on not defaulting each payment


They have amazing customer service


How Do We Pick The Best Instant Personal Loan Applications For You?

In 2022, there are more than 15-20 applications and finance platforms that provide instant loans readily, and that too 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 took into consideration while choosing the best instant personal loan application? 

1. Eligibility Requirements

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.

2. Processing Of Documents

This plays a major role while 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 documentations, 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.

3. Maximum Rate Of Interest

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.

4. Payment Schedules

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.

5. Freedom Of Usage Of Loan Amount

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.

6. Linking With Digital Wallets

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.

7. Interface Of The Application

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.

8. Third-Party Integrations 

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.

9. Additional Costs And Conditions

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.

10. Customer Service Of The Application

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 where there's enough ease of payments and credits.

Frequently Asked Questions About Instant Personal Loan Applications

Here are our answers to some of the most commonly asked questions about an instant personal loan application in India.

1. Which is the best application for an emergency loan?

The best application for applying for an emergency loan is PaySense because of the various benefits and features as stated before in this article.

2. Which application is the best for a loan without a salary slip?

PaySense is the best application that offers you a loan without any requirement of 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.

3. Which application is the best for an instant personal loan in India?

All the 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 you can rely on these applications in the same order.

The Bottom Line

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 in recent years 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!

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