25 Best Personal Loan Apps in India 2024 - Top Picks

Looking for hassle-free personal loan options in India? Check out our list of the 25 best personal loan apps for 2024, offering competitive rates and easy application processes tailored to your financial needs.
Best Personal Loan Apps in India
Best Personal Loan Apps in India

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Our Top Picks

Best Overall - Tata Capital

Tata Capital is the best overall choice in our list due to its competitive interest rates, a wide range of loan amounts, flexible repayment options, and quick disbursal process. Its online application process and various payment methods add to its convenience and accessibility.

Fastest Processing Time – Tata Capital

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.

Best NBFC – PaySense

PaySense offers competitive interest rates, flexible repayment options, and instant approval, making it a reliable choice for borrowers. Its emphasis on flexible repayment plans caters to varying financial needs and situations, contributing to its reputation as a top NBFC.

Best For Loans Against Mutual Funds – 50Fin

50Fin's competitive interest rates, quick processing, and flexible repayment options make it an ideal choice for individuals seeking loans against mutual funds. Its paperless process and instant approval further streamline the borrowing experience.

Best Bank – IndusInd

IndusInd Bank's INDIE loan app offers competitive interest rates, a wide range of loan amounts, and flexible repayment options. Its emphasis on pre-approved loans for existing customers and its accessible mobile app further enhance its appeal.

Comparative Analysis Based on Key Features

Comparative Analysis Based on Rating and Reviews

Comparison Table Between Personal Loan Apps And Banks

25 Best Personal Loan Apps in India 2024

1. Tata Capital

Tata Capital
Tata Capital

Expert's Opinion

Tata Capital extends collateral-free personal loans to salaried individuals with competitive rates and flexible repayment options, solidifying its reputation as one of the most trusted names in the market.

User Reviews and Rating

App Rating: 4.6/5, Reviews: 42.4T, Downloads: 10L+

"The app's user-friendly interface made the loan application process hassle-free. The approval time was impressively quick, and the terms offered were transparent. I appreciated the flexibility in repayment options, which allowed me to choose a plan that best suited my budget. Overall, it provided a reliable and efficient solution when I needed it the most. Highly recommended for anyone seeking a convenient and trustworthy loan service."

2. PaySense


Expert's Opinion

PaySense is an instant online personal loan app requiring minimal documentation and no credit history to secure a loan. It provides competitive interest rates and affordable EMIs coupled with a flexible repayment tenure.

User Reviews and Ratings

Rating: 3.7/5, Reviews: 1.56L, Downloads: 1 Cr+

"I just used the app to apply for a loan & was quite pleased with the service. The app was simple and fast & my loan was granted in 6 hours. The customer support is also really responsive & helpful. I highly recommend it to all."

3. 5oFin


Expert's Opinion

50Fin provides a digital solution for Loan Against Mutual Funds, offering quick approval in 7 minutes and disbursement within 4 working hours. No CIBIL score is required, and the process is entirely digital with zero pre-closure charges.

User Reviews and Rating

Downloads: 1L+, Ratings & Reviews: NA

4. INDIE by IndusInd Bank

INDIE by IndusInd Bank
INDIE by IndusInd Bank

Expert's Opinion

IndusInd Bank provides instant online personal loans to salaried individuals, offering competitive interest rates, flexible repayment terms, and tenure. The process requires minimal documentation and offers collateral-free loans.

User Reviews and Rating

App Rating: 4.3/5, Reviews: 63.4K, Downloads: 1M+

"The UI is getting better. Thanks for introducing fingerprint and face ID in the app and making it a little smoother now."

5. Nira

Expert's Opinion

Nira collaborates with multiple RBI-regulated NBFCs/Banks to provide instant personal loans to salaried individuals.

User Reviews and Rating

App Rating: 4.2/5, Reviews: 2.7L, Downloads: 1 Cr+

"Amazing app to take online personal loans to all those people who have low or no credit scores. The team gives you excellent service at each & every step. This was my 1st-time great experience & they made it so easy for me that I did not go anywhere for verification or any paper doc submission. It is a very trustworthy, safe, & Secure app as compared to banks that give you many hidden charges after u do the whole process."

6. Moneyview

Expert's Opinion

The Moneyview personal loan app offers collateral-free loans to both salaried and self-employed individuals at competitive interest rates, along with flexible repayment terms. It does not impose foreclosure fees, though they are applicable only after a certain number of EMIs.

User Reviews and Rating

App Rating: 4.7/5, Reviews: 20.7L, Downloads: 1 Cr+

"Within a few minutes, I got the amount in my bank account. Based on your credit report, a limit will be assigned, and all the document verification is instant. I downloaded the app within 5 minutes, all the digital verification was completed, and I had the amount. You can trust this app and opt for a loan."

7. Bajaj Finserv

Expert's Opinion

Bajaj Finserv offers instant personal loans in three variants, requiring minimal documentation, and features competitive interest rates with flexible terms. The platform maintains transparency regarding all additional charges associated with the loans.

User Reviews and Ratings

App Rating: 4.5/5, Reviews: 1.35M, Downloads: 50M+

"I recently used the UPI loan app, and I must say, I am thoroughly impressed! The process was quick, easy, and hassle-free. I was able to get the loan amount I needed within minutes, and the interest rate was quite competitive. The app interface is user-friendly and intuitive, making it convenient to navigate through the loan application process. Overall, I highly recommend the UPI loan app for anyone in need of quick and reliable financial assistance."

8. KreditBee

Expert's Opinion

KreditBee offers instant personal loans for both salaried and self-employed individuals, along with Flexi-personal loans, all at competitive rates. While it's known for quick approval and disbursement, it's important to note that there are additional charges associated with the loans.

User Reviews and Rating

App Rating: 4.5/5, Reviews: 13.2L, Downloads: 5Cr+

"Definitely a 5-star rating app. Everything is okay, but the processing fee is too high; I am not happy with that. Collecting 10% of the loan amount is not good. Some of the loan-providing apps collect processing fees only the first time, and from the next loans, they collect only interest, which is too @ normal %. So, please look into this. And, another issue is, I paid every loan on time, but not increasing the loan amount; after providing the same loan 2 or 3 times, they are increasing, which is not satisfying at all."

9. Olyv (SmartCoin)

Expert's Opinion

SmartCoin offers collateral-free personal loans at competitive rates, catering to middle and lower-income groups. The online process is seamless, requiring minimal documentation.

User Reviews and Rating

App Rating: 4.2/5, Reviews: 266K, Downloads: 10M+

"User-friendly interface. Navigating the app was a breeze, and the application process was straightforward. A great experience overall, making it my go-to for quick and convenient loans."

10. Fibe

Expert's Opinion

Fibe offers instant personal loans with minimal documentation for all salaried individuals. It features flexible repayment terms and does not impose any prepayment or foreclosure fees.

User Reviews and Rating

Rating: 4.4/5, Reviews: 3.75L, Downloads: 1 Cr+

"This is one of the best apps I have come across in terms of money lending. It's easy to use, easy verification and instant transfer. And they are true to their word about transferring the money. Absolutely helpful for freshers who are facing a cash crunch. However, there is one small thing that I did not like at all: I had to call them repeatedly to sign the loan application documents."

11. Buddy Loan

Expert's Opinion

Buddy Loan offers collateral-free personal loans to both salaried individuals and self-employed business owners. With competitive interest rates and flexible repayment terms, it caters to diverse financial needs.

User Reviews and Ratings

Rating: 4.5, Reviews: 41.5L, Downloads: 1 Cr+

"Buddy Loan is better than some personal loan apps. If your credit score is good, you can get a higher loan amount. The interest rate is better compared to all other personal loan apps. Buddy Loan is a perfect app where you can get a loan within 1 hour; it's more useful for students as well. The interest rate is also very low. Once you try this app, you can receive more benefits. By making timely payments, your credit score will improve, allowing you to borrow larger amounts in the future."

12. mPokket

Expert's Opinion

mPokket offers quick and convenient online personal loans to students, as well as salaried and low-salaried individuals, with minimal documentation needed.

User Reviews and Rating

Rating: 4.4/5, Reviews: 16.4L, Downloads: 1 Cr+

"Great short-term loan app!! If you repay the dues within the due date, they do increase the limit as well! Charges are a bit high, but overall, a great small amount of loan application for day-to-day expenses."

13. Aditya Birla Capital

Expert's Opinion

Offers hassle-free personal loans with an online process that demands minimal documentation. Additionally, it enables the transfer of existing personal loans from other NBFCs/Banks and credit card balances at competitive rates.

User Reviews and Ratings

App Rating: 3/5, Reviews: 1.88T, Downloads: 5L+

"It's easy, simple and extremely convenient to navigate and process service requests between different businesses. Slow loading time could frustrate you."

14. IndiaLends

Expert's Opinion

IndiaLends offers convenient online personal loans to both salaried and self-employed individuals, featuring competitive interest rates and flexible repayment terms.

User Reviews and Rating

App Rating: 3.5/5, Reviews: 77.8T, Downloads: 50L+

"I had applied for a personal loan, and they got it done for me. I thought it was time-consuming to get the best deal on a personal loan. Customer care is also good; they explain everything clearly. Everything was online and smooth. Highly recommend it."

15. Home Credit

Expert's Opinion

Home Credit provides instant personal loans with flexible repayment tenures, boasting a fully paperless process. Its quick and easy service ensures money disbursal within a day.

User Reviews and Rating

App Rating: 4.5/5, Reviews: 527K, Downloads: 10M+

"In the Home credit app, I received loans quickly, and the service was also very good in this app. But one of the biggest drawbacks is interest. In this app, the interest rate is too high compared to other loan apps; if they reduce the interest rate, it will be easy to repay the loan."

16. Navi

Expert's Opinion

Navi offers instant personal loans to salaried individuals at competitive interest rates, featuring flexible repayment terms. With minimal documentation requirements, funds are disbursed within minutes.

User Reviews and Ratings

Rating: 4.4/5, Reviews: 1.47M, Downloads: 50M+

"So, I was trying to get a personal loan, and all the banks had made it very difficult to get one. I have a good CIBIL rating, and even with that, it was a challenge. I kept getting messages from Navi, but since I had not heard of them, I did not take it seriously, although I had downloaded the app. One day when I had a little free time, I got an SMS again and went to the app and followed the steps, and within minutes I had 10 lakhs in my account. Absolutely unbelievable! Highly recommend it!"

17. LoanFront

Expert's opinion

LoanFront offers personal loans or salary advances to meet your emergency needs before your next payday. With flexible credit options, decisions are made within minutes.

User Reviews and Rating

Rating: 4.3, Reviews: 1.13L, Downloads: 50L+

"Very fast disbursal application without any objections. It's a really fast application. It's my personal experience. They give loans based on your personal details and credit score. Very fast application. I loved it."

18. Finnable

Expert's Opinion

Finnable, an NBFC-licensed Fintech approved by the RBI, offers collateral-free personal loans to salaried individuals.

User Reviews and Rating

Rating: 3.7/5, Reviews: 45.8T, Downloads: 10L+

"It was a pleasant experience with the support staff. They were very helpful and always available when needed. The disbursement process was very fast, and all document processes were easy and quick."

19. RapidRupee

Expert's opinion

RapidRupee offers competitive interest rates on personal loans for both salaried and self-employed individuals to meet emergency financial needs.

User Reviews and Rating

Rating: 3/5, Reviews: 174K, Downloads: 5M+

"Very user-friendly best loan app with the advantage of applying for a loan within a few hours after downloading the app."

20. True Balance

Expert's opinion

This personal loan app offers instant personal loans to underbanked individuals with low credit scores, charging higher rates to mitigate risks.

User Reviews and Rating

Rating: 5/5, Reviews: 1.5M, Downloads: 50M+

"This app is quite good for taking loans. The customer support is really impressive. One can definitely consider them if they are in need of money and have the capacity to pay on time. Otherwise, a new loan offer will not be generated after paying the previous loan amount in flexi or late payments. Give loans to newcomers as well who have never taken a loan so far from any app."

21. IIFL Loans

Expert's opinion

The IIFL Loan app is user-friendly and offers quick access to various types of loans with competitive interest rates. It's ideal for individuals with a stable income and good credit history who need hassle-free financing solutions.

User Reviews and Ratings

Rating: 4.1, Reviews: 63T, Downloads: 10L+

"Very nice service and quick loan process."

22. MoneyTap

Expert's opinion

MoneyTap offers competitive rates and flexible repayment terms on personal loans, available to all salaried individuals within minutes.

User Reviews and Rating

Rating: 4.1/5, Reviews: 3.59L, Downloads: 1 Cr+

"This app is the safest and one of the fastest loans sanctioned ever to me. Every time I use it, I find it rewarding."

23. Kissht

Expert's opinion

Kissht extends both online and offline credit or personal loans to individuals throughout India, offering a fast and straightforward credit solution.

User Reviews and Rating

Rating: 4.5/5, Reviews: 771K, Downloads: 10M+

"An amazing experience; one of the best loan applications out there. The process was completed within a few hours. Highly recommended. The application works very smoothly and seamlessly for its customers in very little time. They allow a repayment tenure of up to 90 days, which was very helpful in one of my emergency situations. Very quick and efficient."

24. Zype

Expert's opinion

Zype offers instant personal loans to salaried individuals, featuring a hassle-free application process without the need for document uploads. The amount is disbursed within minutes, and flexible repayment terms are available.

User Reviews and Rating

Rating: 5/5, Reviews: 19.7K, Downloads: 1M+

"I was in need of money and decided to give it a try today. I didn't have many expectations, but I liked their fully automated and self-explanatory app functions, which made it very easy to apply. Moreover, they were quite fast in transferring the money to the required account, which I loved. The whole process took around 30 minutes or so. I would say it's a must-try."

25. Lazypay

Expert's opinion

Lazypay offers fast and convenient personal loans without the need for physical documents. Their loans feature flexible EMI options and repayment terms.

User Reviews and Rating

Rating: 4.3/5, Reviews: 4.44L, Downloads: 1 Cr+

"The best ever pay later app I've ever used. If they can change the billing time to every 5th of a month, like other apps, then it will be great. Otherwise, I'm fully satisfied with the app's service."

General Eligibility Criteria:

  • Age: Typically between 21 to 65 years, varying among different loan apps.

  • Income: The minimum income requirement varies from app to app.

  • Employment Type: Salaried or self-employed individuals are usually eligible.

  • Credit Score: Generally, a good credit score is preferred, but some apps may cater to individuals with lower scores.

  • Debt-To-Income Ratio: Some apps may consider your debt-to-income ratio to assess repayment capacity.

  • Citizenship and Residence: Indian citizenship and residency are usually required.

Documents Required for Online Personal Loan Apps:

  • Identity Proof: Aadhar card, passport, driving license, etc.

  • Address Proof: Aadhar card, utility bills, rental agreement, etc.

  • Income Proof: Salary slips, bank statements, income tax returns, etc.

  • Employment Proof: Offer letter, employment certificate, etc.

  • Bank Statements: Typically for the last 3 to 6 months.

  • Photographs: Passport-size photographs.

  • Signature Proof: PAN card, passport, etc.

  • Loan Application Form: Provided by the respective loan app.

What Criteria Should I Consider When Choosing A Personal Loan App?

  • Interest Rates

  • Fees and Charges

  • Eligibility Criteria

  • Customer Reviews

  • Repayment Flexibility

  • Terms and Conditions

  • Customer Service

  • Additional Features

How To Apply For A Personal Loan Through App? Step-By-Step Procedure

  • Research and Choose a Reliable Loan App: Explore different personal loan apps available in the market. Consider factors such as interest rates, fees, customer reviews, and ease of use to select a reputable and trustworthy app.

  • Download and Install the App: Once you've chosen a loan app, download it from the respective app store (Google Play Store for Android devices or Apple App Store for iOS devices). Install the app on your smartphone or tablet.

  • Create an Account: Open the app and create an account by providing basic details such as your name, email address, mobile number, and password. Some apps may require additional verification steps.

  • Complete the Application Form: Fill out the personal loan application form within the app. Provide accurate information regarding your personal details, employment status, income, and loan requirements.

  • Upload Supporting Documents: Scan or take photos of the required documents, including identity proof, address proof, income proof, employment proof, bank statements, photographs, and signature proof. Upload these documents securely within the app.

  • Submit the Application: Review the entered information and uploaded documents to ensure accuracy. Once verified, submit the loan application electronically through the app.

  • Wait for Approval: After applying, the lending institution will review your details, creditworthiness, and documents. This process may take a few hours to a few days, depending on the app's evaluation procedures.

  • Loan Approval and Disbursal: If your application is approved, you'll receive a notification through the app. The approved loan amount will be disbursed directly to your linked bank account. This process typically takes a short time, ranging from a few hours to a couple of days, depending on the app's processing speed and your bank's policies.

What Happens If You Miss a Repayment?

  • Late Payment Charges may be applicable.

  • Your Credit Score may be negatively affected.

  • Continuous non-payment may lead to legal action and debt collection procedures.

Tips and Best Practices:

  • Assess Your Needs: Evaluate your financial requirements and determine the exact amount you need to borrow.

  • Compare Interest Rates: Research and compare interest rates offered by different lenders to find the most competitive option.

  • Understand Fees And Charges: Be aware of all fees and charges associated with the loan, including processing fees, late payment charges, and prepayment penalties.

  • Check Eligibility Criteria: Review the eligibility criteria set by lenders to ensure you meet the requirements before applying for a loan.

  • Read Customer Reviews: Look for feedback from other borrowers to gauge the lender's reputation for customer service and reliability.

  • Consider Repayment Flexibility: Choose a lender that offers flexible repayment options, such as longer loan tenures or the ability to make extra payments without penalties.

  • Understand The Loan Terms And Conditions: Thoroughly read and understand the terms and conditions of the loan agreement, including interest rates, repayment schedule, and any clauses related to early repayment or default.

  • Seek Recommendations And Advice: Seek recommendations from friends, family, or financial advisors who may have experience with personal loans and can offer valuable advice.

  • Evaluate Customer Service: Assess the quality of customer service provided by the lender, including responsiveness to inquiries and assistance throughout the loan application process.

  • Consider Additional Features: Look for any additional features or benefits offered by the lender, such as loan insurance, flexible repayment options, or rewards programs, that may enhance the overall loan experience.

Advantages of Using Personal Loan Apps:

  • Convenience and Accessibility.

  • Quick Approval and Disbursal.

  • Paperless Process.

  • Competitive Interest Rates.

  • Customized Loan Offers.

Risks and Considerations:

  • High interest rates for individuals with poor credit scores.

  • Potential for overspending and debt accumulation.

  • Security and privacy concerns with personal data.

  • Hidden fees and charges.

Regulatory Framework in India around Instant Personal Loans:

  • Quick personal loans are regulated by the Reserve Bank of India (RBI) and governed by the Banking Regulations Act of 1949.

  • Non-Banking Financial Companies (NBFCs) offering personal loans are regulated by the RBI and governed by the NBFC Regulations, 1999.

  • Interest rates, fees, and charges are regulated to ensure fair practices and consumer protection.


1. How does the interest rate on personal loan apps compare with traditional banks?

The interest rates on instant loan apps may be higher or lower compared to traditional banks, depending on factors such as creditworthiness and market conditions.

2. How secure are these apps in terms of protecting personal and financial information?

Online personal loan apps generally employ encryption and other security measures to protect personal and financial information, but users should be vigilant about privacy settings and data access permissions.

3. What is the maximum loan amount I can get through these apps?

The maximum loan amount available through these apps varies depending on factors such as creditworthiness, income, and the lending policies of each app.

4. What is customer service like? Is there a dedicated support team available to assist with loan-related queries?

Customer service quality varies among online personal loan apps, with some offering dedicated support teams to assist with loan-related queries, while others may have limited support options.

5. How quickly can I expect to receive the loan amount after approval?

The time taken to receive the loan amount after approval varies among easy personal loan apps, with some offering quick disbursal within hours, while others may take a few days to transfer the funds.

6. Can the loan application process be completed entirely through the app, or are there additional offline steps involved?

The loan application process can be completed entirely through the app, with no additional offline steps required.

7. What are the repayment options on these online personal loan apps?

 Repayment options typically include EMI-based payments through auto-debit from your bank account or manual payments through the app.

8. Are there any prepayment penalties if I choose to pay back my loan early?

Prepayment penalties may vary depending on the app, but some may charge a fee for early repayment of the loan.

9. How secure are these personal loan apps?

Instant loan apps employ various security measures, such as encryption and data protection protocols, to safeguard personal and financial information.

10. Can I use multiple personal loan apps at the same time?

Yes, you can use multiple personal loan apps simultaneously, but it's essential to consider the impact on your credit score and overall financial health.

11. Can I increase my loan amount after approval?

Some apps may offer the option to increase your loan amount after approval, subject to their policies and your eligibility.

12. How do these apps determine the interest rate for my loan?

The interest rate for your loan is typically determined based on factors such as your credit score, income, loan amount, and repayment tenure.

13. Can I apply for a loan if I have a low credit score?

Some apps may consider providing loans even if you have a low credit score, but the terms and conditions, including interest rates, may vary.

14. How do these apps affect my credit score?

 Applying for a loan through these apps and timely repayment can positively impact your credit score, but defaults or late payments may have adverse effects.

15. Can I negotiate the terms of my loan on these apps?

 While some flexibility in terms may be possible, the extent to which you can negotiate depends on the lender's policies and your circumstances.

16. Do these apps offer loans to self-employed individuals?

Yes, some apps offer loans to self-employed individuals.

17. What is the tenure range for loans on these apps?

 The tenure range for loans on these apps varies from a few months to several years.

18. Are there any hidden fees when using these personal loan apps?

Yes, there may be hidden fees associated with using these personal loan apps.

19. Can I track my loan repayment schedule on these apps?

 Yes, you can typically track your loan repayment schedule on these apps.

20. Are there any special offers or discounts for first-time users?

 Some apps may offer special offers or discounts for first-time users.

21. How reliable are the reviews for these personal loan apps?

The reliability of the reviews for these personal loan apps varies, and it's advisable to consider a combination of factors when assessing their credibility.

22. Best loan options for people who are not salaried

 Individuals who are not salaried may find the best loan options through platforms catering specifically to their employment status or by considering lenders who offer flexible eligibility criteria.

23. Best options to take a loan with a low credit score

For individuals with a low credit score, exploring options such as peer-to-peer lending platforms or lenders specialising in bad credit loans could be the best route to secure a loan.

Author Name: Moumita Guin

Note: "Each article is meticulously crafted by our team of finance experts, incorporating user and community feedback to evaluate and select financial products and brands rigorously. Their thorough approach ensures only the most reliable and relevant financial solutions are recommended to our readers."

Author Bio: Greetings! I am Moumita, a dynamic and dedicated content creator with a fervent zeal for crafting captivating stories and informative content. My adventure in the realm of words began during my academic tenure in Journalism and Mass Communication, where I discovered my ardour for content creation. With a rich background in meticulous product research and expansive long-form content development, I am eager to impart my profound insights. You will find my recommendations and expertise to be of immense benefit.

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