Best Instant Personal Loan Apps in India
Whenever you run out of cash and desperately need some, a personal loan can be of immense help. However, there’s a catch - the traditional way of applying for a bank loan is tiresome and time-consuming, and hence, it’s not the best option if the need is urgent. This is where the new-age instant personal loan apps come to your rescue. These apps allow you to apply for personal loans and get them approved quickly right from your smartphone.
Top 5 Personal Loan Apps in India
Although there are numerous personal loan apps today, not every app offers a high degree of convenience and flexibility. This is why we have compiled a list of the current top 5 instant loan apps in India that you can use to get a personal loan.
| App Name | Interest Rate (per month) | Loan Amount |
|---|---|---|
| Money View | 1.33%-2% | Rs.10,000-Rs.5,00,000 |
| Indiabulls Dhani | 1%-3.17% | Rs.1,000-Rs.15,00,000 |
| Money Tap | 1.08%-2.03% | Rs.3,000-Rs.5,00,000 |
| KreditBee | 2%-3% | Rs.1,000-Rs.1,00,000 |
| PaySense | 1.08%–2.33% | Rs.5,000-Rs.5,00,000 |
Features and Benefits of the 5 Best Instant Loan Apps in India
Money View Loans App:
This is perhaps the most convenient and popular instant loan app in the country today. Its amazingly simple and quick loan application and approval process is what makes it a class apart from its competitors. The app is extremely easy to use and the financial transactions carried out through it are entirely safe.
- Check your eligibility for an instant personal loan in just 2 minutes.
- Regardless of where you are in the country, you can apply for loans in a hassle-free way.
- Easy online document submission to process the loan application.
- Highly competitive interest rates starting from 1.33% per month.
- Easy loan repayments through auto-debit EMIs.
- Money View’s entirely digital process implies zero paperwork.
- You don’t have to pledge any collateral to get your instant personal loan approved.
- Enjoy an easy repayment period of up to 5 years.
- Low monthly income requirement that starts from 13,500.
Indiabulls Dhani App:
It is another app that allows users to apply for personal loans from their phone in just a few steps. Its major highlights are listed below.
- No prepayment charges for loans of up to Rs.20,000.
- Loan repayment period ranges from 3 months to 36 months.
- Instant personal loans are offered to both salaried and self-employed individuals.
- The applicant should be at least 21 years of age.
MoneyTap App:
One of the primary highlights of MoneyTap is that you would pay interest only on the loan amount that you use and not the entire approved amount. To attract borrowers, MoneyTap also offers exciting rewards and benefits with its credit card.
- As the borrowed amount is repaid, the credit limit gets recharged; thus, it allows multiple withdrawals.
- Rewards and discounts on food, fuel, and entertainment expenses.
- The applicants should be at least 23 years of age and have a minimum monthly income of Rs.20,000.
KreditBee App:
Apart from instant personal loans, KreditBee extends salary advance loans to young professionals who usually run short of cash towards the end of the month. Borrowers can apply for instant loans of up to Rs.1 lakh through minimum documentation.
- Both salary advance and short-term personal loans are offered by KreditBee and can be availed up to Rs.1 lakh.
- The applicant must be at least 18 years of age and should draw a minimum monthly salary of Rs.15,000.
PaySense App:
It is another instant loan app that is gaining popularity owing to its quick loan approval and disbursement process. First-time borrowers can also apply for loans of up to Rs.5,00,000 through PaySense.
- Doorstep document collection for borrower convenience.
- The applicant should be between 21 years and 60 years of age
- The minimum monthly income for salaried applicants should be Rs.12,000 and that for self-employed individuals, it’s Rs.15,000.