30 Best Instant Personal Loan Apps in India

 Updated on - 11 Dec 2024 

Personal loans are a great way to fulfill small goals in life. They help you splurge on a coveted device, or take care of your financial emergencies without spending all your savings.

In today’s time, instant loan apps are the best option for personal loans. They process loans much faster than banks and also require minimal documentation. If you are searching for the best loan apps in India, read ahead. 

Top 30 Instant Loan Apps in India in 2024

Why waste your time scrolling through descriptions of apps to find out which is the best loan app in India? Here you can find the top online loan apps as well as the interest rate they charge, loan amount, and tenure they provide.

We have compiled a list of India’s best loan apps that are convenient, highly flexible, and deliver on their promises. Take a look at the highest-rated instant loan apps in 2024!

Features and Benefits of the Best Instant Loan Apps in India

Here are the features and benefits of the 30 top loan apps in India - 

Moneyview

Moneyview is one of the most popular and the best-rated digital lending apps in India. It offers unparalleled benefits and features to its customers. Some of these include -

• The loan amount, once the application is approved, is disbursed within 24 hours in most cases

• You can check your eligibility criteria in just 2 minutes from anywhere in the country

• Very minimal documentation is required

• You can get any amount between Rs. 5,000 to Rs.10 Lakh

• Interest rates start from just 16% per annum with flexible repayment tenures of up to 60 months

• Moneyview’s partner lenders do not ask for collateral and you can choose to repay the loan through auto-debit EMIs

• Moneyview’s partner lenders’ credit rating model allows applicants with low credit scores to avail of a loan 

MoneyTap

It is a personal loan app that provides a line of credit to customers, which works as an instant loan or a credit card. One of the primary highlights of MoneyTap’s line of credit is that you would pay interest only on the loan amount that you use and not the entire approved amount. 

Take a look at some of the other benefits offered -

• The no-usage-no-interest feature ensures that one pays interest only on the amount used and not the entire amount availed

• You can avail of any amount up to Rs. 5 lakh and the interest rates start at 13% per annum

• Whenever you need cash, you can borrow any amount up to your entire approved credit limit, as and when you need it

• Flexible repayment tenure from 3 to 36 months is offered

• MoneyTap offers free MasterCard credit cards to its borrowers and provides the entire credit limit as cash 

• The applicants should be above the age of 23 years and have a minimum monthly income of Rs.30,000

KreditBee

KreditBee offers multiple types of personal loans - flexi loans and personal loans for salaried and self-employed applicants. Flexi personal loans are small ticket loans perfect for emergencies or smaller expenses.

Some of the features and benefits are -

• Depending on the type of loan availed, borrowers can get a loan amount between Rs.1,000 to Rs.5 Lakh

• KreditBee claims to disburse the loan amount in just 10 minutes

• The interest rate ranges from 17.00% - 29.95% p.a. and can vary based on the borrower’s credit history and other factors

• The repayment tenure starts at 3 months and can go up to 10 months, 24 months, and 36 months for flexi loans, personal loans for self-employed, and personal loans for salaried, respectively 

• The entire loan application process from start to finish is done online

PaySense

This is another instant loan app that is gaining popularity owing to its quick loan approval and disbursement process. Some of the features and benefits of this app are -

• A unique feature is that PaySense offers loans to applicants who are new to borrowing and have no credit history

• You can get a loan amount between Rs.5,000 to Rs.5 Lakh 

• The amount gets disbursed within 4 days of approval

• The interest rate ranges from 1.4% - 2.3% p.m. and the tenure can be between 3 - 60 months

• It offers personal loans to both salaried and self-employed applicants

• Paysense also provides reminders, and auto-debit features to help you keep track of EMI payments

CASHe

Are you a salaried individual looking for an urgent loan? Then CASHe is a great option for you! CASHe employs a unique SLQ (Social Loan Quotient) to determine your eligibility for a loan.  

Some of the features and benefits of their instant loans are -

• Avail loan amounts ranging from Rs.1,000 to Rs.4 Lakh

• You can get the amount in your bank account within 24 hours 

• Repayment terms vary from 3 months to 18 months making it a great short-term loan option

• These loans can be availed online which makes the application process easy and convenient 

• However, the minimum salary requirement is Rs. 12,000 per month and applicants must be between the ages of 23 and 58 years old

• CASHe offers a carefully crafted loyalty program that allows its borrowers to enjoy benefits such as choosing lower interest rates or higher loan amount

Nira Finance

Nira Finance is another loan app that has been making waves in the financial space. This instant personal loan app gives approves loans up to Rs.1 lakh in just 3 minutes, and disburses them within 24 hours! Take a look at the features and benefits of their flagship product -

• Nira Finance offers a line of credit up to Rs.1.5 Lakh

• Once your documents and application are submitted, you can find out your credit limit in just 3 minutes

• Nira Finance also offers credit to first-time borrowers without a credit history. However, if you are a seasoned borrower, then the minimum CIBIL score requirement is 681

• Repayment tenure can go up to 12 months

• You will also only have to pay interest for the amount used and not the entire amount that you are approved for

• Interest rates start from 2% per month

• While the entire loan process is paperless, you will need to submit hard copies once for KYC purpose

Navi

A digital lending app that provides loans online, Navi is one of the top lenders in the market today. They claim to approve and disburse loans within a few minutes. 

Read on to know some of their features and benefits -

• You can avail a personal loan of up to Rs. 20 Lakh 

• Navi offers flexible EMI options of up to 6 years

• The interest rates start from 9.9% p.a.

• The entire process of availing a loan is digital and can be done from anywhere

• You can choose a repayment plan of your choice based on your eligibility

• The loan amount will be credited to your account within a few minutes of approval 

Fibe

Fibe, formerly EarlySalary, offers attractive personal loans, financial freedom, and flexibility to its customers. It prides itself on being inclusive and provides instant cash loans to those with no credit score. The best part about Fibe is you can get a loan in just 10 minutes. 

Check out its salient features and benefits -

• You can avail of a loan from Rs.5,000 to Rs.5 Lakh based on your eligibility

• The entire process of application is done online and is fully paperless

• A unique feature of this lender is that you can apply for multiple loans in the same day even if you already have a loan running with them

• Another benefit Fibe provides is that it is available 24X7. You can apply for a loan at any time and get instant disbursal

• Fibe also offers a salary advance to those who need a little extra cash on the side with interest rates starting from 12% p.a.

• You can repay the loan in easy installments that span up to 24 months

LoanTap

LoanTap offers customized loan options with pocket-friendly EMIs and flexible repayment plans. Given below are some of the features and benefits of LoanTap personal loans -

• LoanTap lends any amount between Rs.50,000 to Rs.10 Lakh based on the borrower’s requirement

• Once the loan is approved, you will be credited with your loan amount in 24-36 hours

• To qualify for a LoanTap personal loan, you must be an Indian citizen between the ages of 23 and 60, earning at least Rs. 30,000 per month

• You can make your EMIs more affordable by choosing a flexible repayment plan from 6 months to 60 months

• LoanTap has a transparent loan process and consists of no hidden charges or pre-payment charges

• After 6 months of disbursement, you can switch to an EMI-free loan or an accelerated repayment option, at your convenience

mPokket

mPokket offers secure and instant personal loans for students, salaried, and self-employed individuals. It provides pocket-sized personal loans in minutes with low interest rates without long-term EMI commitments making it one of India’s best instant loan apps.

Its features include - 

• mPokket serves low-salaried and low-income earners by providing loans of Rs.500 to Rs.45,000

• Once the eligibility criteria are fulfilled, the loan amount is disbursed within a few hours

• College students can also avail a loan just by providing their college enrolment, student ID, mark sheet, or letter of admission as proof

• The repayment tenure ranges from 61 days - 12 months

• The interest rates are up to 48% p.a.

Bajaj Finserv

Bajaj Finserv is an Indian non-banking company that provides a variety of financial services. They have three variants of the personal loan product - flexi term loan, flexi hybrid loan, and term loan. 

Here are some other features of their loans - 

• You can choose any of the three variants based on your requirement

• You can complete the whole process right from the comfort of your home

• Avail loans up to Rs.40 Lakh

• To be eligible, you should have a minimum salary of Rs.25,001 based on your location

• The loans are unsecured and do not require any collateral

• Affordable interest rates ranging from 10% - 32% p.a. and tenures up to 96 months

IDFC First Bank

IDFC First Bank is a good option if you are looking for an easy-to-use app, and here are some of its salient features - 

• As existing customers, you can easily access your loan account details, statement details, outstanding balance, etc.

• You can pay the loan at your own pace as tenures can go up to 60 months

• The quantum of the loan is up to Rs.10 Lakh

• The interest rate is affordable starting from 10.99% p.a.

ZestMoney

ZestMoney is another unique finance platform that offers instant loans. Here are some features of the platform - 

• You can apply for a loan even if you don’t have a credit score

• It can also be used to shop online in easy EMIs

• Avail loans up to Rs.5 Lakh with interest rates starting at 11.99% p.a.

• You can get gift cards from other popular shopping websites

• Pay the money back in comfortable EMIs ranging from 3 - 36 months

True Balance

True Balance focuses on customers who don’t make online payments or who don’t have a credit score. Read about some major features of the app - 

• They claim that you can apply, get your loan approved, and get the money within 30 minutes

• They provide access to credit for 24 hours of the day

• The interest rates start from 2.40% per month

• You can borrow an amount between Rs.5,000 - Rs.1.25 Lakh

• Repay the amount at your own pace with tenures between 3 to 12 months

Home Credit

This app provides easy, quick, and convenient loans within a few hours for all. Some more important pointers about Home Credit are - 

• It is part of the International Home Credit group and is present in many countries other than India

• It is present in more than 150 Indian cities

• No credit history is required to avail a loan from this app

• Interest rates start from 1.6% p.m. and tenures can be 12 - 48 months, based on your convenience

• You can take a loan of up to Rs.5 Lakh to meet any of your needs 

Olyv (SmartCoin)

SmartCoin is an easy-to-use lending app for people who are looking for short-term loans. Salaried individuals and business owners can avail of loans from this app. 

Here are some features that make it stand out - 

• All documentation can be completed online

• The application gets approved within minutes and you can get the funds within 24 hours

• To be eligible, you must be between 21 and 60 years

• Minimum income requirement for eligibility is Rs.20,000

• Mini loans available starting from Rs.1,000 - Rs.5 lakh that can be repaid within 2 - 24 months

• Affordable interest rates starting from 18% p.a.

FlexSalary

Based out of Hyderabad, FlexSalary is another one of the top instant loan apps in India. Here is what sets it apart from the rest of the online loan apps - 

• All salaried individuals are eligible for a loan

• Minimum income requirement is Rs.8,000

• Available in metro cities, as well as Tier I and Tier II cities

• Affordable easy EMIs based on interest rates ranging from 18% - 30% p.a.

• Up to Rs. 3 Lakh can be availed as a loan and can be repaid in 10 - 36 months

• Loan amount is disbursed within 24 hours

Payme India

This online loan company is situated in Noida and provides a variety of products like payday loans, advance salary, and short-term cash loans. The following are some key features of the Payme India app - 

• Offers loans to salaried and self-employed individuals

• Low-interest rates starting from 1.50% per month

• The total loan procedure can be completed on the app

• Convenient and flexible repayment plans for up to 24 months

• The loan amount can go up to Rs.5 Lakh

• Loan is disbursed within 24 - 48 hours

• Minimum income requirement is Rs.15,000 for salaried and Rs.25,000 for self-employed applicants

StashFin

StashFin, founded by a team of experienced financial services professionals, is one of the top digital instant loan apps in India. Here are some features that set it apart from its competitors - 

• Loans are available for as low as Rs.1,000 and can go up to Rs.5 Lakh

• Once you register, a rate quote is provided within 5 minutes

• You can repay the loan through digital payments over a range of 3 - 36 months

• The rate of interest starts from 11.99% based on your eligibility

• Nominal processing charges

Dhani

Dhani is a loan app backed by Indiabulls Ventures, that lets you apply for a personal loan anytime, anywhere. Here are some unique features of this app - 

• Avail unsecured loans with no physical documentation

• Only PAN and address proof are required to be provided for verification

• You can repay the loan within 3 - 24 months

• Loans starting from Rs. 1,000 to Rs. 15 Lakh depending on your requirement

• Interest rates start from 13.99% p.a.

IndiaLends

IndiaLends is a premium cash loan app that promises to release funds within 24 hours of loan approval. Here are some of its features - 

• Low interest that starts from 10.25% p.a.

• Instant loans can be availed directly from the app after checking your CIBIL score

• Loan disbursal within 24 hours

• Up to Rs.50 Lakh can be availed as an instant loan

• Repay the loan amount through easy EMIs ranging from 1 - years

Buddy Loan

With its head office in Bangalore, Buddy Loan claims to be the loan app with the highest rate of loan approvals. These features set it apart from other loan apps - 

• Loan approval within 48 hours of applying

• Get loan offers from Rs.10,000 to Rs.15 Lakh 

• Interest rates start at 11.99% p.a. 

• Comfortably pay off your loan in tenures of your choice ranging from 6 months - 5 years

• Any Indian citizen with a valid Aadhaar and PAN card can apply 

• If you are self-employed, you need company and GST details to be eligible

Upwards by LendingKart

Upwards claims that it is the quickest loan app in India for salaried persons. Here are some features of the app - 

• EMIs start from as low as Rs.2,500, with interest rates ranging from 18% - 32% p.a.

• You can get loans up to Rs.5 Lakh within 3 to 5 days

• The process is paperless and requires no collateral

• The loan can be repaid conveniently over 6 - 24 months

• It is available in over 200 cities in India

RupeeRedee

This app is an instant loan app that claims to disburse loans in 5 minutes. Here are some salient features of this app - 

• Anyone between the ages of 18 and 65 is eligible for a loan

• You just need your Aadhaar, PAN, and Net banking details to apply

• You can get loans  from Rs.2,000 to Rs.1,49,000 

• You can avail of loans at interest rates starting from 36% p.a.

• Repay with ease through tenures up to 12 months

SMFG India Credit (formerly Fullerton India)

SMFG India Credit gives affordable loans to self-employed and salaried people depending on their eligibility. Let’s look at some of the salient features of this app -

• Apply loans from the comfort of your home

• The application process is 100% paperless

• No collateral required as loans are unsecured

• Calculate EMIs before applying on their website

• To be eligible, you need to between 21 and 60 years old

• Minimum required income to apply is Rs.20,000 to Rs.25,000

LazyPay

This app provides instant loans as well as many other services. You can also pay utility bills from this app. Let’s look at some features that make it stand out -

• Loans from Rs.3,000 to Rs.5 Lakh

• Interest rates range from 15% to 32% p.a. 

• Interest is calculated on a reducing balance basis

• You can choose repayment tenures ranging from 3 to 60 months

• Buy Now Pay Later options 

Hero FinCorp

Hero FinCorp is an app with a user-friendly interface that allows you to apply for instant personal loans. Here are some things that make it attractive -

• No hidden charges or expenses

• Small cash loans up to Rs.3 Lakh are also available 

• Quick loan approvals within minutes

• Paperless process, 100% online

• Should be between 21 and 58 years old to be eligible

• Minimum monthly income requirement is Rs.15,000

Kissht

Kissht offers fully digital loans in a hassle-free process. Some of the main features of this app are -

• Personal loans from Rs.30,000 to Rs.5 Lakh 

• Top up loans with extended tenure of 36 months

• Loans are disbursed in 5 minutes

• Multiple ways to pay EMIs

Pocketly

This app is available for both Android and iPhone users, and gives small loans with short repayment tenures. Here is what makes it stand apart -

• Quantum of loans from Rs.500 to Rs.50,000

• Interest rates range from 2.00% - 3.00% per month

• Loan tenures range from 1 to 6 months

• It has a relaxed eligibility criteria with income requirement of just Rs.15,000

• Both salaried and self-employed individuals can avail of loans from this app

Finnable

Finnable is an app that gives a seamless and hassle-free experience. It is a start-up that helps employees get easy personal loans. Here is what sets this app apart from others -

• You can calculate your EMI on the website before applying for a loan

• EMIs are calculated using the reducing balance method

• The loan is disbursed within 24 hours

• Complete the whole process digitally

• Repayment terms range from 3 to 48 months

Conclusion