25 Best Instant Personal Loan Apps in India

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

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

Top 25 Instant Loan Apps in India in 2023

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, most convenient, and highly flexible loan apps that deliver on their promises. Take a look at the highest rated instant loan apps in 2023!

Features and Benefits of the Best Instant Loan Apps In India

Here are the features and benefits of the 25 best loan apps in India - 

moneyview

moneyview is one of the most popular and the best rated personal loan 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 mins from anywhere in the country

• moneyview only asks for three documents, namely, address, identity, and income proof

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

• Interest rates start from just 1.33% per month with flexible repayment tenures up to 60 months

• moneyview does not ask for collateral and you can choose to repay the loan through auto-debit EMIs

• moneyview’ s unique credit rating model allows applicants with low credit scores to avail 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 1.08% per month

• 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 card 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 personal loan which is a small ticket personal loan that is perfect for emergencies or smaller expenses and a personal loan for salaried applicants and self-employed applicants. 

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.4 lakhs

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

• The interest rate ranges from 5% - 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 for Flexi loan and 24 months for a personal loan for salaried 

• 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 instantly

• 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

• 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 loans up to Rs. 1 lakh in just 3 mins! Take a look at the features and benefits of their flagship product -

• Nira Finance offers a line of credit up to Rs.1 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. 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 72 months or 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 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 14% 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.25,0000 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 age of 21 and 60 years, earning at least Rs. 30,000 per month

• You can make your EMIs more affordable by choosing a flexible repayment plan from 3 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 EMI-free loan or an accelerated repayment option, as per your convenience

mPokket

mPokket offers secure and instant personal loans for students and salaried individuals in times of cash crunch. It provides pocket-sized personal loans in minutes with low-interest rates sans long-term EMI commitments making it one of the best instant loan apps in India. 

Its features include:

• mPokket serves low-salaried and low-income earners by providing loans of Rs.500 to Rs.30,000 to fund their urgent financial needs

• 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

• You can repay the loan amount within 120 days

• The interest rates are up to 4% p.m.

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 personal 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

• The loans are unsecured and do not require any collateral

• Affordable interest rates starting from 10.49% p.a. and tenures ranging from 12 - 72 months

IDFC First Bank

IDFC First Bank is a good option for you if you want a significant amount of cash. It is 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 the tenure ranges from 12 - 60 months

• Loan amount varies from Rs.20,000 to Rs.40 Lakh

• The interest rate is affordable starting from 10.49% p.a. 

ZestMoney

ZestMoney is another unique finance platform that offers instant loans. Here are some features about 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 14%

• 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 ones 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 2.4% per month

• You can borrow an amount between Rs.5,000 to Rs.1 Lakh

• Repay the amount at your own pace with tenures between 3 to 6 months

Home Credit

This app provides easy, quick, and convenient loans 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 2% 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 

SmartCoin

SmartCoin is an easy to use lending app for people who are looking for short term loans. Salaried individuals as well as stay-at-home parents, and business owners can avail loans from this app. Here are some features that make it stand out - 

• All documentation can be completed online

• Application gets approved within minutes

• No minimum salary requirement

• Mini loans available starting from Rs.1,000 - Rs.70,000 that can be repaid within 91 - 270 days

• Affordable interest rates starting from 20% p.a.

Credy

This loan app can be used to avail instant personal loans in major Indian cities like Bangalore, Chennai, Pune, Mumbai, and Hyderabad. Here are some more features of Credy -

• Loan amount is flexible and can go up to Rs.1 Lakh

• You can choose a tenure between 3 - 12 months

• No guarantor or collateral needed

• You need to be a salaried employee to be eligible

• Interest rates range from 1% - 1.5% of loan amount p.m.

FlexSalary

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

• All salaried individuals are eligible for a loan

• No minimum salary requirement

• It works as an advance salary app

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

• Affordable easy EMIs based on interest rates ranging from 18% - 54% p.a.

• Up to Rs.2 Lakh can be availed as a loan and can be repaid in 10 - 36 months

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 individuals

• Low-interest rates ranging from 18% - 42% p.a. 

• Total loan procedure can be completed on the app

• Convenient and flexible repayment plans up to 36 months

• Loan amount can go up to Rs.5 Lakh

• Fixed minimal processing charges

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 15 seconds

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

• The rate of interest can be 11.99% - 59.99% p.a. 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, Aadhar number, and address need to be provided for verification

• You can repay the loan within 2 - 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 and has these features - 

• Low interest that starting from 10.75% 

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

• Loan disbursal within 48-hours

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

• Repay the loan amount through easy EMIs ranging from 12 - 60 months

Buddy Loan

With its head office in Bangalore, BuddyLoan 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 12 - 60 months

• 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

RupeeLend

RupeeLend is a payday loan, i.e. an advance salary loan that can be availed in metro cities like Bangalore, Mumbai, and Delhi NCR. It is a part of the Casinity group, and is based out of Gurgaon. 

Here are some other key features of the app - 

• Provides urgent loans for emergency situations

• Reduces the need of excessive paperwork 

• Loan foreclosures can be done without any extra charges

• Loan amounts ranging from Rs.10,000 - Rs.1 Lakh can be availed at 0.1% - 1% per day interest

• Offers tenures from 61 - 90 days

Upwards

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

• The process is paperless and requires no collateral

• Salaried individuals with a minimum salary of Rs.15,000 are eligible

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

• It is available in over 200 cities in India

Conclusion