Personal loans are a savior in times of financial crisis. However, banks take a really long time to process or even approve loans and moneylenders drive up interest rates to increase their profits.
Personal loan apps have become the need of the hour to fulfill all financial limitations. With instant loan disbursals, affordable interest rates, and flexible repayment terms, personal loan apps have emerged as the go-to destination for hassle-free and instant cash.
But, there are numerous apps claiming to be the best loans app in India. This is why we have listed the best instant loan apps that you can trust.
Here are our top 10 picks for personal loan apps in 2023!
Every personal loan app promises a quick sign-up, an easy application process, and an interest rate that is more affordable than every other app in the market.
However, there are only a few apps that stay true to their word and even fewer that provide features that are truly useful.
We have compiled a list of India’s best, most convenient, and highly flexible loan apps that deliver on their promises. Take a look!
|
Loan Apps Name |
Interest Rate (per month) |
Loan Amount |
PlayStore Rating |
|---|---|---|---|
|
1.33% onwards |
Rs.5,000-Rs.5,00,000 |
4.7/5 |
|
|
1.08% onwards |
Rs.3,000-Rs.5,00,000 |
4.1/5 |
|
|
1.02% - 2.49% |
Rs.1,000-Rs.3,00,000 |
4.6/5 |
|
|
1.3% - 2.3% |
Rs.5,000-Rs.5,00,000 |
4.6/5 |
|
|
2.75% onwards |
Rs. 1,000-Rs.4,00,000 |
4.4/5 |
|
|
1.67% to 2.25% |
Rs. 2,500-Rs.1,00,000 |
4.4/5 |
|
|
0.8% to 3.75% |
Rs. 5,000-Rs.20,00,000 |
4.2/5 |
|
|
1% to 2.5% |
Rs. 5,000-Rs.5,00,000 |
4.5/5 |
|
|
1.25% to 2% |
Rs.50,000-Rs.10,00,000 |
4/5 |
|
|
0% to 4% |
Rs.500 - Rs.30,000 |
4.4/5 |
While there are a number of personal loan apps in the market today, we have chosen the top 10 best loan apps based on convenience and popularity. Here are the features and benefits the apps offer -
moneyview is one of the most popular and the best rated personal loan app in India. It offers unparalleled benefits and features to its customers. Some of these include -
The loan amount, once the application is approved, will be disbursed within 24 hours
You can check your eligibility criteria in just 2 mins from anywhere in the country
moneyview only asks for three documents, namely, address proof, identity proof, and payslips.
Borrowers can get any amount between Rs. 5,000 to Rs. 5 lakh at an affordable interest rate starting at just 1.33% per month with flexible repayment terms of 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.
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 between Rs. 3,000 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 of 2 months 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 between 23 to 55 years old and have a minimum monthly income of Rs.30,000
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 self-employed applicants and salaried 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. 3 lakh
KreditBee claims to disburse the loan amount in just 10 mins
The interest rate starts at 1.02% 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
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 without any credit history
You can get a loan amount between Rs. 5,000 to Rs. 5 lakhs instantly
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
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. 4,00,000
Repayment terms vary from 3 months to 1.5 years 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 above 18 years of age
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 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 from Rs. 2,500 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 varies from 3 months 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 will vary from 1.67% to 2.25% per month
While the entire loan process is paperless, you will need to submit hard copies once for KYC purpose
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 lakhs from the Navi app
Navi offers flexible EMI options of up to 72 months or 6 years. You can pay off your loan on your own terms without stressing too much about it
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 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. 10,00,000 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 24X. 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 ranging from 2% to 2.5%
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. 10,00,000 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 of 21 years of age or above, 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 EMI-free loan or an accelerated repayment option, as per your convenience
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 or student ID or mark sheet or letter of admission as proof
You can repay the loan amount within 120 days
In India, there are a plethora of personal loan apps, all offering instant disbursals, a paperless process, and flexible repayment options.
The best loan apps, however, also include other important factors such as extensive eligibility criteria, quick processing of documents, freedom of the usage of funds, transparency in the process, and no hidden charges.
When deciding which personal loan app to choose, check for all the necessary features and pick the one that works best for you.
If transparency, convenience, and flexibility are what matters the most to you, then moneyview loans are the best and wisest choice for you! Apart from being pocket-friendly, moneyview loans are instant and come with no hidden charges. Head over to the moneyview website or download the loans app now to enjoy extreme financial freedom!
Instant personal loan apps are the best way to borrow money instantly. Above, we have mentioned the top 10 personal loan apps that provide instant loans. Check it out to know more.
If your loan application is approved, the loan amount will be deposited into your bank account.
Yes. Some online lenders offer personal loans to applicants with low credit scores or no credit scores at all. However, they may charge a higher interest rate.
Applying for an instant personal loan online is simple and time-efficient. With online loan applications, you can apply at any time and from anywhere without visiting a lender's office or bank. If your loan application is approved, the loan amount will be deposited into your account right away.
Some online lenders allow you to pre-close a loan after a certain number of EMI payments are done. However, you may be charged a minimum fee for doing so. There are also some lenders who do not charge a pre-payment fee.
Every personal loan app has a minimum eligibility requirement that needs to be met before loan approval. Only if you meet all the eligibility terms, you will qualify for the loan.
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