There are many instant Personal Loan apps in India, such as MoneyTap, KreditBee, mPokket, StashFin, and so on. You can get up to Rs. 25 lakhs under these loans with tenure up to 60 months and interest rates starting at 11.99% p.a. You can straight away apply for personal loan through your mobile or laptop and get access to the required funds.
If you do not have a credit history or adequate credit score, alternative borrowing options like instant loan apps can come to your rescue. These apps evaluate your loan eligibility on the basis of your social credibility score and not only on your past credit history or CIBIL Score.
These loan apps require quick sign-up or registration by the customers after which it shares available credit facility for the customer basis the details shared. The request is approved and sanctioned immediately as you complete KYC and share consent for terms & services. The process is 100% digital and contactless. It can be as fast as 5 minutes to a maximum of 2 days.
Nowadays, there are plenty of online personal loan apps, including MoneyTap, Indiabulls Dhani, KreditBee, CASHe, mPokket, PaySense, EarlySalary and so on. It is advisable to learn about the features, charges, and terms & conditions of all the available options before choosing the most suitable one.
Following are 25 of the best personal loan apps available in India right now:
|Name||Max Loan Amount||Starting Interest Rate||Download App|
|Indiabulls Dhani||Rs. 5 lakhs||0% p.m.||Download App|
|MoneyTap||Rs. 5 lakhs||13% p.a.||Download App|
|KreditBee||Rs. 2 lakhs||15% p.a.||Download App|
|mPokket||Rs. 20,000||1% p.m.||Download App|
|PaySense||Rs. 5 lakhs||16% p.a.||Download App|
|CASHe||Rs. 4 lakhs||33.46% p.a.||Download App|
|EarlySalary||Rs. 5 lakhs||Rs. 9 per day||Download App|
|Bajaj Finserv||Rs. 25 lakhs||13% p.a.||Download App|
|StashFin||Rs. 5 lakhs||11.99% p.a.||Download App|
|RupeeLend||Rs. 1 lakh||0.1% per day||DownloadApp|
|MoneyView||Rs. 5 lakhs||16% p.a.||Download App|
|Home Credit||Rs. 2 lakhs||19% p.a.||Download App|
|LazyPay||Rs. 1 lakh||18% p.a||Download App|
|PayMe India||Rs. 2 lakhs||18% p.a.||Download App|
|ePayLater||Rs. 20,000||36% p.a.||Download App|
|Credy||Rs.1 lakh||1% p.m.|
|FlexSalary||Rs. 2 lakhs||Up to 3% p.m.||Download App|
|LoanTap||Rs. 10 lakhs||18% p.a.||Download App|
|Realme PaySa||Rs. 10 lakhs||11% p.a.|
|Mi Credit||Rs. 5 lakhs||16.2% onwards||Download App|
|CashBean||Rs. 60,000||25.55% p.a.||Download App|
|NIRA||Rs. 1 lakh||1.67% p.m.||Download App|
|MobiKwik||Rs. 5 lakhs||12% p.a.|
|ZestMoney||Rs. 1 Lakh||0% p.m.||Download App|
|SmartCoin||Rs. 25,000||20% p.a.||Download App|
Following are some key features of instant personal loan apps available in India:
One of the best aspects of Personal Loans from app based lenders is minimal or no documentation for existing customers. The basic documentation for KYC is all you need to apply for Personal Loan through a website or smartphone. Furthermore to service maximum customers, most of these loan apps allow customers to borrow with no or very low credit score. However they evaluate the credit scoring based on the customer's social profile and other personal factors.
Here is the list of documents for Instant Loans through app:
The eligibility parameters may vary from lender to lender. Following are some common eligibility criteria to be met:
Here is the list of the best instant loan apps in India to get instant cash. You can choose one according to your eligibility and needs.
StashFin online personal loan app offers instant credit line up to Rs. 5 Lakhs for up to 3 years i.e. 36 months.
Some of the striking features are:
ePaylater is the best online loan app for online shopping. The app is offered by Arthashastra Fintech Pvt. Ltd. Here is how ePayLater works:
MoneyTap Personal Loan is one of the leading online loan apps for personal loans. Both self-employed and professionals can make use of instant credit line facility up to Rs. 5 Lakhs using MoneyTap App.
KreditBee Personal Loan App is a go to cash solution for young professionals. You can realize your dreams by getting direct money transfer to your bank account. This app comes in the RBI registered loan app list.
LazyPay is one of its kind lending app. You do not need to share your complete details in this to check the loan eligibility.
mPokket is a quick loan app for students of colleges wherein they can get instant access to Small Cash Loans up to Rs. 20,000.
Some of the striking features of mPokket Personal Loan are:
LoanTap is one of the most popular Instant Loan Apps. You can borrow a host of products ranging from Two-Wheeler Loans to Flexible Personal Loans, to Term Loans of your choice online using LoanTap App.
Credy Personal Loan can be availed of in major cities such as Bangalore, Chennai, Pune, Mumbai, and Hyderabad. It is a Short Term Personal Loan.
PaySa is a digital lending app powered by smartphone maker Realme. The app also works in partnership with EarlySalary, and provides instant Personal Loans to salaried individuals.
MI Credit is the Personal Loan app backed by the well known smartphone maker Xiaomi. The company has several tie-ups with financial institutions for Instant Personal Loans.
CashBean offers instant cash loans up to Rs. 60,000 for your urgent needs. Borrowing is as simple as ordering pizza online.
NIRA Personal Loan app is powered by Federal Ban
k and thus offers a safe and reliable interface to borrow for urgent needs.
ZestMoney is another cash app loan that allows you to borrow or shop online in easy EMIs. You can quickly borrow up to Rs. 1 Lakh without credit history.
The benefits and features are:
SmartCoin is a small loan app that offers short-term small personal loans starting from Rs. 1,000 to Rs. 25,000 to professionals, executives and businessmen.
Features can be listed as:
Indiabulls Dhani is one of the fastest instant loan apps that helps borrowers get access to Instant Personal Loan up to Rs. 15 Lakhs digitally.
The loan can be summarised as:
FlexSalary Personal Loan App offers easy loans for all professionals and salaried individuals working in metropolitan cities, as well as tier one and tier two cities.
PaySense is another popular app for online Instant Personal Loans. PaySense has partnered with IIFL and Fullerton for fast and easy Personal Loan processing in 40+ cities in India.
CASHe is another powerful best loan app to avail of Instant Personal Loans online. CASHe App is powered by NBFC Bhanix Finance and Investment Limited and uses Social Loan Quotient (SQL) to process the loan application. It is completely hassle free to assess your loan eligibility and apply for the loan/ creditline on this app.
EarlySalary is another easy-to-use app for Instant Cash Loan. The app is particularly popular with young salaried individuals who seek fast loans. It is a payday loan and should be used only for urgent short term cash needs up to 50 days. It is the best instant loan app without salary slip as the requirement of 3 months’ salary slip (PDF) is not mandatory for all customers.
PayMe India is another new age Fin-Tech company that raised US $2 million from a Singapore-based investor. The app offers instant term loans to salaried individuals as Early Salary Loan.
Here are the highlights:
MoneyView is another popular app to avail of contact less Personal Loans digitally. All you need to do is download the app and check your eligibility instantly. The app offers extreme flexibility of borrowing and repayment.
Home Credit is another easy loan app for people with no credit score and low income. Home Credit Personal Loan can be accessed in more than 150 Indian cities. Being a part of the International Home Credit Group, it has presence in over 10 countries in Asia and Europe.
RupeeLend is part of Casinity Group and offers fast Short Term Loans in metro cities like Bangalore, Mumbai, and NCR. It is a Payday Loan i.e. advance salary loan and thus should be only opted for very urgent needs for very small term.
Bajaj Finserv app allows you to borrow high-ticket Personal Loans within 24 hours. All you need to do is share Adhaar number and social profile to check eligibility.
MobiKwik is another new age app to avail of instant Rs. 5,00,000 loan in your wallet. You can access through your smart phone or website.
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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You can avail of instant Personal Loan as a preapproved bank offer. To get loan instantly, login with your customer ID on the lender's app and apply for loan. Alternatively, you can also apply for Small Personal Loans through lending apps such as MoneyTap, MoneyView, MobiKwik, KreditBee etc. These are 100% paperless, processed digital and ensure fast access to cash for all types of financial requirements or emergencies. The best part is many of these apps, offer you instant credit line where in you can access part of amount and thus minimise the repayment burden. In most cases, there is no prepayment charge and these apps offer highly customised offers as compared to bank loans.
Instant Loan Apps evaluate your loan eligibility on the basis of your social creditability score. They do not base loan eligibility only on your past credit history or CIBIL Score. These apps require quick sign-up or registration by the customers after which it shares available credit facility for the customer basis the details shared. The request is approved and sanctioned immediately as you complete KYC and share consent for terms & services. The process is 100% digital and contactless. It can be as fast as 5 minutes to max of 2 days.
MyMoneyMantra has listed best 25 Instant Personal Loan Apps in India. The most popular ones are Cashe, MoneyTap, and MoneyView. Early Salary is the payday loan app. Thus based on your requirement you should choose the best app for your needs.
For fastest access to cash in your account, you can use Personal Loan apps like Cashe, MoneyTap, Finnable, Incred, MoneyView, Kreditbee and Credy. You may also use MI Credit and Pay Sa for enjoying instant credit access via from your e-wallet.
You get a host of options to repay your instant app loan. You can use UID, wallet options, or bank transfer to repay your instant loans online. It takes a couple of taps on your smart phone to repay loan from linked payment accounts.
mPockket offers instant cash loan up to 20000 to students. The loans are typically designed to offer cash gaps for young population. The tenure is capped at 3 months to ensure ease of repayment as well as debt affordability for young borrowers.
Most Loan Apps credit Instant Loans to salaried individuals. All you need to do register with your Pan, Aadhaar and bank account, and instantly you get eligibility limit for your profile. You can instantly borrow without any further adieu. Some of the best Instant Loan apps for salaried individuals are MoneyView, MoneyTap, Credy, Cashe, Finnable, InCred and Early Salary.
Business owners with urgent small cash needs can access Rupeelend, ZipLoan, CASHe, Smart Coin, and Realme Pay Sa for instant loans. Register on these apps to access eligibility for your profile. The loans are disbursed the same day. For big ticket requirements, traditional Business Loans from banks and NBFCs are recommended.
These days bank apps such as SBI YONO, ICICI iMobile, Bajaj Finserv's Experia, India Bulls' Dhani and many more are as fast as new age lending apps. However, the choice should be based on your specific needs. For pocket size cash needs for a few months and situations where you fail to meet eligibility criteria set out by traditional lenders like high credit score, lending apps are preferred choice. Whilst for Long Term Loans where you need EMI based repayment option, search out various loans from banks and NBFCs. MyMoneyMantra helps you find the best suitable loan to meet your cash needs most affordably and conveniently.