Best Instant Online Personal Loan Apps

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. 

Online Loan App for Instant Personal Loan

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.

Top 25 Instant Loan Apps in India 2021

Following are 25 of the best personal loan apps available in India right now:

NameMax Loan AmountTenureStarting Interest Rate
StashFinRs. 5 lakhs3 - 36 months11.99% p.a.
ZestMoneyRs. 1 Lakh9 - 24 months0% p.m.
SmartCoinRs. 25,00091 - 120 days20% p.a.
Indiabulls DhaniRs. 5 lakhsUp to 3 months0% p.m.
ePayLaterRs. 20,000Up to 14 days36% p.a.
MoneyTapRs. 5 lakhs2 - 36 months13% p.a.
KreditBeeRs. 2 lakhs3 - 15 months15% p.a.
LazyPayRs. 1 lakh3 - 24 months18% p.a
mPokketRs. 20,000Up to 4 months1% p.m.
FlexSalaryRs. 2 lakhs10 - 36 monthsUp to 3% p.m.
PaySenseRs. 5 lakhs3 - 60 months16% p.a.
CASHeRs. 4 lakhs3 - 18 months33.46% p.a.
EarlySalaryRs. 5 lakhs3 - 24 monthsRs. 9 per day
PayMe IndiaRs. 2 lakhs3 - 24 months18% p.a.
MoneyViewRs. 5 lakhsUp to 5 years16% p.a.
Home CreditRs. 2 lakhs6 - 36 months19% p.a.
RupeeLendRs. 1 lakh61 - 90 days0.1% per day
LoanTapRs. 10 lakhs3 - 60 months18% p.a.
CredyRs.1 lakh3 - 12 months1% p.m.
Realme PaySaRs. 10 lakhs3 - 60 months11% p.a.
Mi CreditRs. 5 lakhs91 days - 24 months16.2% onwards
CashBeanRs. 60,00062 - 120 days25.55% p.a.
NIRARs. 1 lakh3 - 12 months1.67% p.m.
MobiKwikRs. 5 lakhs6 - 36 months12% p.a.
Bajaj FinservRs. 25 lakhs12 - 60 months13% p.a.

Features of App Based Instant Personal Loan Apps are:

Following are some key features of instant personal loan apps available in India:

  • Fast disbursal & instant access to cash. It helps you stay afloat & meet financial obligations in real time.
  • 100% paperless online loan application through a website or mobile app.
  • If you do not have desired credit score, other parameters such as social quotient are considered to check your Personal Loan eligibility.
  • In all, online loan apps offer faster and easiest financing for your immediate cash needs.

Documents for Instant Personal Loans through Apps

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:

  • Fulfil KYC
  • Provide PAN & Aadhaar
  • Photograph (Clicked during v-KYC)
  • Bank account details & statements
  • Income proof/ salary slips

Personal Loan Eligibility Criteria for Online Loan App

The eligibility parameters may vary from lender to lender. Following are some common eligibility criteria to be met:

  • Must be salaried or self-employed, depending on the target audience of the loan provider. The borrower can also be a student if the loan is to be applied through a student loan app.
  • Must be aged above 21 years and below 60 years.
  • Must be Indian resident.
  • The minimum net monthly income required to avail of the loan is Rs. 15,000.

How to Apply for a Personal Loan through App?

  • Download the app of the lender on your iOS or Android mobile phone.
  • Register with a social media account and/or some basic details as required, such as your name, mobile number, email id, income, bank account details, and so on.
  • Upload and share some basic documents, like your PAN Card, Adhaar Card, Job Proof, Income Proof (salary slips, bank statements, etc.), and so on.
  • Lender will verify the details submitted by you.
  • Get instant approval on meeting the eligibility conditions of the lender.
  • On getting approval, enter the loan amount you require based on your eligibility.
  • Get the money transferred to your bank account or wallet within a few minutes.
  • Repay the borrowed amount via bank transfer in EMIs.

List of the Best Instant Personal Loan Apps in India

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

StashFin

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:

  • Borrow as much as you need. The loan is available for as low as Rs. 500 to Rs. 5,00,000.
  • As you register, you get a rate quote within 15 seconds.
  • Loan approval in 4 hours.
  • Repayment ease. You can conveniently repay in equated monthly instalments (EMIs) online.
  • The rate of interest is as per the borrower's eligibility. It starts from 11.99% per annum.
  • Flexible tenure ranging from 3 to 36 months. Thus you can keep interest costs low by choosing shorter tenure.
  • The processing fee is nominal and there are no hidden charges.

ePaylater

ePaylater Loan

ePaylater is the best online loan app for online shopping. The app is offered by Arthashastra Fintech Pvt. Ltd. Here is how ePayLater works:

  • The app works on the 'Buy-Now-Pay-Later' option.
  • You can purchase online using this app at a fourteen-day interest free period.
  • Pocket size loans available in the range of Rs. 1,500 to Rs. 20,000.
  • Earn discount coupons by paying out credit in time.

LazyPay

LazyPay Loan

 

LazyPay is one of its kind lending app. You do not need to share your complete details in this to check the loan eligibility.

  • Loan amount: Up to Rs. 1 lakh
  • Tenure: 3 months to 24 months
  • Rate of interest: 18% p.a. onwards
  • Processing fee: Up to 2% of the loan amount

mPokket

mPokket Loan

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:

  • Fast and easy to use interface.
  • Specially designed to cater urgent needs of students.
  • Typically small cash loans up to 3 months.
  • Rate of interest up to 3.5% p.m.
  • Low documentation required for loan sanction.
  • Quick loan disbursement.

Realme PaySa

Realme PaySa 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.

  • Loan amount: Up to Rs. 40 lakhs
  • Tenure: 3 months to 60 months
  • Rate of interest: 11% p.a. onwards
  • Processing fee: Up to 4% of the loan amount + GST

MI Credit

MI Credit Loan

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.

  • Loan amount: Up to Rs. 5 lakhs
  • Tenure: 91 days to 24 months
  • Rate of interest: 16.2% p.a. onwards
  • Processing fee: 2% of the loan amount + GST

ZestMoney

ZestMoney

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:

  • Borrow as quickly as in 5 minutes.
  • Quick loan up to Rs. 1 Lakh.
  • Repay ease with affordable EMI plans.
  • Having a credit score or credit history is not mandatory to qualify for ZestMoney Loan.
  • Earn 100% cashback on EMI repayments.
  • No foreclosure fee.
  • Get gift cards from online partners like Amazon, Flipkart, Makemytrip and Myntra.

SmartCoin

SmartCoin

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:

  • Highly customised loans according to a borrower's needs.
  • It can be used as a business loan app for professionals and business owners.
  • Affordable short loan ranging from 91 days to 120 days.
  • Instant approval & disbursal through the app.
  • Processing is fast and hassle free.
  • The money gets in your account within 2 working days.

PaySense

paysense loan

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.

  • Loan amount: Up to Rs. 5 lakhs
  • Tenure: 3 months to 60 months
  • Rate of interest: 16% p.a. onwards
  • Processing fee: Up to 2.5% of the loan amount + GST

CASHe

Cashe Loan

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.

  • Loan amount: Up to Rs. 4 lakhs
  • Tenure: 3 months to 18 months
  • Rate of interest: 33.46% p.a. onwards
  • Processing fee: Up to 3% of the loan amount

Early Salary

Early Salary Loan

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.

  • Loan amount: Up to Rs. 5 Lakhs.
  • Tenure: 3 months to 24 months.
  • Rate of interest: Rs. 9 per day onwards.
  • Processing fee: Up to 2% of the loan amount.

RupeeLend

RupeeLend Loan

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.

  • Loan amount: Up to Rs. 1 lakh
  • Tenure: 61 days to 90 days
  • Rate of interest: 0.1% per day onwards
  • Processing fee: Nil

MoneyTap

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. 

  • Loan amount: Up to Rs. 5 Lakhs.
  • Tenure: 2 months to 36 months.
  • Rate of interest: 13% p.a. onwards.
  • Processing fee: Up to 2% of the loan amount + GST.

KreditBee

Kreditbee

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.

  • Loan amount: Up to Rs. 2 lakhs
  • Tenure: 3 months to 15 months
  • Rate of interest: 15% p.a. onwards
  • Processing fee: Up to 6% of the loan amount

LoanTap

Loan Tap

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.

  • Loan amount: Up to Rs. 10 lakhs
  • Tenure: 3 months to 60 months
  • Rate of interest: 18% p.a. onwards
  • Processing fee: Up to 2% of the loan amount + applicable taxes.

 

Credy

Credy Loan

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.

  • Loan amount: Up to Rs. 1 lakhs
  • Tenure: 3 months to 12 months
  • Rate of interest: 1% p.m. onwards
  • Processing fee: 3% of the loan amount + GST

Cash bean

Cash bean Loan

CashBean offers instant cash loans up to Rs. 60,000 for your urgent needs. Borrowing is as simple as ordering pizza online.

  • Loan amount: Up to Rs. 60,000
  • Tenure: 62 days to 120 days
  • Rate of interest: 25.55% p.a. onwards
  • Processing fee: Up to Rs. 2,000 + GST

Nira

Nira Loan

NIRA Personal Loan app is powered by Federal Ban

k and thus offers a safe and reliable interface to borrow for urgent needs.

  • Loan amount: Up to Rs. 1 lakh
  • Tenure: 3 months to 12 months
  • Rate of interest: 1.67% p.m. onwards
  • Processing fee: Rs. 500

Indiabulls Dhani

Indiabulls Dhani Loan

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:

  • Tailored loan offering, starting from Rs. 1,000 to Rs. 15 Lakhs, as per customer needs.
  • Instant loans up to Rs. 3 Lakhs for new customers.
  • Quick processing within a few minutes.
  • Choose tenure ranging from 3 months to 20 months.
  • Interest rate starts from 13.99% p.a.
  • Processing fee varies as per application and may cost up to 5% of the loan amount.

Flex Salary

Flex Salary Loan

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.

  • Loan amount: Up to Rs. 2 lakhs
  • Tenure: 10 months to 36 months
  • Rate of interest: Up to 3% p.m.
  • Processing fee: Up to Rs. 750

PayMe India

PayMe India Loan

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:

  • The loan amount can range from Rs. 1,000 to Rs. 1,00,000.
  • Processing is fast and hassle free.
  • Processing fee is Rs. 300.
  • The loan should be repaid within 31 days.

 

MoneyView

MoneyView Loan

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.

  • Loan amount: Up to Rs. 5 Lakhs.
  • Tenure: Up to 5 years.
  • Rate of interest: 16% p.a. onwards.
  • Processing fee: Minimum 2% of the loan amount + GST.

Home Credit

Home Credit Loan

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.

  • Loan amount: Up to Rs. 2 Lakhs.
  • Tenure: 6 months to 36 months.
  • Rate of interest: 19% p.a. onwards.
  • Processing fee: Up to 5% of the loan amount.

Bajaj Finserv

Bajaj Finserv Loan

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.

  • Loan amount: Up to Rs. 25 lakhs
  • Tenure: 12 months to 60 months
  • Rate of interest: 13% p.a. onwards
  • Processing fee: Up to 4.13% of the loan amount + taxes.

MobiKwik

Mobikwik Loan

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.

  • Loan amount: Up to Rs. 5 lakhs
  • Tenure: 6 months to 36 months
  • Rate of interest: 12% p.a. onwards
  • Processing fee: Up to 2% of the loan amount

Best Personal Loans Online

Get instant personal loan up to Rs. 20 Lakhs at interest rate of 10.25% p.a. onwards and tenure up to 5 years. Apply online for quick processing and disbursal.

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Instant Personal Loan App FAQs

✅ How to get instant Personal Loan in India?

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.

✅ How do Instant Loan App works?

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.

✅ Which is the best Instant Personal Loan App?

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.

✅ Which app gives fastest Personal Loan?

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.

✅ How to repay your instant loan?

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.

✅ Which app gives loan to students?

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.

✅ Which app gives Instant Loan to salaried?

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.

✅ Which app is best suited for Instant Business Loans?

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.

✅ Should you apply for Personal Loan through apps or banks?

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.