Best Instant Loan Apps in India
Instant personal loan apps have revolutionized borrowing in India, offering quick access to funds without collateral or lengthy paperwork. These RBI-regulated platforms cater to salaried individuals, freelancers, and students facing urgent financial needs like medical emergencies or travel expenses.
Compare Best Instant Personal Loan Apps in India
The following are the best instant personal loan apps available in India right now:
| App | Loan Amount Range | Starting Interest Rates | Apply Here |
|---|---|---|---|
| Kamakshi Money | ₹1,000 - ₹2 Lakhs | 18.00% p.a. | Apply Now |
| Zype | ₹3,000 - ₹2 Lakhs | 1.50% p.m. | Apply Now |
| Ram Fincorp | ₹4,000 - ₹2 Lakhs | 0.35% per day | Apply Now |
| Kundan Finance | ₹5,000 - ₹2 Lakhs | 1.50% p.m. | Apply Now |
| Moneyview | ₹5,000 - ₹10 Lakhs | 14.00% p.a. | Apply Now |
| Fi Money | ₹10,000 - ₹5 Lakhs | 12.75% p.a. | Apply Now |
| Prefr | ₹20,000 - ₹5 Lakhs | 18.00% p.a. | Apply Now |
| HDFC Bank | ₹50,000 - ₹40 Lakhs | 9.99% p.a. | Apply Now |
| InCred | ₹50,000 - ₹15 lakhs | 13.49% p.a. | Apply Now |
| Poonawalla Fincorp | ₹1 Lakh - ₹50 Lakhs | 9.99% p.a. | Apply Now |
Top Instant Personal Loan Apps in India
Here’s a curated list of high-rated and RBI-regulated or highly reputable loan apps for fast personal loans in India:
Kamakshi Money
Key Features:
- Loan Amount: ₹1,000 - ₹2 Lakhs
- Interest Rate: 18.00% p.a. onwards
- Tenure: Up to 3 months
- Minimal docs (PAN, Aadhaar); 100% online
Why Use It?
Perfect for ultra-quick micro-loans disbursed in 2 minutes, ideal for emergencies without collateral.
Zype
Key Features:
- Loan Amount: Up to ₹50,000
- Interest Rate: 1.50% –36% p.a.
- Flexible tenures: 3-12 months
- Quick KYC via app; no paperwork
Why Use It?
Great for fast cash with easy eligibility, especially for gig workers needing short-term funds.
Ram Fincorp
Key Features:
- Loan Amount: ₹5,000 - ₹1 Lakh
- Interest Rate: 20%–40% p.a.
- Tenure: 3-18 months
- Salaried/self-employed friendly; doorstep service option
Why Use It?
Reliable for urgent personal needs with transparent EMIs and local branch support.
Kundan Finance
Key Features:
- Loan Amount: Up to ₹75,000
- Interest Rate: 18%–35% p.a.
- Tenure: Up to 12 months
- Simple eligibility; instant approval
Why Use It?
Suits small business owners seeking hassle-free disbursal for working capital gaps.
Moneyview
Key Features:
- Loan Amount: ₹5,000 - ₹10 Lakhs
- Interest Rate: 14.00%–39% p.a.
- Tenure: 3-60 months
- Credit score-based; fully digital
Why Use It?
Best for larger loans with EMI calculator and high approval rates for good credit users.
Fi Money
Key Features:
- Loan Amount: Up to ₹2 Lakhs
- Interest Rate: 12.75%–36% p.a.
- Tenure: 3-24 months
- Integrated with savings account; zero foreclosure fees
Why Use It?
Convenient for Fi users wanting seamless banking-linked loans for travel or bills.
Prefr
Key Features:
- Loan Amount: ₹10,000 - ₹5 Lakhs
- Interest Rate: 18.00%–30% p.a.
- Tenure: 6-36 months
- AI-driven approval; low docs
Why Use It?
Excellent for tech-savvy borrowers needing personalized rates and quick top-ups.
HDFC Bank
Key Features:
- Loan Amount: ₹50,000 - ₹40 Lakhs
- Interest Rate: 9.99%–24% p.a.
- Tenure: 12-60 months
- Existing customers get priority; app-based
Why Use It?
Trusted for competitive rates and strong security, ideal for salaried professionals.
InCred
Key Features:
- Loan Amount: Up to ₹5 Lakhs
- Interest Rate: 13.49%–36% p.a.
- Tenure: 6-24 months
- High approval for new-to-credit users
Why Use It?
Empowers beginners with fair rates and flexible options for education or debt consolidation.
Poonawalla Fincorp
Key Features:
- Loan Amount: ₹10,000 - ₹50 Lakhs
- Interest Rate: 9.99%–30% p.a.
- Tenure: 12-60 months
- No prepayment penalty; paperless
Why Use It?
Top choice for low-rate long-term loans with minimal processing fees.
Key Benefits of Using Fastest Personal Loan Apps
- Speed of Disbursal: Most apps approve loans within minutes and disburse funds to your bank account in less than 24 hours.
- Minimal Documentation: Unlike banks, these apps require only digital copies of your KYC documents (Aadhaar and PAN).
- No Collateral: These are unsecured loans, meaning you don't need to pledge gold, property, or any other assets.
- 24/7 Accessibility: You can apply for a loan at 2 AM on a Sunday without waiting for a bank branch to open.
- Inclusive Credit: Many apps use AI-driven "Social Worth Scores" to lend to individuals with limited or no credit history.
Eligibility Criteria for Instant Loan Apps
The eligibility parameters may vary from lender to lender. The following are some common eligibility criteria to be met:
- Age: Usually between 21 and 60 years (some apps like mPokket allow 18+).
- Employment Type: Salaried employees, self-employed individuals, or freelancers.
- Minimum Income: Typically ranges from ₹15,000 to ₹25,000 per month, depending on the city of residence.
- Credit Score: A CIBIL score of 700 or above is preferred for lower interest rates, though some apps accept scores as low as 600.
- Residency: Must be a resident citizen of India.
Documents Required for Instant Personal Loan Apps
The "paperless" process usually requires the following in digital format:
- Identity Proof: PAN Card (Mandatory).
- Address Proof: Aadhaar Card, Passport, or Voter ID.
- Income Proof: Latest 3–6 months’ bank statements (often fetched via Account Aggregator) or salary slips.
- Photograph: A real-time selfie taken through the app.
How to Apply for a Loan Using Instant Loan Apps
- Download and Register: Install the app from the Play Store or App Store and sign up using your mobile number.
- Check Eligibility: Enter basic details (PAN, Date of Birth, Income) to see your pre-approved loan limit.
- Select Loan Terms: Choose the loan amount and the repayment tenure (usually 3 to 60 months).
- Digital KYC: Upload your documents and complete the E-KYC process using Aadhaar OTP.
- E-Mandate Setup: Set up an "Auto-Debit" (e-NACH) from your bank account to ensure timely EMI payments.
- Disbursal: Once the digital agreement is signed (e-sign), the money is transferred to your account.
FAQs
You can avail of an instant personal loan as a preapproved bank offer. To get the loan instantly, login with your customer ID on the lender's app and apply for a 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 an instant credit line where you can access part of the 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 based on 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 they share available credit facilities 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 max of 2 days.
The best instant personal loan app depends on your needs. Apps like Navi, PaySense, Bajaj Finserv, KreditBee, and CASHe are popular for their fast approvals, RBI-backed lenders, and flexible repayment options.
For the 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 to enjoy instant credit access via from your e-wallet.
Yes, some apps like KreditBee, mPokket, and CASHe offer loans to first-time borrowers and people with limited credit history, though interest rates may be higher.
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 smartphone to repay a loan from linked payment accounts.
Yes, many apps like PaySense, Navi, and FlexSalary allow self-employed professionals to apply, subject to income verification.
Most Loan Apps credit Instant Loans to salaried individuals. All you need to do is register with your PAN, Aadhaar, and bank account, and instantly you get the 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.
Yes, as long as you choose apps partnered with RBI-registered NBFCs or banks. Avoid apps that demand access to contacts, photos, or personal messages.
Many instant loan apps disburse funds within 5 minutes to 24 hours after approval, depending on KYC verification and bank processing.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.