15 Best Instant Personal Loan Apps in India
In India, instant loan apps have made Personal Loans easily accessible online without any paperwork, branch visits, or collateral requirements. The 100% digital procedures make Personal Loans available instantly, making them the best funding options during financial emergencies.
Since the best loan app does not pose any restrictions on loan usage, borrowers can freely use them to fund the expenses of a wedding, medical treatment, home renovation, education, vacation, or debt consolidation.
While looking for a Personal Loan in India, you will come across multiple top loan apps with unique features and benefits. You must find the best online loan app that perfectly fulfils your requirement. Here is a list of instant loan apps that have taken the loan market in India by storm.
List of Top 15 Personal Loan Apps in India for Instant Approval
Below, we have listed the 15 best money lending apps drastically transforming how Indians borrow Personal Loans. Details about each loan app will give you sufficient information to help you decide on the best Personal Loan app.
1. Hero FinCorp Instant Personal Loan App
Hero FinCorp, the best Personal Loan app, offers much-needed financial support in times of need. It provides instant loans of up to Rs 5 Lakh without branch visits or physical paperwork. The 100% digital loan procedure makes the required funds available instantly, making it one of the best trusted loan apps for emergencies.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 50,000
- Loan Tenure: 6 to 36 months
- Interest Rate: Starting from 1.58% per month
- Minimum Salary Required: Rs 15,000
- Pre-sanction Documentation: KYC documents, income proof, photograph, PAN card
- Features: No collateral requirement, 100% digital loan procedure, no hidden charges, user-friendly interface
^T&C apply.
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2. Fibe Instant Personal Loan App
Fibe is the best Insta loan app that approves loans in five minutes. The easy application procedure, minimal documentation requirements, and instant approvals make funds available quickly without restrictions. Moreover, you can prepay the loan without any prepayment charges.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 8,000
- Loan Tenure: 3 to 36 months
- Interest Rate: Starting from 16% per annum
- Minimum Salary Required: Rs 15,000
- Documentation: PAN, Aadhaar Card, Salary account bank statement
- Features: Ample loan amount, instant approval, flexible repayment terms, 100% digital processing, minimal paperwork, no collateral requirement, and no pre-closure charges
^T&C apply.
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3. KreditBee: Personal Loan App
KreditBee is the best app to get instant loans in 10 minutes without any branch visits or paperwork. The loan procedure is 100% online, so you can apply anytime, anywhere, for a Personal Loan of up to Rs 5 Lakh. The loans are unsecured, which you can obtain without providing any collateral, security, or guarantor.
- Maximum Loan Amount: Rs 5 Lakhs
- Minimum Loan Amount: Rs 3,000
- Loan Tenure: 4 to 36 months
- Interest Rate: 16% to 29.95% per annum
- Minimum Salary Required: Steady Income
- Documentation: Photograph, PAN as identity proof, and Aadhaar and Passport as address proof
- Features: 100% online procedure, available 24/7, ample loan amount, hassle-free documentation, competitive interest rates, fast loan disbursal
^T&C apply.
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4. InCred App
InCred offers hassle-free and quick Personal Loans to salaried and self-employed professionals at affordable interest rates. The eligibility conditions are simple, and documentation requirements are minimal to make Personal Loans easily accessible and repayable. A loan of up to Rs 7.5 Lakh is sufficient to cover various expenses related to weddings, medical treatment, home renovation, education, travel, etc.
- Maximum Loan Amount: Rs 7.5 Lakh
- Minimum Loan Amount: Rs 50,000
- Loan Tenure: 12 to 60 months
- Interest Rate: 13.99% - 42% per annum
- Minimum Salary Required: Rs 15,000
- Documentation: Aadhaar Card, a Passport-sized Photo, PAN card, address proof
- Features: Personal Loans are available for both salaried and self-employed individuals, no collateral requirement, speedy approval, and disbursal, flexible repayment period
^T&C apply.
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5. IIFL Loans App
IIFL Finance designs customized loan plans for borrowers looking for quick funds to fund their marriage, vacation, home renovation, medical treatment, and more. It is the best loan app online, offering Personal Loans in five minutes at affordable interest rates. EMIs are flexible, allowing higher liquidity to set your finances.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 5,000
- Loan Tenure: 3 to 42 months
- Interest Rate: 12.75% - 44% per annum
- Minimum Salary Required: Rs 15,000
- Documentation: Selfie, ID proof, address proof, 6-12 months CA/SA bank statement
- Features: eKYC, 3-step application procedure, fast loan disbursal, low interest rates, zero hidden cost
^T&C apply.
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6. Bajaj Finserv App
The Bajaj Finserv app is the best digital loan app that provides Personal Loans apart from letting you pay your bills. Using the loan app, you can recharge your mobile, get insurance, create a fixed deposit, or purchase home appliances or electronics. Apply for a Personal Loan of up to Rs 40 Lakh using the app and get approval within minutes.
- Maximum Loan Amount: Rs 40 Lakh
- Minimum Salary Required: Rs 20,000
- Documentation: KYC documents, employee ID cards, salary slips, bank account statements
- Features: No collateral requirement, no hidden charges, flexible repayment tenure, ample loan amount
- Minimum Loan Amount: Rs 20,000
- Loan Tenure: 12 to 96 months
- Interest Rate: Starting from 11% to 32% per annum
^T&C apply.
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7. Tata Capital Personal Loan App
Tata Capital Personal Loan app is among the best money loan apps. It offers Personal Loans of up to Rs 35 Lakh - the highest loan amounts offered by a few reputable lenders in India. You can apply online and get the required funds anytime, anywhere, through this best instant loan app with low interest.
- Maximum Loan Amount: Rs 35 Lakh
- Minimum Loan Amount: Rs 40,000
- Maximum Loan Tenure: Six years
- Interest Rate: 11.99% to 35% per annum
- Minimum Salary Required: Rs 15,000
- Documentation: Photo identity proof, address proof, salary slips, employment certificate, income proof
- Features: Multi-purpose loan, no collateral requirement, overdraft facility, zero prepayment charges
^T&C apply.
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8. Moneyview App
Whenever you need funds for an emergency or to cover any planned expenses, consider MoneyView - the best NBFC loan app with a 100% digital process to access the loan immediately. You can obtain a Personal Loan of up to Rs 10 Lakh with low interest rates and minimal documentation requirements.
- Maximum Loan Amount: Rs 10 Lakh
- Minimum Loan Amount: Rs 5,000
- Loan Tenure: 3 to 60 Months
- Interest Rate: Starting from 14% per annum
- Minimum Salary Required: Steady Income
- Documentation: Identity proof, address proof, income proof
- Features: Digital loan application in two minutes, ample loan amount, minimal documentation requirements.
^T&C apply.
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9. Navi Loans App
A Personal Loan from the Navi Loans app helps you cover any expense without restrictions. It is one of the best online loan apps with low interest offering unsecured loans of up to Rs 20 Lakh. The application procedure is 100% digital and paperless, and disbursal takes place within minutes.
- Maximum Loan Amount: Rs 20 Lakh
- Minimum Loan Amount: Rs 5,000
- Loan Tenure: 3 to 72 months
- Interest Rate: 9.9% - 45% per annum
- Minimum Salary Required: Household income of at least Rs 3,00,000 p.a
- Documentation: PAN card, Aadhaar card, income proof
- Features: Personal Loans up to Rs 20 Lakh, low-interest rates, flexible repayment terms up to 72 months, EMI calculators available, user-friendly interface
^T&C apply.
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10. MoneyTap App
MoneyTap is among the best apps for instant loans and credit lines, offering approvals up to Rs 5 Lakh. Since you can withdraw from your credit line as and when required, you must pay interest only on the amount you use.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 3,000
- Loan Tenure: 2 to 36 months
- Interest Rate: 13% per annum
- Minimum Salary Required: Rs 30,000
- Documentation: Aadhaar number, Identity proof, Address proof, passport-sized photo or selfie
- Features: Borrow from your approved credit line, pay interest only on the used amount, instant access to funds, flexible EMIs
^T&C apply.
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11. mPokket App
mPokket app is among the best loan apps for salaried Person and college students. Small instant loans of up to Rs 30,000 provide additional financial support between paycheques. The application procedure does not involve any paperwork or branch visits.
- Maximum Loan Amount: Rs 5,00,000
- Minimum Loan Amount: Rs 3,000
- Maximum Loan Tenure: 120 days
- Interest Rate Per Month: 10% to 36%
- Minimum Salary Required: Steady Income
- Documentation: College ID cards for students, bank statements, salary slips, PAN cards, Aadhaar Cards, Driving licenses, KYC Details
- Features: Instant loans for salaried employees and students, loan amount up to Rs 30,000, repay in four months, 100% digital process, exciting rewards, and cashback
^T&C apply.
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12. Zest Money App
At ZestMoney App, you can not only apply for a Personal Loan but also get a credit limit to shop at select partner stores like Amazon, Yatra, MakeMyTrip, Flipkart, Myntra, etc. ZestMoney has partnered with several financial institutions and NBFCs to provide consumer loans to aspiring borrowers.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 1,000
- Loan Tenure: 3 to 36 months
- Interest Rate: 14% per annum
- Minimum Salary Required: Steady Income
- Documentation: KYC documents
- Features: Best shopping app to make your purchase in affordable EMIs, shop at thousands of online and offline stores, no paperwork, instant approval, no credit score or credit card required
^T&C apply.
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13. CASHe Personal Loan App
CASHe is the best Indian loan app for salaried and self-employed professionals. Avail of an instant loan of Rs 1,000 to Rs 4 Lakh with instant disbursal into your bank account. The app offers a hassle-free borrowing experience with straightforward eligibility and documentation requirements.
- Maximum Loan Amount: Rs 4 Lakh
- Minimum Loan Amount: Rs 25,000
- Maximum Loan Tenure: 3 to18 months
- Interest Rate: 27.38% - 30.42% per annum
- Minimum Salary Required: Steady Income
- Documentation: PAN card, identity proof, address proof, Aadhaar card, bank statements showing salary credit
- Features: Ample loan amount, the quick application process, fast repayment in 3 to 18 months, no collateral or guarantor requirement, paperless procedure, no foreclosure charges
^T&C apply.
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14. TrueBalance- Personal Loan App
TrueBalance is a trusted financial services platform providing Personal Loans of Rs 5,000 to Rs 1,00,000. The processing fee is low, and you can repay the amount in a flexible tenure of up to 6 months.
- Maximum Loan Amount: Rs 1,00,000
- Minimum Loan Amount: Rs 5,000
- Loan Tenure: 3 to 12 months
- Interest Rate: 28.8% Per Annum
- Minimum Salary Required: Steady Income
- Documentation: Identity proof, address proof, and income proof
- Features: Quick approval, no bank visits, no collateral, no paperwork, integrated bill payment services
^T&C apply.
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15. PaySense Personal Loan App
PaySense is one of the best loan apps for low credit scores offering loans to both salaried and self-employed professionals. Whether you need a Personal Loan to renovate your home, purchase a laptop, fund wedding expenses, or pay medical bills, download this best loan app with affordable EMI options for an unmatchable borrowing experience.
- Maximum Loan Amount: Rs 5 Lakh
- Minimum Loan Amount: Rs 5,000
- Maximum Loan Tenure: 3 to 48 months
- Interest Rate Per: 14% to 36% per annum
- Minimum Salary Required: Rs 12,000 for salaried and Rs 15,000 for self-employed
- Documentation: Identity, address, and income proof
- Features: Instant approval, fast disbursal, paperless documentation, budget-friendly EMI plans, zero credit history
^T&C apply.
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How to Pick the Best Personal Loan Application for You?
Picking the best app for Personal Loans is crucial to getting the most appropriate funding option suitable to your requirements. It should fulfill your loan requirement and let you repay easily without stressing your budget. Here are a few tips you can use to choose the best instant Personal Loan app in India:
Eligibility Requirements
Go through the loan provider’s eligibility requirements to ensure you can fulfill them. They often include your age, income, employment, work experience, credit score, etc. Applying for a loan beyond eligibility may lead to rejection or high interest rates.
Documentation and Verification
Even the best online Personal Loan app will demand a few necessary documents to verify your identity, address, income, and finances. Those looking for a loan without salary slips with the best terms should choose a loan app promoted by a renowned lender like Hero FinCorp.
Rates of Interest
Interest rate is crucial when choosing the best loan app with low interest. The difference of even a small percentage point can impact the loan cost significantly. So, choose the best Personal Loan app with a low interest rate to save money and get the best deal.
Repayment Schedules
The repayment schedules should be flexible so you can repay the loan in budget-friendly EMIs without stretching your monthly budget. A longer tenure reduces the EMI amount, making repayment easily manageable. A Personal Loan EMI calculator can help you choose a suitable repayment tenure.
Freedom of Loan Usage
The best quick loan app does not impose any restrictions on how you can use the loan amount. That means you have the freedom to use the loan as required, be it a foreign trip, wedding plan, medical treatment, higher education, or home renovation.
Linking With Digital Wallets
You might need to connect your loan best app with digital wallets to pay your EMIs or other purposes. Therefore, check this feature before finalizing the app for instant Personal Loan for the best experience.
UI-UX Interface of Loan Apps
The best small Personal Loan apps have a user-friendly interface to simplify the loan process for applicants. While applying for a Personal Loan, you should not face any difficulty using the loan app interface.
Third-Party Integrations
Third-party integrations make the best loan application even better for usage. For instance, it might integrate an interest calculator app to calculate interest and determine the loan cost before borrowing. Integration with a credit score checking tool or EMI calculator will help make better borrowing decisions.
Hidden Charges
Processing fees, interest on overdue EMIs, and cheque bounce charges are common additional costs that most loan apps charge. Read the loan agreement carefully to find out more information about any hidden charges.
Customer Service of the Application
You might need customer service at different stages of the loan procedure. The best app for online loans must have an easily accessible customer service center to solve your issues and queries.
Comparison of India's Best Instant Loan Apps
While looking for the best online instant loan apps, you must consider several factors, like their loan amount, interest rates, minimum salary requirements, etc. Here is an overview of some of the best loan-giving apps with their vital parameters. It will help you compare them and finalize one with the best loan deal.
| Sr. No. | App’s Name | Annual Interest Rate (APR) | Loan Amount | Minimum Salary Required |
| 1. | Hero FinCorp Instant Personal Loan App | Starting from 19% | Rs 5 Lakh | Rs 15,000 |
| 2. | Fibe Personal Loan App | Starting from 16% | Rs 5 Lakh | Rs 15,000 |
| 3. | KreditBee App | 17% - 29.95% | Rs 5 Lakh | Steady Income |
| 4. | InCred App | 13.99%-42% | Rs 10 Lakh | Rs 15,000 |
| 5. | IIFL Loans App | 12.75% - 44% | Rs 5 Lakh | Rs 15,000 |
| 6. | Bajaj Finserv App | 11% - 32% | Rs25 Lakh | Rs 25,001 |
| 7. | Tata Capital Personal Loan App | 11.99% - 35% | Rs 35 Lakh | Rs 15,000 |
| 8. | Moneyview App | 14% | Rs 10 Lakh | Rs 13,500 |
| 9. | Navi Loans App | 9.9% - 45% | Rs 20 Lakh | Household income of at least Rs 3,00,000 p.a. |
| 10. | MoneyTap App | 12% - 36% | Rs 5 Lakh | Rs 30,000 |
| 11. | mPokket App | 10% to 36% | Rs 5 Lakh | Steady Income |
| 12. | Zest Money App | Starting from 14% | Rs 5 Lakh | Steady Income |
| 13. | CASHe Personal Loan App | 27.38% - 30.42% | Rs 4 Lakh | Steady Income |
| 14. | TrueBalance- Personal Loan App | 28.8% | Rs 1 Lakh | Steady Income |
| 15. | PaySense Personal Loan App | 14% - 36% | Rs 5 Lakh | Rs 12,000 - Rs 15,000 |
Factors to Consider When Choosing a Personal Loan App
You must consider several factors when choosing the best app to take a loan. Here are a few of them:
- Loan Interest Rates and Fees: Check the loan interest rates and fees to ensure you do not end up paying unnecessary charges other than the interest amount, processing fees, and additional mandatory costs.
- Loan Amount and Tenure: The loan amount should be sufficient to cover your intended expenses. Moreover, the repayment tenure should have budget-friendly EMIs to keep repayment manageable without stressing the budget.
- Eligibility Criteria: Checking the Personal Loan eligibility conditions is mandatory to ensure fulfilment and get approval without hassle. Applying for a loan without matching the eligibility criteria may lead to rejection. Usually, the Personal Loan eligibility conditions revolve around your age, income, employment, work experience, credit history, etc.
- User Interface and Ease of Use: The best emergency loan app should be easy-to-use without any technical know-how or financial knowledge. The app should be compatible with your device and have a responsive design to access it through various devices.
- Customer Support and Reliability: The loan app’s customer support facility should be easily accessible and reliable. They should respond to your queries promptly to clear your doubts. Look at different platforms to reach the lender’s customer service department and see how they respond to your queries.
- Additional Features and Services: Look at the additional features and services that the loan app offers. Apart from Personal Loans, some loan apps also provide lines of credit, discounts on shopping, bill payment facilities, etc., to make financial management easier.
Frequently Asked Questions
1. What is the repayment period offered by an app?
The repayment period offered by an app means the tenure for which it lends the loan. It distributes the total principal and interest amount into equated monthly instalments spread across months in the loan tenure.
2. Should you apply for Personal Loan through apps or banks?
Applying for a Personal Loan through a traditional bank is complicated, time-consuming, and error-prone. On the other hand, the best instant loan apps support 100% digital loan processing, providing quick digital personal loan with minimal documentation, without branch visits, online.
3. Are there any additional features or benefits offered by the app, such as loan calculators or credit score monitoring?
Yes, reputed loan apps have additional features on their interface, including interest calculators, eligibility calculators, credit score checking tools, EMI calculators, etc. You can use these tools for free and make a well-informed borrowing decision.
4 . How can I borrow money instantly using loan apps?
The best genuine loan apps have 100% digital loan procedures you can complete from home. Simply download your selected loan app on a smartphone, register using your email address or phone number, fill out an online application form, and provide the required details to apply for a loan. You will also need to upload scanned copies of the necessary documents to borrow money using the loan app.
5. Is it possible to get a loan through loan apps with a monthly salary of Rs. 15,000?
Yes, the best loan apps, like Hero FinCorp, provide low-interest Personal Loans to those earning a minimum monthly salary of Rs 15,000. However, the applicants must provide salary slips, Form 16, or bank statements as proof of income.
Disclaimer: The information provided in this blog post about the best personal loan apps is for general informational purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, correctness, suitability, or availability of the information. The selection of personal loan apps mentioned in this blog is based on our research and analysis as of the date of publication, and the availability, terms, and conditions of these apps may change over time. Users are advised to conduct their own research and consider their individual financial circumstances before making any decisions. We do not endorse or guarantee the performance of any particular personal loan app and will not be liable for any damages or losses incurred through the use of the information provided. It is essential to consult with a qualified financial advisor or professional for personalized advice and guidance on financial matters.
