Best 20 Personal Loan Apps in India for Instant Cash
With the changing times and lifestyles, our needs have also changed. Everything needs to be fast as well as hassle-free. That is why, when you need money for some urgent or immediate requirement, it has to reach you as quickly as possible. Here in this article, we list down the top personal loan apps for instant cash presently available online in India.
In this age of fast communication and smartphones, the concept of Personal Loan Apps is gradually gaining popularity in India. If you are a salaried or self-employed person with a good credit record and want a loan fast, these apps help you to get your desired amount swiftly without any paperwork.
As per Statista total transaction value in the personal finance industry is expected to grow annually at the rate (CAGR 2020-2023) of 19.3% resulting in a total amount of US$2,580m by 2023. Presently, personal Loan Apps are being used by many people, mostly younger professionals who use smartphones very efficiently.
Personal loan apps have gained immense popularity in India for several reasons:
- Convenience: You can apply for a loan anytime, anywhere, using just your smartphone.
- Quick Disbursal: Many apps promise approval and disbursal within hours.
- Minimal Documentation: Most apps require minimal documentation, reducing the hassle.
- Flexible Repayment: You can choose convenient EMI options.
- Paperless Transactions: It’s an eco-friendly and clutter-free way to manage finances.
Table of Contents
20 Personal Loan Apps for Instant Cash in India
1. Money View
Money View personal loan app gives you money within hours and the total process is paperless. Founded in 2014, this loan app has been expanding rapidly by focusing on holistic financial wellness, offering a range of services, including personal loans.
- Loan Amount: INR 10,000 to INR 10,00,000.
- Interest Rates: 1.33% per month onwards
- Repayment Period: 6 months to 60 months
- Play Store Rating: 4.7/5
2. Buddy Loan
Buddy Loan, established in 2015, operates on a peer-to-peer lending model, connecting borrowers with individual lenders. If you are looking for an instant loan with fast approval, the Buddy Loan aggregator app is one of the best options in India. Buddy Loan facilitates loans for a variety of purposes, including debt consolidation and medical emergencies.
- Loan Amount: Users can avail loans ranging from INR 5,000 to INR 15,00,000.
- Interest Rates: 11.99% p.a. onwards
- Repayment Period: 12 – 60 months
- Play Store Rating: 4.4/5
3. Nira Finance
Nira is a new personal loan app in India, founded in 2018. It caters to the financial needs of salaried professionals, offering quick personal loans. Nira specializes in short-term personal loans with flexible repayment options. The app is designed for individuals facing mid-month financial constraints.
- Loan Amount: Upto Rs. 1 Lac
- Interest Rates: 2% per month onwards
- Repayment Period: Upto 12 months
- Play Store Rating: 4.3/5
4. PaySense
PaySense personal loan platform was merged with PayUs consumer lending platform LazyPay in the year 2020 and is currently one of the largest personal loan apps in India. It is registered with RBI as an NBFC. PaySense was founded in 2015 with the vision of making credit accessible to underserved segments.
- Loan Amount: Rs. 5,000 – Rs. 5 Lacs
- Interest Rates: 1.4% – 2.3% per month
- Repayment Period: 3 – 6 months
- Play Store Rating: 3.6/5
5. Money Tap
Money Tap is a unique loan app in the sense, that it provides the advantage of “no-usage-no-interest,” which makes it stand out from the rest of the apps. Launched in 2016, MoneyTap pioneered the concept of a personal credit line in India. The app boasts real-time eligibility checks and a seamless application process.
- Loan Amount: Rs. 5,000 – Rs. 5 Lacs
- Interest Rates: 1.4% – 2.3% per month
- Repayment Period: 3 – 6 months
- Play Store Rating: 3.6/5
Read: Best Credit Cards in India
6. PayMe India
PayMe India personal loan app is based in Noida, Uttar Pradesh and it was founded in 2016. It provides short-term cash loans, instant payday loans, and salary advance loans to salaried corporate employees to help them meet their financial needs.
- Loan Amount: Up to Rs.5 Lacs
- Interest Rates: 18% – 42% per annum
- Repayment Period: Up to 36 months
- Play Store Rating: 3.7/5
7. Fibe (Previously EarlySalary)
Fibe, previously known as EarlySalary is considered a salary advance and Instant Personal Loan App. You will get personal loans without providing any collateral security through this app.
- Loan Amount: Rs 8000 – Rs. 5 Lacs
- Interest Rates: 16% annually onwards
- Repayment Period: 3 months to 36 months
- Play Store Rating: 4.4/5
8. Kredit Bee
Kredit Bee is one of the best online loan apps in India, to help young professionals. You can borrow an amount of as little as 1000 INR or up to 1, 00, 000 INR. Anyone above the age of 18 years and earning 15,000 INR per month can download the app and apply for a loan.
- Loan Amount: Rs. 1,000 – Rs. 4 Lacs
- Interest Rates: 15% – 29.95% per annum
- Repayment Period: 3 months to 24 months
- Play Store Rating: 4.6/5
9. Smart Coin
This is a very helpful loan app for people who want some quick cash or a short-term loan for a financial emergency. Unlike most other loan apps, Smart Coin offers loans to people from all walks of life like salaried individuals, stay-at-home parents, support staff, business owners, etc.
- Loan Amount: Rs. 1,000 – Rs. 4 Lacs
- Interest Rates: 20% per annum onwards
- Repayment Period: 91 days to 270 days
- Play Store Rating: 4.3/5
Read: Best Business Loans In India for Small-Scale Businesses
10. HomeCredit
This is one of the oldest personal loan apps in India. This company is a part of the international Home Credit Group. It operates in over ten countries in Asia and Europe. In India, it operates in over 20 states and 150 cities. HomeCredit loan app works effectively to provide you with the required loan amount to fulfil your financial needs. It provides a loan amount of up to 2, 00, 000 INR and allows you to repay it in easy EMIs within a period of nine months to 4 years.
- Loan Amount: Upto Rs. 5 Lacs
- Interest Rates: 2% per annum onwards
- Repayment Period: 12 months – 48 months
- Play Store Rating: 4.5/5
11. FlexSalary
In the FlexSalary app, you can decide your repayment tenure and repay the amount flexibly. There is no fixed EMI. Just download the app and upload the documents. If you are eligible, you will get the money instantly. It is as good as a salary advance. Based in Hyderabad, this app was founded in 2016.
- Loan Amount: Up to Rs.2 Lacs
- Interest Rates: 18% – 54% per annum
- Repayment Period: 10 – 36 months
- Play Store Rating: 3.0/5
12. Dhani Loan App
Backed by Indiabulls Ventures, Indiabulls Dhani is one of the best personal loan apps. You can get an unsecured Instant personal loan instantly using this app. There is no need for any physical documentation. and interest rates are 11.99%. The company was founded in 2017.
- Loan Amount: Up to Rs.2 Lacs
- Interest Rates: 18% – 54% per annum
- Repayment Period: 10 – 36 months
- Play Store Rating: 3.0/5
13. Credy
Credy is a very useful personal loan app that gives loans to fulfil your various needs like furnishing your home, paying your credit card bill, medical emergency, or education. This loan app does not have any hidden charges and no guarantee or collateral is required. At present, they operate in Bangalore, Chennai, Pune, Mumbai, and Hyderabad. This app was founded in 2016.
- Loan Amount: Up to Rs. 1 Lacs
- Interest Rates: 1% – 1.5% per month
- Repayment Period: 3 – 12 months
- Play Store Rating: 4.1/5
14. mPokket
This is a unique personal loan app, especially for college students providing them with pocket money. All you need to do is download the app and create a profile. The mPokket app is like a credit card. So, instead of swiping your card to buy something, you apply on the app to get a loan. This personal loan app was founded in 2016.
- Loan Amount: Rs. 500 – Rs. 30,000
- Interest Rates: Up to 4%
- Repayment Period: Upto 3 months
- Play Store Rating: 4.4/5
15. CASHe
You can credit a part of your loan amount directly to your Paytm wallet. The interest rate applicable on loans is 1.5% per month. CASHe decides your loan eligibility by using a proprietary algorithm-based machine learning platform based on your social profile, merit, and earning potential. This app was founded in 2016.
- Loan Amount: Rs. 1,000 – Rs. 4 Lacs
- Interest Rates: 2.50% per month onwards
- Repayment Period: 3 – 18 months
- Play Store Rating: 3.7/5
16. Navi
Navi is another popular instant loan app in India. It is one of the most transparent loan apps in the country with the ex-India cricket captain Mahendra Singh Dhani being the brand ambassador. It is backed by Navi Finserv (Navi), an RBI-registered non-banking financial company (NBFC).
- Loan Amount: Up to Rs.20 Lacs
- Interest Rates: 9.9% per annum onwards
- Repayment Period: Upto 72 months
- Play Store Rating: 4.1/5
Read: How to Get Working Capital Loans in India
17. LoanTap
This personal loan app is one of the most popular loan apps in India. With the slogan “Bringing Dreams to Life,” LoanTap offers customized loans to its borrowers. Their products include lifestyle and celebration loans, two-wheeler loans, home loans, flexible personal loans, and lower-instalment loans. It was founded in 2015.
- Loan Amount: Rs. 50,000 – Rs.10 Lacs
- Interest Rates: 11% – 24% per annum
- Repayment Period: 6 – 60 month
- Play Store Rating: 3.6/5
18. Upwards
This is another personal loan app for you if you are a salaried person and drawing a minimum monthly salary of 15, 000 INR. It operates in more than 40 cities in India. Based in New Delhi, this app was founded in 2015.
- Loan Amount: Up to Rs. 5 Lacs
- Interest Rates: 18% – 32% per annum
- Repayment Period: 6 months – 24 months
- Play Store Rating: 3.3/5
19. ZestMoney
If you don’t have access to credit cards, your financial needs will be fulfilled by the ZestMoney personal loan app. By downloading the app, you can get access to personal loans even if you don’t have a solid credit history or credit card. ZestMoney is loved by more than 5 million consumers across India. Based in Bengaluru, this loan app was founded in 2015.
- Loan Amount: Up to Rs. 5 Lacs
- Interest Rates: 14% onwards
- Repayment Period: 3 months – 36 months
- Play Store Rating: 3.9/5
20. Bajaj Finserv
Bajaj Finserv is at present one of the top most Indian non-banking companies in India. The company provides a wide range of financial services. Consumers get a flexi-term loan, flexi-hybrid loan, and term loan from this loan app.
- Loan Amount: Up to Rs. 40 Lacs
- Interest Rates: 10.49 % per annum onwards
- Repayment Period: 12 months – 72 months
- Play Store Rating: 4.6/5
Read: Top Lending Companies Providing Loans
How to Choose the Right Personal Loan App
When selecting a personal loan app, consider the following factors:
- Interest Rates: Compare interest rates to ensure you get the best deal.
- Reputation: Check user reviews and ratings to gauge the app’s reliability.
- Hidden Charges: Be aware of processing fees, late payment charges, and other hidden costs.
- Customer Support: Ensure the app provides prompt customer support.
- Security: Verify that your personal and financial information is secure.
Applying for a Personal Loan: Step by Step
Applying for a personal loan through these apps is typically a straightforward process:
- Download the app from your app store and install it.
- Complete the registration process, providing the necessary personal and financial details.
- Choose the loan amount and repayment tenure.
- Upload the required documents, such as ID proof, address proof, and income documents.
- Wait for the app to verify your details, and you’ll receive loan approval or rejection.
- If approved, the loan amount is disbursed directly to your bank account.
Interest Rates and Repayment Terms
Interest rates and repayment terms vary among personal loan apps. It’s essential to read the terms and conditions carefully before availing a loan. Ensure that the interest rate, processing fees, and repayment tenure align with your financial capabilities.
Safety and Security
Protect your personal and financial information by using reputable and secure loan apps. Look for apps that use encryption technology to safeguard your data.
Eligibility Criteria
Some of the basic eligibility criteria for applying for personal loans in India are as follows:
a) Age
A salaried person should be between 21 to 60 years old, while a self-employed person should be between 25 to 65 years old.
b) Income
A personal loan applicant must be earning the minimum wage criteria defined by the lender and also should be able to repay the loan in monthly instalments.
c) Tenure
The tenure of repayments ranges from 6 months to 5 years.
d) Credit Rating
The credit history of the loan applicant is another major factor that lenders consider while approving personal loans. The preferred credit score is 750.
What are the Documents Required for Applying for a Personal Loan?
Normally you need the KYC documents for creating your profile at any personal loan app. Keep the pictures of all the documents ready and handy when you start registering. Keep your photo also. Some of the essential documents required for personal loans are as follows:
- Pan Card
- Aadhar Card
- Bank Statements
- Salary Slip
- IT Returns for self-employed persons
- Address Proof
- Photo-Identity Proof
However, the number of documents varies from one app to another.
Frequently Asked Questions
Can I get a personal loan with a low credit score through these apps?
Some apps specialize in loans for individuals with lower credit scores. However, interest rates may be higher.
Are personal loan apps safe to use?
Reputable personal loan apps use encryption and secure servers to protect your data. Always check an app’s security measures before applying.
There are many personal loan apps now in India assuring, fast, hassle-free, and paperless disbursement of personal loans for your various requirements. However, it is strongly advised to check the interest rates and EMIs carefully before you opt for any of them. You need to calculate your affordability and the EMIs. So be careful and at the same time confident and go ahead to fulfil your dreams or perform the responsibilities you want to.
