Best 27 Personal Loan Apps in India for 2023 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.

The Rise of Personal Loan Apps

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.

27 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 absolutely paperless. You can repay the loan as per the pre-decided amount; you are free to foreclose the loan account after three successful EMI repayments. Such a facility helps you to attend to an emergency and then repay the loan to save interest.

The money view app provides personal loans between 10, 000 INR to 5,00, 000 INR anywhere in India. Founded in 2014, this loan app has been expanding rapidly. It uses its own credit model. It gives a high chance of loan approval to persons having no CIBIL score or a lower CIBIL score.

The interest rate for a personal loan from Money View starts from 16% per annum. The exact interest rate is determined by their own system. Typically, credit score, income amount, loan amount, tenure, and overall financial profile decide the interest rate for your application for a Money View personal loan.

Money View personal loan app has a Google Rating of 4.6 Stars

2. Buddy Loan

If you are looking for an instant loan with fast approval, the Buddy Loan aggregator app is one of the best options in India. All Indians including salaried, professional, and self-employed people can apply for a personal loan through this app.

Customers can avail of loans starting from Rs. 10,000 to Rs. 15 Lacs. The process of applying for a loan here is completely online. Furthermore, the company is tied up with a pool of trustworthy and reputed loan providers and requires minimal documentation.

The interest rates start at 11.99% p.a. and customers can avail of flexible repayment plans from 6 months to 5 years.

Buddy Loan personal loan app has a Google Rating of 4.4 Stars

3. Nira Personal Loan App

Nira is a new personal loan app in India, founded in 2018. After downloading the app, you can check your eligibility in just 3 minutes. You need to earn a monthly salary of at least 15,000 INR and you need to be working for at least 6 months.

The advantage of Nira is that you can apply for a personal loan even if you do not have a credit history or CIBIL score. You need to pay back in 3 to 12 months installments. The loan limit is between 5000 INR and 1,00,000 INR. The rate of interest is 1.50% to 2.50% per month.

Nira personal loan app has a Google Rating of 4.4 Stars.

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.

This personal loan app provides a loan to both salaried as well as self-employed persons. As a salaried person, your monthly income should be a minimum of 12,000 INR and if you are self-employed, your minimum monthly income should be 15,000 INR. PaySense is one of the few apps that give loans to people who do not have a salary slip.

PaySense has partnered with IIFL and Fullerton for the disbursal of personal loans. You can get a personal loan from Rs. 5000 to Rs. 5 Lac from the PaySense loan app. The rate of interest varies from 1.4 to 2.8% per month. Based in Mumbai, PaySense was founded in Mumbai.

The PaySense personal loan app has a Google Rating of 4.6 Stars.

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. This simply means that you are charged interest only on the amount of money used. Interest rates starting from 13-24.3% pa

You have to download the app and upload the necessary documents. Once your loan is approved, you get a credit line, which you can use according to your needs. MoneyTap has recently partnered with leading NBFCs in India.

The company currently serves Bangalore, Mumbai, NCR, Hyderabad, and more cities in India. However, the eligibility criterion is a monthly salary of INR 20,000.

It was founded in 2015. The minimum Loan Amount is INR 3000 and the Maximum Loan Amount is INR 5, 00,000.

Money Tap personal loan app has a Google Rating of 4.3 Stars.

Read: Best Credit Cards in India

6. PayMe India

This app provides short-term cash loans, instant payday loans, and salary advance loans to salaried corporate employees to help them meet their financial needs. Their loan application process takes place entirely through the app. The lending process is reliable and quick too.

PayMe has a strong customer support team that is known to be very responsive and helpful to new borrowers. The maximum loan amount offered by Payme India is 1, 00, 000 INR. The interest rate applicable to the loan amount is 2-6% per month.

This personal loan app is based in Noida, Uttar Pradesh and it was founded in 2016.

PayMe India personal loan app has a Google Rating of 4.2 Stars.

7. EarlySalary

EarlySalary is considered a salary advance and Instant Personal Loan App. You can get a loan ranging from 10,000 INR to 2, 00, 000 INR. No credit history is required for availing of loans using this app. This app can be used on Amazon, Flipkart, and Big Bazaar for easy EMI purchases.

The interest rate applicable to the loan amount is 2-2.5% per month. Early Salary apps can be used to avail loans in specific cities. You need to pay a 2% processing fee for availing of loans using this app.

Early Salary raised INR 100 crores in series B funding led by Eight Roads Ventures and IDG Ventures India in January 2018. It is based in Pune and was founded in 2015.

EarlySalary personal loan app has a Google Rating of 4.5 Stars.

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.

The thing is done on the app, and there is no need for physical verification. After uploading the necessary documents, you need to wait for verification and approval. Once approved, the loan amount is directly credited to your bank account. This app is highly rated and a favorite among young professionals.

For a 15-day loan, a flat interest rate of 1.48% is charged (Annualized Interest Rate: 36%) and for a 30-day loan, a flat interest rate of 2.96% is charged. (Annualized Interest Rate: 36%). It was founded in 2015.

The Kredit Bee personal loan app has a Google Rating of 4.4 Stars.

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.

The app is fairly easy to operate, and the lending platform is completely hassle-free. All documentation is done online, and the application is granted approval within minutes. Once approved, you can apply for a loan of up to 50, 000 INR. There is no minimum limit on the salary you earn in Smart Coin, and hence, anyone can apply for a loan.

The rate of interest is 30% p.a. to 36% p.a. It was founded in 2015.

SmartCoin personal loan app has a Google Rating of 4.5 Stars.

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 fulfill 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.

HomeCredit personal loan app has a Google Rating of 4.3 Stars.

11. RupeesLand

This personal loan app has some unique features. It disburses the loan to a new customer within 2 hours and a returning customer within 10 minutes. You can select the loan amount easily and if you want to foreclose the loan, there is no foreclosure charge.

Based in Gurgaon, Rupeeland is a part of the Casinity group and operates in most of the major cities in India. You can borrow between Rs. 10,000 and Rs. ,00,000. The rate of interest is 0.1% to 1% per day. It was established in 2015.

RupeesLand personal loan app has a Google Rating of 4.7 Stars.

12. FlexSalary

You can borrow any amount of up to 2, 00,000 INR from this personal loan app. It has the advantage of instant approval and allows you to access your credit anytime.

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. The interest rate is up to 3% per month.

Based in Hyderabad, this app was founded in 2016.

FlexSalary personal loan app has a Google Rating of 4.4 Stars.

13. Dhani Personal 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%.

You can get a personal loan of up to 15 Lakh using this app. The processing fee of the loan is 5%. To get a loan using this app, you need to download the app and provide your PAN number and address for verification. After entering the loan amount, you will receive the loan amount in your bank account within minutes. It can be repaid within 3 to 72 months.

It was founded in 2017. The minimum loan amount is 1000 INR and a maximum of INR 15,00,000.

Indiabulls Dhani personal loan app has a Google Rating of 4.3 Stars.

14. Credy

Credy is a very useful personal loan app that gives loans to fulfill 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.

You can take a personal loan of up to 1, 00, 000 INR. The repayment period is between 3 months to 1 year. The rate of interest starts from 1% per month. A personal loan is offered to salaried employees with a monthly salary of a minimum of 15,000 INR.

At present, they operate in Bangalore, Chennai, Pune, Mumbai, and Hyderabad. This app was founded in 2016. Credy personal loan app has a Google Rating of 3.7 Stars.

15. 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. Then you have to upload verification documents such as your Aadhar Card, and student ID card, and provide general information about yourself. After your profile has been approved, you can apply for a loan.

The mPokket app is like a credit card. So, instead of you swiping your card to buy something, you apply on the app to get a loan. The money you want to borrow is instantly credited to either your bank account or your Paytm wallet. The amount you can borrow is determined by mPokket’s own algorithm. The minimum amount is Rs.500. With regular usage and timely payments, the credit keeps on increasing. Payment tenure is 1 to 3 months.

This personal loan app was founded in 2016 and the rate of interest is 3% per month. mPokket personal loan app has a Google Rating of 4.5 Stars.

16. CASHe

You can borrow any amount from 5000 INR to 2, 00,000 INR from this personal loan app. Just download the app and upload the required documents. 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.

CashHe personal loan app has a Google Rating of 4.4 Stars.

17. 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).

The interest rate starts from 9.99% to 45% depending on the amount and payment repayment duration. One can get a personal loan of up to 20 Lacs if approved. Their loan application process is simple and approval time is fast. The company claims loans are sanctioned within 10 minutes and are disbursed instantly to the applicant’s bank account.

Nani personal loan app has a Google Rating of 4.2 Stars.

Read: How to Get Working Capital Loans in India

18. Opta Credit

This personal loan app can be helpful for you if you are a salaried person. These loans are short-term unsecured loans with flexible loan tenures. OptaCredit uses a data-driven underwriting process that helps evaluate applicants quickly and approve a loan if complete and accurate documents are submitted on time.

The minimum amount is 20, 000 INR and the maximum amount is 5, 00, 000 INR. The flat interest rate is between 8.88% p.a. to 15.8% p.a. (based on the applicant’s profile and credit history). Founded in 2016, Opta Credit raised $4 million in debt funding from DMI Finance in January last year.

19. 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 installment loans.

While this financing plan doesn’t mandate you to provide any collateral or third-party guarantor, you might be requested to offer the same under special circumstances. The maximum amount of a personal loan that you can avail of through LoanTap depends on several factors such as income, occupation, age, employer, credit score, work experience, etc.

The repayment options range from accelerated payment options and bullet repayment to principal outstanding. The interest rates offered under this scheme start from 15% p.a. and can go up to 24% p.a. based on the applicant’s eligibility.

The minimum loan amount is 50, 000 INR and the maximum amount is 10, 00, 000 INR. It was founded in 2015.

20. Qbera

This personal loan app offers loans to both salaried individuals as well as self-employed persons. The turnaround time is quick and there is not much problem if your credit score is low. The customer service team of Qbera is also very competent and responsive.

The tenure is from 12 months to 60 months i.e. 1 year to 5 years. But you also have the option to alter the loan repayment tenure and even pre-close the loan, as per your convenience and financial situation.

The Qbera personal loan interest rate ranges from 11.99% p.a. to 35.99% p.a. The terms of the loan offered to each borrower will vary depending on various parameters such as repayment ability, work experience, age, current employment, repayment history, and credit score.

Based in Bengaluru, the Qbera app was founded in 2017.

21. Money in Minutes

Money in Minutes personal loan app provides genuine help to you even if you have a bad credit score. They have a variety of loans such as quick cash loans, little loans, personal loans, cash advances, bad credit loans, and fast money loans, with a number of payment options suited for your convenience.

The loan products are divided into 3 classes – M1M, M3M, and M6M. M1M includes loans starting from 5000 INR and up to 30,000 INR. M3M includes loans starting from 10,000 INR and up to 50,000 INR. M6M includes loans starting from 30,000 INR up to 1, 00, 000 INR.

The interest rate for M1M loans ranges from 0.10% flat per day to 0.70% flat per day and is payable within 5 to 30 days. For M3M loans the interest rate is 0.70% flat per day and payable within a maximum of 3 EMIs.

The M6M loan charges 0.25% flat per day and is payable within a maximum of 6 EMIs.

Based in Delhi, this app was founded in 2015.

22. Quick Credit

This is a totally hassle-free and paperless loan app for you whether you are salaried or self-employed. They offer fast cash loans to applicants in Delhi, Bengaluru, Hyderabad, Pune, and Chennai. Borrowers from other cities may also be considered based on eligibility conditions.

The amount of the loan ranges from 10, 000 INR to 1, 00, 000 INR. The tenure is up to 30 days. The rate of interest is 1% per day. Based in Hyderabad, this personal loan app was founded in 2016.

23. 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. They offer personal loans ranging from 20, 000 INR to 2, 00, 000 INR.

They offer loans for home construction and renovation, Family functions & weddings, Self-improvisation (skill-training course fee financing, job-related purchases, etc.), Medical emergencies, Travel, Two-wheeler purchases, Electronic Purchases, and Multiple loan consolidation.

The Interest Rates vary from 18% to 32% per annum as per the CIBIL score. It operates in more than 40 cities in India. Based in New Delhi, this app was founded in 2015.

24. Anytime Loan

This personal loan app provides a loan to both salaried and self-employed individuals. You just need to download the app. The entire process is paperless. The kind of loans offered by Anytime Loans is K12 education loans, personal loans, and business loans. It does not require any collateral or guarantor.

You can get personal loans from 1000 INR to 10, 00, 000 INR. The rate of interest varies from 18% to 54% per annum. This app was established in 2014.

25. 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.

You can avail of loans from 1,000 INR to 10, 00, 000 INR. You can also use ZestMoney to make your favorite purchase on Amazon, Flipkart, MakeMyTrip, Myntra, Mi.com, Mi Homes, Oyo, Pepperfry, Sangeetha Mobiles, Urban Ladder, and 800+ other merchants across both online and offline channels.

ZestMoney is loved by more than 5 million consumers across India. Consumers from more than 4,000 towns have availed of a loan to date. They offer personal loans at 18-36% per annum and the amount of the loan depends on your profile.

Based in Bengaluru, this loan app was founded in 2015.

26. Capital First

This is one of the oldest personal loan apps in India and it can fulfill your requirement for a higher amount of cash. It provides a wide variety of repayment options and tenures. To get a loan through this app, your minimum monthly salary should be 20, 000 INR. If you are self-employed, your annual income should be at least 1, 00, 000 INR.

Capital First considers your repayment history and CIBIL score for a sanctioning personal loan. The interest rate is 15% to 20% for salaried applicants and 22% for self-employed applicants, on a monthly reducing balance model. The repayment tenure is 1 to 5 years.

The minimum loan amount is 50, 000 INR and the maximum amount is 25, 00, 000 INR. This loan app was founded in 2012.

27. Olly Credit

Olly Credit Loan app is a microcredit app that enables the user to buy things online through this app. So, if you have surpassed the credit limit of your credit card and still want something more, you can go for the Olly app. Not only that, it provides you with a card for use in offline shopping. The repayment process is simple and can be done through the app.

The company got funding from a China-based fin-tech incubator, investor Jade Value, and a Mumbai-based company Lead Angels Network. Olly Credit was founded in 2015. There is no minimum credit limit and the maximum credit limit is 20, 000 INR.

Read: Top Lending Companies Providing Loans for Small Businesses

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 installments.

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 fulfill your dreams or perform the responsibilities you want to.