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 3 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 3 Lakh
Minimum Loan Amount: Rs 50,000
Loan Tenure: 6 to 36 months
Interest Rate: Upto 25% per annum
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.
Pros
Cons
No collateral requirement makes the funds available without collateral, guarantor, or security.
Flexible repayment terms allow you to repay the loan in easy EMIs.
Fixed interest rates make repayment planning more manageable.
Quick disbursal makes them ideal funding options for emergencies.
Easy eligibility conditions and minimal documentation requirements make instant loans accessible to all.
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.
Pros
Cons
Ample loan amount
Minimal processing charges
Competitive interest rates
Flexible repayment tenures
Easily manageable EMIs
Strict eligibility criteria
No offline option
Limited customer service
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.
Pros
Cons
Quick loan procedure
Low-interest rates
Easy online application process
Instant approval
Directly disbursal in ten minutes
Manageable EMIs for repayment
The app is not compatible with all devices
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.
Pros
Cons
Suitable to serve various needs
Completely online application process
Quick loan approval and disbursal
Flexible repayment options
Nominal fees and charges
Customer service, not up-to-the-mark
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.
Pros
Cons
Competitive interest rates
Paperless application procedure
Minimal documentation requirements
No restrictions on loan usage
Flexible repayment
Quick approval and disbursal
Mobile number should be registered for Aadhaar to do eKYC
Additional Convenience Fees of up to Rs 500
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 25,001
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: 6 to 96 months
Interest Rate: Starting from 11% to 38% per annum
^T&C apply.
Pros
Cons
Available in term, flexi term, and flexi hybrid loan variants
No prepayment charges
Convenient repayment tenures
Instant approval in five minutes
No collateral or guarantor is required
The minimum salary requirement is higher than in other loan apps.
If you are a salaried employee, you must be employed in an MNC, private, or public organisation.
You need salary slips for at least three previous months.
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.
Features: Multi-purpose loan, no collateral requirement, overdraft facility, zero prepayment charges
^T&C apply.
Pros
Cons
Attractive interest rates
Flexible repayment terms
No collateral requirement
100% digital loan process
The trusted name of Tata Capital
Penal interest of 3% per month on the overdue amount
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 10% 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.
Pros
Cons
Available in eight languages
5000 locations across India
Personal Loans for both salaried & self-employed
Loan disbursal in two hours
Zero paperwork
App not updated frequently
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 10,000
Loan Tenure: 3 to 60 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 60 months, EMI calculators available, user-friendly interface
^T&C apply.
Pros
Cons
Instant disbursal
Paperless application
Flexible EMI options
Ample loan amount
Easy eligibility and documentation requirements
5-step application process
Linking the bank account is necessary to get a loan at Navi
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.
Features: Borrow from your approved credit line, pay interest only on the used amount, instant access to funds, flexible EMIs
^T&C apply.
Pros
Cons
Freedom to select your EMI plan
Interest payable only on the used amount
Instant Personal Loan with no risk
Borrow according to your requirement
Minimal processing fee
The minimum salary requirement is high
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 30,000
Minimum Loan Amount: Rs 1000
Maximum Loan Tenure: 120 days
Interest Rate Per Month: 0% to 4%
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.
Pros
Cons
Easy loan options for college students
The amount credited to your bank account or Paytm wallet instantly
No collateral requirement
Paperless process
Small loan amount
No loans for self-employed professionals
Short repayment tenure
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 to36 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.
Pros
Cons
No preclosure fee
No extra documents
Flexible repayment terms
No joining fees, annual fees, or hidden charges
You must sign up for a ZestMoney credit limit and show consistent repayment history to qualify for a Personal Loan.
The app is not a lending company approved by RBI but a tie-up with merchants and NBFCs.
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 1,000
Maximum Loan Tenure: 18 months
Interest Rate: 30% - 44.52% 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.
Pros
Cons
100% digital loan procedure
No foreclosure charges
Instant credit line
Online shopping at no cost EMI
Instant disbursal to the bank account
Various methods for loan repayment
The repayment period is shorter, increasing the EMI amount and making repayment challenging for some.
14. TrueBalance- Personal Loan App
TrueBalance is a trusted financial services platform providing Personal Loans of Rs 1,000 to Rs 1 Lakh. 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 1,000
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.
Pros
Cons
24/7 access
Five simple steps to apply for a loan
Instant and secured lending
100% safe and secure
Completely transparent and digital procedure
Small loan amount
Short repayment tenure
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: 60 months
Interest Rate Per Month: 2 to 3%
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.
Pros
Cons
Simple application procedure that completes in two minutes
It is one of the best loan apps with low interest rates, even for individuals with low credit scores
Flexible repayment option to make EMIs easily affordable and manageable
Complete transparency with no hidden charges
24/7 access to Personal Loans
No collateral requirement
Paperless loan procedure without any branch visits
Fast approval and quick online disbursal
Loan availability to those with zero credit history
You need an active net banking account to qualify for a Personal Loan.
The processing fee is 2.5% of the loan amount with additional GST.
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
Upto 25%
Rs 3 Lakh
Rs 15,000
2.
Fibe Personal Loan App
12% - 30%
Rs 5 Lakh
Rs 15,000
3.
KreditBee App
16% - 29.95%
Rs 5 Lakh
Steady Income
4.
InCred App
13.99%-42%
Rs 7.5 Lakh
Rs 15,000
5.
IIFL Loans App
12.75% - 44%
Rs 5 Lakh
Rs 15,000
6.
Bajaj Finserv App
11% - 38%
Rs25 Lakh
Rs 25,001
7.
Tata Capital Personal Loan App
10.99% - 35%
Rs 35 Lakh
Rs 15,000
8.
Moneyview App
Starting from 10% per annum
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
Up to 142%
Rs 30,000
Steady Income
12.
Zest Money App
Starting from 14%
Rs 5 Lakh
Steady Income
13.
CASHe Personal Loan App
30.42% - 47.76%
Rs 4 Lakh
Steady Income
14.
TrueBalance- Personal Loan App
60% - 154.8%.
Rs 1 Lakh
Steady Income
15.
PaySense Personal Loan App
16% - 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.
Katyaini is a finance expert with a focus on the non-banking financial sector, bringing over 8 years of experience in NBFC. She specializes in simplifying complex financial concepts for readers, helping them navigate the NBFC landscape. Outside of work, she is passionate about travelling.
