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15 Top Instant Personal Loan Apps in India - November 2024

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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.

ProsCons
  1. No collateral requirement makes the funds available without collateral, guarantor, or security.
  2. Flexible repayment terms allow you to repay the loan in easy EMIs.
  3. Fixed interest rates make repayment planning more manageable.
  4. Quick disbursal makes them ideal funding options for emergencies.
  5. Easy eligibility conditions and minimal documentation requirements make instant loans accessible to all.
  1. Processing charges are non-refundable.
  2. Late payment penalties if you miss an EMI.
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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.

ProsCons
  1. Ample loan amount
  2. Minimal processing charges
  3. Competitive interest rates
  4. Flexible repayment tenures
  5. Easily manageable EMIs
  1. Strict eligibility criteria
  2. No offline option
  3. 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.

ProsCons
  1. Quick loan procedure
  2. Low-interest rates
  3. Easy online application process
  4. Instant approval
  5. Directly disbursal in ten minutes
  6. Manageable EMIs for repayment
  1. 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.

ProsCons
  1. Suitable to serve various needs
  2. Completely online application process
  3. Quick loan approval and disbursal
  4. Flexible repayment options
  5. Nominal fees and charges
  1. 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. 

ProsCons
  1. Competitive interest rates
  2. Paperless application procedure
  3. Minimal documentation requirements
  4. No restrictions on loan usage
  5. Flexible repayment
  6. Quick approval and disbursal
  1. Mobile number should be registered for Aadhaar to do eKYC
  2. 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.

ProsCons
  1. Available in term, flexi term, and flexi hybrid loan variants
  2. No prepayment charges
  3. Convenient repayment tenures
  4. Instant approval in five minutes
  5. No collateral or guarantor is required
  1. The minimum salary requirement is higher than in other loan apps.
  2. If you are a salaried employee, you must be employed in an MNC, private, or public organisation.
  3. 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.

  • Maximum Loan Amount: Rs 35 Lakh
  • Minimum Loan Amount: Rs 75,000
  • Maximum Loan Tenure: Six years
  • Interest Rate: 10.99% 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. 

ProsCons
  1. Attractive interest rates
  2. Flexible repayment terms
  3. No collateral requirement
  4. 100% digital loan process
  5. The trusted name of Tata Capital
  1. 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.

ProsCons
  1. Available in eight languages
  2. 5000 locations across India
  3. Personal Loans for both salaried & self-employed
  4. Loan disbursal in two hours
  5. Zero paperwork
  1. 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.

ProsCons
  1. Instant disbursal
  2. Paperless application
  3. Flexible EMI options
  4. Ample loan amount
  5. Easy eligibility and documentation requirements
  6. 5-step application process
  1. 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.
 

  • Maximum Loan Amount: Rs 5 Lakh
  • Minimum Loan Amount: Rs 10,000
  • 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. 

ProsCons
  1. Freedom to select your EMI plan
  2. Interest payable only on the used amount
  3. Instant Personal Loan with no risk
  4. Borrow according to your requirement
  5. Minimal processing fee
  1. 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.

ProsCons
  1. Easy loan options for college students
  2. The amount credited to your bank account or Paytm wallet instantly
  3. No collateral requirement
  4. Paperless process
  1. Small loan amount
  2. No loans for self-employed professionals
  3. 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 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. 

ProsCons
  1. No preclosure fee
  2. No extra documents
  3. Flexible repayment terms
  4. No joining fees, annual fees, or hidden charges
  1. You must sign up for a ZestMoney credit limit and show consistent repayment history to qualify for a Personal Loan.
  2. 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. 

ProsCons
  1. 100% digital loan procedure
  2. No foreclosure charges
  3. Instant credit line
  4. Online shopping at no cost EMI
  5. Instant disbursal to the bank account
  6. Various methods for loan repayment
  1. 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. 

ProsCons
  1. 24/7 access
  2. Five simple steps to apply for a loan
  3. Instant and secured lending
  4. 100% safe and secure
  5. Completely transparent and digital procedure
  1. Small loan amount
  2. 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. 

ProsCons
  1. Simple application procedure that completes in two minutes
  2. It is one of the best loan apps with low interest rates, even for individuals with low credit scores
  3. Flexible repayment option to make EMIs easily affordable and manageable
  4. Complete transparency with no hidden charges
  5. 24/7 access to Personal Loans
  6. No collateral requirement
  7. Paperless loan procedure without any branch visits
  8. Fast approval and quick online disbursal
  9. Loan availability to those with zero credit history
  1. You need an active net banking account to qualify for a Personal Loan.
  2. 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 NameAnnual Interest Rate (APR)Loan AmountMinimum Salary Required
1.Hero FinCorp Instant Personal Loan AppUpto 25%Rs 3 LakhRs 15,000
2.Fibe Personal Loan App12% - 30%Rs 5 LakhRs 15,000
3.KreditBee App16% - 29.95%Rs 5 LakhSteady Income
4.InCred App13.99%-42%Rs 7.5 LakhRs 15,000
5.IIFL Loans App12.75% - 44%Rs 5 LakhRs 15,000
6.Bajaj Finserv App11% - 38%Rs25 LakhRs 25,001
7.Tata Capital Personal Loan App10.99% - 35%Rs 35 LakhRs 15,000
8.Moneyview AppStarting from 10% per annumRs 10 LakhRs 13,500
9.Navi Loans App9.9% - 45%Rs 20 LakhHousehold income of at least Rs 3,00,000 p.a.
10.MoneyTap App12% - 36%Rs 5 LakhRs 30,000
11.mPokket AppUp to 142%Rs 30,000Steady Income
12.Zest Money AppStarting from 14%Rs 5 LakhSteady Income
13.CASHe Personal Loan App30.42% - 47.76%Rs 4 LakhSteady Income
14.TrueBalance- Personal Loan App60% - 154.8%.Rs 1 LakhSteady Income
15.PaySense Personal Loan App16% - 36%Rs 5 LakhRs 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.

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