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24 Best Instant Personal Loan Apps in India – (February, 2024)
Shiv Nanda
Aug 01 • 14 mins read

24 Best Instant Personal Loan Apps in India – (February, 2024)

14 mins read
Traditional banks take a long time to process personal loan applications, and money lenders are known to charge high-interest rates making the process very dubious. In this whole financial setup, personal loan apps have emerged as an excellent idea to provide safe and hassle-free immediate cash loan in India within 1-hour.

24 Best Instant Personal Loan Apps In India

App Interest Rate (per Month) Minimum & Maximum Loan Amount Tenure App Rating (Out of 5) Download App
1.08% ₹3,000 – ₹5 lakh 2 months to 36 months 4.1
Starting at 13.99% P.A ₹1,000 - ₹15 lakh 3 months to 24 months 3.3
10.75% - 25% (APR) ₹15,000 – ₹50 lakh 12 months to 60 months 4
1.02 - 2.49% per month ₹1,000 - ₹4 lakh Max 24 months 4.5
1.67% - 2.25% ₹10,000 – ₹1 lakh 3 months to 12 months 4.3
2.50% Per Month ₹1000 – ₹4 lakh 3 months - 18 months 3.7
1.33% ₹5,000 – ₹10 lakh Upto 60 months 4.7
12% - 30% (P.A.) ₹8,000 – ₹10 lakh 3 months to 36 months 4.4
20% - 29.88% (P.A.) 2 months to 12 months 91 Days to 270 Days 4.1
Starts at 2% per month ₹10,000 to ₹5 lakh 12 months to 48 months 4.4
15 - 32%(P.A.) ₹10,000 to ₹5 lakh 3 months to 24 months 4.4
1% - 6% ₹500 – ₹45,000 Max 4 months 4.4
18% - 54%(APR) Up to ₹2 lakh 10 months - 36 months 4.5
9.99% p.a. onwards Up to ₹50 lakh 12 months - 72 months 4.5
Starting from 1.5% per month ₹500 to ₹5 lakh 3 months - 24 months 3.9
12% - 24% ₹50,000 – ₹10 lakh 6 months to 60 months 3.6
1.4 – 2.3% ₹5,000 – ₹5 lakh 3 months - 48 months 3.7
30% per Annum ₹1,000 – ₹25,000 3 months to 6 months 2.8
Starting from 11.99% ₹1000 - ₹5 lakh 3 months to 36 months 3.8
1% - 1.5% Up to ₹1 lakh 3 months to 12 months
starting at 9% Up to ₹5 lakh Up to 60 months 3.4
14% (P.A) Up to ₹5 lakh 3 months - 6 months 4
11.99% - 23.99% (P.A) ₹50,000 - ₹25 lakh 12 months to 60 months 2.2
9.9% p.a. onwards Up to ₹20 lakh Upto 72 months 4.3

Data Source: Google Play Store and respective apps’ websites. (Last checked – 13th Oct, 2023)

When you are in urgent need of a quick cash loan, there are very few options available. One is to seek a personal loan from traditional banks, which can be a time-consuming process requiring a lot of paperwork and multiple document submissions.
The other option is taking a loan through a credit card, but interest rates are extremely high. Asking your friends or relatives for money is another option, but it can be embarrassing. And not everyone is lucky enough to get a salary advance loan in India from their employers. So, the best option for a quick cash loan in India is through personal loan apps. The internet has revolutionised the way India works. Today you can purchase anything from vegetables to a Smart TV and more, sitting in the comfort of your home. The situation is no different if you need fast and easy instant personal loans in India. There are best instant loan apps in India, which can make your personal loan process a lot easier and convenient. You can apply online with the requisite scanned documents, and the loan amount can be delivered to your doorstep or credited to your bank account, depending on your convenience.

MoneyTap is revolutionising personal loans in India with its app-based credit line. The unique no-usage-no-interest feature ensures affordability, as users only pay interest on the amount utilised. Serving major cities like Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai, as well as 30+ other Indian cities, MoneyTap provides a flexible credit line.

Let’s understand the MoneyTap experience with an example.

Imagine Arjun is approved for a ₹1 lakh credit line but only uses ₹50,000. Unlike traditional loans charging interest on the entire amount, MoneyTap charges interest solely on the used ₹50,000. At a 13% interest rate, Arjun pays only ₹56,500 at the end of the year compared to the hefty ₹113,000 he would have had to pay with a traditional personal loan.

  • Instant Approval: Get online approval in 4 minutes with minimal documentation.
  • Borrow in Parts: Borrow any amount from ₹3,000 up to your approved credit limit, paying interest only on what you use.
  • Save on Interest: Interest is charged solely on the used amount, starting as low as 1.08% per month.
  • Doubles as a Credit Card: Enjoy a complimentary MoneyTap-RBL Credit Card for flexible spending.
  • Flexible Repayments: Choose from 2-36 months EMI options for convenient repayments.
  • Manage Everything Through an App: Easily handle credit, repayments, and fund transfers through a user-friendly mobile app.

Dhani, known as the “phone se loan app,” offers a seamless online process, allowing users to apply for personal loans ranging from ₹1,000 to ₹15 lakh with instant disbursal to their bank accounts. The competitive interest rates starting at 13.99% per annum make it an accessible and quick financial solution.

  • Completely Online Process: Dhani ensures a seamless loan application process, entirely online for user convenience.
  • Loans from ₹1,000 to ₹15 lakh: Dhani offers a flexible borrowing range, accommodating diverse financial needs.
  • Interest Rates Starting at 13.99% p.a.: Competitive starting interest rates make Dhani an attractive financial solution.
  • Tenure Ranging from 3 Months to 24 Months: Users have the flexibility to choose repayment tenures according to their preferences.
  • Money in Your Bank Instantly: Dhani stands out for its instant disbursal, ensuring quick access to approved loan amounts.

IndiaLends is a versatile cash loan app that provides instant personal loans, credit cards, and free credit reports. With low starting interest rates at 10.25% p.a., the app streamlines documentation, ensuring quick loan disbursal within 48 hours. Users can easily compare offers from over 70 RBI-approved lenders.

  • Personal Loans Starting at 10.25% Interest Rate: IndiaLends provides personal loans with competitive starting interest rates, making it a cost-effective option.
  • Minimal Documentation: Streamlined documentation processes simplify the loan application for users.
  • 70+ RBI Approved Lenders: Users can conveniently compare and choose from a variety of pre-qualified loan offers.
  • No Hidden Charges, No Hidden Information: IndiaLends promotes transparency by ensuring no hidden charges or undisclosed information.

KreditBee, catering to young professionals, offers a seamless 100% online, collateral-free personal loan process. With instant loan options from ₹1,000 to ₹4 lakh, 24×7 availability, and a quick disbursal time of 10 minutes, KreditBee ensures hassle-free documentation. Users benefit from attractive interest rates ranging from 1.02% to 2.49% per month.

  • 100% Online Collateral-free Personal Loan: KreditBee’s online process ensures a hassle-free, collateral-free experience.
  • Instant Loan Range from ₹1,000 to ₹4 lakh: Users can access a wide range of instant loan options catering to different financial needs.
  • Available 24×7: KreditBee’s round-the-clock availability offers users the flexibility to apply for loans at their convenience.
  • Hassle-Free Documentation: The loan application process is made easy with KreditBee’s simplified documentation.
  • Loan Disbursal in Just 10 Minutes: KreditBee excels in quick disbursal, addressing users’ financial needs promptly.
  • Interest from 1.02% – 2.49% p.m.: Attractive interest rates starting from 1.02% per month make KreditBee a cost-effective borrowing option.

NIRA, a FinTech company, provides a line of credit to salaried professionals with a loan range from ₹10,000 to ₹1 lakh and a flexible tenure of 3 months to 1 year. Interest rates depend on the borrowed amount and repayment timing.

  • Loan Amount – 5,000 to 1,00,000: NIRA offers a diverse loan range catering to various financial needs.
  • Minimum Annual Percentage Rate (APR) – 24%: Ensuring transparency, NIRA maintains a minimum APR for borrowers.
  • Maximum Annual Percentage Rate – 36% (reducing balance): NIRA’s reducing balance approach caps the maximum APR for cost-effectiveness.
  • Minimum Repayment Period – 91 Days: Borrowers benefit from a reasonable minimum repayment period.
  • Maximum Repayment Period – 24 Months: The flexible maximum repayment period accommodates varying financial situations.

CASHe, an app-based digital lending platform, specialises in short-term personal loans for salaried individuals. With loan amounts from ₹1,000 to ₹4 lakh, CASHe promises quick disbursals, flexible loan tenures, and collateral-free borrowing.

  • No Restrictions on Fund Usage: CASHe allows users the freedom to utilize loan funds for any purpose.
  • Quick Disbursals: The platform ensures swift approval and disbursal, meeting urgent financial needs.
  • Flexible Loan Tenures: Borrowers can choose from various repayment durations according to their capacity.
  • No Collaterals Needed: CASHe’s collateral-free approach simplifies the loan application process.

moneyview’s personal loan app guarantees a paperless, fast, easy, and flexible borrowing experience. Offering loan amounts from ₹5,000 to ₹5 lakh and a repayment period extending up to 5 years, Moneyview ensures flexibility, quick disbursals, and affordable interest rates.

  • Flexible Loan Amount: moneyview accommodates diverse financial needs with a wide range of loan amounts.
  • Disbursal in Minutes: The app’s efficient process ensures rapid disbursal of approved loan amounts.
  • Collateral Free Loans: moneyview removes the need for collateral, simplifying the borrowing process.
  • Affordable Interest Rates: Borrowers benefit from competitive interest rates, ensuring cost-effective repayments.

FIBE, a FinTech startup, simplifies money lending with its personal loan app, offering amounts up to ₹5 lakh at an interest rate starting from 12%.

  • No Restrictions on Usage: FIBE’s personal loans provide the flexibility to address various financial needs.
  • Collateral-free Loans: Eliminating the need for collateral streamlines the borrowing process for users.
  • 100% Digital Journey: FIBE ensures a seamless, paperless experience with its fully online loan application.
  • Affordable Interest Rates: The platform offers attractive interest rates, providing a cost-effective borrowing option.

SmartCoin, a FinTech company, is on a mission to provide a user-friendly and scalable lending platform for its HomeCredit1 customers. This personal loan app in India offers instant loans ranging from ₹1,000 to ₹70,000, catering to various profiles without imposing a minimum salary limit.

  • Completely Digital: SmartCoin’s loan application is 100% paperless, requiring only a smartphone and internet access.
  • Quick Online Process: Applying for a loan on SmartCoin takes minutes, with a simple process of filling in details and uploading necessary documents.
  • Bank Transfer: Upon completing details and eligibility confirmation, the approved loan amount is credited to your account within a couple of hours.

Home Credit India, part of the international Home Credit Group, simplifies financial services with its personal loan app. Offering loans up to ₹5 lakh with a repayment tenure of 1 to 4 years, the app ensures a quick, convenient, and transparent borrowing experience.

  • Quick & Convenient: The application process is easy and hassle-free.
  • Instant Online Approval: Apply online and receive instant approval on your loan application.
  • Disbursal Within Hours: The approved loan amount is transferred to your bank account within a few hours.
  • No Collaterals or Hidden Charges: Home Credit’s collateral-free process ensures transparency with no hidden charges.

LazyPay, powered by PayU, simplifies personal loans with its easy-to-use digital platform. With quick approvals, the platform disburses 1 million+ loans monthly, offering pocket-friendly EMIs and instant personal loans up to ₹5 lakh.

  • Flexible EMI Options: LazyPay provides EMI plans tailored to suit individual preferences.
  • Zero Paperwork: The entire process is conducted online with no paperwork, ensuring a seamless and efficient experience.
  • Lightning Fast Approvals: Approved funds are sent instantly to the borrower’s account, ensuring timely access to financial support.

mPokket, an instant loan app for college students, operates on the concept of providing pocket money. Offering initial approval at ₹500, the borrowing limit increases with responsible usage. Borrowers can repay the loan within 1 to 3 months.

  • Approval in 10 Minutes: The platform ensures swift approval with a 10-minute loan approval process.
  • 100% Online Process: Streamline your finances with a fully online loan application process.
  • Direct Bank Transfer: Funds are seamlessly delivered through secure direct bank transfer, ensuring convenience.
  • Flexible & Hassle-Free: Borrowers have the flexibility to choose between bullet loans or easy EMI payment options, providing a hassle-free experience.

Flex Salary, designed to rival personal loans, offers a unique set of features, including a one-time application, instant disbursals, 24/7 access, and a flexible repayment policy. With no fixed EMIs, this advance salary loan app caters to diverse financial needs.

  • Easy Application Process: A simple online application process requiring basic information and PAN details.
  • 24/7 Access: Accessible anytime, anywhere, making it ideal for emergency personal loan needs.
  • Quick Approval & Instant Disbursal: Swift loan approval with online documentation, ensuring funds within 24 hours.
  • No Collateral: Unsecured loans based on income, eliminating the need for collateral.
  • No Hard Credit Check: Approval based on income, with no impact on credit score.

Bajaj Finserv offers instantly approved and disbursed personal loans within 24 hours. Tailored for specific groups, these collateral-free loans provide flexibility and convenience in borrowing.

  • 3 Unique Variants: Personalized loan variants to suit individual needs.
  • Loan – Up To 40 Lakh: High loan limit catering to various financial requirements.
  • Tenure – Up To 96 Months: Flexible repayment tenure options for affordability.
  • Approval in Just 5 Minutes: Quick loan approval process for time-sensitive needs.
  • Money in Your Account in 24 Hours: Swift disbursal ensures timely access to funds.
  • No Guarantor/Collateral Needed: Hassle-free borrowing without the need for a guarantor or collateral.
  • No Hidden Charges: Transparent terms with no undisclosed fees.

PayMe, an innovative FinTech app, offers instant payday loans, advance salary loans, and short-term cash loans to salaried employees. With attractive interest rates, the platform blends traditional and modern lending techniques for a quick and simple loan application process.

  • Instant Approval Process: Hassle-free approval process for quick access to funds.
  • Minimum Documentation: Streamlined process with minimal documentation requirements.
  • No Restriction on Fund Usage: Borrowers have complete freedom in deciding how to use the loan funds.
  • Flexible Tenure: Borrowers can choose the duration of loan repayment according to their preferences.
  • Best of Online Services: Smooth and hassle-free personal loan application process online.
  • Lowest-Interest Rates: Flexible loan options with competitive interest rates.
  • Transparent Terms and Conditions: Ensuring customers understand the agreement terms before committing to the loan.
  • No Collateral Required: Unsecured personal loans, eliminating the need for collateral.
  • Dedicated Customer Support: A dedicated customer support team ready to assist throughout the loan process.

LoanTap, an online platform, delivers instant, flexible loans with attractive terms to salaried professionals and businessmen. Committed to providing customized loan products, LoanTap offers various innovative loan options, including personal loans, personal overdrafts, EMI-free loans, and more.

  • Instant approval & disbursal: Effortless online process for quick loan approval and disbursal within 24 to 36 hours.
  • Flexible Repayment Option: Freedom to switch to an EMI-free loan, enhancement, and accelerated repayment option after 6 months.
  • Higher Loan Amount: Flexible loan options with higher loan amounts for diverse financial needs.
  • Longer Loan Tenure: Options to choose a longer loan tenure, ranging from 6 months to 60 months.
  • Minimum Documents: Simplified process with only basic documents required.
  • Transparent Process: Clear terms with no hidden charges or prepayment fees, ensuring a secure lending process.

Founded by Sayali Karanjkar and Prashanth Ranganathan, PaySense is an instant money app offering personal loans online with quick approvals, paperless documentation, and affordable EMI plans.

  • Instant Personal Loans: Access instant personal loans ranging from ₹5000 to ₹5 lakh.
  • Quick Approvals & Disbursals: Prompt loan approval and swift money transfer to your account.
  • Paperless Documentation: Streamlined process with digital KYC documentation.
  • Affordable EMI plans: Manageable EMI plans with reminders and auto-debit features.
  • One-click Subsequent Personal Loans: Easily obtain another loan with one-time documentation.
  • Zero Credit History: Welcoming users new to the credit and lending system.

RupeeRedee, a digital lending platform, provides access to personal loans within minutes through technology. Operating with its own Captive NBFC, the platform ensures a hassle-free, quick, and secure consumer journey.

  • Loan amount: Ranges from ₹1,000 to ₹25,000.
  • Annual interest rate: Starting from 30%.
  • Repayment tenure: Up to 3 months.
  • Processing fee: 10% to 15% p.a.
  • Direct Transfer to Bank Account: Swift transfer for quick access to funds.
  • No Bank Visits: Eliminating the need for physical visits.
  • No Paperwork: Ensuring a paperless and efficient process.

StashFin, one of the best online loan apps in India, was founded by experienced financial services professionals. It aims to simplify lending, offering an easy application process, quick digital processing, and a credit limit of up to ₹5,00,000 with attractive features like 0% interest for up to 30 days.

  • Easy Application: Streamlined online loan application process for user convenience.
  • Quick Process: Efficient and swift loan processing.
  • 100% Digital: Entire loan application and approval process conducted online.
  • Credit Limit up to ₹5,00,000: Generous credit limit to cater to diverse financial needs.
  • Flexible Tenure up to 36 months: Options for flexible repayment plans.
  • Pay Interest Only on the Amount Utilised: Ensures cost-effectiveness.
  • Instant Funds Across Needs: Swift fund transfer for various financial requirements.

Credy, a quick loan app in India, provides personal loans on personalized terms. With no hidden costs, collateral requirements, and a fast online processing system, Credy is known for its simplicity, speed, and affordability.

  • Fast Disbursal (Instant Approval): Instant approval within 1 minute, detailed terms in 3 hours, and funds in the account within 24 hours
  • Transparent Rates: Clear interest rates starting from 1% per month with no hidden charges.
  • Offers & More: Additional benefits, including top-up loans, referral bonuses, early payment bonuses, and easy tracking via the Mobile App.
  • Great Customer Support: Fast and helpful customer service experience through various channels.

Upwards claims to be India’s quickest personal loan provider for salaried individuals. Offering hassle-free personal loans with affordable interest rates, flexible payment tenures, and a safe and trustworthy platform, Upwards is designed for quick and convenient borrowing.

  • Affordable Interest Rates: Competitive and affordable interest rates.
  • Flexible Payment Tenures: Options for flexible repayment durations.
  • Safe & Trustworthy: Ensures the safety and reliability of the lending platform.
  • Superfast Processing: Swift loan processing for urgent financial needs.
  • Minimal Documentation: Streamlined process with minimal documentation requirements.
  • Fast Query resolution: Quick resolution of customer queries.

ZestMoney, a unique finance platform, makes digital finance affordable and accessible. Using AI, digital banking, and mobile technology, it helps borrowers find a lending partner, breaking down larger payments into manageable expenses with instant loans.

  • 3-36 Months Tenure: Options for convenient repayment terms with a wide range of EMI plans.
  • No Extra Documents: Simplified process without the need for additional documents.
  • No Pre-closure Fee: Flexibility to close EMI without additional charges.
  • Up to ₹5 Lakh: Instant approval for loan amounts up to ₹5 lakh.

Registered as an NBFC – Investment and Credit Company, SMFG India Credit offers convenient personal loans for salaried and self-employed individuals. With a hassle-free documentation process and quick disbursal, it aims to meet the urgent financial needs of customers.

  • Loans Up To ₹25 Lakh: Generous loan limit catering to diverse financial requirements.
  • Attractive Interest Rates: Competitive interest rates to ensure affordability.
  • 100% Paperless Application Process: Streamlined process for convenience.
  • Quick Disbursal: Swift transfer of funds within 30 minutes of approval.
  • Adding Benefits for Existing Customers: Additional perks for loyal customers.

Navi, a new-age fintech startup, offers a user-friendly interface for instant loans to meet various financial emergencies. With minimal documentation requirements, it strives to make financial services transparent, simple, and accessible.

  • Instant Disbursal: Quick disbursal within minutes of approval.
  • 100% Paperless Process: The entire loan application process, from application to disbursal, is app-based with zero paperwork.
  • Flexible EMI Options: Options for flexible repayment tenures of up to 6 years.
  • Minimal Documentation: Simplified process with minimal documentation requirements, primarily requiring a PAN card.
  • No Collateral Required: Unsecured personal loans, eliminating the need for collateral.
  • Get Loan Amount of Your Choice: Options to choose loan amounts up to ₹20 lakh for diverse financial needs.

With so many personal loan apps in the market, the options available for quick cash loans have increased making it easier for you to seek an urgent cash loan quickly. An online search and a quick comparison between the various cash loan apps in India for quick cash loans online bring up a multitude of options ranging from payday loan in India, instant loan in India, to salary advance loan in India.

The times really are changing, and personal loan apps are ensuring that fast and easy cash loans in India are a reality!

Getting a personal loan was never this easy and instant personal loan app download makes it easier. Get the best loan app in India.

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