Ever found yourself in a situation, when you wanted to pay online, but remembered investing your money somewhere? Ever suffered from a cash crunch at the time of need?
An urgent financial need requires an urgent solution. Getting apps for loan is one of the best options in times of dire needs as you can pay them back over a long period of time.
Maybe your daughter's wedding is coming up, or you just need some money to hangout with your friends, these apps have got you covered.
You cannot approach a bank to get a loan of small amounts such as Rs. 1000, or Rs. 5000, but the apps listed below will help you to even get such small amounts with easy repayment at just your fingertips.
Here, we have listed some of the top 25 personal loan applications with a detailed analysis that are definitely going to help you in your dire times. Check them out below:
Best Personal Apps For Loan In India
1. Pay Sense
Working professionals can apply for short-term personal loans with PaySense, an online best loan app.
Using this application, you can receive funds in less than five hours to meet a variety of personal needs.
With low interest rates, flexible payment terms, a low documentation requirement, quick processing, and quick disbursement, PaySense stands out from the crowd of instant personal loans for salaried professionals and self-employed individuals.
Google Play Store users can download the PaySense App. You simply need to complete the eligibility check and upload the appropriate documents after installing the app.
For repayment, you can choose a repayment period between three months and sixty months. You can use PaySense's EMI calculator to determine how much EMI you need to pay each month.
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2. MoneyTap
This app stands out from the rest of the crowd because it has a unique feature that allows you to pay no interest if you do not use it.
You are simply charged interest on the money you have used and not the amount of money you have borrowed.
Using the app, you simply need to upload your documentation and the app will do the rest.
The credit line you receive once the application is approved is based on your credit rating, which can be used as per your needs.
A number of the top NBFCs in India have come on board to form MoneyTap's banking partnerships, and the service is currently available in Bangalore, Mumbai, Hyderabad, Delhi NCR, etc. cities, all in India.
For the purposes of obtaining a loan, you need to have a minimum monthly income of 30,000 INR.
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3. Cashe
When you are going through a financial crisis or an emergency, CASHHE is best loan app in India its terrific way to secure funds .
Getting started with the CASHe App is as simple as downloading it on your smartphone. If you prefer, you can also find it in the Apple Store and Google Play Store.
Once the loan is approved by the bank, you will receive the loan amount in a matter of minutes after uploading the necessary documents.
The loan amount can also be transferred directly into the Paytm wallet, so that your loan amount is not lost in the process.
In addition, CASHe utilises a proprietary algorithm-based machine learning platform that uses machine learning algorithms to refer to a borrower's social profile, merit, and earning potential prior to approving a loan.
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4. Dhani
A loan application that has been sponsored by Indiabulls Ventures is top 10 instant loan app in India that will be in the market by 2022.
If you wish to apply for a personal loan with Dhani, you can do so anytime, anywhere, for whatever purpose you wish.
The process of getting an unsecured loan is simple because you do not need any documentation.
The process is simple and all you need to do is download the application, enter your personal identification number (PAN), Aadhaar number, and address to verify it.
According to the app, once verifying the loan amount, the loan amount will be disbursed into the customer's bank account within minutes of verification. You have three to 36 months within which you can repay the loan.
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5. KreditBee
The KreditBee app is one of the best online loan apps developed for young professionals in India amongst the many other loan apps available.
It is possible to borrow from a bank anything between a thousand rupees and two lakh rupees.
There is no age restriction for downloading the app, as long as you are 18 years old or older and are earning at least Rs.10,000 per month.
There is no need for any physical verification at all since the entire process takes place on the app.
You need to wait until the verification and approval process has been completed after uploading the necessary documents.
As soon as the loan has been approved, the loan amount will immediately be deposited in your bank account. Many young professionals have loved this app and it is highly rated by users.
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6. Nira
In addition to Nira, there are many other money lending apps available in India as well.
Within 3 minutes of downloading the app, you will be able to determine whether you qualify for a loan.
The credit limit that you are given is Rs. 1,00,000 if you are eligible to receive it. If you need more than Rs. 5000, you can take it at any time.
You can pay back in easy instalments in 3 to 24 months, depending on the length of the loan.
A great thing about these loans is that you don't have to have a good credit score to qualify for them. Nira, therefore, is a good option to use if you want some money urgently. A seed funding round of $1 million had been conducted for Nira.
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7. Early Salary
When you are getting close to the end of a month, do you typically run out of cash? Is this something that worries you about how you will pay for your expenses in the coming days?
With EarlySalary, you don't have to worry about how to pay for your expenses.
Providing a loan amount of up to Rs. 5,00,000 for all of your financial needs, this app is designed for salaried professionals who want a personal loan.
Besides this, the fin-tech startup based in Pune allows you to repay the loan in easy EMIs within a period of 24 months.
With the help of Eight Roads Ventures and IDG Ventures India, EarlySalary raised a round of funding of Rs. 100 crores in series B to further expand its reach among the young generation.
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8. Credy
Credy is an app in India that allows you to apply for an instant loan that can be used to meet various financial needs, such as decorating your house, paying your credit card bills, etc.
With the help of Credy, you do not have to worry about hidden costs or collateral and to apply for a loan, you do not need a guarantor.
Credy makes it easy to borrow money with just one click.
Once you have downloaded the Credy app, meet their eligibility requirements, and upload the documents they request, you are good to go!
There is also flexibility with the loan repayment schedule since borrowers have the option of choosing from a three to twelve-month repayment period.
In Bangalore, Chennai, Pune, Mumbai, and Hyderabad, the company offers loans to salaried employees that earn at least Rs.15,000 each.
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9. Bajaj Finserv
Over 12, 000 outlets are affiliated with this app in over 150 cities.
One of the best instant personal loan apps available in India, they have been in the market for more than a decade.
They offer instant approval and disbursement of personal loans within a day.
In the country, Bajaj Finserv, a company which is one of the most prominent names in the financial services sector, has been operating for almost a decade.
There are many different loan apps in India, but one of the best is Bajaj Finserv, which offers a great range of loan options. The card that they offer will enable you to buy things at 0% interest for six months.
There is no need to put up any collateral when taking out a personal loan through Bajaj Finserv for up to Rs. 25 lakhs.
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10. LazyPay
PayU has a subsidiary called LazyPay that offers personal loans. This service provider provides app-based personal loan solutions to hundreds of individuals.
Whether it's an emergency situation, home renovation or holiday plans for the family, or a long-awaited vacation, it might be anything.
With LazyPay, personal loans of up to Rs. 10,000 can be disbursed instantly into your account and repaid over a 3-24 month period.
In summary, LazyPay is a fast, easy, and simple way to get up to a million dollars in 24 hours with little documentation, with a simple digital process.
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11. Smart Coin
HomeCredit1 customers can now access a user-friendly lending platform through SmartCoin, a FinTech company.
Individuals seeking a short-term personal loan can apply for one using a mobile app in India.
Get a loan between Rs.1,000 and Rs. 25,000 using the company's mini loan app.
With no minimum salary requirement, the company caters to all types of borrowers, including executives, business owners, managers, stay-at-home moms, teachers, and more, unlike other personal loan apps that have a minimum salary requirement.
Considering that both the app and the lending platform work in a convenient manner, it is pretty easy to make use of the app.
In only a few minutes, you will receive approval for your application after completing all the necessary documentation online.
The loan amount can be up to Rs. 1,000,000. From there, you can request a loan with a maximum amount of Rs. 1,000. SmartCoin does not place a limit on the minimum salary you should earn in order to qualify for a loan. Therefore, anyone can apply.
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12. mPokket
There is nothing unusual about college students running out of money on a regular basis.
Thus, the makers of the mPokket app came up with the idea of creating a special app to ensure that college students will no longer have to borrow money from their friends anymore.
An app that provides students with pocket money is specially designed to provide college students with personal loans.
You will have to download the app and fill in your details. Once the application is approved, the money will be credited directly to your bank account or Paytm Wallet once your application has been approved.
The initial amount that is approved is ₹500, and the credit line continues to increase if you remember to make timely payments and use the credit card regularly. Usually, the repayment period is between 2 and 4 months.
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13. StashFin
This company was founded by a group of individuals who have experience in the financial, banking, and technological sectors.
It is an application that gives loans between Rs. 1000 and Rs. 5,00,000 so you can borrow money from your friends or family.
Loans from your friends or family can only be repaid online. It is possible to borrow money from them for a period of three to three and a half years.
StashFin does not impose hidden fees on loans made to their customers.
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14. FlexSalary
The FlexSalary app in India provides instant loans for salaried individuals who want to borrow money instantly.
A Hyderabad based online lending platform, this online loan lending platform is an excellent help during times of crisis, especially if a salaried individual needs an immediate cash injection.
Additionally to the one-time approval process, FlexSalary caters to its borrowers through instant disbursements and the ability to access their credit at any time.
In addition to that, borrowers have the option of choosing the loan tenure and deciding how they want to repay the amount. There is no fixed EMI for the borrowers of this app, as it works as an advanced salary app.
Signing up on the app is all you have to do, upload the required documents, and when the loan has been approved, it's transferred to your account.
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15. HomeCredit
There is no better way to get short-term loans in India than through one of the easiest online platforms for Indian citizens from 19 to 65.
With two documents only, a PAN card and proof of identification or address, you can easily obtain loans amounting to up to INR 2,000,000, depending on your credit rating.
This makes the application process quick, and that is why it is on our list of the best mobile apps for personal loans.
Your credit period may be as long as 26 months, and loan approvals can be completed electronically. The money can be deposited directly into your bank account or any other digital wallet that is linked to it.
As well as pensioners and students without income, this platform is available to senior citizens and pensioners who are retired.
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16. RupeeLend
RupeeLend, a digital finance company which is part of Casinity group, is known for its capacity to provide short-term credit to its users.
RupeeLend has its headquarters in Gurgaon and operates in the majority of the major cities in India.
There is a new way to disburse loans using the app, one that is simple, quick, and eliminates the need for excessive paperwork and phone meetings when disbursing loans.
This company recognizes that sometimes, a customer will be in need of money right away and will not be able to wait too long to get it.
The company provides loans to our new customers within two hours of their application, and within ten minutes if they are returning customers.
Taking this into account, it is among the fastest loan application services on the market. Furthermore, the loan amount can be customised so that the customers are able to choose the loan amount quickly and easily.
As well, if you wish to foreclose the loan, there are no charges whatsoever involved in this process.
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17. PayMeIndia
PayMe is a fin-tech company based in Noida, the capital of Uttar Pradesh, that offers short-term loans to corporate employees who are in need of fast funding.
Keeping in mind that salaried employees of corporate companies face a number of financial challenges, they are able to provide them with short-term cash loans, instant payday loans, and advance salary loans at low-interest rates in order to meet their needs.
Through the app, the process of applying for a loan takes place completely. Using the app, the loan application process is a quick and easy one.
Customer support at PayMe is one of the strongest teams in the industry, known for its responsiveness and efficiency in dealing with new customers. Earlier this year, the company raised $2 million in funding from investors in Singapore.
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18. India Lends
You can get customized personal loans of up to Rs. 25 lacs for a duration ranging from one year to five years at an interest rate as low as 10.25%.
Based on your personal loan eligibility, the app will automatically select the most suitable Banks / NBFCs with the lowest interest rates and easiest approval procedures.
There are more than 50 banks and non-banking financial companies associated with IndiaLends
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19. AnyTimeLoan
There is no need for you to worry that you will not be able to get a loan if you are not a salaried individual; it is time to rest your worries! You may just have found an answer to your problems with AnyTimeLoan.
By connecting salaried and self-employed individuals with lending partners it offers short-term loans that are tailored to their needs.
There is no paper involved in the entire process: All you have to do is download an app and follow the instructions.
Upon approval, you will receive the money in your bank account instantly. AnyTimeLoan offers various kinds of loans, including loans for K12 education, loans for personal use, and loans for business use.
Neither collateral nor guarantors are required for the loans.
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20. LoanTap
There is a wide variety of instant loan apps available on the market in India, but this one is one of the most popular ones.
LoanTap is a financial services company offering customised loans to their borrowers under the tagline "Bringing Dreams to Life".
In addition to lifestyle and celebration loans, they offer home loans, flexible personal loans, and loans with lower instalments and lower interest rates.
There is a simple documentation process and only a few documents are required. They offer accelerated repayment options and bullet repayment for principal outstanding as well - they are all available to their customers.
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21. IDFC First Bank
When you need a lot of money fast, you should download and use this loan app if you are in need of a significant amount of cash.
In the short time, it takes to complete the application process, you will be able to get your loan amount approved.
As for the repayment process, it is flexible as well, and you have the option of repaying the loan in easy EMIs between 1 and 5 years.
Additionally, this company also offers its existing clients a few benefits, including access to information about their loan accounts, statement details, outstanding balances, and payment dates, as well as the ability to raise service requests.
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22. Cash Bean
The Cashbean app allows you to apply for an instant loan within 24 hours after downloading it.
There are no credit checks or documents required for these loans.
Cashbean offers personal loans starting at a low-interest rate of 33% and a maximum term of 12 months.
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23. Zest Money
By using artificial intelligence in digital banking, ZestMoney offers millions of consumers an affordable lifestyle through the use of mobile technology.
In addition to finding customer's relevant lending partners, it manages credit records for them in an effort to maintain good credit scores.
ZestMoney utilises innovative technology to help most consumers obtain affordable financing.
This year, it has also been recognized as a Technology Pioneer by the World Economic Forum.
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24. Fullerton India
Rates for personal loans do not always remain the same and can vary from customer to customer.
Various factors determine the interest rate of a loan, including the loan amount, loan tenure and individual repayment capacity.
The interest rate for the loan offered by Fullerton India ranges from 12.00% to 25.00% per annum.
Apps for personal loans specifically claim that approvals for personal loans are disbursed within 30 minutes after loan approval.
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App Summary/ Comparison
Apps | Interest Rate (min-max) | Available on IOS and Android | Customer Rating | Loan Amount (Min-Max) |
|---|---|---|---|---|
Pay Sense | 7.90% p.a. onwards | Yes, On Google | 4.4 | Upto Rs. 40 lakhs |
MoneyTap | Starting from 1.08% p.m. or 36% p.a. | Yes, on both | 4.1 | From Rs. 3000 to Rs. 5 lakh |
Cashe | 1.5% to 3% | Yes, on both | 2.8 | Rs. 5,000 to Rs. 2,00,000 |
Dhani | 13.99% p.a. onwards | Yes, on both | 4.0 | Rs. 1000- Rs. 15,00,000 |
KreditBee | 12.00% – 29.95% p.a | Yes, on both | 4.4 4.4 | Rs. 1,000 to Rs. 3 Lakhs |
Nira | 24% to 30% | Yes, On Google | 4.5 | Rs. 5000- Rs. 1 Lakhs |
Early Salary | 0% to 30% | Yes, On Both | 4.9 | Rs. 8000- Rs. 5 Lakhs |
Credy | 1%-1.5% | No | Cell | Upto Rs. 1 Lakhs |
Bajaj Finserv | 13% p.a. onwards | Yes, on both | 5.0 | Upto Rs. 25 Lakhs |
LazyPay | 15% to 32% | Yes, On Both | 4.3 | Rs. 10,000 to Rs. 1 Lakhs |
Smart Coin | 20% to 36% | No | Cell | Rs. 1000 to Rs. 70,000 |
mPokket | 2%-6% | Yes, Only Play Store | 4.3 | Rs 500 to Rs 30,000 |
StashFin | Up to Rs. 5 lakhs | Yes, Both | 4.0 | 11.99% – 59.99% p.a |
Money View | 1.33% onwards | Yes, Only Play Store | 4.7 | Rs. 5,000 to Rs. 5 Lakhs |
FlexSalary | Maximum of 36% | Yes, Both | 4.4 | Rs. 5000- Rs. 2 lakhs |
HomeCredit | 13.00% - 30.00% | Yes, But only Play Store | 4.3 | Rs. 50,000 to Rs. 2 lakhs |
RupeeLand | 0.1% to 1% per day | No | Cell | Rs. 10,000 - Rs. 1 Lakhs |
PayMeIndia | 36% p.a. | Yes, On Both | 4.2 | upto 2 lakhs |
Capital First Limited (Now Merged with IDFC) | Cell | No | Cell | Rs.1 lakh to Rs.25 lakh |
AnyTimeLoan | 18.25%- 36% p.a. | No | Cell | Rs.1,000 - Rs. 10 Lakhs |
LoanTap | 15%-24% | Yes, Both | 4.2 | Rs.50,000 and Rs.10 lakh |
IDFC First Bank | 10.49% – 23% p.a | Yes, Both | 4.3 | Up to Rs 40 lakh |
CashBean | 33% | Yes, On Play Store | 3.8 | ₹ 1,500 - ₹ 60,000 |
Zest Money | up to 36% p.a. | Yes, both | 4.3 | INR 1,000 to INR 10 Lakhs |
Fullerton India | 11.99% - 25.00% | Yes, Both | 1.8 | Upto 25 Lakhs |
Conclusion
The following are the best app for instant apps for loan in India. The applications listed above are not the only ones in India that offer loans for instant personal use in a short period of time; there are several others as well.
Since consumers' awareness and adoption of this technology has increased in recent years, the market has been proliferating and welcoming new players.
Although these money lending apps have made borrowing money more accessible to Indian consumers, we would always recommend that you carefully read the terms and conditions of any loan agreement before signing up so that you are fully aware of what is involved and you are able to make informed decisions.
It is very important that you take precautions when it comes to making payments. Experts in the industry recommend that when making payments you only make them to the official accounts registered under the NBFC, the bank, or the partner platform.
There must not be any payments made in the name of loan executives. In spite of this, it is important to bear in mind that online payments are considered to be safe since they can be tracked and audited.
In recent years, there has been an explosion of apps offering instant loans, which has revolutionized the way home loans are available to millions of Indians. This is an achievement worth celebrating.
As you compare the various loan apps available on the market and the above-mentioned best instant payday loan apps in India, reading about them and choosing the best app that suits your needs, you will be able to choose the one that is most suitable for you.
Frequently Asked Questions
Q1. Which app gives loan faster?
PaySense. iCash Loans is one of the best instant loan applications that do not have to be approved on the basis of a salary slip, and it has recently merged with LazyPay, making it one of the best platforms in this field.
Q2. Are these RBI approved loan apps in India?
Yes, Banking institutions and Non-Banking Financial Companies (NBFCs) registered with the RBI are able to carry out legitimate public lending activities.
Q3. Which app gives a loan without a salary slip?
MoneyTap. Among the fastest instant loan apps in India, this one is one of the fastest.
Q4. Are loan apps Safe?
Yes, the apps use encryption and security and are 100% safe.
Q5. Which app gives a loan without a salary slip?
There are many apps that give loans without salary slips in India.
Here are the best app for xyz:
