Top 50+ Instant Personal Loan Apps in India 2024

Instant Personal Loan Apps

Instant personal loan apps in India have revolutionized the personal loan process by offering easy access to funds online without the hassle of paperwork or collateral. With 100% digital procedures, these loans provide quick and convenient funding, making them an ideal choice for financial emergencies. 

The best loan pp offers borrowers the flexibility to use their funds for a variety of purposes, including covering wedding expenses, medical treatment, home renovation, education costs, vacation expenses and debt consolidation. 

When searching for a personal loan in India today, you will find numerous top loan apps, each with distinct features and advantages. It is crucial to discover the ideal online loan app that meets all your needs. There is quite a selection of instant loan apps that have made a significant impact on the Indian loan market. 

What are Instant Personal Loan Apps?

Instant personal loan apps are smartphone-based platforms that offer convenient access to unsecured personal loans. They are designed to meet short-term financial requirements like medical emergencies, travel, education or home repairs. These apps have a simple application process, requiring minimal documentation such as proof of identity, address and income. 

List of Best (RBI-Approved) Personal Loan Apps in India

This section contains the list of the best personal loan apps in India because these apps are RBI-approved. We have considered various factors like loan range, interest rates, features, and user feedback to compile this list for you. 

App NameLoan RangeKey FeaturesEligibility & Requirements
Investkraft₹50,000 - ₹20,00,000Fast loan approval, fully online application, attractive interest ratesGood credit score, age 21-57, 1-year work experience, 1-month job stability
Navi₹10,000 - ₹5,00,000Quick disbursal, fully digital process, competitive rates starting at 9.9% per annumAadhaar, PAN, good credit rating
MoneyTap₹3,000 - ₹5,00,000Line of credit, immediate approval, flexible EMIs, repayment up to 36 monthsAadhaar, PAN, steady income
PaySense₹5,000 - ₹5,00,000Pre-approved offers, EMI calculator, minimal paperwork, flexible tenureAge 21-60, monthly income of ₹18,000+
CASHe₹7,000 - ₹4,00,000Salary advance, digital KYC, short-term loans, quick disbursalAge 23-58, salaried professionals
Bajaj Finserv₹30,000 - ₹25,00,000High loan amounts, pre-approved offers, EMI calculator, minimal documentationAadhaar, PAN, steady income
    
ZestMoneyUp to ₹5,00,000EMI financing, credit score enhancement tools, variety of loan productsAadhaar, PAN, good credit history
IndiaLends₹5,000 - ₹25,00,000Loan comparison platform, free credit report, easy application processVaries by lender
True Balance₹500 - ₹50,000Microloans, financial education resources, credit buildingBasic KYC, suitable for limited credit history
BranchUp to ₹1,00,000Fully digital KYC, quick disbursal, app-first approachAadhaar, PAN, age 21+
LazyPayUp to ₹5,00,000Instant loans, buy now pay later services, minimal paperworkAadhaar, PAN, steady income
Fibe (EarlySalary)Up to ₹5,00,000Fast disbursals, online process, salary advances, interest rates based on credit scoreAge 21-55, steady income
KreditBeeUp to ₹2,00,000Quick loans, flexible repayment options, digital processAadhaar, PAN, age 21+
mPokketUp to ₹45,000Ideal for students and young professionals, fast disbursal, short tenureAge 18+, student ID or proof of employment
Hero FinCorpUp to ₹3,00,000Known for vehicle loans, now offers personal loans, competitive ratesAadhaar, PAN, steady income
Stashfin₹1,000 - ₹5,00,000Digital lending platform, flexible credit line, easy online processAge 18-65, Aadhaar, PAN
ZestMoneyUp to ₹5,00,000EMI financing, no credit score required, credit limit increases with timely paymentsAadhaar, PAN, steady income
SliceUp to ₹10,00,000Credit line, flexible EMIs, ideal for young professionals and studentsAge 18+, Aadhaar, PAN
FairMoney₹1,000 - ₹50,000Instant personal loans, low documentation, mobile-first approachAadhaar, PAN, bank account details
NIRA₹5,000 - ₹1,00,000Salary advances, flexible repayment options, mobile app-based applicationAge 21-65, Aadhaar, PAN, steady income
FlexSalary₹4,000 - ₹2,00,000Monthly salary advances and flexible repayments, tailored for salaried professionalsAge 21-60, Aadhaar, PAN
LendingkartUp to ₹10,00,000Focus on small businesses, quick loan disbursal, minimal paperworkBusiness registration, PAN, Aadhaar
OxyLoans₹10,000 - ₹10,00,000Peer-to-peer lending platform, flexible terms, personal and business loansAadhaar, PAN, basic documentation
RupeeLend₹2,000 - ₹50,000Instant microloans, quick disbursal, fully digital processAge 18+, Aadhaar, PAN
SmartCoin₹1,000 - ₹1,00,000Tailored for microloans, accessible for low-income groups, fast processingAge 18+, Aadhaar, PAN
DhaniUp to ₹15,00,000Offers personal loans and healthcare services, minimal documentation, quick approvalAge 18+, Aadhaar, PAN, steady income
TruePay₹5,000 - ₹5,00,000Quick loans, transparent fees, instant disbursalAge 21-60, Aadhaar, PAN, income proof
KisshtUp to ₹2,00,000EMI options for purchases, personal loans and credit lines, minimal paperworkAadhaar, PAN, income proof
KrazyBeeUp to ₹1,00,000Consumer loans, especially for students and young professionals, instant credit lineAge 18-25, Aadhaar, student ID or employment proof
Mi CreditUp to ₹1,00,000Backed by Xiaomi, offers quick loans, integrated with MIUI, competitive ratesAadhaar, PAN, age 21+
SimpleUp to ₹50,000Digital lending platform, BNPL services, focuses on consumer purchasesAadhaar, PAN, basic documentation
EarlySalary₹8,000 - ₹5,00,000Salary advances, personal loans, shopping loans, minimal documentationAge 21-55, Aadhaar, PAN, steady income
RupeeRedeeUp to ₹25,000Micro-lending platform, easy application, fast disbursalAge 21-60, Aadhaar, PAN
IndiaLendsUp to ₹50,00,000Loan aggregator, offers personal loans, credit cards, free credit reportVaries by lender, basic KYC
Ola MoneyUp to ₹5,00,000Personal loans, BNPL services, integrated with Ola app, easy applicationAadhaar, PAN, steady income
CreditVidyaVariesFocuses on credit scores and financial wellness, partners with banks and NBFCsDependent on partner bank/NBFC
KreditDost₹10,000 - ₹5,00,000Quick loan processing, personalized offers, digital KYCAge 21+, Aadhaar, PAN, steady income
Money View₹10,000 - ₹5,00,000Instant personal loans, minimal paperwork, credit line servicesAge 21-57, Aadhaar, PAN, steady income
Home CreditUp to ₹2,00,000Consumer finance, personal loans, flexible repayment optionsAge 18-65, Aadhaar, PAN
Qbera₹50,000 - ₹10,00,000Instant personal loans, special offers for new borrowers, minimal paperworkAge 23-55, Aadhaar, PAN, steady income
LoanTap₹50,000 - ₹10,00,000Customized personal loans, flexible repayment and interest-only payments initiallyAge 21-58, Aadhaar, PAN, steady income
UpwardsUp to ₹5,00,000Quick loan approval, minimal paperwork, ideal for salaried individualsAge 21+, Aadhaar, PAN
RupeeCircle₹50,000 - ₹10,00,000Peer-to-peer lending, competitive rates, detailed borrower profilingAge 21-60, Aadhaar, PAN, steady income
Clix Capital₹25,000 - ₹25,00,000Quick personal loans, customized offers, minimal documentationAge 25-58, Aadhaar, PAN, steady income
Finance Buddha₹50,000 - ₹30,00,000Loan comparison platform, quick approvals, personalized loan optionsVaries by lender, basic KYC
BankBazaarVariesLoan marketplace, free credit score access, comparison of various lendersVaries by lender, basic KYC
RuloansVariesLoan comparison platform, dedicated support, variety of loan productsVaries by lender, basic KYC
Fullerton IndiaUp to ₹25,00,000Personal loans, competitive rates, flexible tenure optionsAge 21-60, Aadhaar, PAN, steady income
DigiLendUp to ₹10,00,000Peer-to-peer lending platform, personal and business loans, detailed borrower profilesAge 21+, Aadhaar, PAN, steady income
FinnableUp to ₹10,00,000Instant loans, minimal paperwork, focus on salaried individualsAge 21+, Aadhaar, PAN
MobiKwikUp to ₹5,00,000BNPL services, quick personal loans, integrated with MobiKwik walletAadhaar, PAN, steady income
OxyLoanUp to ₹10,00,000Peer-to-peer lending, flexible terms, detailed borrower profilingAge 21+, Aadhaar, PAN
Shubh LoansUp to ₹2,00,000Personal loans, credit score improvement tools, minimal documentationAge 21+, Aadhaar, PAN, income proof
LoanzenUp to ₹10,00,000SME loans, personal loans, quick disbursalAge 21+, Aadhaar, PAN, steady income
Happy LoansUp to ₹2,00,000Loans for small business owners, quick processing, minimal paperworkAge 18+, Aadhaar, PAN
StashFinUp to ₹5,00,000Personal and business loans, flexible repayment options, quick approvalAge 21+, Aadhaar, PAN

 

What are the Benefits of Using Instant Personal Loan Apps?

Using an instant personal loan app can provide numerous benefits when it comes to securing funds during emergencies like - 

  1. Best loan apps have user-friendly interfaces for easy borrowing and are accessible to all users. Simple apps increase satisfaction and encourage usage. 
  2. Instant personal loan apps are available 24/7, allowing users to apply for loans at any time, providing flexibility and quick access to financial assistance. 
  3. Instant loan apps offer real-time tracking, allowing borrowers to see loan status and repayment schedules, building trust and giving them control. 
  4. Best instant personal loan apps offer quick access to funds with minimal paperwork, credit checks and approval timelines. Lenders provide pre-approved loan offers, eliminating the need for documentation and expediting the disbursement process. 
  5. Advanced encryption technologies protect your personal and financial data, ensuring security and peace of mind against unauthorized access to cyber threats. 
  6. Instant personal loan apps offer a paperless process for convenient digital application and approval, eliminating physical visits to the bank. 
  7. These apps offer discounts and cashback on transactions, making it a platform for savings. 

How Do I Select the Right Instant Loan App for Me?

Before using an instant loan app, it is crucial to ensure its authenticity. To identify a safe and right instant personal loan app, here are some key ways. 

1. What is the App or Its Company's Offline Address and Website?

- Borrow only from an app with a physical address like Investkraft. Avoid apps without a legitimate address as they may be scammers. Genuine lenders have a registered location and provide their contact details on their website. Research the parent company and ensure they have an official website linked to the app. Do not use apps without a website. 

2. Is the Lender or Its Partner Registered with RBI?

Use lending apps for quick loans but beware of fraudulent ones. Ensure your lender is RBI-connected and works with NBFCs. Borrow only from RBI-registered sources. 

3. Research Your Lender’s Online Ratings and Reviews

- Check reviews and ratings of the loan app for insights into the lender’s quality. Look up lender’s ratings and reviews online to understand how they operate. Genuine reviews reveal lender’s behaviour and unethical practices reported by previous borrowers. 

4. Check How Much Personal Data Does Your Lender Want?

Some lending apps request contact and gallery access for security checks, but trustworthy lenders like Investkraft can underwrite without accessing these details. They keep the information confidential and ensure data security. Still, do your research on the lender before sharing your details. 

5. Is Your Lender’s Website Secure?

- Ensure the lock icon is present on your lender’s secure website pages. URLs starting from https:// are protected against identity thieves. A reputable lender like Investkraft will safeguard your personal information and prevent loan scams. 

 

6. Does the Lender Offer Any Special Features?

- If a borrower has a poor credit score, they should opt for an app that evaluates loan approval using criteria apart from credit history. Certain apps assess social profiles as a factor for loan approval. 

7. Does the Lender Disburse Funds Immediately?

- The borrower should carefully research and compare different mobile apps to ensure they select one that offers immediate loan disbursement like Investkraft. It is important to consider factors such as interest rates, repayment terms and the overall reputation of the app. By doing so, the borrower can make an informed decision that meets their immediate financing needs. 

8. Will I Have Freedom When It Comes to How I Use the Loan Amount?

- The borrower must confirm that they have the freedom to use the loan for any purpose they desire, rather than being limited to specific transactions such as paying rent or utility bills. 

9. Does the Lender Have Additional Charges and Conditions for the Borrowers?

- Applicants need to pay close attention to any additional costs and conditions imposed by mobile apps to avoid losing money. Conducting thorough research into processing rates and other details is crucial for borrowers. 

10. How Good are the Lender’s Customer Support and Services?

- The app needs to have the capability to offer continuous customer support and assistance at all times, ensuring that users have access to help whenever they need it. 

How Can I Apply for a Loan Through an Instant Personal Loan App?

Here's a step-by-step guide to help you navigate applying for a loan through an instant personal loan app: 

StepParticularTo Do
Step 1Find a trustworthy lender after a thorough researchCompare instant personal loan apps to find a trustworthy lender with good rates and terms. Check if the apps are registered with credible authorities and read reviews for customer service.
Step 2Verify eligibilityDifferent instant loan apps have different eligibility requirements for age, income and credit score. Check the lender’s website or app for specific criteria. Some apps offer a pre-qualification tool without affecting your credit score.
Step 3Download the app and registerDownload the app from the official app/Play Store. Register using your mobile number or email. The app will send a verification OTP.
Step 4Fill out the personal loan application formPlease provide your name, address, employment information and monthly income. Upload scanned copies of KYC documents like the PAN card and Aadhar card for verification. 
Step 5Select the loan amount and repayment termSpecify the borrowing amount and repayment period. Loan apps offer smaller amounts with shorter terms compared to traditional banks.
Step 6Check the loan terms and interest ratesRead the loan agreement carefully. Understand interest rates, processing fees, late payment penalties and terms. Know the total cost, including the Annual Percentage Rate (APR) before proceeding. 
Step 7Submit the loan application and wait for approvalSubmit your application electronically after reviewing and agreeing to the terms. Reputable lenders will usually perform a credit check to evaluate your creditworthiness. Approval decisions can be received within minutes or hours, depending on the lender. 
Step 8Get loan funds if approvedOnce your loan is approved, the lender will electronically deposit the funds into your bank account, typically within 24 hours. It is important to carefully review the terms and conditions of the loan to understand the specific timeframe for fund disbursement.

 

Conclusion

Instant personal loan apps in India have revolutionized personal finance, providing easy and fast access to funds for various purposes. These apps have simplified the borrowing process with their user-friendly interfaces, minimal documentation and fast disbursal. They have become an ideal solution for individuals in need of quick financial assistance. 

When selecting a lending app, it is important to consider factors like RBI registration, security features and customer reviews for a safe borrowing experience. With the right app, you can secure funds easily and focus on achieving your financial goals. Responsible borrowing and timely repayments are crucial for maintaining a good credit score and financial health. These apps offer a hassle-free way to meet your needs for a medical emergency, education or a big purchase. Explore the options, compare features and choose an app that aligns with your requirements for a seamless and secure loan experiment.

Frequently Asked Questions (FAQs)

 

Q1: What are Instant Personal Loan Apps?

A: Instant personal loan apps are convenient as they save time by enabling quick application and approval processes. They provide access to small, unsecured loans through a seamless online platform, making financial assistance easily accessible. Additionally, the expedited deposit of funds directly into the borrower’s bank account enhances the overall user experience. 

Q2: What are the Repayment Terms for Instant Loans?

A: Short repayment terms and interest rates should be carefully understood before borrowing from instant loan apps to avoid high penalty charges and negative credit score impacts. 

Q3: What are the Typical Interest Rates for Instant Loans?

A: Interest rates for instant loans can differ based on the lender, loan amount and your creditworthiness, typically ranging from 9% to 36% APR. Therefore, it is crucial to compare rates from different apps before making a decision. 

Q4: Can I trust a loan app that promises instant approval with no credit check?

A: Proceed with caution when dealing with lenders who offer instant approval without any credit checks. Reputable lenders usually conduct credit checks to evaluate your repayment capacity. Be wary of lenders who avoid this process, as it could be a sign of predatory lending practices and exorbitant interest rates. 

Q5: Can I use multiple loan apps at the same time?

A: It is not recommended to use multiple loan apps at the same time as managing several loan repayments can be overwhelming and strain your finances. 

Q6: Are there any government regulations for instant loan apps?

A: Yes, the RBI’s guidelines for NBFCs providing instant personal loans through apps are a positive step in promoting responsible lending and safeguarding borrowers. It is crucial to exercise caution and opt for reputable lenders despite the guidelines being in place. 

Q7: Are there any upcoming regulations expected for instant loan apps?

A: The RBI is actively improving regulations in the digital lending domain. Stay updated on the new guidelines and stricter measures to safeguard borrowers by visiting the RBI website. 

Q8: Can I use a foreign instant loan app in India?

A: It is important to steer clear of foreign loan apps because regulations and consumer protections can vary greatly, making it challenging to address disputes or unfair practices. 

 

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Author: Abhik Das

Abhik Das is a versatile content writer with over 5 years of experience crafting engaging and informative content across diverse industries. His expertise spans the fields of ed-tech, pharmaceuticals, organic food, travel, sports, and finance.

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