Borrowers benefit from personal loans because they can use them in emergencies or when short on funds. There are no restrictions on how you can use funds, and you can use them for anything, including a wedding, travel, medical expenses, and more. People used to take out loans from banks, but now many companies offer personal loans.
Traditional banks take a long time to process money loan applications, but India is changing its practices and norms, and taking out a loan is no longer frowned upon. With the help of instant personal loan apps in India, you can get a personal loan in minutes.
The application and disbursement of personal loans have become much easier and faster with the help of these apps. Using the app, you can now obtain funds quickly and efficiently at a very low-interest rate.
Why should you apply for a personal loan?
People obtain personal loans for a variety of reasons. Here are a few notable examples:
- Finance for home renovation
- Easy approval
- Fixed-Rate of Interest
- No collateral wanted
- Fast disbursal
- Traveling
- You can choose the loan period
- Tax benefits
Documents required
Here are a few documents you’ll need to submit in order to get a personal loan from one of the best instant loan apps in India:
- KYC form
- Aadhar card
- A photograph
- Salary slips
- Bank account details and statements
Instant Loan App Features and Benefits
Instant loan apps allow you to obtain a substantial sum of money in just a few clicks and with minimal paperwork. You would need a good internet connection to apply for the loan and receive funds in your account in just a few days. Please tell us more about the advantages and characteristics of instant loan apps:
- Quick process: As soon as the loan is approved, you can withdraw funds from these apps. The best part is that you don’t have to jump from one place to another to get the loan; lenders have simplified the loan eligibility criteria due to the high level of competition.
- Save Time: If you have an emergency need for funds and don’t have much time to go through different banks to get a loan, then these apps are ideal for you to get a personal loan. You get the loan through these apps by clicking a button and having the money credited to your account in no time.
- Digital Documentation: Because of digitalization, it is no longer necessary for people to submit self-attested Xerox copies of documents. You can use a scanner on your phone to upload documents to these apps. Isn’t it too simple to get a loan once the documents are uploaded and completed?
- Access anywhere: People prefer instant loan apps because they do not have to wait in long lines. You can apply for a loan while sitting at home using the apps, track your loan application online, and the verification of documents and disbursement of funds also done online.
- Collateral-free: You’ll be glad to know that some of the best personal loan apps in India offer funds without requiring any security or collateral. It means that you could get the loan without mortgaging anything.
- No end-usage restrictions: The good news is that there are no restrictions on the use of funds (of course, use should be ethical), so you can use it for travel, personal purchases, medical needs, and so on. You can apply for the loan online at any time of day or night at competitive rates.
- No credit history required: Generally, personal loan apps do not require any credit history or evidence to grant the loan. All you have to do is meet the eligibility requirements and provide the necessary documentation.
Criteria for Personal Loan Eligibility
There is a basic criterion that you must meet to get the loan approved through the apps. Here is your eligibility criterion:
- Age: You should be between the ages of 21 and 60 to apply for a personal loan through most apps.
- Income: The minimum monthly income required to obtain a loan from the apps is Rs.12,000, but some apps require a higher income.
- Loan Amount: Loan amounts vary depending on the app, your income, and your bank statement. However, these apps typically offer loans ranging from Rs.10,000 to Rs.10,000,000.
- Occupation: They offer loans to both salaried and self-employed individuals.
How do I apply for a personal loan through an app?
Applying for a personal loan through instant loan apps in India is simple and fast. There are only a few steps involved in obtaining the loan:
- Browse the website of the app for which you wish to apply for a loan. After that, sign up for an instant personal loan application.
- Now, enter your personal and bank details and upload any necessary documents.
- They will review your information and eligibility, and your loan amount will be approved as a result.
- Once the loan is approved, you must submit your KYC and bank statements.
- They verify your documents, and the funds will be credited to your account within a couple of hours.
This was about the process of applying for a personal loan on the app.
List Of Instant Loan App in India
1. ZestMoney
It was founded in 2015 and does not require a credit score to be approved for a loan. It is a unique app in that you can pay back your loan digitally in EMIs and receive 100% cashback on your EMIs. Isn’t this fascinating?
Features
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹10,00,000
- The loan process is so contoured that it gets passed in a couple of minutes.
- The annual interest rate is up to 36%
- Its Google rating is 4.6
- Loans up to one lakh are approved immediately
- You might also get a gift card or coupon from online partners like Amazon, Flipkart, Makemytrip, and Myntra.
Cons
- A higher amount of approval takes time
This personal loan app is best suited for people who are looking for loans without much paperwork.
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2. LazyPay
It differs from the other apps on the list that you can check your loan limit by simply entering your mobile number before entering your information. Because of the quick approvals and secure online application processing, it is one of the fastest loan apps in India.
Features
- Minimum Loan Amount: ₹10,000
- Maximum Loan Amount: ₹1,00,000
- Pocket-friendly EMIs
- Easy digital process
- Minimum documentation
- The annual interest rate is around 12% to 34%
- Its Google rating is 4.4
- There is a 14 day-interest-free window for repayment.
Cons
- The loan amount is comparatively less.
This app is perfect for salaries people looking for a short-term loan.
3. Bajaj Finserv
This app has over 12,000 partner locations in over 150 cities. They have been in the market for over a decade and are one of India’s best instant personal loan apps. They offer personal loans that are approved and disbursed within 24 hours.
Features
- Minimum Loan Amount: ₹30,000
- Maximum Loan Amount: ₹25,00,000
- The annual interest rate is around 12% to 34%
- Its Google rating is 4
- You can update personal details smoothly on the app.
- No security required
- You can use their zero-interest EMI card to finance your purchases.
Cons
- The rating is relatively less as compared to its competitors
This app is best suited for people who want a personal loan without any collateral or guarantor.
4. FlexSalary
This app provides loans to people who do not live or work in cities. They have no fixed EMIs and provide quick loan approvals as an advance salary loan app. It is based in Hyderabad and offers instant disbursements as well as the ability for borrowers to access their credit at any time.
Features
- Minimum Loan Amount: ₹4,000
- Maximum Loan Amount: ₹2,00,000
- Unsecured personal loan
- Loans are paid in a trouble-free environment.
- You get the option to determine the loan tenure
- Compliant repayment policy
- Prompt disbursals
Cons
- You need to submit a lot of documents for getting the loan
For getting a loan through this app, your minimum salary should be Rs.8,000.
5. InstaRupee
If you want to get a loan from this app, you must provide them with your Aadhar and PAN card so they can process your application. You must be an Indian citizen aged 18 or older to apply for this loan.
Features
- You can get a loan of up to Rs. 20,000
- Their annualized percentage rate (APR) is around 20% to 30%
- Loan duration ranges from 91 to 120 days
- Its Google rating is 4.7 stars
- They have an easy online application process
Cons
- Low repayment period
This app is perfect for part-time salaried people who are looking for instant cash.
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6. EarlySalary
This app is designed for those who do not have a good credit history but require a loan. With proper documentation, you can get a loan from this app in a matter of minutes. They offer their customers simple payback options in the form of flexible EMIs.
Features
- Maximum Loan Amount – Rs. 2,00,000
- Minimum Loan Amount – Rs. 15,000
- The processing fee is 2% of the loan amount
- Flexible repayment tenure option from 90 days to 12 months
- The interest rate is proximately 0% to 30%
- You can also appeal for repeat loans any time of the day and get them transferred to your bank account.
Cons
- Tenure is relatively less than its competitors
- Interest rates are high
This app is suitable for people who have a salary of Rs.20 000 per month.
7. KreditBee
Because of the excellent services it provides to its customers, it is one of the best instant loan apps in India. They provide three types of loans: flex personal loans, online purchase loans, and salaried personal loans.
Features
- Flexible EMI tenure varying from 62 days to 15 months
- KreditBee app is secured with the 128-bit SSL encryption
- They charge a small processing fee
- The interest rate is around 0% to 29.95%
- Maximum Loan Amount – Rs. 2,00,000
- Minimum Loan Amount – Rs. 1,000
- Google rating is 4.5 stars
- They charge a one-time service fee while onboarding
Cons
- The loan tenure of 15 months is very less.
- You will require a good credit score for a quick approval.
This app is apt for anyone who is earning at least Rs.10 000 a month.
8. Dhani
It is an excellent personal loan app because the loan amount is disbursed quickly into your bank account. You can apply for the loan at any time, from any location, and for any plan you want. It began as a drugstore and later expanded into financial services.
Features
- Maximum Loan Amount – Rs. 15,00,000
- Minimum Loan Amount – Rs. 1,000
- The rate of interest ranges from 10% to 13.99%
- Unlimited access to doctors
- The entire application method is online and entails minimal documentation.
- You get the money in your account spontaneously
- No processing fee & other charges
- Round-the-clock customer support
- Provocative cashback
- These are unsecured loans
- Loans are offered to both salaried and self-employed individuals.
Cons
- You cannot use it on all e-commerce platforms.
- Primary documentation while registration might take time
This app is best for people who want speedy loans with low-interest rates.
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9. India Lends
It is one of the best personal loan apps in India because it is affiliated with more than 50 banks and offers various types of loans for various loan classes. It is a low-interest loan app where you can get instant loans of up to Rs.50 lakhs.
Features
- Flexible EMI tenure ranging from 1 to 5 years
- The rate of interest starts from 10.75%
- 100% online method
- They provide loans to both salaried and self-employed people
- Supportive customer service
- They seek work experience of at least 6 months for salaried persons and 3 years for self-employed individuals.
- You can get your credit score in 1 minute
- Quick disbursal
- Easy approval
Cons
- Processing charges are up to 6% of the loan amount
- You will need the right KYC
This app is best suited for people with a minimum salary of Rs.15 000 per month.
10. PaySense
This app is a venture-backed financial services start-up Founded in 2015. It has recently gained popularity due to its quick loan approval and payment process. You can get the app from the Google Play store to check your eligibility, upload documents, and apply for a loan.
Features
- Flexible EMI tenure ranging from 3 to 36 months
- The standard processing fee is 2.5% of the loan amount
- Provide facility for doorstep collection of documents
- Maximum Loan Amount – Rs. 5,00,000
- Minimum Loan Amount – Rs. 5,000
- The rate of interest starts at 13% p.a.
- It takes 3-5 days to get the funds
- It is based in 50+ cities across pan-India
- No collateral needed
- Google rating is 3.5 stars
Cons
- The loan might get denied if you have a bad credit rating
- A few documents require to be verified, which might take some time
This loan is best for people who have a minimum salary of Rs.18 000 a month.
Factors to consider when applying for an instant loan from an app
There are so many platforms that provide instant loans with complete digital documentation and verification. But the question is which is the best because they all have similar terms and conditions and interest rates.
Don’t worry, here are a few things to consider and compare before making a decision:
- Rate of interest: The interest rate varies from app to app and is one of the most important factors, particularly for short-term loans. If you take a loan from an app, the interest rate is usually high, and if you default, the interest rate accumulates. Always look for apps that have a low-interest rate and are dependable.
- Loan repayment period: The repayment period of the best instant loan apps in India typically ranges from 60 days to 5 years. However, some apps offer a loan with a very short loan repayment period, making it difficult to manage due to the high repayment amount. Always select an app whose repayment period time is convenient for you, and your monthly expenses will be unaffected.
- Document processing: If you need an instant loan, this factor is critical because many apps take a long time to approve or disburse funds. Before choosing a platform, always check the processing speed of paperwork and how quickly you can get a loan.
- Additional costs and terms: Always consult the team if you have any questions about hidden terms and conditions. The processing fee ranges from 1% to 6% of the loan amount. However, you can look for apps with low processing or service fees. Many people fail to be vigilant in this area, and as a result, they end up paying a significant amount of money.
Apps with high ratings typically provide a more satisfying user experience, an easy application process, and loan management features.
| Loan App | Annual Interest Rate or APR | Loan Amount | |
| 1 | ZestMoney | Up to 36% (APR) | ₹1,000 to ₹10 lakh |
| 2 | LazyPay | 15% – 32% | ₹10,000 to ₹1 lakh |
| 3 | Bajaj Finserv | 12% – 34% (APR) | ₹30,000 to ₹25 lakh |
| 4 | FlexSalary | Up to 36% (APR) | ₹4,000 to ₹2 lakh |
| 5 | InstaRupee | 20%-30% (APR) | Up to ₹20,000 |
| 6 | EarlySalary | 0% – 30% | ₹3,000 to ₹5 lakh |
| 7 | KreditBee | 0% – 29.95% | ₹1,000 to ₹2 lakh |
| 8 | Dhani | Starting at 13.99% | ₹1,000 to ₹15 lakh |
| 9 | IndiaLends | Starting at 10.75% | Up to ₹50 lakh |
| 10 | PaySense | 16% – 36% (APR) | ₹5,000 to ₹5 lakh |
Conclusion: Instant Personal Loan Apps
We listed the best Instant Personal Loan Apps in India; you can select any of the apps based on your requirements and budget. However, keep in mind that you should only take out a loan in an emergency and if you can repay it; otherwise, you will end up paying more interest than your principal amount.
