Personal Loan Apps in India

Top 12 Best Personal Loan Apps in India – Money Mattr

India is evolving, and along with it, so are Indians’ attitudes, routines, standards, and habits. A personal loan can be used by the borrower in times of financial need and is comparable to an emergency fund.

The money from these loans can be used for anything, including weddings, trips, and medical costs because there are no end-use restrictions. It functions as the most comfortable financial aid for borrowers.

Technology improvements have made it simpler to apply and get personal loans. In the modern era, loans are not only offered by NBFCs and conventional banks; a number of mobile applications also provide customers with quick personal loans.

In contrast to personal loan applications, which can provide safe and hassle-free rapid cash loans in India in under an hour, traditional banks charge exorbitant interest rates and take a long time to process personal loan applications.

Therefore, the next time you’re short on cash, consider using one of the personal loan application options available on your mobile app store.
In this guide, we’ll provide a thorough overview of the top 10 personal loan apps in India, along with the various essential details and information you need to be aware of before utilizing any of these apps.

What are Personal Loan Apps?

A personal loan app is a mobile application that allows users to apply for loans from various lenders at once. The process is quick and easy, and usually takes less than 30 minutes. Users simply need to enter some basic information about themselves, such as name, address, phone number, email address, etc., and submit the application. Once approved, the user gets instant access to the money he needs.

Best Personal Loan Apps in India

AppInterest Rates Minimum & Maximum Loan Amount
1.4 – 2.3% per month₹ 5,000 – ₹ 5 Lakh
CasheStarting from 2.25% per month₹ 1,000 – ₹4 lakh
MoneyTap - Personal Loan App1.08% per month₹ 3,000 – ₹ 5 Lakh
DhaniStarting at 13.99% P.A₹ 1,000 – ₹ 15 Lakh

PaySense

Paysense

PaySense is an instant money app that provides online instant cash loans, and it was founded by Sayali Karanjkar and Prashanth Ranganathan. 

The loan app is operational in more than 60 cities.

You only need to check your eligibility and provide the required documents after installing the app. 

Leading NBFCs in India that are registered with the RBI, including Credit Saison India, Fullerton India, IIFL, PayU Finance, and IDFC First Bank, are partners with PaySense. 

Interest Rates16% p.a.to 36% p.a. on a reducing balance basis. 
Loan AmountRs, 5,000 to Rs. 5,00,000
Eligibility CriteriaResident of India
Age: 21 years to 60 years
Employment Type: Salaried  and  Self-employed
Minimum Monthly Income: ₹ 18,000 for salaried  and ₹ 20,000 for  self-employed.

CASHe

Cashe - Personal loan app

The loan amount is quickly credited to your account after the required documents are uploaded and authorized on the app.

A portion of your loan can also be transferred directly to your Paytm Wallet.

Be informed that CASHe uses a unique algorithm-based machine learning platform to authorize loans based on the social profile, merit, and earning potential of the applicant.

You have the freedom to select the loan period based on your capacity to repay, which is another important advantage of taking out a personal loan.

Interest RatesStarting from 2.25% per month
Loan AmountRs 1,000 to Rs 4,00,000
Tenure90 days to 540 days
Loan Processing FeeUp to 3%
Minimum Monthly SalaryRs. 15,000

Money Tap

MoneyTap - Personal Loan App

No-usage-no-interest is a special feature that distinguishes MoneyTap from other apps.

In  simple terms, this indicates that you only pay interest on the money you really utilize.

Downloading the app and uploading the required files are all that are required. When your application is accepted, you are given a credit line that you can use as needed.

MoneyTap presently services the Indian cities of Bangalore, NCR, Mumbai, Hyderabad, etc. through partnerships with the top NBFCs in the nation.

You can select the repayment period at the time of withdrawal, which can range from two months to three years. Your EMIs will depend on the repayment period you select.

Any “personal loan” without any security or collateral will have an interest rate that is comparable to market rates. Depending on the partner bank and the user’s credit history, it may be as low as 1.25 percent per month.

Interest Rates13 – 24.03%
Loan AmountRs. 3000 to Rs. 5 Lakhs
Tenure2 months to 36 months

Dhani

One of the top loan apps in India in 2022 is this one, which is supported by Indiabulls Ventures. You can apply for a personal loan with Dhani anytime, anywhere, and for any purpose.

You can quickly obtain an unsecured loan without any tangible supporting documents. Downloading the app and providing your PAN, Aadhar number, and address for verification is all that is needed.

After being confirmed, the loan amount is transferred to the bank account in a matter of minutes, or, as the app advertises, three minutes.

Interest Ratesstarts from 13.99% p.a..
Loan AmountRs. 1,000 to Rs. 15 lakhs
Tenure3 months to 24 months
Loan Processing FeeUp to 5% of the loan amount
Prepayment Charges5% of the principal outstanding
Eligibility CriteriaThe individual must be at least 21 years old. The applicant must be a citizen of India. The person should be employed or self-employed. The applicant needs to have an Aadhaar card number for KYC and rapid money transfer. The person should link their bank account to allow Indiabulls Dhani to auto deduct monthly EMIs via net banking/debit card.

Home Credit

Home Credit India is a member of the international Home Credit Group, which is present in ten nations in both Europe and Asia. The Indian group was founded in 2012 and has operations in more than 60 locations spread across 15 states. The loan app provides you with the necessary loan amount to assist you resolve your financial problems in an efficient manner.

Interest Rates19%  p.a. to 49% p.a.
Minimum Loan AmountMaximum Loan Amount
Existing Home Credit CustomersRs. 10,000Rs. 5,00,000
New to Home Credit CustomersRs. 25,000Rs. 2,00,000
Minimum TenureMaximum Tenure
Existing Home Credit Customers9 months51 months
New to Home Credit Customers6 months48 months
Eligibility CriteriaAge: 19-68 years
Income Source: Salaried/ Self-Employed/ Pensioner
Bank Account Status: Active
Documents Required: Identity and Address Proof
Gap between 2 Home Credit Personal Loan Applications: 90 Days
Processing Fees:0% to 5%

PayMe India

One of the top personal loan apps in India, PayMe India is a fantastic platform with a wide range of advantages.

Every process has a loan at PayMe India. It is one of the most flexible platforms for obtaining loans as a result. You can quickly register on the platform, choose a plan, upload papers, complete KYC, and other requirements before becoming qualified for an immediate loan. If you own a firm, you can also obtain corporate loans. You can always have a long credit period with these loans, but you will need the necessary proof.

There are no extra costs, and you can trust on a fully digitalized, safe process. 

Interest RatesAffordable interest rates. Interest rates depend on user credit score.
Loan AmountUpto Rs. 2 Lakh
Eligibility CriteriaIndividuals must be between 21 to 59 years.Both salaried and self-employed individuals can apply for a cash loan.The minimum monthly income for the applicant must be Rs. 12,000.Your CIBIL score must be above 650 and above

IndiaLends

Indians consider this to be one of the best and most popular lending platforms because it offers a variety of loans for various loan categories. They also assist in obtaining the lowest interest rate possible from the majority of banks and NBFCs, making it the low-interest loan app that most individuals often search for.

In addition to fast loans, you can also get gold loans with lower interest rates, loans secured by  property, etc. You can select from more than 40 different credit card options on this platform, which is also recognized for offering credit cards.

Interest Rates10.75% to 25%.
Loan AmountRs. 15,000 to Rs. 50 lakhs. 
Tenure12 months to 60 months.
Eligibility Criteria
Age18- 21 Years60-65 Years
Employment TypeSalariedSelf Employed Professionals
Credit Score750 or above with a good credit history
Minimum Net Income
( Monthly)
Rs 15000 ( Non-metro cities)
Rs 20,000( Metro- Cities)
Work ExperienceSalaried ( Employed in current company for at least 6-12 months)
Self-employed ( Business tenure for at least 3 years, ITR of last 3 years

Money View

The majority of people can obtain instant loans directly from this platform without any difficulties thanks to Money View’s well-known credit rating process. They also take pride in their entirely paperless and cashless processes, which enable them to promptly and efficiently disburse loans up to INR 5,00,000 within 24 hours.

Their entire process is computerized, which enables them to offer loans throughout India. Before the money is credited to your bank account, you must have a proper loan plan with terms and conditions, a repayment schedule, an interest rate, and other details. It is the fastest rapid loan app because of how quickly approvals are granted and how easily documentation can be submitted, and because of how user-friendly the interface is.

Interest RatesStarting from 1.33% per month (16% Annually*)
Loan AmountRs. 5,000 to Rs. 5,00,000
Eligibility CriteriaSalaried or self-employedMonthly in-hand income of ₹13,500* or moreIncome should be received in a bankMinimum CIBIL score of 600Should be aged between 21 years and 57 years

mPokket

Student debt is a prevalent problem in higher education. Therefore, the developers of mPokket created a unique app to make sure that no college student has to borrow from friends any longer. This personal loan app was created specifically for college students and provides them pocket money.

The money is credited immediately to your bank account or Paytm Wallet after your application is approved. You must download the app and complete all the required fields.

Additionally, online shopping platforms allow for direct purchases, simplifying the transaction process for customers. This is only one of the benefits of using mPokket frequently.

Interest Rates  1% to 6% per month
Loan AmountRs. 500 to Rs. 10,000 for college studentsRs. 1,000 to Rs. 20,000 for salaried professionals
Tenure61 to 90 days
Loan Processing FeeRs. 34 to Rs. 203+18% GST

Nira

This is one of the top instant personal loan apps since Nira Finance is well renowned for its instant approvals. They claim about their rapid loan sanctions and make it simple to obtain greater amounts of loans.

Through this platform, you can also set up automatic debits and credits so that you don’t have to worry about money or the fees associated with your transactions. Simply download the fast loan application, register, upload your documents, and link your bank account. It will automatically evaluate your credit score and get you a free, immediate loan.

Interest Rates2.0% to 3.0% every month, or from 24% to 36% annually.
Loan AmountRs. 2,500 to Rs. 1 lakh, up to your credit limit.
Tenure3 to 12 months in 1 month increments when you withdraw money from your credit line
Eligibility CriteriaYou should have Graduate degree.
Your monthly income should be Rs. 12,000 or more.
You should be employed for at least 6 months.
You should have an Aadhaar card.

This was the list of India’s top instant loan apps for 2022. In addition to the aforementioned apps, a number of other lending apps in India provide instant personal loans within a short period of time. Since a few years ago, the market has expanded and welcomed a number of new participants due to rising consumer awareness and adoption.

Even though these money lending apps in India have made borrowing more accessible, it is still advisable to carefully read the terms and conditions before registering to make sure you are aware of the borrowing and payback terms. Also, you need to be very careful when it comes to payments.

You should only transfer money to official accounts listed under NBFC, bank, or partner platforms, according to industry experts. You are not permitted to make any payments in the loan executives’ name. However, keep in mind that because they are traceable and trackable, internet payments are regarded as secure.

Millions of Indians now have easier access to official credit thanks to the introduction of a number of rapid loan apps, which is a victory worth celebrating!

Find an excellent online loan app in India that fully satisfies your needs by comparing the many loan apps that are available in the market with the top fast loan apps in India listed above and reading up on them.

Credy

Through their website or app, Credy provides instant personal loans to the lower-income group. You may apply for a personal loan online in just a few simple steps for a variety of purposes, including  paying credit card bills, paying for school, traveling, and more.

Besides this, once the predetermined repayment period has passed, you can apply for a top-up loan. It now provides salaried individuals in a few cities with fast personal loans.

Interest Rate1% to 1.5% of loan amount per month
Loan AmountUp to Rs. 1 Lakh
Loan Tenor3 to 12 months
Processing Fee3% of loan amount (Minimum Rs. 500)
Early Repayment Fee2% of outstanding loan amount
Late Fee2% of EMI Amount per week
Eligibility  CriteriaThe borrower should be residing in Bangalore, Chennai, Pune, Mumbai or Hyderabad.The applicant should be a salaried individual.The monthly salary should be ₹ 20,000.The salary should be credited to the bank account directly.

FlexSalary

An instant loan app named FlexSalary was designed in India with keeping in mind salaried individuals. This Hyderabad-based online loan funding app is a great resource for salaried individuals who require quick cash in an emergency.

FlexSalary offers quick disbursements, a single approval process, and the flexibility for borrowers to use their credit at any time. Further, borrowers are free to choose the loan term and flexible repayment options. It functions as an advanced salary app for borrowers without a set EMI.

Interest RateMaximum 36%
Loan AmountRs. 4,000 to Rs. 2,00,000
Loan TenureUpto 3 years
Eligibility CriteriaYou must be an Indian CitizenYou must be above 18 yearsYou must be salaried individualYou must have a minimum salary of  Rs. 8,000.

This was the list of India’s top instant loan apps for 2022. In addition to the aforementioned apps, a number of other lending apps in India provide instant personal loans within a short period of time. Since a few years ago, the market has expanded and welcomed a number of new participants due to rising consumer awareness and adoption.

Even though these money lending apps in India have made borrowing more accessible, it is still advisable to carefully read the terms and conditions before registering to make sure you are aware of the borrowing and payback terms. Also, you need to be very careful when it comes to payments.

You should only transfer money to official accounts listed under NBFC, bank, or partner platforms, according to industry experts. You are not permitted to make any payments in the loan executives’ name. However, keep in mind that because they are traceable and trackable, internet payments are regarded as secure.

Millions of Indians now have easier access to official credit thanks to the introduction of a number of rapid loan apps, which is a victory worth celebrating!

Find an excellent online loan app in India that fully satisfies your needs by comparing the many loan apps that are available in the market with the top fast loan apps in India listed above and reading up on them.

FAQs related Personal Loan Apps in India

Is it safe to use instant loan apps?

A lot of individuals believe that the internet is unsafe. However this is far away from the reality. As long as you deal with trustworthy institutions, you can transact with total security.

Therefore, all you need to do to get an instant loan online is choose a trustworthy lender, and everything will be fine. On the Play Store, you can read user reviews, see how many people have downloaded the app, and check its ratings.

How can I figure out if I can apply for a personal loan by using an instant loan app?

On their own app, the majority of lenders outline the requirements you must meet in order for your loan application to be approved. In  the app of banks and other financial organizations as well as independent apps offering financial services, you may also use the personal loan eligibility calculator tool.

Are there any benefits of submitting a personal loan application through instant loan apps?

Yes, since you can do it from anywhere, applying for a personal loan with an instant loan app saves you a lot of time and effort. Secondly, the application process is completely secure.

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