In this article, I will be detailing the top 8 best online loan apps in India where you can get fast loan with low interest almost instan. 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.
This review will feature the best loan apps in India, a veritable alternative to orthodox banking, providing safe and hassle-free immediate cash loans in India within few minutes or within the hour. Please do not patronize any fake loan application in India including the 7 days loan apps that often invade their users’ phone and send harassment messages to them and their contact list.
Top 8 Best Online Loan Apps In India 2024
The best loan apps in India with low interest and fast processing time are MoneyTap, PaySense, KreditBee, Bajaj Finserve, CASHe, EarlySalary, Dhani and mPokkets. These platforms are 24/7 in operations and entire online and approve loans whether personal or business purposes. Most of these loan apps do not require documentation, or unnecessary paperwork, or wait time. and you can easily use that cash loan on your daily necessities, luxuries or travels.
1. MoneyTap
MoneyTap is one of the best loan apps in India both for personal and business online lending purpuses and found in the segment of the fastest instant loan apps in India.
With MoneyTap, you can easily get an instant loan by simply downloading the mobile application and registering yourself on the app or website. Fill the KYC documents and get a final approval post-registration.
After this, you can instantly get your application approved up to a loan amount of INR 5,00,000 depending on your credit score. Interest Rate Per Month – 1.08 to 2.3 percent
Features of MoneyTap Loan App
- Minimum Loan Amount – Rs. 3,000
- Profile Information and Rates – 100% paperless process with online approval of a loan, Pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount.
2. PaySense
PaySense is the second on our list of the best loan apps in India, recently merging with LazyPay to become one of the best online instant lending platforms in the Indian quick loan industry. You can get an instant personal loans ranging from INR 5,000 to INR 5,00,000.
PaySense offers a personal loan for all kinds of financial needs, irrespective of whether you need money for funding your vacation, weddings or purchasing the latest gadgets. While both salaried and self-employed individuals can apply for a loan, the former needs to have a minimum monthly income of ₹18,000. On the other hand, self-employed individuals must have a minimum monthly income of ₹20,000.
Features of PaySense Loan App
- Maximum Loan Amount – Rs. 5,00,000
- Minimum Loan Amount – Rs. 5,000
- Interest Rate: 1.4% to 2.3% per month
- Loan tenure: 2 years or 24 months
- Play Store Rating: 4.6
- Features – Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals.
3. KreditBee
KreditBee is yet another reputable lending platform and one of the best loan apps in India for short-term personal lending for both salaried and self-employed borrowers. It offers unsecured loans ranging from ₹40,000 to ₹1.5 lakh for self-employed individuals and loans of ₹10,000 to ₹3 lakh to salaried individuals.
KreditBee is equally one of the most competitive and lucrative platforms when it comes to the list of top instant loan apps in India. There have been more than 20 million downloads of this app, and more than 2 million customers have been satisfied with the services it offers.
You can get up to INR 1,00,000 for 62 days up to 15 months, with a maximum interest of 2.49% per month depending on your credit score.
Features of KreditBee Loan App
- Interest Rate Per Month – 2 to 3 percent
- Maximum Loan Amount – Rs. 1,00,000
- Minimum Loan Amount – Rs. 1,000
- Features – 100% Online process, Low-interest rate, Flexible loan tenure ranging from 3 Months to 15 Months, No requirement of any credit history, Services available in all Indian cities.
4. Bajaj Finserve
Bajaj Finserv is one of the most prominent loan brands when it comes to personal financing and has been present for more than a decade. Among the best loan apps in India, Bajaj Finserve is regarded as one of the fastest instant lending platform for loan approval and disbursement in India.
Bajaj Finserv personal loans range up to INR 25 lakhs, and it depends completely on collaterals and other documents of credit rating and credit period. You will also need securities for mortgages to get their loans. They also have investment plans, and other products like insurances, term loans, gold loans, etc.,
Features of Bajaj Finserve Loan App
- Interest Rate Per Month – Starts from 12.99 percent
- Maximum Loan Amount – Rs. 25,00,000
- Minimum Loan Amount – Rs. 1,000
- Features – Instant approval of loans, Fast disbursal, No collateral, HIgh maximum value, Services all over India, 24/7 customer support, Flexi loan option, Easy EMIs
5. CASHE
CASHe is yet another reputable digital lending platform and one of the best short-term personal loan providers in India for various financial needs, but only to salaried individuals. You need to provide documents such as salary slips, bank statements, address proof, and PAN card, which can all be uploaded through the cash loan app while applying for a loan.
CASHe loan amount can range from ₹ 5,000 to ₹ 2 Lakh, with tenures ranging from 15 days to 6 months. Repayments can be made through a bank transfer or cheque deposit every month. You can also set up direct auto-debit for loan interest amounts, and you do not need to go to the platform every time.
Features of CASHe Loan App
- Interest Rate Per Month – Starts from 1.75 per cent
- Maximum Loan Amount – Rs. 5,00,000
- Minimum Loan Amount – Rs. 5,000
- Features – Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation
6. Early Salary
EarlySalary is one of the best loan apps in India for accessing a part of your earned wages before your payday clocks. The instant personal loan platform offers a one-stop lending solution when it comes to getting emergency cash to meet unexpected expenses or bills. Whether it is for shopping, travelling, paying utility bills, EarlySalary helps with instant loans, which you can get approved in few minutes or in the hour.
With Early Salary, you can get an instant personal loan up to INR 5,00,000 for a tenure of up to 24 months, and there are also possibilities of low-cost EMIs on various shopping platforms and travelling platforms like MMT, Flipkart, Amazon, etc.
Features of Early Salary
- Interest Rate Per Month – 2 to 2.5 percent
- Maximum Loan Amount – Rs. 5,00,000
- Minimum Loan Amount – Rs. 3,000
- Documentation – Pan Card, Address Proof, ID Proof, 3 Month Salary Slip ( PDF) – Not mandatory for all customer
- Features – Loan amount up to Rs. 5,00,000, 100% Digital process with minimum documentation, Flexible tenure up to 60 months, Pay interest only on the amount used fo
7. Dhani
Dhani is one of the best loan apps in India that let you access quick and instant online loans with no physical documentation, collateral or credit checks, within few minutes. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification.
Dhani provides loan amount up to INR 5,00,000 at a competitive interest rate and seamless loan procedures. Once verified, the loan amount is disbursed to your bank account within minutes. You can repay the loan within 3 to 36 months.
Features of Dhani Loan App
- Interest Rate Per Month – 1 to 3.17 percent
- Maximum Loan Amount – Rs. 5,00,000
- Minimum Loan Amount – Rs. 1,000
- Documentation – PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details
- Features – Instant money up to Rs. 5,00,000 at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support
8. mPokket
mPokket is the last on our list of trusted and best loan apps in India for short-term quick funding for students and salaried people. It helps in getting fast instant cash loans with prior approval so that you can get rid of your cash crunch and get done with daily transactions and chores.
mPokket offers a competitive low-interest loan amount which after approvals can be sent directly to your approved bank accounts. You do not need to open a different bank account or start a new UPI system.
The platform offers salaried people short term loans up to INR 30,000, with just their proof of employment and salary credits. Students do not need any proof apart from their membership to any institution.
Features of mPokket Loan App
- Interest Rate Per Month – Starts from 3.5 percent
- Maximum Loan Amount – 30,000
- Minimum Loan Amount – Rs. 500
- Features – Apply directly using an ID card, 100% online process with minimum documentation, Application is approved within 24 hours and you can get the money credited into your bank account or PayTM wallet, Easy repayment through various options, Provides good credit scores.
What do you need to be eligible for Instant Personal Loan in India?
One of the main advantages of personal loan apps in India is that existing customers require little to no documentation. To apply for a personal loan online or using a mobile device, you simply need to provide basic KYC documentation.
Moreover, the bulk of these lending programs allows users to borrow even if they have bad credit or no credit to serve as many people as possible. Yet, while assessing the credit rating, they consider the client’s social profile and other personal data.
What Documents is Required for Instant Personal Loan Apps in India?
The following set of documents are needed to apply for an instant loan using a loan app:
- Complete KYC
- PAN
- Picture for Aadhaar Card (Clicked during e-KYC)
- Bank account details & statements
- Income proof/ salary slips
How to receive an instant Personal Loan in India?
Using the online loan application procedure, the customer is entitled to instant loans with remitting of the funds in one day. Alternatively, you can borrow from credit apps like MoneyPrice, MoneyView, or Creditbee. These are paperless and digitally processed, ensuring rapid access to money if there is any financial need. Many apps provide an instant credit card to access certain amounts, reducing the repayment burden. The apps also offer very individualised offers when compared to bank loans.
How does Instant Personal Loan Apps work?
Instant loans app evaluates your eligibility to borrow using social credit scores. The apps require customers to register quickly before they share the available credit facilities with the client based on the information provided. The request is accepted and sanctioned instantly once you complete KYC and agree to the terms and service. It is completely digital and contactless, these are known to provide 5 minute personal loan as they takes anywhere between 5 minutes and 1 day max.
Which app is best for Instant Business Loans?
Businesses that want fast cash could use any of these best loan apps in India among others: ZipLoan Cash, Smart Coins and RealMe Pay. Log in to the app to access your profile. The loan is issued immediately. Traditionally arranged business loan programs from banks and NBFCs will be recommended to meet high-volume needs.
Which lending app provides personal loans in an emergency?
The following best loan apps in India provide personal lending during an emergency cash need: PaySense, Moneyview, mPokket, Fibe, Nira, Dhani and CashE among other reputable platforms.
How much loan does Nira gives?
How Can I Borrow Money from Early Salary?
EarlySalary’s online loan app may offer you a personal loan of up to INR 5,00,000 directly from your smartphone if you match their loan qualifying requirements. You just need to meet four primary eligibility criteria’s:
- Age – The applicant should be between 21 – 55 years of age
- Income – The applicant must have a minimum salary of INR 18,000 in metro cities and INR 15,000 in non-metro cities.
- Citizenship – Must be an Indian citizen
- KYC – Must have all the required KYC documents
How Can I register with EarlySalary?
Step by Step Process for registering with EarlySalary includes:
- Download the EarlySalary mobile app and verify your mobile number.
- Submit basic documents and details.
- Pick the loan amount after your profile has been authorised.
- The funds are deposited into your bank account.
Is Credy loan legit? How does Credy Loan Works?
Credy is a legit lender and one of the most advanced instant loan apps in India where you can get quick approvals within minutes. However, detailed terms take up to 3 hours and the money reaches within 24 hours. Credy has an efficient and fast online process, which reduces costs compared to most banks. Most of the users pay only about Rs 400 as interest per month on a loan of Rs 50,000. This makes it the best instant personal loan app.
Conclusion
The best loan apps in India provides instant personal and business funding without collateral and with little or no documentation. The approval process is quick and disbursement done almost immediately with little to no verification. Traditional banks take a long time to process personal loan applications, and money lenders are notorious for charging excessive interest rates, making the process extremely dubious.
As a result of the evolution of the FINTEC dispensation, online loan apps which gives instant loans have become popular and changed the dynamics of the loan industry from the cumbersome, document laden and time consuming lending from money deposit banks to quick instant online loans without credit check, collateral or documents. Ensure you don’t patronize loan sharks and fake loan apps.
