Top 25 Best Instant Loan Apps In India 2021/2022

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. In this whole financial setup, personal loan apps have emerged as an excellent idea to provide safe and hassle-free immediate cash loan in India within 1-hour. In this article, QUICK LOAN ARENA, presents to you the top 25 best reputable loan apps in India.

Top 25 Best Reputable Instant Loan Apps In India From Credit Platforms

  1. SmartCoin
  2. MoneyTap
  3. Bajaj Finserve
  4. CASHe
  5. EarlySalary
  6. Kredit Bee
  7. Credy
  8. IDFC First Bank
  9. Dhani
  10. StashFin
  11. RupeeLend
  12. PaySense
  13. mPokket
  14. Nira
  15. FlexSalary
  16. MoneyView
  17. PayMe India
  18. ZestMoney
  19. IDFC First Bank
  20. India Lends
  21. Capital First Limited
  22. AnyTime Loans

1. Smart Coin

Smart Coin is  our 1st pick on our list of top 22 best instant loan apps in India. The lending platform is arguably known and reported as one of the best instant personal loan apps across the South Asian country and this is because the mobile-based digital lender and the proprietary algorithm usually help in the complete risk-free analysis of all the applications.

Smart Coin system also uses data science, artificial intelligence, and machine learning to assess all the different types of applications. You can also get loans from INR 1,000 to INR 25,000 with a tenure of 91 days to 120 days at lesser interest rates.

To get started on the application, you need to download the application and register yourself. Once you do that, you will need to upload all the documents for KYC and once that gets verified, you can easily get instant loans. However, you need to have a good credit rating to get large loans. You can also apply for shorter credit periods, and this will qualify for more successive loans.

  • Interest Rate Per Month – 2.5 to 3 percent
  • Maximum Loan Amount – Rs. 25,000
  • Minimum Loan Amount – Rs. 1,000
  • Documentation – PAN card, Address proof, Selfie, Photo ID proof, Bank statement
  • Features – Collateral free loan, Quick repeat loans, Easy processing with minimum document, Direct Bank Transfer

2. MoneyTap

MoneyTap is one of the rising stars in the segment of fastest instant loan apps in India. It is our 2nd pick on our list of top 22 best instant loan apps across the Indian nation.

With MoneyTap, you can easily get an instant loan, and all you will need is to download the mobile app. So, how does it work? You start by downloading the application and registering yourself on the same site. You would have to fill the KYC documents and get a final approval post-registration. After this, you can instantly get a credit up to the approved limit of INR 5,00,000 depending on your credit score, and you can easily use that money to spend on your daily necessities, luxuries, travel, etc.

The best part is that you will not need a lot of documentation, or unnecessary paperwork, or wait time. This makes this one of the best instant loan apps in India, and people do not hesitate to use it, as well.

  • Interest Rate Per Month – 1.08 to 2.3 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000
  • Documentation – Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement
  • Features – 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

3. Bajaj Finserve

Bajaj Finserve is one of the most prominent brands when it comes to personal financing and has been present for more than a decade.  It is another top star in the segment of fastest instant loan apps in India. We made it our 3rd pick on our list of top 22 best instant loan apps across the nation.

They have a great range of offerings, and that makes them one of the best personal loan apps. However, it is more prominent for financing consumer durables and other electronic items, you can also get their zero interest EMI card, and use it to finance most of your purchases.

Bajaj Finserve also help you with personal loans 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., which makes it a great place to finance yourself without thinking of getting cheated, at all.

  • Interest Rate Per Month – Starts from 12.99 percent
  • Maximum Loan Amount – Rs. 25,00,000
  • Minimum Loan Amount – Rs. 1,000
  • Documentation – KYC documents, Employee ID card, Address proof, Identity proof, Salary slip of previous 2 months, Last 3 months bank statement of your salary account
  • 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

4. CASHe

CASHe, our 4th pick on our list of top 22 instant loan apps in India has made its name as the best instant personal loan app, and it justifies itself with the kind of UI/UX it has to provide for its application. You can easily log in and register on the application, and the dashboard has all kinds of information that you need to avail of an instant loan.

You can choose from a wide range of loans and the maximum amount is INR 5,00,000 with different interest rates and credit periods. You can also transfer money directly to the linked bank account.

You can also set up direct auto-debit for loan interest amounts, and you do not need to go to the platform every time. There are also tie-ups with Flipkart, Amazon, Big Basket, etc. for their Buy Now Pay Later programs, and you can also choose to insure your loans with insurance policies.

  • Interest Rate Per Month – Starts from 1.75 per cent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000
  • Documentation – Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card
  • Features – Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation

5. EarlySalary

EarlySalary is our 5th pick on our list of top 22 instant loan apps in India.

EarlySalary has to be one of the best one-stop solutions when it comes to any kind of instant cash needs. This has made it the best instant personal loan app, and you can withdraw money for any kind of personal needs.

Be it shopping, travelling, paying utility bills, or any cash requirement that can help you sail through your difficult moments, EarlySalary helps with instant loans, which you can get approved for quite easily.

If you often get out of cash in the middle of the month? And are worried about meeting the expenses for the rest of the month? EarlySalary gets you covered when the next payday is far away. A unique personal loan app for salaried professionals, this app provides a loan amount up to ₹5,00,000 for all your needs.

You can get instant loans 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. EarlySalary has also partnered with educational institutions so that students can invest in themselves while upskilling without any worries. From Instant Cash Loans to EMIs on Shopping & Travel, EarlySalary has got all bases covered.

  • 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

Founded in: 2015

Minimum Loan Amount: ₹3,000

Maximum Loan Amount: ₹5,00,000

6. Kredit Bee

Kredit Bee has to be one of the most lucrative platforms when it comes to the list of top instant loan apps in India. This makes it one of the best reputable  lending platforms across the country and the interface of the mobile application makes it easy to use.

There have been more than 20 million downloads, and more than 2 million customers have been satisfied with the services it offers. You have to be an Indian citizen above 21 years old, and with a valid PAN ID to apply for loans from here. If you are a salaried person, you have to earn more than INR 10,000 per month to get these instant loans.

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. The added benefits of easy credit to bank accounts, digital wallets, etc. make it the best instant personal loan app.

  • Interest Rate Per Month – 2 to 3 percent
  • Maximum Loan Amount – Rs. 1,00,000
  • Minimum Loan Amount – Rs. 1,000
  • Documentation – Proof of Identity (PAN card), Proof of Address (passport, Aadhar card, driving license, or voter ID), Bank Statement of Salary account showing the salary credit for a minimum of past 3 months (only for salaried people), and Salary slips for the past 3 months minimum (only for salaried people)
  • 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.

7. Credy

This is one of the most advanced instant loan apps in India and at the same time one of the top 22 which makes Credy our 7th pick. They claim that their approvals are instant and within a minute. 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. Their prompt service is a  great example of customer service. They will help you with your ongoing financial needs and any other requirements, anytime. You can always pay on time and apply for top-up loans.

Credy also offers a fast and helpful customer service experience. One can use their website, IVR, and mobile app for any help you need regarding loan applications or repayments. You can also get instant loans without documents.

  • Interest Rate Per Month – 1 to 1.5 percent
  • Maximum Loan Amount – Rs. 1,00,000
  • Minimum Loan Amount – Rs. 10,000
  • Documentation – PAN card, last 6-months statement of your salary account, ID Proof, Photograph, and Address Proof. In some cases, the payslips, rent agreement, and closure certificate of previous loans may be asked.
  • Features – Loan up to Rs. 1 lakh in 5 minutes, Salary verification is done directly, Get real-time decision of loan terms, Digitally sign the loan agreement, Cash disbursal directly to your bank account, Payback in easy EMI, 24*7 customer support, Referral bonuses, No hidden charges, Flexible interest rates, and loan tenure.

8. IDFC First Bank

IDFC First Bank is the 8th pick on our list of top 22 best instant and reputable loan apps in India.

If you are looking for a good significant amount of cash, this is the digital lending platform you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years.

The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates, and also for raising service requests.

Founded in: 2018

Minimum Loan Amount: N/A

Maximum Loan Amount: ₹40,00,000

9. Dhani

Dhani is the 9th pick on our list of best reputable instant loan apps in India. Backed by Indiabulls Ventures, this is also one of the top loan apps in 2022 in India. The lending platform lets you apply for a personal loan anytime, anywhere, and for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification.

It started as a pharmacy but has now pivoted into money lending services as well. Dhani is one of the best instant loans without documents and many outstation students love to use it to meet their daily ends when working as a part-timer. You can easily get an instant loan up to INR 5,00,000 and the interest rates are quite convenient and lesser in quantum. You will also get 2% cashback on every transaction, which you can use later for other redemptions and services.

Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 to 36 months.

Founded in: 2000 (Indiabulls); 2017 (launch of the app)

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹15,00,000

Dhani is parent name is Dhani Loans and Services Limited and was formerly called Indiabulls Consumer Finance Limited, a non-deposit taking NBFC registered with the Reserve Bank of India and is a 100% subsidiary of Dhani Services Limited. As digitization transformed the banking and financial sector, the company recognized a great opportunity and ventured into the retail lending space with Dhani Loans and Services Limited.

Dhani is a completely online personal loan fulfillment offering which provides customers with money directly in their bank accounts. The product has been developed to cater to the aspirational needs of the everyday Indian by providing speed and convenience to their personal loan needs. Along with personal loans, DLSL also caters to small and medium businesses by offering business and other Loans.

10. StashFin

StashFin was founded by a group of professionals experienced in finance, banking, and technology. It is a digital money lending app that offers loans from ₹1,000 to ₹5,00,000. You can only repay the loans electronically. The tenure of the loan can range from 3 to 36 months. There are no hidden charges on loans from StashFin.

Founded in: 2016

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹5,00,000

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Voila! You’re done. You will receive funds within 4 hours. It’s as easy as ordering a pizza.

11. RupeeLend

Rupeelend, our 11th pick on the list of top 22 best instant loan apps in India was launched in 2015 as a digital finance company that offers short-term credit to individuals and businesses.

Currently, it operates in Bangalore, Mumbai and NCR. The personal loan online application process takes just 3 minutes with a promise of quick loan decisions. Rupeelend is a secure and trustworthy personal loan app for short term emergencies.

RupeeLend functions in most of the major cities of India. The app follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork and meetings over phone calls. It understands that sometimes, customers are in urgent need of money and cannot wait too long to get it.

RupeeLend claims to disburs loans within two hours to new customers and within 10 minutes to a returning customer. This makes it one of the fastest instant loan apps in the country. It also has a loan customization feature that helps customers select the loan amount quickly. Moreover, should you wish to foreclose the loan, you can do so without any extra charges.

12. PaySense

This is one of the best instant loan apps in Nigeria without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field.

You can get instant personal loans ranging from INR 5,000 to INR 5,00,000 for any work, and you do not have to wait for a lot of approvals. The best part is that you do not have to worry about time, as this platform is known for quick approvals.

What makes this platform the best instant personal loan app? It is because the documents can be picked up from home, directly and you do not need to courier them or scan for digital copies. They also have a range of affordable EMI plans, which makes the repayment of the loan easy and without any hassles.

If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.

  • Interest Rate Per Month –  1.08 to 2.33 per cent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000
  • Documentation – Proof of identity (Aadhar card/PAN card), Proof of address (Aadhar card, utility bills, or rental agreement), Proof of income (bank account statement), and a Photograph
  • Features – Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals

13. mPokket

mPokket is one portal, which majorly specialises in short-term loans for students and salaried people. It’s the 13th pick on our list of reputable instant loan apps in India. It helps in getting fast instant cash with prior approval so that you can get rid of your cash crunch and get done with daily transactions and chores.

The best part about the low-interest loan app is that you can directly credit your approved short-term loan money to any digital wallet like PayTm, bank accounts, etc. You do not need to open a different bank account or start a new UPI system.

You can also buy directly from online portals, which makes it easier for people to handle transactions. This is one of the reasons why people love using mPokket regularly. Salaried people can avail 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.

  • Interest Rate Per Month – Starts from 3.5 percent
  • Maximum Loan Amount – 30,000
  • Minimum Loan Amount – Rs. 500
  • Documentation – (A) For Student Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), College ID card, PAN card; (B) For Salary Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Company’s ID card, Salary slip of the bank account where your salary is credited by your company
  • 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.

14. Nira

Nira is also one great money lending applications and the 14th pick on our list of the top 22 best loan apps in India. After you download the app, you can determine if you qualify for the loan in just 3 minutes. If you are eligible, you are given a credit line of ₹1,00,000. You can withdraw about ₹5000, or more anytime you need the money and payback in easy installments in 3 to 24 months.

The best part is that you don’t need to have a high credit score to apply. So, if you need some money urgently, Nira is a good option. The app had picked up $1 million in seed funding.

Founded in: 2018

Minimum Loan Amount: ₹5,000

Maximum Loan Amount: ₹1,00,000

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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