Top 10 Personal Loan Apps in India
Personal loans are a great way to fulfill small life goals. They allow you to indulge in a desired gadget or address financial emergencies without depleting your savings. Currently, instant loan apps are the most effective choice for personal loans. They expedite loan processing significantly compared to banks and demand minimal paperwork.
If you’re looking for personal loan apps in India, then this guide is for you. So keep reading and explore your top 10 personal loan apps in India.
Top 10 Instant Personal Loan Apps in India in 2024
| Sl. No | Loan App | Interest Rate | Loan Amount | Repayment Tenure | Play Store Rating |
|---|---|---|---|---|---|
| 1 | Moneyview | 10% p.a. onwards | Rs. 5,000 - Rs. 10 Lakh | 6 - 60 months | 4.8 |
| 2 | MoneyTap | 12% p.a. onwards | Up to Rs. 5 Lakh | 3 - 36 months | 4.4 |
| 3 | KreditBee | 17.00% - 29.95% p.a. | Rs. 1,000 - Rs. 5 Lakh | 3 - 36 months | 4.5 |
| 4 | PaySense | 14% - 36% p.a. | Rs. 5,000 - Rs. 5 Lakh | 3 - 60 months | 3.5 |
| 5 | CASHe | 2.50% p.m. onwards | Rs. 1,000 - Rs. 4 Lakh | 3 - 18 months | 4.5 |
| 6 | Nira Finance | 2% p.m. onwards | Rs. 5,000 to Rs. 1.5 Lakh | 3 - 24 months | 4.2 |
| 7 | Navi | 9.9% p.a. onwards | Up to Rs. 20 Lakh | Up to 6 years | 4.3 |
| 8 | Fibe (Formerly EarlySalary) | 12% p.a. onwards | Rs. 5,000 - Rs. 5 Lakh | 3 - 24 months | 4.5 |
| 9 | LoanTap | 12% - 24% p.a. | Rs. 50,000 - Rs. 10 Lakh | 6 - 60 months | 3.5 |
| 10 | mPokket | Up to 48% p.a. | Up to Rs. 45,000 | 61 days - 12 months | 4.4 |
Features and Benefits of the Top Instant Loan Apps in India
Here are the features and benefits of 10 top best loan apps in India
1. Moneyview
Moneyview stands out as one of the most popular and high-rated personal loan apps in India, providing exceptional benefits and features to its users. These include:
- In most cases, the loan amount is disbursed within 24 hours after application approval.
- You can assess your eligibility criteria within 2 minutes from anywhere in the country.
- only minimal documentation is required.
- You can borrow any amount ranging from Rs.5 lakh to Rs.10 lakh.
- Interest rates start as low as 10% per annum with flexible repayment tenures of up to 60 months.
- Moneyview does not require collateral, and you have the option to repay the loan through auto-debit EMIs.
- Moneyview’s innovative credit rating model enables applicants with low credit scores to obtain a loan.
2. MoneyTap
MoneyTap is a personal loan application that offers customers a line of credit, functioning similarly to an instant loan or a credit card. A Key feature of MoneyTpa’s line of credit is that you only incur interest on the amount you utilize, rather than on the full approved limit.
Some other benefits offered by MoneyTap:
- The no-usage-no-interest policy means you pay interest solely on the amount you use, not on the total credit extended to you.
- You can access any amount up to Rs.5 Lakh, with interest rates starting from 1.08% per month.
- You can borrow any amount within your credit limit whenever you need cash.
- A flexible repayment period is available, ranging from 3 to 36 months.
- MoneyTap provides borrowers with a free MasterCard credit card and offers the full credit limit in cash.
- Applicants must be at least 23 years old and have a minimum monthly income of Rs.30,000.
3. KreditBee
KreditBee provides various personal loan options, including flexi loans and personal loans tailored for both salaried and self-employed individuals. Flexi personal loans are designed as small-ticket loans, ideal for emergencies or minor expenses.
Here are some key features and benefits:
- Depending on the type of loan chosen, borrowers can receive loan amounts ranging from Rs.1,000 to Rs.5 Lakh.
- KreditBee asserts that the loan amount can be disbursed in as little as 10 minutes.
- Interest rates vary from 17.00% to 29.95% per annum, depending on the borrower’s credit history and other considerations.
- The repayment period starts at 3 months and can extend up to 10 months for flexi loans, and up to 24 months and 36 months for personal loans for self-employed and salaried individuals respectively.
- The entire loan application process is conducted online, from start to finish.
4. PaySense
This is another instant loan app that is gaining popularity owing to its quick loan approval and disbursement process. Some of the features and benefits of this app are -
- A distinct feature is that PaySense offers loans to individuals who are new to borrowing and have no credit history.
- You can obtain a loan ranging from Rs.5,000 to Rs.5 lakh.
- The funds are disbursed within four days after approval.
- Interest rates vary from 14% to 36% per annum, and repayment tenure can range from 3 to 36 months.
- PaySense offers loans for both salaried and self-employed individuals.
- Additionally, it provides reminders and auto-debit features to assist you in managing your EMI payments.
5. CASHe
Are you a salaried professional in need of an urgent loan? CASHe could be the perfect solution for you! CASHe uses a distinctive SLQ (Social Loan Quotient) to assess your loan eligibility.
Some of the features and Benefits of CASHe:
- Avail loan amounts ranging from Rs.1,000 to Rs.4 lakh.
- You can get the amount in your bank account within 24 hours.
- Repayment periods range from 3 to 18 months, making it an excellent short-term loan option.
- These loans can be availed online which makes the application process easy and convenient.
- However, the minimum salary requirement is Rs.12,000 per month and applicants must be aged between 23 and 58 years.
- CASHe offers a carefully crafted loyalty program that allows its borrowers to enjoy benefits such as selecting lower interest rates or obtaining higher loan amounts.
6. Nira Finance
Nira Finance is another loan app making a strong impact in the financial sector. This instant personal loan app approves loans of up to Rs.1 lakh within just 3 minutes and disburses them within 24 hours. Here’s a look at the features and benefits of their flagship offerings:
- Nira Finance provides a credit line of up to Rs.1.5 lakh.
- After submitting your application and documents, your credit limit is determined within just 3 minutes.
- The app offers credit to first-time borrowers without prior credit history. For experienced borrowers, a minimum CIBIL score of 681 is required.
is required. - Repayment terms extended up to 12 months.
- Interest is charged only on the amount utilized, not on the entire approved limit.
- Monthly interest rates start from 2%.
- While the process is mostly paperless, hard copies must be submitted once for KYC verification.
7. Navi
Navi, a digital lending app, is among the leading lenders in the market today, offering online loans with swift approval and disbursal in just a few minutes.
Here are some of its Key features and Benefits:
- Get a personal loan up to Rs.20 Lakh.
- Enjoy flexible EMI options with tenures of up to 6 years.
- Interest rates start as low as 9.9% p.a.
- The entire loan application process is fully digital and accessible from anywhere.
- Select a repayment plan that suits your eligibility and preferences.
- Once approved, the loan amount is credited to your account within minutes.
8. Fibe
Fibe previously known as EarlySalary, provides appealing personal loans, promoting financial freedom and flexibility for its customers. With a focus on inclusivity, it offers instant cash loans even to individuals without a credit score. One of Fibe’s standout features is the ability to secure a loan within just 10 minutes.
Here are its key features and Benefits:
- Borrow amounts ranging from, Rs,5,000 to Rs.5 lakh subject to eligibility.
- The entire loan application process is online and completely paperless.
- A unique of this lender is that you can apply for multiple loans on the same day, even with an active loan in place.
- Available 24X7, Fibe enables loan applications at any time, with instant disbursal.
- It also offers a salary advance for those needing additional cash, with interest rates starting from 12% p.a.
- Flexible repayment options are available, with tenure extending up to 24 months.
9. LoanTap
LoanTap provides personalized loan solutions with affordable EMIs and flexible repayment options. Below are the Key Features and Benefits of LoanTap personal loan:
- LoanTap offers loans ranging from Rs.50,000 to Rs.10 lakh, tailored to meet the borrower’s needs.
- Once approved, the loan amount is credited within 24 hours to 36 hours.
- To be eligible, applicants must be Indian citizens aged 23 to 60, with a minimum monthly income of Rs.30,000.
- Borrowers can select a repayment tenure between 6 and 60 months to make EMIs more manageable.
- The loan process is transparent, with no hidden fees or prepayment penalties.
- After six months of disbursement, borrowers can switch to an EMI-free loan or opt for accelerated repayment, as per their preference.
10. mPokket
mPokket offers secure and instant personal loans for students and salaried and self-employed individuals. It provides pocket-sized personal loans in minutes with low interest rates without long-term EMI commitments making it one of India’s best instant loan apps.
Its features include:-
- mPokket serves low-salaried and low-income earners by providing loans of Rs.500 to Rs.45,000.
- Once the eligibility criteria are fulfilled, the loan amount is disbursed within a few hours.
- College students can access loans by submitting documents like their college enrollment, student ID, marksheet, or admission letter as proof.
- Repayment tenures range from 61 days to 12 months.
- Interest rates go up to 48% p.a.
####Conclusion
Numerous personal loan apps provide instant disbursal, paperless procedures, and flexible repayment options. However, to choose the best personal loan apps in India, it’s essential to consider additional factors like eligibility criteria, processing time, available tenures, and any hidden charges.
Check all criteria carefully before selecting an instant loan app that suits your needs.