35 Best Instant Personal Loan Apps in India 2024

Key Features and Advantages of the Top Instant Loan Apps in India

Here's an overview of the top 35 loan apps in India, highlighting their key features and Advantages:

1. CASHe

CASHe offers instant loans to salaried individuals. CASHe loans can be used for travel, mobile, medical, education, and two-wheeler. Here are the key features of CASHe personal loans

Key Highlights

• The CASHe online loan app provides loans ranging from Rs. 15,000 to Rs. 4 lakhs.
• Loan terms vary from 3 months to as long as 18 months.
• CASHe processing fees vary between Rs. 500 and Rs. 1,200, depending on the loan product you're eligible for.
• The loan offers a monthly interest rate of 2.50%.
• The instant loan app provides a 5-day grace period each month during which you can pay your EMI without accruing interest.
• A 0.7% interest fee penalty is levied if you default on the EMI or do not pay after the 5-day interest-free grace period.

Loan Products

CASHe 90 days:

Tenure: 3 months

Minimum salary eligibility: Rs. 25,000

Minimum loan: Rs. 25,000

Maximum loan: Rs.1,10,000

CASHe 180 days:

Tenure: 6 months

Minimum salary eligibility: Rs. 25,000

Minimum loan: Rs. 25,000

Maximum loan: Rs. 2,10,000

CASHe 270 days:

Tenure: 9 months

Minimum salary eligibility: Rs. 25,000

Minimum loan: Rs. 50,000

Maximum loan: Rs. 2,58,000

CASHe 540 days:

Tenure: 18 months

Minimum salary eligibility: Rs. 50,000

Minimum loan: Rs. 1,25,000

Maximum loan: Rs. 4,00,000

2. KreditBee

KreditBee provides several types of online instant personal loans - Flexi quick online loan, which is a small-ticket personal loan for emergencies or smaller expenses and a personal loan for salaried applicants and self-employed applicants.

Key Highlights

• This online loan app gives loans ranging from Rs. 3000 to Rs. 5 lakhs.
• This is one of the best loan apps which offers interest rates in the range of 16% to 29.95% p.a.
• The loan tenure varies between 3 to 24 months.
• The processing fees range from Rs. 85 to up to 6.5% of the loan amount.
• The loan will be released within 10 minutes.

Eligibility Criteria -

Applicants must be Indian citizens aged 21 to 60, with a minimum monthly income of ₹10,000, at least 3 months of work experience, and a family income of at least ₹25,000.

Documents Required -

For the application, provide a recent selfie, your PAN card as identity proof, either your Aadhaar or passport for address proof, and a bank statement from your salary account as employment proof.

3. Fibe

Fibe previously known as EarlySalary is one of the best instant loan apps that offers attractive personal loans and flexibility to its customers. The best thing about Fibe is that even those who do not have a credit score can get a loan using this instant personal loan app. Here are the salient features of the Fibe app

Key Highlights

• Get loans up to Rs. 5 lakhs with no collateral
• Interest rates depend on the borrower’s profile and eligibility score. They can begin from as little as just Rs. 9 per day.
• The processing fee varies from 2% to 3% of the application amount.
• The loan allows for repayment through manageable installments over a period of up to 24 months..
• Fibe also gives a salary advance to those who need extra cash on the side with interest rates beginning from 14% per annum.

Eligibility Criteria -

Applicants must be Indian citizens aged between 21 and 55 years, with a minimum take-home salary of ₹18,000 per month in metro cities and ₹15,000 per month in non-metro cities.

Documents Required -

The required documents include a PAN card, Aadhaar card, and a bank statement from your salary account.

4. Moneyview

Moneyview is a low-interest app. It offers unique benefits to the customers. These instant personal loans are collateral-free, and you can choose to repay them in EMIs.

Key Highlights

• Loan amounts range from Rs. 5000 to Rs. 10 lakhs
• Interest rates start from just 16% per annum onwards.
• The repayment tenure ranges between 6 to 60 months.
• A processing fee of up to 2% of the loan amount will be charged.
• Once the application is approved, the loan amount is credited within 24 hours in most scenarios.

Eligibility Criteria -

Eligible individuals must be salaried or self-employed, aged between 21 and 57 years, with a monthly in-hand income of ₹13,500 or more received in a bank. Additionally, applicants should have a minimum CIBIL or Experian score of 650.

Documents Required:

For salaried applicants:

Provide identity proof (Aadhaar or PAN card), current address proof (if the Aadhaar card doesn’t feature your current address), and the last 3 months’ bank statements with salary credits.

For self-employed applicants:

Provide identity proof (Aadhaar or PAN card), current address proof (if the Aadhaar card doesn’t feature your current address), andIncome tax return verification forms for the past 2 years.

5. mPokket

mPokket is one of the fastest instant loan apps to provide instant loan disbursal. In times of cash crunch, the mPokket app offers secure and instant personal loans for students and salaried individuals. The loan application process is 100% online. The delivery of funds takes place securely through direct bank transfer ensuring your convenience. Here are the key highlights

Key Highlights

• Loan amounts range between Rs. 500 to Rs. 45,000.
• Interest rates range between 17.5% to 30% per annum
• The repayment tenure is 3 months
• A processing fee of Rs. 50 to Rs. 200 plus 18% GST is charged.
• The documents required are the PAN card, Aadhaar card, latest salary slip, and the bank statements for the last 6 months.

Eligibility criteria:

Indian residents who are aged 18 years or above and have a minimum salary of Rs. 9,000.

6. Prefr

Prefr offers fast flexible funding for your business and is one of the quickest instant loan apps in India. It offers flexible loans to meet your business and personal loan requirements.

Key Highlights

• The loan amount ranges from Rs. 25,000 to Rs. 5 lakhs
• The rate of interest ranges from 15% to 24% p.a.
• The repayment tenure ranges between 6 to 48 months
• A processing fee, ranging from 3% to 5% of the loan amount, is applied
• Documents required are just your selfie, PAN, and address proof
• You can check your loan offer in 1 minute, making it one among the quick loan apps.
• Money will get transferred to your bank account within 2 hours of documentation verification.
• You will obtain your loan approval in one minute flat

7. Zype

Zype provides immediate instant personal loan exclusively to salaried individuals. The paperwork is minimal and the application process is simple. It is one of the quick loan apps that disburses the amount within minutes. The loan has a flexible repayment tenure.

Key Highlights

• The loan amount ranges between Rs. 10,000 and Rs. 5 lakhs.
• The repayment tenure ranges between 12 to 72 months
• The interest rate is 9.5% to 34% p.a.
• The processing fee ranges from 2% to 6% based on the customer’s profile.
• The eligibility criteria for getting a loan from Zype: Salaried individuals aged 18 years or above with a valid PAN and Aadhaar card.
• Documents required are the PAN and Aadhaar Card.
• The loan is approved and disbursed in just minutes, demonstrating that Zype is among the quickest instant loan apps available.
• Penalty is levied on late payments

8. Faircent

Faircent provides its users with affordable interest rates as there are no intermediary costs and margins. Disbursal is very quick and you can get funded within hours after your loan is listed.

Key Highlights

• Get loan amounts up to Rs. 7.5 lakhs from this online loan app.
• This low interest personal loan app offers interest rates as low as 14.1%.
• A processing fee of 6% to 8% plus GST will be applicable.
• The loan can be utilized for personal and professional needs.
• After 3 months from the date of loan disbursal, you can prepay the entire loan amount without any foreclosure penalty.
• If you close the loan before 3 months, it will attract a one-time prepayment fee of Rs. 500, which is non-refundable.
• Eligibility criteria: To get this loan, one must be a resident of India and should have a minimum gross income of INR 3 lakhs per annum.
• Borrowers must submit all the required documents

9. L&T Finance PLANET

The Planet by L&T Finance is one of the most reliable online instant loan app. It ensures a quick, easy, and secure experience while availing a loan. L&T personal loans can be used for various purposes like financing your dream home, personal needs, and business goals.

Key Highlights

• You can secure an instant personal loan of up to Rs. 15 lakhs
• Interest rates begin at 12%
• Get a flexible loan repayment tenure of 12 to 48 months
• L&T Finance offers fastest loan disbursal
• Zero paperwork
• No collateral or security required
• Get a loan without producing income proof.
• A minimal processing fee of 1.75% or 2% of the loan amount is charged.

Eligibility -

Applicants must be Indian citizens with valid ID proof and be between 23 and 58 years of age.

10. PaySense

PaySense is becoming a popular instant loan app due to its fast loan approval and disbursal process. Key highlights of this app are as follows:

Key Highlights

• Loan amounts range between Rs. 5000 to Rs. 5 lakhs instantly.
• The interest rate is in the range of 1.4% to 2.3% per month
• The repayment tenure lies between 3 and 60 months.
• PaySense offers loans to new borrowers who don’t have a credit history or a credit score.
• PaySense offers personal loans to both salaried and self-employed applicants.
• Paysense also gives reminders, and auto-debit features to help you keep track of EMI payments

Eligibility Criteria-

Eligible applicants must be Indian residents, aged between 21 and 60 years, and can be either salaried or self-employed.

Documents Required -

Proof of identity includes a PAN card and a selfie. For proof of address, provide an Aadhaar card, voter ID, passport, or driving license. Proof of income can be verified through net banking or the last 3 months' bank e-statements.

11. Tata Capital

Tata Capital gives collateral-free instant personal loans to all salaried individuals. Competitive interest rates and customizable repayment terms are available.

Key Highlights

• This low-interest personal loan app provides affordable interest rates beginning at 10.99% p.a.
• The minimum loan amount is Rs. 75,000
• The maximum loan amount is Rs. 35 lakhs.
• Loan tenures go up to 6 years
• The instant personal loan eligibility criteria are based on various factors like fixed monthly income, age, nature of employment, credit score, professional experience, etc.

12. Olyv (SmartCoin)

Using Olyv, you can get hassle-free quick personal loans. The loan application process is simple and you can apply easily. The disbursal is also quick. The loan comes without processing fees or preclosure charges. The repayment options are flexible. The app can be used in 7 different languages.

Key Highlights

• Get loans up to Rs. 5 lakhs
• Interest rates start @ 1.5% per month
• SmartCoin provides loan tenures ranging from 2 months to 24 months.
• The processing fee ranges from 2% to 12%, excluding GST.
• Bounce/late payment charges: ₹0-₹500 (excluding GST)
• No collateral or paperwork
• No hidden charges

13. Stashfin

StashFin offers instant personal loans online with quick loan approval and a 100% digital process. Interest has to be paid only on the amount utilized from the credit limit. Here are the features that make it unique

Key Highlights

The minimum and maximum loan amounts lie between Rs. 1,000 and Rs. 5 lakhs.

The loan can be repaid digitally over a tenure of 3 to 36 months.

The annual interest rate ranges from 11.99% to 59.99%. based on your eligibility.

Post registration, a quote on the rate is provided within 15 seconds.

Processing charges are nominal.

Fast approval, swift loan disbursal, and minimal paperwork.

14. True Balance

True Balance caters to the segment of people who do not make online payments or those who do not have a credit score. They serve financially underserved individuals who cannot get loans easily from traditional financial institutions like banks.

Key Highlights

• The interest rates begin from 2.4% per month
• The loan amount ranges between Rs. 5000 to Rs. 1 lakh
• The loan tenures range between 3 to 6 months
• This is one of the fastest instant loan apps as loan approval happens within 30 minutes.
• The app provides access to credit for 24 hours of the day.

Loan Products

Cash Loan

Get a digital personal loan in just five minutes.

Loan Amount: ₹5,000 to ₹1,25,000 (Disbursal).

Interest Rate: Starting from 2.4% per month.

Repayment Periods: Choose from 3, 6, or 12 months.

Processing Fee: Between 0% and 15%.

Additional documentation, such as a bank statement, may be needed.

Level Up Loan

Instant Digital Personal Loan available with KYC

Credit Range: ₹1,000 - ₹30,000 (Disbursal Amount)

Monthly Interest: Starting at 2.4%

Repayment Period: 3 months

Processing Fee: 0 - 15%

Timely Repayment Benefits: Boosts credit score and eligibility for larger loans

15. LoanTap

LoanTap provides loan options that can be customized. Users can choose their own repayment plan. EMIs are flexible and affordable. LoanTap online instant loans are collateral-free.

Key Highlights

• The loan amount ranges between Rs. 50,000 to Rs. 10 lakhs
• The interest rate ranges between 18% to 30% p.a.
• The loan duration varies between 3 and 60 months
• Once the loan is approved, the amount will be credited in 24 to 36 hours.
• To qualify for a LoanTap personal loan, you need to be an Indian citizen aged 21 to 60 years and have a minimum monthly income of Rs. 30,000.
• LoanTap has a transparent loan process. There are no hidden charges.

16. Dhani

Dhani offers a straightforward application process with minimal paperwork. You will get quick approval and the loan amount is instantly credited to your account. You have the flexibility to choose the tenure, and the loan amount can be used for any purpose. Here are the key highlights

Key Highlights

• The loan amount lies between Rs. 1000 and Rs. 15 lakhs
• The interest rate begins from 13.99% p.a.
• The repayment tenure ranges between 2 to 24 months
• The loans are collateral-free with nil documentation.
• The credentials required to be provided are the PAN, Aadhaar number, and the address.

17. NIRA Finance

This low-interest personal loan app disburses loans to approved customers within 24 hours. This loan app is easy to use and you can qualify for larger credit limits over time. Get approved for up to Rs. 1 lakh in just 3 minutes. Here are the key highlights

Key Highlights

• Nira Finance provides a credit line of up to Rs. 1 lakh.
• Get loans at interest rates as low as 2% per month.
• The repayment period can extend up to 12 months.
• The processing fee for the loan ranges from 5% to 8% of the loan amount.
• Nira Finance provides credit to first-time borrowers who don't have a credit history.
• For a seasoned borrower, the minimum CIBILTM score required is 681.
• Interest should only be paid for the amount used and not the entire amount that you are approved for.
• While the entire loan process is paperless, you will have to submit hard copies once for KYC purpose.

18. IndiaLends

This low-interest personal loan app guarantees the most affordable interest rate possible.

Personal loans start at interest rates of 10.25% p.a.

You can get loans up to Rs. 50 lakhs

The repayment period ranges between 6 to 60 months

You can avail instant loans with ease from the app after checking the CIBILTM score.

IndiaLends offers a paperless process. Zero documentation, no lengthy forms to fill,

The loan approval is instant, and you can get the approval in 3 days. There are no long periods of waiting like weeks and months together.

Loans do not require the submission of property and collateral for security

19. Lazypay

Lazypay is a quick loan app that helps you get credit in 90 seconds. It enables you to shop at millions of stores and settle the payment at a later time.

Loan amounts go up to Rs. 5 lakhs.

Interest rates range from 12% to 36% p.a., with EMI tenures spanning 3 to 60 months.

No physical documents

Instant loan approvals

Flexible EMI options

The loan application process is quick, taking only 5 minutes, and can be completed in 3 easy steps.

The LazyPay app allows you to monitor active loans and EMI payments.

You can get regular payment reminders also.

20. Buddy Loan

Buddy loan gives credit to both salaried professionals and business owners at lower interest rates starting at 11.99%. There are no prepayment or hidden charges for these instant personal loans.

Key Highlights

• Loan amounts vary from Rs. 5,000 to Rs. 15 lakhs.
• The loan tenure varies between 12 months to 5 years
• The loan approval occurs within 48 hours after submitting your application.
• The approval is quick and hassle-free
• Loans are given with minimal documentation based on your credit history.
• If you have a valid Aadhaar and PAN card and are an Indian citizen, then you can apply for the loan.
• If you are self-employed, company and GST details are required to be eligible.

21. RapidRupee

This app provides a simple, fast, and effective way to get an instant loan. Repayment tenures are flexible, and the app is very safe to use. The app is best known for its transparency and there are no hidden costs. Here are the key highlights

Key Highlights

• Instant loan amounts range from Rs. 1,000 to Rs. 60,000
• Flexible repayment tenures in the range of 3 to 12 months
• Interest rate is 12% per annum.
• Loan sanctions happen in as fast as 30 minutes. Hence it is one among some of the best quick loan apps.
• One of the best features of this app is that there is no credit score required.
• Processing fee begins at as low as only Rs. 349.
• There is no membership or upfront fee required to subscribe to the app or to get an instant loan.

22. Viva Money

This app offers the privilege of taking multiple loans from a single line of credit. Once you apply for a credit line and get it sanctioned, you can use it as many times as needed. Viva Money instant loans come with attractive interest rates and multiple repayment options. Here are the key highlights.

Key Highlights

• The credit limit goes up to Rs. 2,00,000
• Affordable interest rates with 0% interest for the initial 51 days
• You can repay in affordable EMIs of 5 to 20 months.
• You can get approvals in less than 15 minutes.
• The entire loan application and approval process is fully automated and digital.
• The instant loan amount is disbursed directly to your bank account.

23. Upwards

Upwards grants loan approval in 2 hours. The processing is super fast, since it requires minimal documentation. The interest rates are affordable. The documentation is minimal, and it is available in 50 plus cities.

Key Highlights

• The loan amount varies between Rs. 20,000 to Rs. 2, 00,000.
• The interest rate fluctuates between 12% and 22% of the loan amount.
• The processing fees varies between 2% to 4% of the loan amount exclusive of taxes.

The loan duration ranges from 6 months to 36 months.

24. Payme India

PayMe provides salaried employees with short-term cash loans, instant payday loans, and advance salary loans. The Payme India platform combines conventional and modern lending techniques for a quick and simple loan application process.

Key Highlights

• This low interest personal loan app offers interest rates ranging from 18% - 42% p.a.
• The loan tenure is flexible up to 36 months and borrowers can choose the duration of loan repayment
• The loan amount can go up to Rs. 5 lakhs
• Effortless and swift approval procedure for immediate access to your funds.
• Minimal documentation is required
• There is no end usage restriction for funds from the loan
• Seamless and effortless online application for a personal loan.
• Flexible loan options with competitive interest rates
• Transparent terms and conditions
• No collateral required
• Dedicated customer support

25. Aditya Birla Finance

Meet your financial needs with simple and customised personal loans from Aditya Birla Capital. Aditya Birla Capital provides you with a hassle-free application process.

Key highlights:

• Attractive interest rates ranging between 10% to 16% per annum.
• The loan amount ranges from Rs. 1 lakh to Rs. 50 lakhs
• The repayment tenure is in the range of 1 to 7 years
• The processing fee may be as high as 3% of the loan amount.
• All salaried employees between the ages of 23 and 60 years are eligible.
• This is a quick loan app with fast approval of 1 to 2 days and quick loan disbursal of 2 to 3 days.

26. Hero Fin Corp

The Hero Fin Corp personal loan app provides loans online seamlessly. You can easily get loans up to 3 lakhs on the platform. The app is user friendly with a simple registration process and easy navigation.

Key highlights:

• New users who are registering with Hero FinCorp find it simple to steer through each step. So, it enables the individuals to complete the registration process correctly and easily.
• No physical documents are required when registration is done. Validation is done easily through the KYC details and income proof submitted online.
• Collateral free loans.
• Loan amounts range between Rs. 50,000 to Rs. 3 lakhs
• Attractive interest rates ranging between 1.75% to 21% p.a.
• Instant loan approval within minutes of authenticating the registered details.
• Quick disbursal directly into the borrower’s bank account.
• No hidden charges are levied.

27. Navi

Navi gives instant personal loans with minimal documentation. You can download the Navi app from the Play Store or App store and apply. You can get the wanted loan amount within minutes.

Key highlights:

• Instant loan disbursal
• 100% paperless. The entire process is app based
• Flexible EMI options of up to 6 years or 48 months.
• Minimal documentation. Only PAN card is required as the primary document.
• No collateral required.
• You can get loan amounts of your choice up to 20 lakhs

28. Flex Salary

Flex Salary provides an instant personal line of credit for the salaried in India. There are no hidden or prepayment charges. Loans with flexible tenures and EMIs.

Key highlights:

• No collateral loans
• Even if the CIBILTM score is low, you will get approved for this loan.
• Instant loan approval.
• Flex Salary does not decline your loan for reasons such as low income, current debts, and bad credit history.
• Flex Salary charges interest only on the money withdrawn from the line of credit. If you do not utilize your money, you do not have to pay interest.

29. Finnable

Finnable helps consumers obtain instant loans without any hassle. The entire loan journey is completely digital.

Key highlights:

• Quick approvals
• Minimal documentation
• Finnable rewards borrowers who make their repayments on time.
• Finnable offers top up loans which are collateral free and can be applied online.
• Top-up loans are quick and easy to process. Documentation is minimal, approval is quick, and funds are disbursed instantly.
• Enjoy lower EMIs with interest charged on the reducing balance method. The reducing balance method ensures that EMI amounts remain low.
• The instant personal loan can be applied for in just a few clicks and with only a few basic documents. Get the loan money transferred to your account as fast as 2 hours.
• Get high loan amounts up to Rs. 10 lakhs.
• The loan tenure ranges between 6 and 60 months.

30. MoneyTap

You can get quick and easy personal loans using MoneyTap. Approval can be obtained within minutes. Enjoy the hassle-free and completely digitized loan process.

Key highlights:

• No collateral or guarantors required
• Top up loans are available.
• Get credit of up to Rs. 5 lakhs.
• Online support: You can clear your queries with ease by emailing hello@moneytap.com
• Apply to MoneyTap once to get instant access to credit. You can take out and transact 24/7/365 days annually.
• Feeding your details in the app is 100% safe and secure. MoneyTap takes utmost care of your data security and privacy. MoneyTap follows strict IT security policies and only works with RBI governed partners.

31. Home Credit

Home credit helps you meet your urgent cash needs with ease. The quick approval process of personal loans within just 5 minutes from Home Credit enables borrowers to have a hassle-free and easy borrowing experience.

Key highlights:

• The loan amount range is broad varying between Rs. 10,000 and Rs. 2.4 lakhs for present customers and Rs. 25,000 to Rs. 2 lakhs for new applicants.
• The loan amount can be repaid in flexible EMIs according to your convenience. The repayment tenure ranges between 6 to 48 months for new applicants and 9 to 51 months for present customers.
• The EMI amount is low
• No collateral is required
• No credit history is required
• You can get an instant loan with just 2 documents.
• Completely digital application process
• No Hidden Charges

32. Pocketly

With its simple and user-friendly interface, it is easy to apply for a loan on this app. And it provides a quick and easy solution to all your financial urgencies.

Key highlights:

• Flexible loan amounts up to Rs. 50,000.
• Very easy and uncomplicated loan application process
• No physical documentation is required. Enjoy a 100% digital loan process.
• Avail yourself of a short-term loan starting from Rs. 500
• The Pocketly loan provides 24/7 assistance for queries.
• Get your loan amount disbursed in minutes.

33. Kissht

Get hassle free loans from Kissht with a secure, seamless, and completely digital process.

Key highlights:

• Get personal loans in the range of Rs. 30,000 to Rs. 5,00,000
• Loan disbursal takes place in 5 minutes
• 100% Digital process
• Zero physical documentation
• Money is credited straight to your bank account.

34. IDFC First Bank

Get smart personal loans from IDFC First Bank. With a 100% digital process and quick disbursals, you can avoid the tedious process of visiting the bank’s branch and waiting a long time for loan application approvals.

Key highlights:

• Zero foreclosure charges.
• Loan amounts up to Rs. 10 lakhs
• You have the freedom to choose how to borrow. Either make multiple withdrawals above Rs. 5000 over time or take out the entire amount at once.
• The loan amount will be credited to your account within a span of 24 hours.
• The repayment tenure is flexible ranging from 2 to 60 months.

35. ZestMoney

Zest Money provides instant personal loans to consumers with a Zest Money credit limit. So, you can get a loan from Zest Money even if you do not have a credit limit.

Key highlights:

• Zest Money comes with a convenient repayment term between 3 to 36 months.
• There is no need for additional documents.
• You can close your EMI without paying any preclosure fee
• Get instant approval for loan amounts up to Rs. 5000.

Disclaimer:

The features and benefits, interest rates, loan amounts, processing fees, loan tenure, and other information specified above are as of 12th June 2024 when this page was written. For exact information refer to the loan app’s website.