® 
Is your Credit Score >750?
- Get low interest loans & Lifetime FREE credit cards
- Get customized Credit Health Report
- Improve your creditworthiness
Several phone apps from NBFCs and peer-to-peer lenders offer instant cash loans up to Rs. 5 lakh with interest rates starting at 1% per month. Applications can be submitted online and funds disbursed quickly.
Top NBFC and P2P Lending Apps for Instant Loans
Apps | Interest Rate | Loan Amount | Play Store Rating (out of 5) | Downloads |
|---|---|---|---|---|
Fibe | 16% p.a. onwards | ₹8,000 to ₹5 lakhs | 4.4 | 10M+ |
KreditBee | Interest rate starts from 16% p.a. | ₹3,000 to ₹5 Lakhs | 3.9 | 50M+ |
mPokket | 2% p.a. onwards | ₹1,000 to ₹20,000 | 4.4 | 1Cr+ |
CASHe | 2.50% p.a. onwards | ₹1,000 to ₹4,00,000 | 2.7 | 10M+ |
Moneyview | Starting at 1.33% per month | ₹5,000 to ₹10,00,000 | 4.7 | 10M+ |
Prefr | 15% to 36% onwards | ₹50,000 to ₹5 Lakhs | 4.4 | 1M+ |
PaySense | 16% to 36% per annum | ₹5,000 to ₹5 Lakhs | 3.6 | 1Cr+ |
Zype | 8.75% to 49.5% per annum | ₹15000 to ₹5 Lakhs | 4.5 | 1M+ |
LazyPay | 15% to 32% p.a | ₹3000. ₹5 Lakhs | 4.4 | 10M+ |
Below, we’ll have a look at 10 such platforms that you can use to apply for instant personal loans in India.
1. Fibe
Fibe, formerly EarlySalary, is India's largest lending platform offering quick and convenient financial solutions. Here's the breakdown:
Features and Benefits
- Instant Cash Loans: Get quick approvals and disbursements of up to ₹5 lakh in minutes through their user-friendly app.
- Personal Loans: Borrow larger amounts (up to ₹5 lahks) with flexible repayment options and zero prepayment charges.
- Simple & Transparent: Clear eligibility criteria, easy application process, and upfront information about interest rates and fees.
- Accessible: Open to salaried individuals across major Indian cities with competitive salary requirements.
Eligibility for for Applying for a Fibe Loan
- Age: Between 21 and 55 years.
- Minimum Salary: ₹15,000 in non-metro cities and ₹18,000 in metro cities.
- Good Credit Score: Improves your chances of approval and better interest rates.
2. KreditBee
KreditBee is a fintech company based in India specializing in instant personal loan and financial services. Founded in 2016, they have established themselves as a leading player in the digital lending space, known for their fast approval processes and user-friendly mobile app.Features and Benefits
- Quick Loans: Borrow up to ₹5 lakh with a 10-minute approval process and same-day disbursement directly to your bank account.
- Flexible Options: Choose repayment terms ranging from 6 to 24 months to suit your needs.
- Minimal Documentation: Apply easily with minimal paperwork required, often just KYC documents and bank statements.
- Inclusive Approach: Caters to both salaried and self-employed individuals, expanding loan accessibility.
Eligibility Criteria for KreditBee Loan
- Age: Between 21 and 56 years.
- Minimum Income: Varies depending on your city and profession, typically starting at ₹10,000 per month.
- Creditworthiness: A decent credit score improves your chances of approval and lowers interest rates.
3. mPokket
Founded in 2016, mPokket aims to make instant financial solutions accessible to all Indians. Their mobile app facilitates personal loans up to ₹30,000 (or ₹45,000 with good credit) with quick approvals and disbursements. Catering to both students and salaried individuals, mPokket focuses on ease and convenience, requiring minimal documentation for loan applications.
Features and Benefits
- Instant Loans: Borrow up to ₹30,000 (up to ₹45,000 with good credit) with speedy approvals and disbursements usually within minutes.
- Flexible Options: Choose from bullet repayments or convenient EMI plans depending on your needs.
- Minimal Documentation: Apply easily with just basic documents like your PAN card and bank statements.
- Student-Friendly: Caters specifically to students aged 18 and above, offering loans for educational expenses.
Eligibility Criteria for mPokket Loan
- Age: 18 years and above (for students) or 21 years and above (for salaried individuals).
- Occupation: Students or salaried individuals with a stable income source.
- Minimum Income: Varies depending on your city and profile, but typically starts at ₹10,000 per month.
- Creditworthiness: A decent credit score improves your chances of approval and can lower interest rates.
4. CASHe
Launched in 2015, CASHe is a fintech platform offering a diverse array of financial services through its mobile app. They cater primarily to the Indian market, aiming to make financial solutions accessible and user-friendly.
Features and Benefits
- Instant Personal Loans: Borrow up to ₹4 lakh with flexible repayment terms and quick approvals.
- Credit Lines: Get access to a pre-approved credit limit for instant spending on various needs.
- Investment Options: Grow your money through peer-to-peer lending, digital gold, SIPs, and fixed deposits.
- Buy Now Pay Later (BNPL): Shop online and pay in instalments with convenient BNPL options.
Eligibility for CASHe Loan
- Age: Between 21 and 58 years.
- Minimum Income: Varies depending on your city and profession, typically starting at ₹15,000 per month.
- Good Credit Score: Improves your chances of approval and lowers interest rates.
- Indian Citizenship and Bank Account: Required for eligibility.
5. Moneyview
Moneyview is an Indian fintech platform offering instant personal loans, credit scores, and investment options through its mobile app. They prioritise transparency and convenience, aiming to simplify financial solutions for individuals.
Key Features & Benefits
- Quick Personal Loans: Borrow up to ₹5 lakh with fast approvals and disbursements, often within hours.
- Flexible Repayment: Choose from various repayment terms and manage loans easily through the app.
- Transparent Costs: Clear upfront information about interest rates and fees, eliminating hidden charges.
- Credit Score Insights: Access your credit score and personalized tips to improve it.
- Investment Opportunities: Explore options like mutual funds, SIPs, and digital gold within the app.
Eligibility Criteria for Moneyview Loan
- Age: Between 21 and 58 years.
- Minimum Income: Varies depending on your city and profession, typically starting at ₹15,000 per month.
- Good Credit Score: Improves your chances of approval and lowers interest rates.
- Indian Citizenship and Bank Account: Required for eligibility.
6. Prefr
Prefr is an Indian fintech company offering embedded lending solutions for individuals and businesses. They partner with various platforms to provide convenient access to credit within the apps you already use.
Key Features and Benefits
- Fast and Easy: Get loan offers in minutes and complete the application entirely online.
- Flexible Options: Choose from personal loans, business loans, or "Pay Later" solutions to meet your needs.
- Paperless Process: Say goodbye to physical documents! Upload everything required directly through the app.
- Competitive Rates: Prefr boasts competitive interest rates compared to traditional lenders.
- Wide Reach: Prefr partners with numerous platforms, making their services accessible to a broad audience.
Eligibility Criteria for Prefr Loan
- Age: 21 years and above.
- Employment: Salaried individual or self-employed professional.
- Minimum Income: Varies depending on the loan amount and location.
- CIBIL Score: 600 or above (ideally).
7. PaySense
PaySense is a popular Indian mobile app offering instant personal loans ranging from ₹5,000 to ₹5,00,000. With a quick and paperless application process, it caters to individuals seeking financial assistance for various needs.
Key Features and Benefits
- Fast and convenient: Apply for a loan anytime, anywhere through the app. Get approval and disbursal within 24 hours.
- Flexible repayment options: Choose a loan tenure and EMI plan that suits your budget.
- No collateral required: Unlike traditional loans, PaySense doesn't require any physical security deposit.
- Transparent fees: Clear upfront information on interest rates and processing charges.
- Wide reach: Available in over 600 Indian cities.
Eligibility Criteria for PaySense Loan
- Indian resident between 21 and 56 years old.
- Minimum monthly income of ₹12,000 for salaried individuals and ₹15,000 for self-employed individuals.
- Good credit score (though lenders may consider applicants with lower scores).
- Valid KYC documents (PAN card, Aadhaar card, address proof, bank statements).
8. Zype
Zype is primarily known for two things:
1. Instant personal loans are offered through their mobile app. They focus on a fast and easy application process, claiming approval within minutes and funds transferred within 24 hours.
2. Additional financial management tools. The app goes beyond just lending by offering features like bill payments, budget tracking, and credit score analysis.
Key Features and Benefits
- Quick and convenient: Apply for loans and manage finances through the mobile app.
- Flexible loans: Get a pre-approved credit line of up to ₹5 lakhs and borrow only what you need.
- Transparent fees: No hidden charges, only interest on the borrowed amount.
- Additional financial tools: Manage your money responsibly with budgeting tools and credit score insights.
Eligibility for Zype Loan
- You need to be an Indian citizen.
- Age above 21 years old.
- Hold a valid PAN and an Aadhaar card.
- You should be salaried or self-employed.
- Have a good credit score.
9. LazyPay
LazyPay, offered by PayU India, is a platform providing both Buy Now, Pay Later (BNPL) services and personal loans.
Key Features and Benefits
- BNPL: Enjoy instant credit limits of up to ₹10,000 for interest-free purchases across 45,000+ online stores. Repay your total every 15 or 30 days.
- Personal loans: Get instant loans up to ₹5 lakhs for any purpose with flexible repayment options (3-24 months) and interest rates ranging from 15% to 32% p.a.
- Convenience: Manage everything through the app, from credit limit checks to repayments.
- Security: Secured platform with KYC verification.
Eligibility for LazyPay Loan
- Indian resident between 21 and 55 years old.
- You should be salaried or self-employed. The minimum monthly income should be ₹20,000.
- Good credit score.
Key Features and Benefits of Instant Personal Loans
Instant personal loans offer a unique and attractive option for those needing quick access to funds. Here are some of the key features and benefits.
Fast Approval and Disbursement: As the name suggests, the primary feature is speed. Applications are typically processed electronically and approved within minutes, with funds disbursed within hours or even the same day.
- Minimal Documentation: Unlike traditional loans, instant personal loans require minimal paperwork. Applications can be completed online with basic documents like ID, proof of income, and bank statements.
- No Collateral Required: These are unsecured loans, meaning you don't need to pledge any assets like your car or house as security. This feature makes these loans available to a wider range of borrowers.
- Flexible Loan Amounts: Depending on the lender, you can borrow anywhere from a few thousand rupees to several lakhs.
- Variety of Loan Uses: You can use the funds for various purposes, from medical emergencies and home repairs to debt consolidation and unexpected travel expenses.
- Quick Access to Funds: When facing an urgent financial need, instant personal loans provide immediate relief. You don't have to wait weeks for approval, allowing you to address your situation swiftly.
- Convenient Application Process: The online application process is quick and hassle-free, saving you time and effort compared to traditional loan applications.
- Improves Credit Score: Making timely payments on an instant personal loan can positively impact your credit score.
- No Restrictions on Use: Unlike targeted loans like car loans, you have the freedom to use the funds for any legitimate purpose.
- Competitive Interest Rates: While rates may vary depending on your creditworthiness, some lenders offer competitive rates for instant personal loans.
Things to Consider Before Applying for an Instant Loan
Before you apply for an instant loan, take a moment to consider these crucial factors:
1. Need vs. Want: Differentiate between genuine needs, like emergency repairs or medical bills, and impulsive desires that can wait. Only borrow for necessities you can't afford otherwise.
2. Affordability: Calculate your monthly income and expenses meticulously. Can you comfortably manage the loan repayment without compromising essential needs? Don't overstretch yourself.
3. Interest Rates & Fees: Instant loans often come with higher interest rates and processing fees compared to traditional loans. Compare offers from different lenders and understand all associated costs before making a decision.
4. Loan Amount: Borrow only what you absolutely need. Avoid unnecessary debt by sticking to the minimum amount required to cover your immediate needs.
5. Repayment Term: Choose a repayment term that aligns with your ability to repay comfortably. Opting for a shorter term might lead to higher monthly payments, while a longer term accumulates more interest.
6. Credit Score: Instant loans can impact your credit score, especially if you miss payments. Ensure you have a decent credit score before applying, and make timely repayments to maintain it.
7. Alternatives: Explore alternative options like borrowing from family or friends, negotiating payment plans with creditors, or using credit cards with lower interest rates and manageable repayment plans.
8. Lender Reputability: Verify the legitimacy of the lender before applying. Ensure they are registered with a recognised financial authority and have positive customer reviews.
9. Terms & Conditions: Read the loan agreement thoroughly, including fine print details, hidden charges, and prepayment penalties. Go through all the terms and conditions in detail before signing.
10. Responsible Borrowing: Borrowing responsibly is crucial. Don't rely on instant loans as a long-term financial solution. Use them cautiously and only for genuine needs you can repay without jeopardising your financial stability.
FAQs on Instant Loan:
1. Which app gives personal loans instantly?
Many apps offer instant loans, including Moneyview, KreditBee, mPokket, Fibe, Prefr, etc. Research and compare options before choosing.
2. What's the best app to borrow money instantly?
The "best" app depends on your individual profile and financial situation. Carefully compare interest rates, fees, eligibility criteria, and user reviews before making a decision.
3. What are the advantages of applying for an instant loan online?
Applying for an instant loan online can be convenient, fast, and potentially accessible for those with limited credit history. However, weigh the risks of higher interest rates and fees against the benefits.
4. What documents are required to apply for an Instant Loan?
Required documents vary by app, but typically include ID proof, PAN card, bank statements, and income proofs. Always check the specific requirements of the chosen app.
5. Can I get a personal loan without a credit score?
While some lenders may consider alternative factors like stable income, a good credit score is usually essential for securing an instant loan. Prioritize the establishment and upkeep of a robust credit score.
6. How is the EMI for an instant loan calculated?
The EMI is computed based on the loan amount, interest rate, and repayment tenure. Use online calculators or ask the lender for a specific breakdown of your estimated payments.
7. How can I increase the chances of my loan application getting approved?
To increase your chances of approval, maintain a good credit score, meet the app's eligibility criteria, demonstrate stable income, and ensure all application information is accurate and complete.
Write a review