Best Instant Personal Loan Apps in India

1. Best Instant Personal Loan Apps in India [2024 Update] If you find yourself short on funds, instant personal loan apps are the best option. Applying for a personal loan in 2024 has become as simple as online shopping. With the use of the best instant personal loan apps in India, you can obtain a loan in a matter of minutes. The digital revolution of Fintech has enabled many banks and financial institutions to set up platforms for digital lending. This means that consumers can now borrow money from these organisations via apps and online banking. There are plenty of apps where you can apply for instant personal loans. However, you should also be careful about any online fraudulent activities that may occur. Here, we've put together the best instant personal loan apps in India, along with their key features and things you should be aware of before applying. Read on. What Are Instant Personal Loan Apps? A personal loan is usually unsecured and can be obtained from a bank, credit union, or other lender. Mobile applications for personal loans allow you to apply for a loan without ever entering a bank. These instant loan apps offer a quick and hassle-free way to borrow money without the need for lengthy paperwork or bank visits. However, you can't just apply for a loan without thoroughly investigating the loan source, much like when you shop online. Before you download the app and proceed with the application, you need to consider many things, such as loan amounts, repayment terms, interest rates, and more. If you are approved, you will be given an instalment loan with fixed monthly payments until the debt is settled.

2. How Do Personal Loan Apps Work? Before the emergence of loan apps, the loan application process was time-consuming and complicated. It involved visiting a bank in person. Borrowers had to fill out a ton of paperwork and provide documents. The process was slow, often taking days or weeks for approval. On top of that, many people struggled to get loans if they didn't have a strong credit record or collateral. Fast forward to today, loan apps have made it all easier than ever. The process of applying for a personal loan through the app is 100% digital and secure. Personal loan apps require users to quickly register before sharing the available credit facilities with them based on the information they provide. Then, the request is approved and sanctioned immediately after completing KYC. The approval is quick and takes as little as five minutes to two hours, depending on the lender. Best Instant Personal Loan Apps In India While looking for a personal loan in India, you will come across multiple loan apps with unique features and perks. Here are our top picks for instant personal loans in India: 1. KreditBee You can check out KreditBee, which provides a variety of personal loan options, including flexi loans, which are small-ticket loans ideal for unexpected costs or emergencies, and personal loans intended for self-employed and salaried candidates. The application procedure for KreditBee is really straightforward and doesn't involve a lot of paperwork, much like other quick loan apps. There are 20+ million downloads and over 2 million satisfied customers. To apply for loans through this site, you must be at least 21 years old and have a valid PAN ID. In addition, you should have a monthly salary of more than INR 10,000 if you are employed in order to qualify for these instant loans.

3. Loan amount - Rs. 3,000 to Rs. 5 Lacs Interest rate - 16% to 29.95% p.a Loan tenure - 12 months to 24 months Play Store Rating - 4.5 2. CASHe CASHe is among the quick loan apps for emergencies, which provides loans of up to Rs 4 Lacs with terms ranging from 3 to 18 months. The interesting feature of CASHe is that it has tie-ups with e-commerce giants such as Flipkart, Amazon, and even Big Basket. This lending platform allows its users to purchase products from these portals and make payments later. Users can also insure their loans with the loan insurance policies available on the platform. Loan amount - Rs. 1,000 to Rs. 4 Lacs Interest rate - 27% p.a. Loan Tenure - 2 to 18 months Rating - 3.7 3. Money View If you urgently need a huge sum of money, Moneyview can be a great choice. At Money View, you may get a personal loan of up to Rs. 5 Lacs with a maximum repayment tenure of 5 years. Because of its unmatched array of features and benefits, this fintech loan application has gained popularity around the nation. In addition to the loan, it provides its customers with a smart money manager that can assist with budgeting and cost tracking. Loan amount - Rs. 5,000 to Rs. 10 Lacs Interest rate - 16 to 39 % p.a. Loan Tenure - 3 months to 60 months Play Store Rating - 4.7

4. 4. NAVI As you might be aware, NAVI is a new-age fintech firm. It offers instant personal loans of up to Rs. 20,00,000 at attractive interest rates with flexible repayment tenures. All you need to do is download the app, complete your KYC, and apply. The entire paperless loan process hardly takes ten minutes. Many people prefer it because of its user-friendly interface. Unlike a paper loan, a digital personal loan can be applied for without any processing costs. Loan amount - Up to Rs 20 Lacs Interest rate - 9.9% to 45% p.a. Loan Tenure - 60 months to 6 years Play Store Rating - 4.3 5. Fibe (EarlySalary) Fibe, formerly known as EarlySalary, is a micro-lending app that offers short-term personal loans to salaried individuals. Fibe users can also shop at online portals like Amazon, Make My Trip, and Flipkart and finance their purchases at low interest rates. EarlySalary offers quick loans that are easy to approve, so you may use the money for everything from shopping to travel to paying utility bills to pay for other necessities. What's more, you can repay the loan without any prepayment charges. In order to allow students to invest in themselves and upskill worry-free, EarlySalary has also partnered with educational institutions. For those in need of quick income, EarlySalary is undoubtedly the greatest one-stop shop. Loan amount - Rs. 5,000 to Rs. 5 Lacs Interest rate - 16% p.a Loan Tenure - 24 months or two years Play Store Rating - 4.5 6. PaySense

5. This is one of the best instant personal loan apps in India. Both salaried and self-employed people can apply for quick loans of up to Rs 5 Lacs. For salaried people, the minimum salary amount is Rs. 18,000 per month to qualify for the loan. Instant personal loan borrowers favour the app because it provides fast financing, 365-day customer support, and a range of products such as salary advances, cash loans, and immediate loans. Anyone can easily obtain a loan by obtaining credit through PaySense. Loan amount - Rs 5,000 to Rs. 5 Lacs Interest rate - 16% to 36% p.a. Loan Tenure - 24 months or five years Play Store Rating - 4.6 7. Bajaj Finserv Having been around India for more than ten years, Bajaj Finserv is one of the most well-known names in personal financing. They are among the greatest personal loan apps because of their wide selection of services. It is more popular, though, for financing electronics and other consumer durables. You may also obtain their zero-interest EMI card and use it to finance the majority of your purchases. Additionally, they assist you with low-interest personal loans up to INR 25 lakhs, the amount of which is entirely dependent upon the collateral, additional credit rating documents, and credit periods. To be eligible for a mortgage, you must also have securities. In addition, they provide investment plans, insurance, gold loans, term loans, and other things, so it's a perfect place to fund yourself without worrying about being cheated. Loan amount - Up to Rs. 25 Lacs Interest rate - between 11% and 18 % p.a Loan Tenure - 12 months to 84 months Play Store rating - 4.4

6. 8. IndiaLends IndiaLends is one of the reliable personal loan apps in India. It is partnered with more than 50 banks and provides personalised loans. The loan amount is disbursed within 48 hours of approval. Users need to have a minimum CIBIL score of 750 and a good credit history to get approved. Salaried people must be employed for at least six months, while self-employed borrowers must have run their businesses for at least three years. Loan amount - Rs 15,000 to Rs. 50 Lacs Interest rate - 10.7% to 25% p.a Loan Tenure - 12 months to 60 months Play Store Rating - 3.8 9. LazyPay With its user-friendly digital platform, LazyPay, powered by PayU, streamlines personal loans. The app offers affordable monthly instalments and quick personal loans up to Rs. 5 lacs, with instant loan approvals and the disbursement of over a million loans each month. It differs from all the other applications on the list in that you may check your loan limit with just your mobile number, without even entering any personal information. Because of the fast approvals and secure online application processing, it is among the fastest loan apps available in India. There isn't much paperwork needed, and the loan application procedure is quite easy. Loan amount - Rs 10,000 to Rs. 1 Lacs Interest rate - 18 to 25% p.a Loan Tenure - 3 months to 2 years Play Store Rating - 4.3

7. 10. MoneyBip Moneybip is another digital lending platform in India that provides low-interest personal loans with minimal paperwork for all your needs. You can check out the instant loan offers by downloading the Moneybip App. The entire process is completely online and paperless, with quick approval, and the amount is disbursed within a few minutes. Loan amount - Up to Rs. 20 Lacs Interest rate - starting 9 % p.a Loan Tenure - 3 months to 2 years How To Choose The Best Loan App? Since all these lending platforms offer comparable terms and conditions and most of the features are essentially the same, picking one can be overwhelming. To begin, consider these steps to find the one that best fits your situation: i) Decide how much you want to borrow: The fact that every personal loan app has a different maximum loan amount may be enough to focus your search. ii) Pay attention to loan cost: While some lending applications don't, some do provide free loans. You'll have to choose whether or not those that charge fees offer additional features that make them worthwhile. Be aware of flat fees, express fees, and optional tips, which can all impact the final amount. iii) Compare interest rates: Interest rates are determined by various factors, including loan amount, repayment period, creditworthiness, and so on. They are not the same for every lender. You will identify the best lender for you by comparing interest rates offered by different lenders.

8. iv) Check the RBI website: Before choosing a lender, it's important to confirm that they are under RBI regulation. This will reduce the possibility of fraud and ensure a seamless application procedure. iii) Consider the repayment term each loan app requires: The majority of loan applications demand repayment of the loan upon your next pay period. Choose a lender with lengthier terms for repayment if you require extra time to repay your loan. iv) Read reviews & ratings from current and past users: These reviews might help you make a more informed choice by providing you with information about a lender's customer service and transparency policies. How To Apply For A Loan Through Personal Loan Apps? Here's how you can apply for a loan through personal loan apps: 1. Download your preferred lender app on your Android or iOS mobile phone. 2. Register with your phone number and enter other basic information such as your name, email ID, income, bank account details, and so on. 3. Select the desired loan amount and repayment tenure based on your requirements. 4. The app may ask you to upload necessary documents such as your PAN Card, Adhar card, employment proof, income proof, etc. 5. Once submitted, wait until the lenders verify your documents. 6. If you meet the lender's eligibility criteria, you will get instant loan approval. 7. Once approved, enter the amount you require based on your eligibility. 8. Within a few minutes, the funds will be credited to your provided account or wallet. 9. You can now repay the borrowed amount via bank transfer using EMIs.

9. Summary As we can see, with the advent of digitalisation, you can now get personal loans almost instantly from the comfort of your home. So, the next time you're in dire need of quick cash, consider applying for a personal loan using one of the various options you'll find in your mobile app store. These best instant personal loan apps in India allow you to get quick personal loans through their lending partners. All of them are fully online and require minimal to no paperwork. You can rely on these as they are much quicker than traditional loan applications. However, don't let the quickness and convenience of the process deter you from thoroughly comparing all loan terms and doing your research. Ready to get started? Apply online for an instant personal loan with Moneybip Today! FAQs 1. Which app gives the highest loans instantly? Ans: Many apps instantly give people looking for emergency personal loans the highest possible amount. Some of them are MoneyBip, LoanTap, Navi, IndiaLends, etc. 2. Which app gives the fastest personal loan in India? Ans: Indian customers can use personal loan applications such as Cashe, MoneyTap, Finnable, MoneyView, KreditBee, and Moneybip to get the quickest access to personal loans in India. 3. How can I borrow money and get it instantly? Ans: If you want to borrow money instantly, you can get it through personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions.

10. 4. Can we take a personal loan against FD? Ans: If you don't fulfil the requirements for a secured personal loan, your credit score isn't high enough, or you don't have any other options to use as collateral, you can borrow against your fixed deposit (FD).