25 Best Instant Personal Loan Apps in India (December 2022)

There are very few options available when you are in urgent need of an instant personal loan. One route is to go through traditional banks and their long time-consuming paperwork and process. Traditionally, banks are known to take a very long time to process personal loan applications, almost frustrating the immediate need to meet financial shortfalls. 

The other route is to take a credit card loan but know that interest rates can be very high. You can also ask friends and family, leading to embarrassment or your personal equity getting eroded. Also, let’s acknowledge not everyone is so privileged to get a salary advance from their organizations and employers. This is how personal loan apps have emerged as absolute loan solutions to provide hassle-free and safe instant loans. 

The rise of the internet has led to the possibility of online shopping, where you can shop for anything from vegetables to high-end gadgets and jewelry from the comfort of your home. Similarly, the cutting-edge strides in FinTech have made it possible for multiple instant loan apps in India to meet the loan needs of thousands of Indians in a lot more convenient and easier way. The process of loan application is pretty seamless and easy where a loan applicant can apply for an instant personal loan online, scan and upload the required documents for verification, and upon approval, the loan amount gets credited to the said loan applicant’s bank account.

By now, you are familiar that an Instant Personal Loan is a type of personal loan that is approved and disbursed quickly. These are short-term loans with loan tenures of a few months to a few years. Instant personal loans have online application processes, quick approvals, and almost instant cash disbursals –  giving you speedy access to money. This makes them ideal when you come up against unexpected expenses or an urgent need for cash. 

Why CASHe Stands Out

As personal finance products go, instant loans are easy, convenient, and relatively hassle-free. This makes them the perfect option for tech-savvy younger generations like millennials and Gen Zs. Because of their rising popularity, many banks, non-banking financial organizations, and online lenders are offering attractive instant personal loan options. 

Do note that CASHe approves loans based on the social profile, merit, and earning potential of the borrower by using a proprietary algorithm-based machine-learning platform. They use their very own Artificial Intelligence algorithm to calculate a Social Loan Quotient (SLQ). SLQ assesses your financial information and digital footprint to determine your creditworthiness. Since SLQ goes beyond traditional credit scoring systems, even individuals without prior financial history can succeed in getting an instant loan.

The Best Instant Personal Loan Apps in India

1. CASHe

2. PaySense

3. Bajaj Finserv

4. LazyPay

5. IDFC First Bank

6. ZestMoney

7. Dhani

8. HomeCredit

9. KreditBee

10. Fullerton India

11. EarlySalary

12. NIRA

13. Credy

14. mPokket

15. MoneyTap

16. FlexSalary

17. MoneyView

18. PayMe India

19. SmartCoin

20. StashFin

21. LoanTap

22. IndiaLends

23. CashBean

24. RupeeLend

25. Fibe

Many personal loan apps offer Instant Loans with enticing features, and it can be hard to decide on one. To make it easier for you to compare and choose, we have looked at dozens of loan apps to bring to you our top 25 picks ranked on their monthly interest rate, minimum and maximum loan amount, loan tenure, and app rating on Google Play Store. 

Go ahead and take your pick the best instant personal loan app in India for all your urgent and immediate financial loan needs. While at it, let’s learn a little bit about every loan app in brief.

1. CASHe

Founded by V. Raman Kumar, CASHe is a fintech company and app-based digital lending platform that provides short-term loans and instant personal loans varying from Rs 1,000 to Rs 4 lakhs, but only to salaried folks.

All you need to do is download the CASHe loan app from the Google Play Store on your smartphone and enter your details, and upload all necessary documents such as salary slips, bank statements, address proof, and PAN card. You can also check loan eligibility and interest rates online, using a quick calculator. 

Once approved, the loan amount which can range from ₹ 5,000 to ₹ 2 Lakh, with tenures ranging from 15 days to 6 months will be credited to your account in a matter of minutes, a part of which you can also transfer directly to your Paytm wallet. This loan app charges a minimal interest of 2.5% per month and a processing fee of Rs. 500 or 1% of the loan amount. There are no other hidden charges. Repayments can be made through a bank transfer or cheque deposit every month.

Founded in: 2016

Minimum Loan Amount: ₹7,000 

Maximum Loan Amount: ₹4,00,000

Download CASHe today.

2. PaySense

Founded by Sayali Karanjkar and Prashanth Ranganathan, PaySense is a Mumbai-based financial startup now acquired by PayU. It is partnering with various NBFCs and Banks registered with the RBI like Credit Saison India, Fullerton, Northern Arc, IIFL, PayUFinance, and IDFC First Bank for the disbursal of loans. It has raised a total of $25.6M over three rounds of funding.

PaySense is one of the best instant personal loan apps with both an app and a website, it offers a variety of instant loans and online personal loans to salaried individuals with a monthly income of Rs. 18,000 or self-employed individuals earning Rs. 20,000 per month. Loan amounts can range from Rs. 5000 to Rs. 5 lakh which can be repaid in 3 months to 5 years. All processes are online which means you can get a loan approved online. To start with, you can download the app from the Play Store. You can check loan eligibility on the app or their website, enter your details and submit your KYC documents online. The approval can happen within 5 hours. The instant loan app also offers an EMI calculator through which you can check how much you will be paying every month, making for a great user experience. 

PaySense charges a processing fee of 3% of the loan amount and late fees of Rs. 500. They have a monthly interest rate of 1.4% to 2.3% which comes out to an annual interest rate of 16% to 36% (APR) on a reducing balance basis. The USP is you are not required to submit any collaterals nor need to possess a high credit score. 

Founded in: 2015

Minimum Loan Amount: ₹5,000

Maximum Loan Amount: ₹5,00,000

3. Bajaj Finserv

Bajaj Finserv is one of the long-standing and prominent personal financing brands with services all across India. It has been around for more than a decade with a  range of offerings especially collateral-free instant personal loans from ₹1000/- to ₹25 lakhs and zero-interest EMI credit cards to finance your expenses. Their interest rates per month begin at 12.99%. 

It is one of the best loan apps in India where loans are instantly approved and disbursed in less than 24 hours to women, government and public sector unit (PSU) employees, schoolteachers, college professors, and more. The personal loans are offered with a feature to reduce your installment by up to 45% by paying interest-only EMIs. Once approved, you borrow as much as you need from your approved loan amount without the hassle of reapplying for the loan.

Founded in: 2007

Minimum Loan Amount: ₹30,000

Maximum Loan Amount: ₹25,00,000

4. LazyPay

LazyPay is powered by PayU, the same company that acquired PayU. It is one of the best instant loan apps offering online Pre-Approved CASHe Limit, with quick approvals and safe online processes and disbursing 1 million+ loans every month. All you need is to download the LazyPay app and enter your mobile number to find out your personal loan eligibility. Its key offerings include affordable pocket-friendly EMIs and an instant personal loan of up to ₹ 1 Lakh through an easy digital process with minimal documentation.

Founded in: 2015

Minimum Loan Amount: ₹10,000

Maximum Loan Amount: ₹1,00,000

5. IDFC First Bank

Those looking for significant large personal loan amounts for a big purchase say a car or a two-wheeler can download the IDFC First loan app and register. The loan application process is pretty simple and you can get the loan amount approved in minutes. The repayment tenure is also pretty flexible and you can do so in easy EMIs within 12 months to 60 months. Additional customer benefits include access to loan account details, statement details, outstanding balance, payment dates, and also, and the ability to raise service requests.

Founded in: 2018

Minimum Loan Amount: N/A

Maximum Loan Amount: ₹40,00,000

6. ZestMoney

Founded by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, ZestMoney is a unique finance platform that is largely a Buy Now, Pay Later (BNPL) app that also offers instant personal loan products as well. Their loans do not require you to have a credit score and that makes digital finance affordable and accessible to millions of Indians with inadequate credit histories. They help borrowers find a lending partner by using AI, digital banking, and mobile technology. This credit app helps you break down your larger payments into smaller, manageable expenses and allows you to apply for a quick instant loan. Loan amounts start from Rs. 1,000 and can go up to Rs. 10 lakhs which can be repaid over 9 months to 2 years. If you pay back digitally, you stand to earn a cashback of 100% on your EMIs. The loan application process takes a matter of minutes. 

Founded in: 2015

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹10,00,000

7. Dhani

Dhani is one of the top online personal loan apps, which is popularly marketed as a mobile loan app. It lets you apply for an unsecured personal loan anytime, anywhere, and requires no physical documentation. It is completely an online process with no collateral. Instant loan amounts start from Rs. 1000 and go up to Rs. 15 lakhs. Loans can be paid back over a loan tenure of 3 months to 36 months. Their late payment fee is 3% of the monthly EMI amount. 

All you have to do is download the app, and provide your PAN and Aadhaar details and address for verification. Once your loan request is approved, Dhani will instantly disburse the loan amount to your bank account. 

It is also an online marketplace selling groceries, household items, apparel, healthcare, and stationery among other consumer goods. This top loan app is backed by Indiabulls Ventures, which was previously known as ​​Indiabulls Consumer Finance Limited. 

Dhani also offers an instant Pre-Approved CASHe Limit in the form of the Dhani OneFreedom Card. This is a RuPay-powered card with a credit limit of up to 5 lakhs. 

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

Minimum Loan Amount: ₹1,000 

Maximum Loan Amount: ₹15,00,000

8. Home Credit

As one of the oldest money loan apps in India, Home Credit India is a part of the international Home Credit Group with a presence across ten countries in Europe and Asia. The India chapter started in 2012 with operations in over 60 cities across 15 states. 

The personal loan app is very easy to use with it simple and transparent features and easy accessibility. It provides your required loan amount for any financial emergencies. It sanctions personal loan amounts of up to ₹2 Lakh with a flexible and easy repayment tenure ranging from 9 months to 4 years.

Founded in: 2011

Minimum Loan Amount: ₹10,000

Maximum Loan Amount: ₹2,40,000

9. KreditBee

KreditBee is yet another instant personal loan app that is quite popular among young professionals. Here, you can get an instant personal loan amount from as little as INR 1000/- up to INR 2 lakhs the loan process takes place fully online and no physical verification is required. Any Indian who is above 18 years of age and earning at least INR 10,000/- every month is eligible for the loan. He/she can download this cash loan app and upload the required details and documents. Upon verification and approval of the loan application, the disbursement happens in less than 15 minutes with the amount directly being credited to the loan applicant’s bank account.

Founded in: 2015

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹2,00,000

10. Fullerton India

Registered as an NBFC – Investment and Credit Company with the Reserve Bank of India, the Fullerton India InstaLoan app is one of the best loan apps that offer an easy and convenient way to apply for personal loans through the app to salaried and self-employed individuals. Upon downloading this quick loan app and after entering the basic information of the loan applicant, the rest of the documentation process is pretty hassle-free. The loan applicant can also track the status of the loan and once approved, this instant loan app disburses your loan request within 30 minutes of approval.

Founded in: 1994; 2021 (launch of the app)

Minimum Loan Amount: ₹50,000

Maximum Loan Amount: ₹25,00,000

11. EarlySalary

It so happens that many of us run out of money in the middle of the month and we do get worried about meeting the expenses for the remainder of the month. The Pune-based fintech start-up, EarlySalary is one such app that helps you to cover until the next payday. This loan app is pretty popular with the young brigade as it offers easy loans of amounts up to ₹5,00,000 for all your needs. EarlySalary has already raised ₹100 crores in series B funding led by Eight Roads Ventures and IDG Ventures India. 

Founded in: 2015

Minimum Loan Amount: ₹3,000 

Maximum Loan Amount: ₹5,00,000

12. NIRA

NIRA is a FinTech company that offers a line of credit from  ₹ 3,000 to ₹ 1 Lakh to salaried professionals in India should you match the eligibility criteria. You can download this money lending app in India and check if you are eligible to take out a personal loan in less than 3 minutes. You can repay the loan in easy installments in 3  to 24 months. The unique part is you do not need a high credit score to apply. For urgent cash needs, NIRA is a very good option where you can withdraw a minimum of ₹ 5,000 or more each time. The interest applied to the loan amount depends on how much you borrow and when you repay the borrowed amount.

Founded in: 2018

Minimum Loan Amount: ₹5,000 

Maximum Loan Amount: ₹1,00,000

13. Credy Technologies

Credy is one fantastic instant short-term loan app in India that provides personal loans on flexible and personalized terms to help meet your financial needs for any personal requirements to enhance your lifestyle, refinance loans and credit loans, and educational needs for yourself or your children. With no hidden charges, no requirement for collateral or a guarantor, fast online processing, and acceptance of a low CIBIL score, Credy is simple, fast, and low-cost. All you need to do is download the app from the Play Store, meet the eligibility criteria, upload the necessary documents and wait for approval and disbursement of the loan amount. The loan repayment tenure is flexible as it allows borrowers to choose a tenure they are comfortable with between 3 to 12 months for amounts between ₹ 10,000 to ₹ 1 Lakh. The annual rates of interest start at 12%. Currently, they offer loans to salaried employees with a minimum monthly salary of ₹15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.

Founded in: 2016

Minimum Loan Amount: ₹10,000

Maximum Loan Amount: ₹1,00,000

14. mPokket

Not all college students hold a part-time job to meet their financial needs and most live on pocket money from their parents and family. pocket is a dedicated instant loan app in India for college students. It works on the concept of pocket money for students and where they need not resort to borrowing from friends when they run out of money. Once your personal loan application is approved the personal loan amount is sent to your bank account or your Paytm wallet. The initial amount that can be approved is ₹ 500 and the borrowing limits will increase over time with good usage. The loan amount can be repaid within 1 to 3 months.

Founded in: 2016

Minimum Loan Amount: ₹500

Maximum Loan Amount: ₹30,000

15. MoneyTap

As India’s first app-based Pre-Approved CASHe Limit, MoneyTap’s best USP is its “no-usage-no-interest “feature which makes taking credit all the more affordable. This means a loan applicant pays interest only on the amount used. MoneyTap is essentially a money lending company with flexible interest rates. You need to download this personal loan app, register your name and details and upload all necessary documents. You must fulfill the eligibility criteria of earning a minimum of ₹30,000 a month to qualify for a loan.  Once your loan application is approved, MoneyTap gives you a line of credit, which can either work as an instant loan or a credit card. 

MoneyTap has partnered with the leading NBFCs in the country and currently serves customers in  Bangalore, Chennai, Delhi NCR, Mumbai, Hyderabad, and 30 other cities in India. 

Founded in: 2015

Minimum Loan Amount: ₹3,000 

Maximum Loan Amount: ₹5,00,000

16. FlexSalary

Hyderabad-based online loan lending platform, FlexSalary is a popular instant loan app in India specially designed for salaried folks who need instant cash during a financial emergency, with very unique features like one-time application and one-time approval, instant disbursement and the option for borrowers to access that credit at any point of time. With instant approval and no fixed EMIs, loans from FlexSalary almost function like an advanced salary app where borrowers also get the option to decide the loan tenure and a flexible repayment policy. All you need to do is download the app and register on the app, upload the required KYC documents and the loan amount will be transferred to your bank account upon approval. 

Founded in: 2016

Minimum Loan Amount: ₹4,000

Maximum Loan Amount: ₹2,00,000

17. Money View

Should you require cash for an emergency or any upcoming expense say wedding expenses, home renovations, or a one-time purchase, the Money View app is probably the best app for an instant personal loan in India where you can get a personal loan in just 2 hours. The app is great in terms of processes – paperless, fast, easy, and flexible. You can download the app, register your details and upload the required documents for verification and approval. Money View lets you borrow amounts starting from ₹10,000 up to ₹5 lakh and with its flexible terms, it lets you repay in comfortable EMIs within 3 months to 5 years. 

The MoneyView app has been seeing great app downloads and presence in several Indian cities.

Founded in: 2014

Minimum Loan Amount: ₹10,000

Maximum Loan Amount: ₹5,00,000

18. PayMeIndia

Noida-based fintech company, PayMeIndia offers short-term loans to salaried professionals in need of immediate cash in the form of instant payday loans, advance salary loans, and marriage loans at attractive interest rates. These instant loans are designed to cater to all short-term financial needs that might include a medical emergency, a big-ticket purchase, and many more. All the loan processes happen through the app where traditional and modern lending techniques are blended with technology to make the loan application process quick and simple. The PayMEIndia loans come with convenient and flexible repayment plans and they have a strong, helpful, and responsive customer support team for first-time new borrowers. PayMeIndia has already raised $2 million from Singapore-based investors. 

Founded in: 2016

Minimum Loan Amount: ₹2,000

Maximum Loan Amount: ₹2,00,000

19. SmartCoin

Those looking for short-term personal loans or some quick instant loans or instant personal loans in the event of an emergency can look up SmartCoin. This FinTech company has a dedicated mission to offer loans to all profiles whether salaried professionals, support executives, business owners, managers, stay-at-home moms, teachers, and more with no minimum limit on the salaries, unlike other personal loan apps. The app is very user-friendly and a hassle-free scalable lending platform. All the documentation can be done online and if you meet the eligibility criteria, your loan application is typically approved promptly within minutes. You can apply for a loan of up to ₹1,00,000. Use its mini loan app to get loans from ₹ 1,000 to ₹ 25,000.  While there is no minimum limit on the salary you earn in SmartCoin and hence, anybody can apply for an instant loan. 

Founded in: 2015

Minimum Loan Amount: ₹4,000

Maximum Loan Amount: ₹1,00,000

20. StashFin

Founded by a smart team of experienced financial services professionals with an aim to make digital lending easier for people in India, StashFin is one of the best digital lending online loan apps in India. StashFin aims to deliver best-in-class services and superior convenience to its customers. The StashFin team comes with a collective experience across various verticals and industries that include customer experience, technology, and process re-engineering. For their loan offers from ₹1,000 to ₹5,00,000, all you need to do is download the StashFin app and apply for an instant loan of your desired amount. Once your request is approved, the amount will be transferred in almost no time. The repayment tenure is from 3 months to 36 months and you can do so electronically. There are no hidden charges on loans from StashFin.

Founded in: 2016

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹5,00,000

21. LoanTap

LoanTap is one of the most popular online loan apps in the Indian Fintech Industry that delivers instant flexible loans on attractive loan terms to salaried professionals and businessmen. This fintech lending platform with the tagline “Bringing Dreams to Life,” is committed to delivering customized loan products to its borrowers. LoanTap has various innovative products such as flexible personal loans, lower installment loans, personal overdrafts, EMI-free loans, credit card takeover loans, rental security deposit loans, advance salary loans, and house owner loans. The loan application process is fairly simple and requires minimal documentation. The repayment options are flexible and many – accelerated payment options, bullet repayment to principal outstanding. 

Founded in: 2015

Minimum Loan Amount: ₹25, 000

Maximum Loan Amount: ₹10,00,000

22. India Lends

IndiaLends is another popular Indian cash loan app for all instant personal loans and credit cards. You can also check your credit score for free on the app by submitting your PAN details, which in turn helps you select your instant loan. It offers instant online cash loans with very low-interest rates and prompt disbursals within 48 hours. This instant loan app makes use of data and technology extensively to enhance workflows and risk assessments so that the entire loan disbursal process is seamless, efficient, quicker, and easier.

Founded in: 2016

Minimum Loan Amount: N/A

Maximum Loan Amount: ₹50,00,000

23. CashBean

This cutting-edge financial product is available both on mobile as well as the web. This instant personal loan app is aimed to make any of your financial needs easier. All you have to do is apply for a loan online on their tech-driven mobile app or on the web.  Loan approvals are swift without any hassle of paperwork and tedious documentation, almost within minutes. The entire loan application from sanction to disbursal is entirely digitized.

Founded in: 2018

Minimum Loan Amount: ₹1,500

Maximum Loan Amount: ₹60,000

24. RupeeLend

Gurgaon-based RupeeLend which is part of the Casinity group, with a presence in most major cities in India is a digital finance company that provides short-term loan to its users. With simple and seamless paperless yet digital processes of disbursing loans within 2 hours to new customers, and within 10 minutes to a returning customer, RupeeLend is fast emerging as one of the fastest instant loan apps in India. It also comes with a loan customization feature that helps customers select the loan amount quickly and if you wish to foreclose the loan, you can do so without no extra charges. 

Founded in: 2015

Minimum Loan Amount: ₹10,000

Maximum Loan Amount: ₹1,00,000

25. Fibe

Fibe is an upcoming FinTech startup from Pune that has been creating ripples in the digital lending space in India. Fibe’s personal loan app allows a seamless, easy, and quick way to apply for instant personal loans. The loan amount limit is up to ₹ 5 Lakh at an interest rate starting from 12%.

All these personal loan apps have good interest rates, efficient application processes, and overall ease of use. Go with the option that fits your needs best and would create the most stress-free loan experience for you. The times really are changing, and personal loan apps are ensuring that fast and easy cash loans in India are a reality! Getting a personal loan was never this easy and an instant personal loan app download makes it easier. Get the best loan app in India.

Founded in: 2016

Minimum Loan Amount: ₹8,000

Maximum Loan Amount: ₹5,00,000

FAQs

1. What is the finest personal loan application?

CASHe is an incredible mobile application that you can download on iOS and Android. It offers various financial tools such as personal loans, Pre-Approved CASHe Limit, buy now pay later, and more.

2. Which application provides you with an immediate loan?

All of the ten programs listed above are well-known for providing their users with a fast personal loans. You can select any of the above options based on your needs.

3. How can we borrow money right away?

A personal loan application is the easiest option to obtain money quickly and without any fuss. The top ten applications are shown above in order of their ranking.