Life can throw unexpected expenses your way, from dream weddings, medical care, education, and debt consolidation to that perfect home improvement project. The good news? You have reliable financial solutions for such situations.
Instant loan apps have become increasingly popular for a reason. They offer a convenient way to manage unexpected expenses. With a few clicks on your phone, you can apply for a loan and quickly get the funds you need.
In comparison to traditional banks, loan apps offer a faster and simpler process with minimal documentation requirements. They have become the one-stop solution for all your financial needs.
However, choosing the right online loan app among the numerous available in India can be challenging.
Before diving in, it’s important to understand the features, fees, and repayment terms of each app. This way, you can choose the app that best suits your needs. To help you get started, we’ve compiled a list of popular quick loan apps, highlighting their key features!
List of Instant Loan Apps in India in 2024
Here is the list of the most popular personal loan apps in India.
| Loan Apps | Loan Amount | Interest Rate | Repayment Tenure | Processing Fees |
| LoanTap | ₹50,000 – ₹10 Lakh | 1.5% p.m.* | 6 – 60 Months | 2 % + GST |
| Bajaj Finserv | Up to ₹40 Lakh | 0.87% p.m. Onwards | 12 – 27 Months | Up to 3.93% (inclusive of applicable taxes) |
| ICICI Bank | Up to ₹50 Lakh | 0.9% – 1.34% p.m. | 1 – 6 Years | Upto 2% of the loan amount |
| KreditBee | ₹1000 – ₹4 Lakh | 1.25% – 2.49% p.m. | 3 – 24 Months | Up to 6.5% |
| IDFC First bank | ₹20,000 – ₹40 Lakh | 0.87%p.m. Onwards | 12 – 60 Months | Upto 3.5% of Loan Amount |
| CASHe | ₹1000 – ₹4 Lakh | 2.50% p.m. Onwards | 3 – 18 Months | 1.50% of the loan amount + GST |
| Navi | Up to ₹20 Lakh | 0.825% p.m. Onwards | Upto 72 Months | Up to ₹7,500 |
| Nira Finance | Up to ₹1 Lakh | 2% p.m. Onwards | 3 – 18 Months | Rs. 350 + GST and maximum 2% loan amount |
| MoneyTap | Up to ₹5 lakh | 1.08% p.m Onwards | 3 – 36 Months | 2% + GST |
| mPokket | ₹500 – ₹30,000 | 2% – 4% p.m. | Upto 4 Months | ₹50 to ₹200 + 18% GST |
| Zest Money | Up to ₹ 5 Lakh | 0.99 % p.m. Onwards | 3 – 36 Months | Up to 4 % of the loan amount |
| Dhani | ₹ 1,000 – ₹15 Lakh | 1.16 % p.m. Onwards | 3 – 24 Months | 3% Onwards |
| MoneyView | ₹ 5,000 – ₹ 10 Lakh | 1.33% p.m. Onwards | 6 – 60 Months | Starts from 2% of the Loan Amount |
| Rupee Redee | ₹ 1,000 – ₹25,000 | 2.5% p.m. | 3 – 36 Months | 10% – 15% + GST |
| PaySense | ₹ 5,000 – ₹5 Lakh | 1.3 % – 3% p.m. | 3 – 48 Months | Up to 2.5% of the loan amount |
| Credy | Up to ₹ 1 Lakh | 1% – 1.5% p.m. | 3 – 12 Months | 3% of Loan Amount (Minimum ₹500) |
| Fibe | ₹ 5,000 – ₹ 5 Lakh | 1.16%p.m. | Upto 24 Months | Starting at 2% of the loan amount + GST |
| Upwards | Up to ₹ 5 Lakh | 1.5 % – 2.66% p.m. | 6 – 24 Months | Upto 4% |
| Finnable | ₹ 5,000 – ₹ 5 Lakh | 1 % – 2 % p.m. | 2 – 48 Months | 0.5 % to 3.5% + GST |
| Privo | ₹ 5,000 – ₹ 2 Lakh | 1.08% – 3.25% p.m. | 2 – 60 Months | 1% – 3% + GST |
Features of Personal Loan Apps
Here are the features of the instant personal loan apps in India.
LoanTap
LoanTap provides customized loan solutions with affordable monthly installments and flexible repayment schedules. Here are some of the features and advantages of LoanTap personal loan app:
- Loan amounts between ₹50,000 and ₹10 Lakh
- A simple and hassle-free online application process
- Quick loan approval that is disbursed within 24-36 hours
- A flexible repayment plan ranging from 6 months to 60 months
- A transparent loan application process with no hidden or pre-payment charges
- No restriction on the usage of the loan – it can be used for any purpose
- Eligibility – Must be at least 21 years of age and earn a monthly income of ₹30,000
Bajaj Finserv
Bajaj Finserv provides term loans, flexi hybrid loans and flexible term loans. Here are some of the features of their personal loan app:
- Loans of up to ₹40 Lakhs
- The loan tenure is up to 96 months
- There are no hidden charges
- The complete loan process is online
ICICI Bank
ICICI Bank is a financial service provider that is inclined to provide various financial services. Below are some of the features of their loan app.
- Zero pre-closure charges if 12 EMIs are paid
- Flexible repayment tenure
- A simple application process
- Loan up to ₹50 Lakhs
KreditBee
Kredit Bee is an instant personal loan app that offers various financial products tailored to your needs. Below are some of the benefits of their personal loan app.
- Loans ranging from ₹3000 to ₹5 Lakhs
- Collateral-free personal loans
- The processing fee starts from ₹150 up to ₹13,750
- Interest rates range between 16% to 29.95%
- The repayment tenure ranges from 4 months to 36 months
IDFC First bank
It is a private bank that provides various services for all your financial needs. Below are some of the benefits of their personal loan app.
- Loan amount 5,000 onwards
- No foreclosure charges
- Flexible loan EMI repayment options
- Quick application process
CASHe
This reputable online lender uses a special Social Loan Quotient (SLQ) to assess your loan eligibility. Below are a few advantages of their personal loan app.
- Loans between ₹1,000 and ₹4 lakhs
- Eligibility – 23 to 58 years old and must earn ₹12,000 monthly for an easy and convenient application process
- The repayment term ranges from 3 to 18 months
Navi
Navi, a digital lending platform offering online loans, is one of the leading lenders in today’s market. Here are some of their features and advantages.
- Personal loan of up to ₹20 Lakh
- Digital loan application process
- Flexible repayment plan
- Quick disbursal process
Nira Finance
Nira Finance is an instant personal loan app that provides hassle-free personal loans. Here are some of the benefits of applying for a personal loan through Nira Finance:
- Personal loans between ₹5,000 and ₹1 Lakh
- The repayment tenure is between 91 days and 24 months
- The minimum CIBIL score required is 681
- Interest rates start from 2% per month
MoneyTap
MoneyTapis an Indian lender that provides various financial tools for your convenience. Below are some of the features of their personal loan app.
- Easy and quick Disbursal
- Personal loans of up to ₹5 lakh
- No collateral required
- The repayment tenure is between 3 months and 36 months
- Eligibility – must be at least 23 years old
mPokket
mPokket is another popular instant loan app in India. Here are some of its features and benefits.
- Loan amounts between ₹5000 and ₹30,000
- The interest rate is between 2% and 4%
- Quick loan disbursals – loan amount is directly transferred to the bank account
- Online application process
Zest Money
ZestMoney is one of India’s fastest-growing consumer lending fintech companies. It provides various financial solutions to its customers. Below are some of its major features.
- Smaller, more manageable repayment tenures ranging from 3 – 36 months
- Loans of up to ₹5 Lakh
- Interest rates begin from 14%
- Gift cards are available from various well-known online retailers
Dhani
The Reserve Bank of India has registered Dhani Loans and Services Limited as a non-deposit-taking NBFC. They are focused on helping you out financially with all of your needs. Below are some of the features of the app.
- Loans starting from ₹1,000 to ₹15 Lakh at an interest rate of 1.16% per month
- The loan repayment tenure is between 2 months and 24 months
- Easy application process with minimal documentation
- Unsecured loans without pledging any collateral
MoneyView
MoneyView is one of the leading platforms that provides world-class financial products and services. Below are some of its features.
- Loans starting from ₹5,000 to ₹10 Lakh
- The interest rate is 1.33% per month
- Collateral-free loans with minimal documentation
- Quick loan disbursal process
Rupee Redee
RupeeRedee is a new-age digital lending platform that provides safe, quick, and hassle-free loans for all. The platform also offers a few other advantages.
- Loans of up to ₹25,000
- The repayment tenure is up to 6 months
- Quick disbursal with minimal documentation
- Eligibility – must be between 18-65 years of age
PaySense
PaySense is a lending platform that provides some of the best financial solutions. Here are some of the app’s features.
- Personal loans between ₹5,000 and ₹5 lakhs
- Paperless documentation
- Affordable EMI plans
- Loans with zero credit history
Credy
Credy is a client-focused financial partner that offers quick online personal loans for any purpose. Below are some of the app’s features.
- Quick and hassle-free application
- Loan approval and disbursement within 24 hours
- Loans of up to ₹1 Lakh
- Interest rate ranges between 1% – 1.5% per month
Fibe
Fibe is a leading consumer lending platform that focuses on young professionals. Their app helps mid-income groups fulfill their needs. Below are some of their loan app features.
- Quick online personal loans
- Loan up to ₹5 Lakh, no pre-closure charges, but include mandatory rejection charges of ₹250 + GST
- No restriction on usage of the loan
Upwards
Upwards is an RBI-registered NBFC committed to offering personal loans to salaried professionals. Below are some of the features of this platform.
- Instant loan approval
- Personal loan of up to ₹ 5 Lakhs
- Annual interest rate of 18% to 36%
- Eligibility – must earn a minimum salary of ₹15,000
Finnable
Finnable is one of the fastest-growing financial technology start-ups, helping consumers get instant loans online without any hassle. Here are some of its major features.
- Loan of up to ₹5 Lakhs
- Repayment tenure between 3 months and 48 months
- Lower interest rates on instalment payments while lowering the amount.
Privo
Privo is the leading platform for quick online loans, offering borrowers a simple and easy borrowing process. Here are some of its features.
- Instant personal loans of up to ₹5 Lakh without collateral
- The repayment tenure is between 3 months – 60 months
- Short-term loans with easy documentation
- No hidden charges or pre-closure fees
Tips to Choose the Best Loan Apps in India
With so many options available, are you confused about the best loan app? Below are some tips that will help you select the right app for your needs.
Check the RBI Website
It is important to check if a lender is regulated by the RBI before selecting one. This will lessen the chances of fraud and guarantee a smooth application process.
Check the Terms and Conditions Carefully
Before selecting the lender, it is important to understand interest rates, repayment tenure, fees, penalties for late payments, and any other terms that may affect your loan experience.
Compare Interest Rates
Interest rates are decided based on various aspects, such as loan amount, repayment tenure, creditworthiness, etc. All lenders offer different interest rates. It’s important to compare various lenders’ interest rates to determine the best fit for you.
Consider your Credit Score
Your credit score is one of the major factors that helps determine your loan eligibility and interest rates. Make sure to check your credit score before submitting your application for a personal loan.
Conclusion
The market of personal loan apps in India is evolving and offers a wide range of choices to meet your financial needs; before selecting your lender, it’s important to research and choose the one that meets your requirements.
If you are looking for the best app among the pool of apps, LoanTap is one of the best online personal apps, offering simple, hassle-free loans with minimal documentation at affordable interest rates and a user-friendly interface.
FAQs
What are instant loan apps?
Ans. Instant loan apps are digital platforms that provide quick and convenient access to loans with minimal documentation and rapid approval processes.
Are loan apps safe?
Ans. Loan apps of RBI-registered lenders are safe. Users should do their research to ensure their financial security
Which app is best for getting an instant loan?
Ans. Various NBFCs and lending platforms offer personal loans. Applicants can check the terms and conditions of various lenders before borrowing. LoanTap is one of the best loan apps in India, providing personal loans at affordable interest rates.
What is the highest loan amount that I can get through these apps?
Ans. The maximum loan amount offered by these loan apps depends on factors like creditworthiness, income level, and the specific lending criteria of each app.
How can I compare personal loan apps?
Ans. You can compare the loan apps by checking the reviews, interest rates, and loan terms. After comparing all the variables, you can select the app that most closely matches your needs.
Can I get a 40,000 personal loan without a salary slip?
Ans. Most lenders require proof of income to assess your ability to repay the loan, and a salary slip is a common document used for this purpose.
What are the advantages of opting for online personal loans?
Ans. Online personal loan apps offer convenience, quick approval, and easy access to funds.
How long do personal loans take for loan disbursal?
Ans. Loan disbursal time varies from lender to lender, but in general, loans are disbursed within 24- 36 hours.
How will I Receive The Loan Amount Once My Application Has Been Approved?
Ans. After the application is submitted, lenders verify the information and then the loan amount is promptly deposited into your bank account.
What are the documents required to apply for a personal loan?
Ans. To apply for a LoanTap personal loan, you will need an Aadhaar card, a PAN card, a driving license, and bank statement for the last six months.
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