Top 20 Instant Loan Apps in India
Top 20 Instant Loan Apps in India
Table of Contents
Key Takeaways
- Bajaj Finserv Ltd.
- IDFC First Bank Limited
- KreditBee
- Money Tap
- PaysSense
- CASHe
- YONO SBI
- Open by Axis Bank App
- HDFC Bank Loan Assist App
- SMFG India Credit InstaLoan App
- mPokket
- StashFin
- MoneyView
- EarlySalary
- Indiabulls Dhani
- Tata Capital
- CreditSmall -Cash Loan Instant
- Sentinel – Loan App
- NextFin: Instant loan
- Trade Growing
- Z First: Loans & Insurance
- Financial Calculator India Pro
- Shree Mahalaxmi Jeweller Merta
- PowerUp by Uni – 12% returns
- MAHI by CreditAccess Grameen
Conclusion
Frequently Asked Questions
Which instant loan app offers the fastest personal loan?
What are the features of the best instant personal loan apps?
How does an instant loan app work?
What is the eligibility criteria for obtaining a personal loan through an app?
How much can I borrow from instant loan apps in India?
What documents are required to apply for an instant loan through an app?
In the era of digital banking and financial services, instant loan apps have become a popular choice for individuals seeking quick access to funds in India. These apps offer a seamless and convenient way for users to apply for personal loans directly from their smartphones. With a multitude of options available, this article lists the top 20 instant loan apps in India, providing a comprehensive guide for those in need of financial assistance.
Key Takeaways
- Instant loan apps provide a quick and easy way to apply for personal loans directly through mobile devices.
- The top instant loan apps in India offer varying loan amounts, interest rates, and repayment tenures to suit different financial needs.
- Popular apps like Bajaj Finserv, IDFC First Bank, and KreditBee are known for their reliability and user-friendly interfaces.
- Before choosing an app, it’s important to compare features, charges, and terms & conditions to find the most suitable option.
- Apps such as MoneyTap, CASHe, and MoneyView are among the most popular due to their fast loan processing and flexible offerings.
1. Bajaj Finserv Ltd.
Bajaj Finserv Ltd. stands out as a prominent player in the instant loan market in India, offering instant loans up to Rs. 40 Lakhs. With flexible tenures extending up to 96 months, they cater to a wide range of financial needs.
- Interest rates: 11% to 38% p.a.
- Processing fee: Up to 3.93% of the loan amount
- Zero hidden charges
The company prides itself on transparent practices and a straightforward application process, ensuring that customers face no surprises when it comes to loan costs.
Bajaj Finserv’s technology-driven approach simplifies the loan application process, allowing for the fastest disbursal times in the industry.
2. IDFC First Bank Limited
IDFC First Bank Limited offers a comprehensive MobileBanking app that provides a fast and seamless online banking experience. With a range of integrated banking services, users can manage their finances efficiently and enjoy exciting features tailored to their needs.
The app’s popularity is evident from its presence in the finance category rankings, where it competes with other major banking and financial services apps. It caters to a variety of financial requirements, including a selection of credit cards such as the IDFC Millennia, Classic, and Wealth cards, among others.
IDFC First Bank’s app is designed to cater to the modern user, offering convenience and a wide array of services right from their mobile device.
For those interested in home financing, IDFC First Bank also provides competitive home loan options. The bank’s commitment to customer satisfaction is reflected in its efforts to streamline the loan application and management process through its digital platforms.
3. KreditBee
KreditBee stands out as a convenient option for those seeking quick personal loans online. With loan amounts ranging from Rs. 3,000 to Rs. 5 Lakhs, KreditBee caters to a wide range of financial needs. The application process is entirely online, making it possible for funds to be disbursed in as little as 10 minutes.
KreditBee’s platform is designed for efficiency and ease, ensuring a smooth borrowing experience for its users.
Interest rates are competitive, starting at 16% and going up to 29.95% per annum. The repayment tenure is flexible, allowing borrowers to choose a period between 3 to 24 months according to their convenience. Here’s a quick overview of what KreditBee offers:
- Online personal loans from Rs. 3,000 to Rs. 5 Lakhs
- Interest rates from 16% to 29.95% p.a.
- Tenure options from 3 to 24 months
- Minimal transaction fees
- Rapid 10-minute disbursal time
While KreditBee is a popular choice, it’s important to consider user feedback. Some users have had less than satisfactory experiences, suggesting that it’s crucial to review all terms and conditions before proceeding with any loan application.
4. Money Tap
MoneyTap is a notable player in the instant loan app market, offering a seamless experience for those in need of quick financial assistance. Users can apply for loans ranging from Rs.3,000 to Rs.5,00,000, with the process starting by downloading the app and registering on the MoneyTap website. After submitting the necessary documents online for verification, eligible customers may access funds swiftly.
For select customers, MoneyTap presents an enticing offer: the opportunity to secure a loan of up to Rs.10,000 at an interest rate of 0%. This can be particularly beneficial for immediate needs such as medical emergencies, bill payments, family events, education, travel, or rental deposits.
MoneyTap’s services are tailored to cater to a variety of personal financial needs, ensuring that users have access to funds when they matter the most.
The app’s popularity is reflected in its user ratings, with a substantial number of downloads indicating a trusted service. However, it’s important to consider all options, as some reviews suggest exploring alternatives for financial well-being.
5. PaysSense
PaySense stands out in the instant loan app space in India by partnering with leading Non-Banking Financial Companies (NBFCs), ensuring a reliable and emerging personal loan service. With PaySense, customers can enjoy the convenience of having their documents picked up directly from their homes, eliminating the hassle of sending physical copies or scanning them.
The app offers a range of loan amounts suitable for various needs, from as little as Rs. 5,000 to a substantial Rs. 5 lakhs. The flexibility extends to their repayment options, with EMIs spread over 3 to 60 months. Here’s a quick look at some of their key features:
- Instant personal loans from Rs. 5,000 to Rs. 5 Lakhs
- Flexible EMI and tenure options from 3 to 60 months
- Processing fee is 3% of the loan amount
- Annual Percentage Rate (APR) ranges between 16% to 36%
- Prepayment is allowed after 6 EMI payments
PaySense is committed to providing instant approvals and disbursing funds swiftly to your account, ensuring you get the financial support when you need it.
One of the most appealing aspects of PaySense is that it caters to individuals with no credit history, opening up opportunities for a wider audience to access personal loans.
6. CASHe
CASHe offers a seamless experience for those in need of a personal loan, with a user-friendly interface and quick approvals. The app allows for instant personal loans up to Rs. 3,00,000, catering to a variety of financial needs. With flexible EMI options ranging from 2 months to 1 year, borrowers can choose a repayment plan that suits their budget.
Documentation is straightforward but thorough, requiring proof of income, identity, address, and PAN card. A strong credit score is essential, as CASHe conducts a strict background check before approving loans. This ensures that only credible borrowers are granted loans, maintaining the integrity of the lending process.
CASHe also stands out for its ‘Buy Now Pay Later’ feature with popular brands and zero pre-closure charges, making it a versatile choice for consumers.
Here are some key features of CASHe:
- Rate of Interest (per month) starts from 1.75%
- Loan amounts range from Rs. 5,000 to Rs. 5,00,000
- No guarantor or collateral required
- Instant loan amount disbursal to your bank account
- Secure transactions backed by blockchain technology
The app’s commitment to transparency and security is evident in its blockchain-based infrastructure, ensuring that all transactions are protected.
7. YONO SBI
YONO SBI stands out as a comprehensive app that amalgamates banking with lifestyle needs. With SBI YONO, you can manage your banking requirements and more, all in one place. It’s not just about traditional banking; users can shop, travel, pay bills, recharge, and even book movie tickets.
YONO SBI simplifies your digital life by integrating multiple services into a single platform.
The app also offers features like IRCTC ticket booking and UPI for money transfers, making it a versatile tool for modern users. Whether it’s for instant loans or daily financial transactions, YONO SBI provides a seamless experience.
8. Open by Axis Bank App
The Open by Axis Bank App is a comprehensive financial tool designed to cater to the diverse banking needs of its users. With a user-friendly interface, the app provides a seamless experience for managing personal finances, bill payments, and investments.
Key features of the app include:
- UPI payments and money transfers
- Credit card management
- Investment tracking and management
- Personalized account alerts
The Open by Axis Bank App stands out for its integration of banking and investment services, offering a one-stop solution for users looking to streamline their financial activities.
The app’s popularity is reflected in its high ranking among finance apps in India, consistently maintaining a top position for user satisfaction and reliability. Whether you’re paying bills, managing your credit cards, or investing in the market, the Open by Axis Bank App provides a secure and efficient platform.
9. HDFC Bank Loan Assist App
The HDFC Bank Loan Assist App offers a seamless way to manage and apply for various loan products from HDFC Bank. With a digital process that promises quick disbursal, the app caters to those in need of financial assistance swiftly.
Here’s a quick overview of what you can expect:
- Max. Loan Amount: Up to ₹40L
- Rate of Interest: 10.5% – 24%
- Tenure: Up to 6 Years
- Processing Fee: ₹4,999
The app boasts a feature of ’10 Second Disbursal’ for pre-approved loans, highlighting the bank’s commitment to efficiency and customer convenience.
Whether you’re looking for a personal loan or a more specific loan type, the HDFC Bank Loan Assist App provides a comprehensive range of options. The app’s user-friendly interface and the promise of a 100% digital process make it a go-to choice for many.
10. SMFG India Credit InstaLoan App
The SMFG India Credit InstaLoan App stands out as a user-friendly platform for obtaining personal loans without unnecessary complications. Originating from SMFG India Credit Co. Ltd., this app simplifies the process of securing a personal loan, making it accessible to a wide range of consumers.
With its straightforward interface, the SMFG India Credit InstaLoan App ensures a hassle-free experience for users seeking financial assistance.
The app’s popularity is evident on platforms like Google Play, where it is recognized for its efficiency in providing instant personal loans. It is designed to cater to the needs of individuals who require quick financial solutions without the burden of lengthy procedures.
11. mPokket
mPokket stands out as a convenient option for salaried professionals seeking instant personal loans. With the ability to disburse loans up to Rs. 30,000 directly to your Bank or Paytm account, it ensures quick access to funds when you need them the most.
mPokket’s process is designed for speed and simplicity, making it a go-to app for urgent financial needs.
The app also rewards users for timely repayments, which encourages responsible borrowing and repayment behavior. Here’s a quick look at what mPokket offers:
- Instant personal loan up to Rs. 30,000.
- Cash transfer to Bank/Paytm Account in 2 minutes.
- Flexible repayment in 4 months.
- Get rewarded for timely repayments.
The fees and interest rates are transparent, with processing and loan management fees ranging from Rs. 50 to Rs. 200 plus 18% GST, depending on the loan amount. Interest rates vary from 0% to 4% per month, catering to a wide range of financial needs.
12. StashFin
StashFin is a prominent player in the Indian instant loan app market, offering a seamless experience for those in need of quick financial assistance. Enjoy the power of instant money with StashFin, which prides itself on being one of the fastest, easiest, safest, and smartest options available.
The app’s user-friendly interface and straightforward application process make it a go-to choice for many. With competitive interest rates and flexible repayment options, StashFin caters to a wide range of financial needs.
StashFin’s commitment to customer satisfaction is evident in its efforts to provide a hassle-free loan experience. The app’s robust security measures ensure that your personal and financial information remains secure throughout the loan process.
13. MoneyView
MoneyView stands out as a versatile financial app that not only provides instant loans but also offers a suite of services to manage your finances effectively. Avail instant loans up to Rs. 10 lakh with MoneyView, and benefit from its user-friendly interface that simplifies the loan application process.
The app also features a ‘pro saver account’ with an attractive 9% interest rate, which is a compelling option for those looking to grow their savings. Additionally, users can check their credit score reports for free in minutes, making it easier to stay on top of their financial health.
MoneyView is committed to providing a seamless financial experience, from borrowing to saving and monitoring credit health.
Here’s a quick overview of what MoneyView offers:
- Instant loans up to Rs. 10 lakh
- Pro saver account with 9% interest rate
- Free credit score reports
- User-friendly interface for easy navigation
14. EarlySalary
Formerly known as EarlySalary, now rebranded as Fibe, this app has become a go-to solution for salaried individuals in need of quick financial assistance. Offering instant loans ranging from Rs. 5,000 to Rs. 5 Lakhs, Fibe ensures a swift and hassle-free experience for its users.
The application process is straightforward, with a processing fee starting from just 2% of the loan amount plus applicable GST. The Annual Percentage Rate (APR) begins at 18%, and borrowers can choose a repayment tenure between 3 to 36 months. One of the most appealing features is the absence of pre-closure charges, allowing for flexibility in loan repayment.
Fibe prides itself on its ability to disburse loans online in just 5 minutes, following an easy step-by-step process.
Here’s a quick overview of the loan terms:
| Feature | Details |
|---|---|
| Loan Amount | Rs. 5,000 to Rs. 5 Lakhs |
| Interest Rate | Starting at 16% p.a. |
| Processing Fee | From 2% + GST |
| APR | From 18% |
| Tenure | 3 to 36 months |
| Pre-closure Charges | None |
15. Indiabulls Dhani
Indiabulls Dhani revolutionizes the personal loan experience by providing a completely online process, ensuring that the money is transferred to your bank instantly. With loans ranging from Rs. 1,000 to Rs. 15 Lakhs, it caters to a wide spectrum of needs, whether it’s a small cash crunch or a significant expense.
The app’s user-friendly interface and quick disbursal process make it a popular choice among users seeking immediate financial solutions.
Interest rates for Indiabulls Dhani start at a competitive 13.99% p.a., with loan tenures extending from 3 to 24 months. This flexibility allows borrowers to choose a repayment plan that best suits their financial situation.
Here’s a quick overview of what Indiabulls Dhani offers:
- Loan amounts from Rs. 1,000 to Rs. 15 Lakhs
- Tenure options from 3 to 24 months
- Interest rates starting at 13.99% p.a.
- Instant money transfer to bank account
- No hidden charges
16. Tata Capital
Tata Capital offers a blend of flexibility and affordability in its instant loan services. With interest rates starting at just 10.99% p.a., it stands out as a competitive option for those seeking financial assistance.
- Maximum Loan Amount: Rs. 35 Lakh
- Starting Interest Rate: 10.99% p.a.
- Loan Tenure: Up to 7 years
- Processing Fee: 1% to 3.5% of the loan amount + GST
The company provides loans ranging from Rs. 40,000 to Rs. 35 Lakhs, catering to a wide range of financial needs. The processing fee varies but is generally between 1% and 3.5% of the loan amount, plus applicable GST.
Tata Capital’s instant loan app is designed to offer a seamless borrowing experience, with a focus on quick processing and disbursal of funds to meet urgent financial requirements.
17. CreditSmall -Cash Loan Instant
CreditSmall -Cash Loan Instant offers a hassle-free experience for those in need of quick financial solutions. With a user-friendly interface, this app has gained the trust of over 10 lakh Indians. It provides instant personal loans ranging from ₹1,000 to ₹3 Lakhs, subject to credit approval. Upon approval, funds are directly transferred to the borrower’s bank account.
The simplicity and speed of CreditSmall make it an ideal choice for immediate financial needs without the lengthy paperwork.
Here’s a quick overview of what to expect:
- Instant personal loan app
- Loans range from ₹1,000 to ₹3 Lakhs
- Direct bank transfer on approval
Remember to stay vigilant against potential scams by fake loan apps. The rise in digital lending has unfortunately also seen an increase in deceitful methods used by some apps. Always verify the legitimacy of the app before sharing personal information.
18. Sentinel – Loan App
Sentinel – Loan App, developed by AKARA CAPITAL ADVISORS PRIVATE LIMITED, is a finance tool designed to cater to your instant loan needs. With a user-friendly interface, it simplifies the process of obtaining a loan, making it a viable option for quick financial assistance.
Why use Sentinel? Sentinel offers a streamlined loan application process that is both fast and secure. It’s important to understand the safety measures in place when using loan apps. Sentinel ensures the protection of your personal information and connects securely with your bank account.
- Quick loan processing
- Secure data handling
- User-friendly interface
While loan apps like Sentinel offer convenience, users should always be cautious and informed about the risks involved in sharing personal information online.
19. NextFin: Instant loan
NextFin stands out in the crowded space of instant loan apps with its user-friendly interface and positive customer feedback. Borrowers appreciate the flexibility in repayment options, which includes up to 8 weeks to repay the loan, a feature that is particularly beneficial for those who need a bit more time to manage their finances.
Pros and Cons of NextFin:
- Instant loan funding without fees
- Payments are reported to credit bureaus
- Flexible repayment options
However, users should be aware of the high loan fees and the fact that the service is only available in 21 states.
NextFin’s approach to instant loans emphasizes convenience and user satisfaction, ensuring that the borrowing experience is as stress-free as possible.
20. Trade Growing
Trade Growing is emerging as a noteworthy player in the instant loan app market in India. With a focus on providing quick and hassle-free loans, it caters to a wide range of financial needs for individuals and small businesses.
The app’s user-friendly interface and straightforward application process make it a popular choice among users seeking immediate financial solutions. Trade Growing’s commitment to transparency and customer service has earned it a loyal user base.
- Quick loan disbursement
- Minimal documentation
- Competitive interest rates
- Robust customer support
Trade Growing stands out for its efficiency in processing loans and its dedication to customer satisfaction. Its growing popularity is a testament to its reliability and the trust it has built with its customers.
21. Z First: Loans & Insurance
Z First: Loans & Insurance, operated by Z First Technologies Pvt Ltd, is carving a niche in the financial services sector with its user-friendly instant loan offerings. The app is designed to cater to the diverse financial needs of its users, providing a seamless experience for those seeking quick financial assistance.
The app’s features include a straightforward application process, rapid approval times, and competitive interest rates. It’s tailored for individuals who need quick access to funds without the hassle of traditional banking procedures.
- Easy application process
- Quick loan approval
- Competitive interest rates
Z First’s commitment to customer satisfaction is evident in the positive feedback it has received. The app’s efficiency and reliability make it a go-to choice for instant loans and insurance services.
With a focus on transparency and customer service, Z First continues to grow in popularity among users looking for financial solutions.
22. Financial Calculator India Pro
The Financial Calculator India Pro app is a robust tool designed for individuals and professionals who require precise financial calculations. With a variety of built-in calculators, this app simplifies complex financial computations, making it a valuable asset for planning and decision-making.
- EMI Calculator
- SIP Returns Calculator
- FD and RD Calculators
- Loan Eligibility Calculator
This app stands out for its comprehensive range of calculators, catering to diverse financial needs from tax planning to investment analysis.
Whether you’re calculating monthly installments for a loan or figuring out the returns on your mutual fund investments, Financial Calculator India Pro offers a user-friendly interface and accurate results. Its versatility makes it a must-have for anyone looking to manage their finances with precision.
23. Shree Mahalaxmi Jeweller Merta
Shree Mahalaxmi Jeweller Merta is a unique entry in the list of top finance apps, offering a blend of traditional jewelry business with modern financial services. Ranked 11th in the Top Paid Finance Apps in India as of March 30th, it stands out for its innovative approach.
This app provides users with an opportunity to invest in jewelry while also availing financial services, making it a multifaceted platform.
While not a conventional loan app, Shree Mahalaxmi Jeweller Merta caters to a niche market that appreciates the value of gold and other precious metals as investments and collateral. The app’s popularity indicates a significant demand for such services in the Indian market.
24. PowerUp by Uni – 12% returns
PowerUp by Uni offers a unique proposition with its 12% returns, which is an attractive feature for those looking to grow their savings. The app provides a seamless experience for managing finances and investments.
- Easy to use interface
- High return on investment
- Secure and reliable
PowerUp by Uni is revolutionizing the way people invest and manage their money, with a focus on user-friendly features and security.
Always remember to be skeptical of unsolicited offers that seem too good to be true, as they can often be scams. PowerUp by Uni, however, stands out with its legitimate and competitive returns, making it a noteworthy option in the list of instant loan apps.
25. MAHI by CreditAccess Grameen
MAHI by CreditAccess Grameen offers a unique approach to microfinance, aiming to empower rural communities with accessible financial services. The app’s user-friendly interface simplifies the process of obtaining instant loans, making it a popular choice among users seeking quick financial solutions.
The app’s features include easy loan applications, quick disbursal, and flexible repayment options, which cater to the diverse needs of its clientele. With a focus on rural upliftment, MAHI by CreditAccess Grameen has made significant strides in financial inclusion.
MAHI’s commitment to providing financial services to underserved populations has been a cornerstone of its success. The app’s impact on rural financial empowerment is evident in its growing user base and positive reviews.
As a testament to its growth, the company’s assets under management (AUM) have reached a milestone, which is a clear indicator of trust and reliability in the market.
Conclusion
Navigating through the myriad of instant loan apps available in India can be overwhelming. This article has aimed to simplify that process by highlighting the top 20 instant loan apps, each offering unique features, interest rates, and loan amounts to suit various financial needs. From Bajaj Finserv and IDFC First Bank to innovative fintech solutions like KreditBee and MoneyTap, consumers have access to a diverse range of options. It’s crucial to consider factors such as repayment terms, processing fees, and eligibility criteria before making a decision. Remember, the best app for you will depend on your individual requirements and financial circumstances. Always read the terms and conditions carefully and make an informed choice to ensure that the loan serves as a stepping stone towards financial stability rather than becoming a burden.
Frequently Asked Questions
Which instant loan app offers the fastest personal loan?
Apps like MoneyTap, Indiabulls Dhani, and KreditBee are known for offering quick personal loan approvals and disbursements. However, the speed may also depend on the applicant’s profile and documentation.
What are the features of the best instant personal loan apps?
The best instant loan apps typically offer features like affordable interest rates, flexible loan amounts and tenure, minimal processing fees, and user-friendly interfaces for quick application and approval.
How does an instant loan app work?
Instant loan apps allow users to apply for personal loans directly through their smartphones. After submitting the required documents and completing the application, the loan amount is disbursed to the applicant’s bank account upon approval.
What is the eligibility criteria for obtaining a personal loan through an app?
Eligibility criteria may include factors like age, income, employment status, credit score, and existing financial obligations. Specific requirements can vary between different loan apps.
How much can I borrow from instant loan apps in India?
Loan amounts can range from as low as INR 1,000 to as high as INR 20 lakhs, depending on the app and the borrower’s creditworthiness.
What documents are required to apply for an instant loan through an app?
Commonly required documents include identity proof, address proof, income proof, and bank statements. Some apps may have additional requirements or offer a paperless application process with minimal documentation.
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