15 Best Loan App In India: List Of Best Instant Loan App In India

Best Loan App In India: India is changing, and with it, the way people think, what they do, what the rules are, and what they do every day are also changing. For example, borrowing money is no longer a shame.

(Best Instant Personal Apps) Young people have used the best loan apps in India to get loans for things like studying abroad, paying for a trip, fixing up their house, buying a car, and even paying for their wedding.

Best Loan App In India

Many organizations have started giving people money to help them achieve their goals. (Best Loan App In India) Money lending apps have become popular in India because of all the benefits they offer, easy application process, and tracking 24 hours a day, 7 days a week.

In this article, we’ve compiled a list of some of the finest loan applications in India that have dominated the market and are reshaping the way Indians borrow! For your convenience, we’ve created a loan app comparison table. (Best Loan App In India) This article will tell you about the best apps for getting a personal loan right away in India in 2023.

Why Should You Take A Personal Loan?

People obtain personal loans for a variety of reasons. (Best Loan App In India) Here are some of the most important:

  • Simple approval
  • Funding for home improvement
  • Traveling
  • Fast disbursal
  • No security is required.
  • Fixed-Interest-Rate
  • You can select the loan duration.
  • Tax benefits

Features And Advantages Of Instant Loan Applications

With instant loan apps, you can get a fair amount of money quickly and with little paperwork.(Best Loan App In India) You would need a good internet connection to get the loan, and the money would be in your account in just a few days. (Best Loan App) Let us know more about the good things about instant loan apps and how they work:

1: Fast Loan Approval

As soon as the loan is approved, you can access the cash immediately. (Best Loan App In India) The best part is that you don’t have to go from place to place to get the loan. 

Because there is so much competition, lenders have lowered the requirements to get a loan.

2: Time Saving

If you need money quickly and don’t have much time to go to different banks, these apps are the best way to get a personal loan. (instant loan apps) With these apps, all you have to do to get a loan is click a button, and the money will be in your account right away.

3: Digital Documentation

Digitalization has made it so that people no longer have to submit self-attested Xerox copies of their documents.

(best loan app) You can use the scanner on your phone to upload documents to these apps. Once the documents are uploaded and completed, you get the loan. Isn’t that too easy?

4: Access anywhere

People choose rapid lending apps since they do not have to wait in line for long periods of time.

(Best Loan App In India) You can apply for the loan from the comfort of your own home, track your loan application online, verify your documents, and receive your funds online using the apps.

5: Security Fee

You’ll be happy to know that some of the best personal loan apps in India let you borrow money without having to put up any collateral or security. 

(Best Loan App In India) This means that you could get the loan without putting anything up as collateral.

Eligibility Criteria For Personal Loan

To get a loan from an app, you need to meet some basic requirements. Here are the qualifications you need to meet:

  • Age: The age should be between 21 and 60 for most apps that offer personal loans.
  • Income: In order to get a loan from an app, you need to make at least Rs. 12,000 per month, though a few apps require a higher income per month.
  • Loan Amount: The amount you can borrow depends on your income, the app you use, and your bank statement. Most of the time, though, these apps offer loans from Rs.10,000 to Rs.100,000.
  • Occupation: They give loans to both employees and those who work for themselves.

Best Personal Loan Apps In India

Best Personal Loan Apps In India


“No-use-no-interest” is a unique feature of MoneyTap that makes it stand out from other apps. This just means that you only have to pay interest on the money you use. 

(Best Loan App In India) All you have to do is download the app and upload the necessary documents. Once you are approved, you will be given a credit line that you can use as you see fit.

MoneyTap has teamed up with the top NBFCs in the country, and it is now available in cities like Bangalore, NCR, Mumbai, Hyderabad, etc. (Best Loan App In India) To get a loan, though, you need to make at least Rs.30,000.

Pros Of MoneyTap

  • Minimum Amount of Loan: 3,000
  • Maximum loan amount: $5,000,000
  • Flexible EMI terms ranging from 2 to 36 months
  • A relatively low rate of loan application rejections.
  • If you do not withdraw the total amount allowed, you will only be charged interest on the amount withdrawn.
  • It is a completely paperless procedure.
  • Interest rates range from 13% to 36% per month.

Cons Of MoneyTap

  • Their transaction charge is Rs.499.
  • Initial KYC takes time.


The app and website of PaySense, one of the top instant loan apps in India, allow salaried professionals and self-employed individuals to apply for instant loans. 

(Best Loan App In India) The minimum monthly wage required to qualify for a personal loan is $18,000. People who are self-employed and make at least $20,000 per month can also get PaySense loans.

This app was started in 2015 and is a financial services start-up that is backed by venture capital. It has become very popular in recent years because it is easy to get a loan and pay for it right away. 

(Best Loan App In India) You can get the app from the Google Play store and then check to see if you qualify, upload your documents, and apply for a loan.

Pros Of PaySense

  • Flexible EMI terms ranging from 3 to 36 months
  • The normal processing fee is 2.5% of the amount of the loan.
  • The normal processing fee is 2.5% of the amount of the loan.
  • Loan Maximum – 5,000,000 Rupees
  • 5,000 Rupees is the minimum loan amount.
  • The annual interest rate starts at 13%.
  • It takes three to five days to receive the funds.
  • It has offices in more than 50 locations across India.
  • No security needed!
  • The Google rating is 3.5 stars out of 5.

Cons Of PaySense

  • If you have a poor credit rating, the loan may be rejected.
  • Several documents must be validated, which could take some time.


CASHe is a great way to get money in an emergency or when you’re having trouble paying your bills. You just need to get the CASHe app on your phone. 

(Best Loan App In India) It is in both Apple Store and Google Play Store. You can upload the necessary documents through the app. As soon as the loan is approved, the money is transferred to your account. You can also send a portion of your loan amount straight to your Paytm Wallet.

Pros Of CASHe

  • The annual interest rate starts at 27%.
  • There are quick loans available for 15, 30, 90, and 180 days.
  • Minimum loan amount- 7000
  • Maximum Loan Amount: 4,000,000
  • Variable EMI terms ranging from two to twelve months
  • Service is available 24 hours a day, seven days a week.
  • You can also transfer a portion of your loan to your Paytm wallet.
  • There is no paper involved in the loan application procedure.
  • There are no default fees.

Cons Of CASHe

  • The verification of the documents requires a little time.
  • If you do not have a good credit score, they may reject your application.


It is an excellent app for personal loans because the loan amount is deposited quickly into your bank account. (Best Loan App In India)  You can apply for the loan whenever, wherever, and for any purpose you choose. Initially, they were a pharmacy, but they later expanded into financial services.

Pros Of Dhani

  • Maximum Loan Amount – Rs. 15,000.00
  • The Minimum Loan Amount is 1,000 Rupees.
  • The interest rate ranges from 10% to 13.99%.
  • Total access to physicians
  • The application process is entirely online and requires minimal documentation.
  • The funds appear in your account without delay.
  • There is no processing fee and no other fees.
  • around-the-clock customer service.
  • Motivating cashback
  • These loans are unsecured.
  • Both salaried and self-employed individuals are offered loans.

Cons Of Dhani

  • You can’t use it on all online shopping sites.
  • It might take a while to register based on the primary documents.

India Lends

IndiaLends is one of the cash loan apps for rapid personal loans, credit cards, (Best Loan App In India), and free credit reports in India. IndiaLends provides rapid online personal loans with the lowest interest rate and loan delivery within 48 hours. 

IndiaLends rapid lending app in India makes considerable use of data and technology to improve processes and risk assessments in order to speed, shorten, and simplify the fund transfer process.

Pros Of India Lends

  •  Flexible EMI terms of 1 to 5 years.
  • The interest rate begins at 10.75 percent with a 100 percent loan.
  • They offer loans to both salaried and self-employed people.
  • Customer service is supportive.
  • They require at least 6 months of salaried experience and 3 years of self-employment experience.
  • Your credit score may be obtained in about a minute.
  • Rapid distribution
  • Approval is simple.

Cons Of India Lends

  • Processing fees might be as high as 6% of the loan amount.
  • You’ll require the appropriate KYC.

Money View

This app for lending money has become well-known in the country because it has so many features and benefits. (Best Loan App In India) Along with the loan, they give you a smart money manager that can help you keep track of your spending and stick to your budget.

Pros Money View

  • Loan Maximum – 5,000,000 Rupees
  • The Minimum Loan Amount is 10,000 Rupees.
  • The interest rate ranges from 16% to 39%.
  • EMI terms range from 3 months to 5 years.
  • The loan amount is paid within 24 hours of the application’s approval.
  • The eligibility check is completed in a matter of minutes from any location in the United States.
  • The processing charge ranges between 2.5% and 4% of the loan amount.

Cons Money View

  • The processing charge is quite high.
  • It’s possible that their eligibility verification will take some time.


KreditBee is one of the best online loan apps in India that is made to help young professionals get loans. You can borrow between Rs 1,000 and Rs 2,000. (Best Loan App In India) Anyone over 18 with a monthly income of at least $10,000 can download the app and apply for the loan.

Pros KreditBee

  • Flexible EMI terms ranging from 62 days to 15 months.
  • The 128-bit SSL encryption is used to protect the KreditBee app.
  • A small processing fee is added.
  • The interest rate is somewhere between 0% and 29.95%.
  • The maximum loan amount is Rs. 2,000,000.
  • The minimum loan amount is Rs. 1,000.
  • 4.5 out of 5 stars on Google
  • They charge a one-time service fee when you sign up for their service.

Cons KreditBee

  • The 15-month loan term is very short.
  • For quick approval, you will need to have a good credit score.


This app is for people who need a loan but don’t have a good credit history. You can get a loan from this app in just a few minutes if you have the proper documents. (Best Loan App In India) They make it easy for their customers to pay them back by providing flexible EMIs.

Pros Of EarlySalary

  • The maximum loan amount is Rs. 200,000.
  • 15,000 Rupees is the minimum loan amount.
  • The processing charge is 2% of the loan amount.
  • Flexible repayment terms ranging from 90 to 12 months are available.
  • The interest rate ranges from approximately 0% to 30%.
  • You can also request repeat loans at any time of day and have the funds deposited into your bank account.

Cons Of EarlySalary

  • Tenure isn’t as long as some of its competitors.
  • The rates of interest are high.


The RBI of P C Financial Services Private Limited has registered this company. This app was made in 2018 and can be used on both mobile devices and the web. (Best Loan App In India) It has made it easier for people to get money. The best thing about them is that you can only apply for a loan through their easy-to-use mobile app.

Pros Of CashBean

  • Minimum Loan Amount: 1,500
  • Maximum Loan Amount: 60,000
  • Less Paperwork
  • The annual interest rate could reach 26%.
  • 18% of the processing charge is subject to GST.
  • The processing charge ranges between 2.5% and 4% of the loan amount.
  • EMIs with variable terms ranging from 62 to 120 days
  • All of your transactions would be encrypted with 256-bit SSL security.
  • The processing charge ranges between Rs. 90 and Rs. 2000 based on the loan amount.

Cons Of CashBean

  • The term period is extremely short.
  • In comparison to the competition, the loan amount is also quite low.


Nira is another great app in India that lets people borrow money. After you download the app, it will only take you 3 minutes to find out if you can get the loan. 

(Best Loan App In India) If you are eligible, a credit line of $1,000 is given to you. You can take out up to 5,000 or more whenever you need the money and pay it back in easy instalments over 3 to 24 months.

Pros Of NIRA

  • Minimum Amount of Loan: 2,500
  • Maximum loan amount: 1,000,000
  • The contract term is one year.
  • The annual interest rate varies between 24 and 36 percent.
  • The processing charge varies between Rs. 350 and 2% of the loan amount.

Cons Of NIRA

  • Twelve-month payment period
  • A higher rate of approval requires more time.


This is an excellent loan application for those in need of emergency cash or a short-term loan. 

(Best Loan App In India) Smart Coin offers loans to people from various walks of life, including salaried individuals, stay-at-home parents, support staff, business owners, etc., unlike the majority of other loan apps.

Pros Of SmartCoin

  • The minimum loan amount is 4,000.
  • 1,000,000 is the maximum loan amount.
  • Loan terms range between 62 and 180 days.
  • The annual interest rate ranges from 0% to 30%.
  • Its rating on Google is 3.9 stars.
  • The loan proceeds are deposited into your account within two business days.

Cons Of SmartCoin

  • The rate of interest is relatively high.
  • The repayment period is insufficient


RupeeRedee is a digital lending platform that was started in 2018. It helps people get the loans they need in simple steps with the help of technology. 

(Best Loan App In India) With the app, you can get a personal loan in as little as a few minutes. It is a digital lending platform that is powered by technology. It uses technology and data science to make loans available to India’s huge number of underserved customers.

(Best Loan App In India) With strong Know Your Customer (KYC) checks and a smooth process, it makes the customer journey easy, quick, and secures your data.

Pros Of RapidRupee

  • As for minimum documents, only PAN and Aadhaar cards are required.
  • Minimum Loan Amount: 1,000
  • Maximum Loan Amount: 60,000
  • The annual interest rate increases to 13%.
  • Loan terms range between 3 and 12 months.
  • Its rating on Google is 4.3 stars.

Cons Of RapidRupee

  • They impose a processing fee of Rs.349 or greater.

Home Credit

It is part of the transnational Home Credit Group, which operates in more than ten European and Asian nations. It is one of India’s oldest money lending apps, with short-term loans available to those aged 19 to 65.

Pros Of Home Credit

  • The minimum loan amount is 10,000.
  • Maximum loan amount: 2,000,000
  • Loan terms range from 6 to 51 months.
  • This facilitates loan application and approval.
  • On the internet, you are completely safe and secure.
  • They do not examine your credit rating.
  • The interest rate ranges from 19 to 56 percent.

Cons Of Home Credit

  • The interest rate varies depending on the product.
  • Before you apply, look over all of their offerings and terms and conditions.


It is one of the most popular personal loan apps for college students in India. It is based on the concept of student pocket money. 

All you have to do is download the app, fill in the required information, and wait for the funds to be credited to your account once the application has been approved.

Pros Of mPokket

  • Loan Amount Minimum: 500
  • Maximum Loan Amount of 30,000
  • The loan term is between 61 and 90 days.
  • The annual interest rate ranges from 52% to 72%.
  • It has a rating of 4.4 stars on Google.
  • Evidence of college ID and address is required.

Cons Of mPokket

  • It is not accessible in all areas.
  • The rate of interest is high

PayMe India

This is a financial technology company based in Noida. PayMe is an app that lets people apply for loans. The whole process is done through the app. It is a great platform with a wide range of benefits, which is why Singaporean investors were able to give it million.

Pros Of PayMe India

  •  Minimum loan amount is 2,000
  • Maximum loan amount: 2,000,000
  • The loan procedure is fast and effective.
  • Personal loans are available with simple and adaptable repayment terms.
  • Annual interest rates range between 18 and 42 percent.
  • The loan amount might be obtained within a day.
  • You might also obtain an immediate cash offer.

Cons Of PayMe India

  • You must pay the entire sum within two years.
  • Short-term loans usually have a high-interest rate.

Factors To Consider Before Applying For An Instant Loan On Apps

There are a lot of platforms that give out instant loans and do all the paperwork and checks online. But the question is which one is best, since all of them have terms and interest rates that are more or less the same.

Don’t worry, here are a few things you should always check and compare before choosing one:

1:- Interest Rates: The interest rate varies from app to app and is one of the most important factors, particularly for short-term loans.

When you take out a loan using an app, the interest rate is typically hefty, especially if you default and the interest rate accumulates. Always look for apps that offer a low interest rate and are trustworthy.

2:- Repayment Time: The average loan repayment period for the top instant loan apps in India ranges between 60 days and 5 years. 

(Bank Statement) However, some apps provide loans with a very short loan repayment period, which is difficult to manage due to the high loan repayment amount. Choose the app with the best repayment plan so that your monthly bills don’t change.

3:- Documents Processing: This is important if you want an instant loan, as multiple applications take a long time for approval and disbursement. 

Before selecting a platform, you should always consider the processing speed of paperwork and how quickly you can obtain a loan.

4:- Additional charges and conditions: Always ask the staff about any hidden terms and conditions. (best instant loan app for self-employed) The processing fee ranges between 1% and 6% of the loan amount. 

However, you can search for apps with low processing or service fees. Here, many individuals lack attention, and as a result, they pay a huge amount of money.

Which Is The Best Personal Loan App In India?

MoneyTap is the best application for applying for an emergency loan due to the numerous benefits and features mentioned in this article.

What Are Some Disadvantages Of Loan From Mobile Apps?

Since the loan is unsecured, the interest rate will be significantly greater than that of conventional bank loans.

Is Cashe App Approved By Rbi?

Bhanix Finance and Investment Ltd. runs CASHe. They are an NBFC that is registered with the RBI.


Today, there are more options for obtaining instant loans, making it much simpler to obtain a loan. Before making a final decision, you should always look for a lender with simple eligibility requirements, ensure repayment consistency, and inquire about any additional fees or charges.

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