
Instant loan apps are like mini banks in your pocket that provide instant access to credit in case of a financial emergency. In this article we are going to see the Best Loan Apps in India.
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How to apply for a personal loan through App?
The process to get a personal loan through instant personal loan apps is quick and takes a few seconds for approval. You need to follow the following steps to get a loan through these apps.
Documents Required for Personal Loan Apps
Instant personal loan apps provide loans with the following minimal documents.
Here is a list of best instant personal loan apps in India 2021
1. dhani: Personal Loan, Online Doctor, Cashback Card
dhani is a one stop shop for all your healthcare & financial needs. You can get yourself an instant doctor consultation, medicines, instant loans, demat / trading / stock broking accounts, or just manage all your bill payments, travel bookings, shopping with the dhani Wallet or Card. You can get loans ranging from ₹2,500 to ₹ 1 lakh @ 0% Interest Rate, payable in 3 months, and available in extremely affordable subscription plans from ₹ 125 to ₹ 1,500.
2. Personal Loan App Online Loan – KreditBee
KreditBee is a platform facilitating the loan transactions between the borrowers and the NBFCs/Banks. All loan applications are approved and sanctioned by NBFCs/Banks registered with RBI and communicated upfront during Loan application. Loans range from ₹1,000 to ₹200,000
Tenure: 62 days to 15 months. Interest rates range from 0%-29.95% depending on risk profile of customer and product availed
3. mPokket: Instant Loan App for Students & Salaried
mPokket: Best Instant Personal Loan App for College Students & Salaried Employees in India
(Processing fees of ₹34 to ₹203 + 18% GST. Interest rates starting from 1% to 6% per month (12% – 72% per year). Tenure is 61-90 days. For example, if the personal loan amount is ₹1,000 & the applicable annual interest rate 50%, the amount to be repaid at the end of the tenure of 90 days would be a processing fee plus interest of ₹1,000 x 50% x 90/365 = ₹123
4. Money View Loans: Personal Loan App, Instant Loan
You can borrow any amount starting from ₹10,000 up to ₹5 Lakhs! Our Annual Interest rates (APR) vary from 16% to 39%* & you can choose from a wide range of flexible EMI repayment plans starting from 3 months & going up to 5 years.
For instance, an instant personal loan of ₹50,000 with an annual interest rate (APR) of 18% and a repayment tenure of 24 months will cost you ₹11,679 in interest & fees.
5. MoneyTap – Credit Line & Personal Loan App

Best Personal Loan App in India – Get money up to ₹5,00,000 & pay interest on the exact amount you withdraw from your MoneyTap balance
Get a personal loan online with zero collateral. Interest rates starting from as low as 13% per annum* for 3 to 36 months. We offer you the benefits of an easy personal loan and credit card combined.
✔For salaried employees only! Minimum salary = ₹30,000 per month.
6. Salary Advance & Personal Loan App – EarlySalary
EarlySalary is the most innovative Personal Loan App for Salaried Professionals.
Loans range from ₹3,000 to ₹500,000
Tenure: 90 days to 24 months. Interest rates range from 0%-30% per annum depending on the product availed.
Example: If the loan amount is ₹10,000 & interest is 20% per annum with tenure of 60 days; after deducting any other fees
Interest = ₹10,000 x 20%/365 x 60 = ₹328 and Total Amount payable would be ₹10,328.
EarlySalary group owns “EarlySalary Services Private Limited formerly known as Ashish Securities Pvt. Ltd.”, an NBFC duly registered with Reserve Bank of India. Salaried Professionals with a salary above ₹18K can now get instant personal loan ranging from ₹3,000 to ₹5Lakh on the app and we will transfer cash to your bank account in 10 minutes @ just ₹6/day*.
7. Kreditzy Personal Loan App Online Loan
Kreditzy is a platform facilitating the loan transactions between the borrowers and the NBFCs/Banks. All loan applications are approved and sanctioned by NBFCs/Banks registered with RBI and communicated upfront during Loan application.
Loan amount: from ₹1,000 to ₹100,000 Loan Tenure: 91 days to 365 days
Interest rate: Dependent on loan tenure and customer’s risk profile. The maximum interest rate is 29.95% per annum.
Example: If the loan amount is ₹10,000 and the interest rate is 29.95% per annum with the tenure of 91 days, after deducting the processing fee, the interest payable is as follows:
Interest = ₹10,000 x 29.95%/365 x 91 = ₹ 747
8. PaySense: Personal Loan App

The loans are given for a duration of 3 months to 60 months.Looking to get a personal loan? PaySense is a personal loan app which offers instant personal loans upto ₹5 lakhs at attractive interest rates, zero collateral & flexible EMI.
9. IndiaLends – Instant Personal Loan & Credit Cards
Get personalized personal loan offers up to ₹50 lacs at interest rates starting 10.75% for a tenure ranging from 1 year to 5 years. The app selects the best suitable Banks/NBFCs offering minimal interest rate and easy approval based on your personal loan eligibility. IndiaLends has associations with over 50+ banks and NBFCs including HDFC Bank, SBI, ICICI Bank, Yes Bank, Bajaj Finserv, IDFC First Bank, IIFL, Clix Capital, Paysense, DMI, Citibank, Tata Capital, IndusInd Bank, RBL, Capital First Limited, Fullerton India, Aditya Birla Finance Limited, Axis Bank, CASHe, Credit Sudhaar, etc.
Personal Loan Eligibility
Age – 18/21 years – 60/65 years
Employment Type – Salaried/Self-Employed
Minimum Net Income (monthly) – ₹15,000
Work Experience – Salaried for at least 6/12 months or Self-Employed for at least 3 years
Tenure: (Min) 3 to (Max) 60 months
Interest Rate ranging from 10.75% to 25% depending on customer’s credit and risk profile
10. InstaMoney – Instant Personal Loan Advance Salary

Loan Range: ₹5,000 to ₹10,000
Tenure: 3 months to 5 months (90 days to 150 days)
Interest rates (APR) Range: 24%-35.88% per annum
Example: If loan amount is ₹10,000 & interest is 24% per annum with tenure of 3 months, Interest = ₹10,000 x 24% x 3/12 = ₹600 and Total Amount payable would be ₹10,600 over 3 months. Processing fees vary between Rs. 0 to Rs. 499 depending on the loan amount.Avail an instant personal loan ranging from ₹ 5,000 to ₹ 10,000 on the app and we will transfer cash to your bank account in just 2 hours.Note: No credit history* required, no prepayment charges and affordable-interest rates!
Factors to Consider While Taking Instant Loan
#1. Repayment Capacity
Before you apply for an instant loan, check your cash needs and the repayment capacity. If you can manage from your savings, withdrawing investment or borrowing from your colleagues then do that instead of taking a loan.
If you still want to go for an instant loan then make sure that you have a cash flow in the coming months to repay the loan. Otherwise, instant loans can be a trap because of high-interest rates.
#2. Rate of Interest
The interest rates on instant loans vary from 12% to as high as 72% per annum and differ from app to app.
The rate of interest charged is very high and if you default then the interest gets accumulated. Look for instant loans that charge a reasonable rate of interest that you can repay easily.
#3. Repayment Period
The repayment period also varies from 60 days to 5 years. Few apps offer a very short repayment period which can be difficult to manage because of high repayment amounts.
Select a repayment period where you are comfortable and your monthly finances do not get impacted.
#4. Loan App Ratings
The app ratings and reviews tell a lot about the experiences of the people already using the app. The popular loan apps with higher ratings have a better user experience, application process and loan management features.
#5. Processing Fees & Other Charges
Processing of instant loans is fast but it also eats up 1% to 6% of your loan amount.
Look for instant loan apps that charge a lower processing fee or other charges like sign up charges or service fees.
Final Words
Instant loan apps provide you an option to get a fast cash with minimum documentation, less effort in the least possible time.
Instant loan apps are really helpful in situations of urgent cash needs. But you need to be careful in using the facility only in extreme financial needs because of the high-interest rates they charge