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Best Loan Apps in India – November 2021

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.

With the advent of technology, the application and disbursal of personal loans have become much easier. Several lenders offer this ease through their mobile applications. These apps offer instant personal loans to its customers. You only need a mobile phone and internet connection to get your personal loan instantly. You can get instant loan approval through instant loan apps following a completely online application procedure.

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.

  • Register for the instant personal loan application such as Cashe, Kreditbee and Early Salary etc.
  • Check your eligibility for the personal loan.
  • Next, fill the essential personal and bank details.
  • The loan amount will be instantly transferred to your bank account.

Documents Required for Personal Loan Apps

Instant personal loan apps provide loans with the following minimal documents.

  • Aadhaar card
  • A photograph
  • Bank account details and statements
  • KYC form
  • College ID card for Students

Here is a list of best instant personal loan apps in India 2021

1. KreditBee Personal and Business Loans App Online – Download

KreditBee Personal and Business Loans App Online

KreditBee is an instant personal loan app trusted by 1 Crore+ Indians. Avail personal loans starting from ₹ 1,000 to ₹ 2 Lakhs, as per your approved credit. On approval, get a direct bank transfer within minutes.

Get approved for personal, salary loans & EMIs with minimal documentation & small transaction fees.

Loan amount: From ₹1,000 to ₹200,000
Interest rates: From 0% to 29.95% per annum
Tenure: 62 days to 15 months

2. MoneyTap – Credit Line & Loan – Download

MoneyTap - Credit Line & Loan

Best Instant Personal Loan App in India – Get Instant approval for a credit line of up to ₹5,00,000 & pay interest only on the amount you withdraw from your MoneyTap balance.

✅ Salaried employees only. Minimum salary = ₹30,000 per month.

Interest rates starting from as low as 13% per annum* for 3 to 36 months. Interest payable on the exact loan amount used from your approved credit line.

3. mPokket: Personal Loan & Instant Student Loan App –  Download

mPokket: Personal Loan & Instant Student Loan App

Best Online Loan App. Instant loan app for students, Instant loan for salaried, Loan upto Rs 30,000. Get instant loan for college students and instant loan for salaried employees. Avail personal loan instantly ranging from Rs 500 to Rs 30,000. Just open this online loan app and consider this as a borrowing option whenever you are short of pocket money or you want to avail urgent cash loan in any emergency or even to settle your travel plans and much more. Get everything settled with the best instant loan app.

Loan amount – Rs 500 to Rs 30,000
Interest rates – from 2% to 6% per month
Tenure – 61 days to 120 days

4. Personal Loan & Salary Advance App – EarlySalary – Download

Personal Loan & Salary Advance App - EarlySalary

EarlySalary is the most innovative Personal Loan App for Salaried Professionals.
Loans range from ₹8,000 to ₹500,000
Tenure: 90 days to 24 months. Interest rates range from 0%-30% per annum depending on the product availed.

5. Instant Personal Loan App – SmartCoin – Download

Instant Personal Loan App - SmartCoin

Personal Loans range from ₹4,000 to ₹ 1 Lakh

Tenure: 62days to 1year. Interest rates range from 0%-30% depending on the risk profile of the customer and product availed. This app provide premium Instant Loan for both salaried and self-employed individuals. A personal loan worth ₹1,000 to ₹1 Lakh with flexible disbursement tenure ranging from 91 to 270 days on our Small Loan App. The funds will be credited directly to your bank account. 100% online. Minimum documentation. Fastest disbursal.

6. Personal Loan App: Cash Loan, Loan App by CASHe – Download

Personal Loan App: Cash Loan, Loan App by CASHe

CASHe is the easiest way to get personal loan online for salaried professionals with monthly net take-home of ₹20,000 or more. Our online loan app disburses short-term loans as soon as possible.

The CASHe personal loan app reduces paperwork eliminating human intervention. Apply for personal loan in minutes and get personal loan from ₹7,000 to ₹4,00,000 using the CASHe app.

CASHe fully adheres to RBI’s Fair Practice Code & is committed to promote best practices in digital lending.

7. PaySense: Personal Loan App – Download

PaySense: Personal Loan App

PaySense provides personal loans from Rs.5,000 to Rs.5,00,000 with an Annual Percentage Rate (APR) between 16% to 36% on a reducing balance basis.

PaySense is present in 60+ cities in India, including Mumbai, Bengaluru, Kolkata, Chandigarh, Chennai, and Delhi NCR. PaySense has partnerships with NBFCs/Banks registered with RBI such as Credit Saison India, Fullerton, IIFL, and PayU Finance.

They have disbursed over 1 lakh personal loans in the last 12 months. They are a personal loan app in India that offers easy and quick loans to salaried individuals.

8. Dhani: Medicines, Cards, Credit, Payments & Stocks – Download

Dhani: Medicines, Cards, Credit, Payments & Stocks

Dhani is a one-stop-shop for all your financial & healthcare needs. You can get yourself an instant Dhani OneFreedom card with card credit limit up to ₹ 5,00,000 at 0% interest or order medicines & healthcare products at 25% Discounts with Dhani Pharmacy, and get them delivered to your doorstep.

9. Bajaj Finserv – Instant Loans,Credit Card,EMI Card – Download

Bajaj Finserv-Loan,UPI,Payment

Introducing Bajaj Finserv, a one-stop solution for personal loan, credit card, EMI card, insurance, investments, bill payments & more. Through the Bajaj Finserv app, users can instantly apply for the following loan, investment & insurance product/services:

* Personal Loan with EMI calculator
* Bajaj Finserv RBL Credit Card
* EMI Card, Health Card, Add-on Card
* Home Loan Balance Transfer with EMI calculator
* Business Loan and EMI calculator
* Doctor Loan and CA Loan
* Fixed Deposits with Interest Calculator
* Insurance services
* Loan Against Property

10. Instant Approval Personal Loan – Download

Instant Approval Personal Loan

IndiaLends is an online marketplace for credit products and offer free credit report, range of credit cards and personal loans from different Banks and NBfcs. IndiaLends offers instant personal loans to its customers with most products being fully digital. IndiaLends also provides technology, data and credit analytics solutions along with a loan management platform to financial institutions. IndiaLends is run by a team of credit risk professionals and data scientists with multiple years of experience in consumer credit.


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

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