Traditional banks have a tedious process to offer a loan. Also, you had to plan to get the loan. Also, they offer ridiculously high interest. However, with the advancement of technology and website optimization services, there are several Instant Personal Loan Apps to sort your quick cash needs.
In the past, if you required a quick loan, you had to ask a friend or relative. It posed shame as no one wants to appear a beggar before people. Personal loan apps give you dignified instant loans. Also, there is no paperwork, and you need not wait for days for them to release the funds.
When that cash emergency knocks on your door, you have tens of online loan apps to select. But how do you discern which is better than the rest? Below is a list of the top 10 instant personal loan apps in India.
Instant Personal Loan Apps
Dhani
When you talk of loan apps in India, Dhani ranks at the top. Large masses trust this app with their immediate cash problems. Unlike other apps, you receive your money instantly after you apply. The only thing you need is to give them your Aadhaar card number, PAN number, and address. You then indicate the amount you need and submit. Dhani will credit your bank account within minutes.
You access the app on your phone. Therefore, you can access their services at any time and anywhere. The app gives you a loan range of INR 1000 to INR 150,000 at an interest of 12%. You are expected to repay the whole amount within 72 months.
Founded in: 2000 (Indiabulls); 2017 (launch of the app)
Minimum Loan Amount: INR 1000
Maximum Loan Amount: INR 15,00,000
Interest Rate:@11.49% Dhani Instant Personal Loan September 2020.
Download From Play Store Download Apple App Store
PaySense
PaySense App allows accessing a loan through your phone or laptop. You can access the loan if you are salaried and self-employed. You need to have a salary of INR 12000 or a monthly income of INR 15000 for the self-employed. This policy gives the unsalaried people a chance to get a loan. Many loan apps only focus on the employed individuals due to the fear of making losses when borrowers default payment.,
After you download the app, you want to update the necessary documentation and confirm your eligibility. You can then continue with the loan application if you qualify. You can get a loan between INR 5000 and INR 200,000; The repayment period extends from 3 months to 60 months. The interest rates are at 16% per year.
Founded in: 2015
Minimum Loan Amount: INR 5,000
Maximum Loan Amount: ₹5 Lakhs
Interest Rate:1.4% to 2.3% per month
Download From Play Store Not Available
MoneyTap
The MoneyTap is the cheapest loan app in India. It also occurs to be among the oldest loan apps in the Indian market. What makes it affordable? It has no use, no pay policy. The interest rate applies only to the money you use.
Thus, if you overestimate your financial need, they will not punish you for the same. However, it’s best if you had a monthly income of INR 20000 to qualify for the loan. You can access the loan when in more than 30 cities in India. Examples of the cities are Delhi, Mumbai, Chennai, Hyderabad, and others.
Founded in: 2015
Minimum Loan Amount: INR 3000
Maximum Loan Amount: ₹5 Lakhs
Interest Rate:1.08% per month (13% per annum)
Download From Play Store Download Apple App Store
Credy
Credy is among the newest loan apps in the Indian market. It is the most accessible loan app available. You can get the loan if you are a salaried resident of Pune, Mumbai, Chennai, Hyderabad, and Bangalore.
Credy was founded in 2016. It has few requirements to access the loans. First, your salary should be over INR 15000. After you download the app, you should upload the necessary documents before continuing with the loan application.
The app offers a flexible repayment plan. You can select between 3 months to 12 months, depending on your financial ability. The maximum loan you can get is INR100,000, while the minimum is INR 10,000. Interest rates range from 1% to 1.5% depending on the loan amount and repayment period.
Founded in: 2016
Minimum Loan Amount: INR 10,000
Maximum Loan Amount: INR 100,000
Interest Rate:1-1.5% per month
Download From Play Store Not Available
IndiaLends
IndiaLends is among the fastest apps you can get a loan. Your application goes through immediately, and they disburse the funds within 48 hours. Besides instant loans, IndiaLends also offers free credit reports and credit cards.
The app combines technology and data to make the transactions seamless. It performs risk assessment and boosts workflow; The result is an easy, short, and efficient process.
Interest Rates Start 10.75%
Founded in: 2015
Minimum Loan Amount: ₹15000
Maximum Loan Amount: Up to ₹50 lacs depending on the credit profile
Download From Play Store Download Apple App Store
Cashe
When you need an emergency loan in minutes, the Cashe App should be your number one choice. If you already have the app in your phone and documents ready, you only need to submit your application. You can download this app free from the Apple Store and Google Play Store.
The apps serve salaried people. You will require to upload a bank statement, PAN card, salary slip, and address proof. However, your social status will determine the amount you receive from Cashe. So, the higher the social level, the higher the loan you can get. They use some machine algorithm to evaluate your earning potential, social profile, and merit. It is a no brainer that people with higher social status want to protect their image. Thus, they ensure they pay any loan under their name to save their public image.
The process of loan application and disbursement is fully automated. You receive your loan in a Paytm wallet. This minimizes the transaction charges from one payment platform to another, You can procure a loan of as low as INR 5000 to INR 200,000. The interest rate is 1.5% monthly, and you can repay through check deposit or cash transfer.
Founded in: 2016
Minimum Loan Amount: INR 5,000
Maximum Loan Amount: INR 2, 00,000
Interest Rate: 2.50% per month 180 day loan
Download From Play Store Download Apple App Store
EarlySalary
Early salary is a fascinating invention. It is the only personal loan app that you can use to purchase on Amazon, Big Bazaar, and Flipkart. Also, you do not have to avail of your credit history to qualify for a loan. The only necessary documents are the ones showing proof of employment.
Do not sit there stuck with unpaid bills in the middle of the month. EarlySalary gives you the funds to keep you until the next payday. However, you should note that the interest rates are 2% to 2.5 5 per month. They also charge a 2% processing fee for any loan you apply. The loan amounts range from INR 1000 to INR 200,000. The repayment period extends from one day to 50 days.
The loan has gained popularity among young people due to the ease of accessing loans. They also find it easy to use the loans to pay for their online shopping. It minimizes transaction charges ensuring that you enjoy maximum benefits of the loan.
Founded in: 2015
Minimum Loan Amount: INR 1000
Maximum Loan Amount: INR 2, 00,000
Interest Rate: 2% – 2.5% per month
Download From Play Store Download Apple App Store
LoanTap
Do you need a personalized loan app in the Indian market? Loantap gives you the freedom to choose the type of loan, depending on your needs. In the Loantap. You can get a loan for parties, personal use, home improvement, two-wheeler loans, low installment loans, etc.
Loantap is among the most popular loan apps in India. People love it for its flexibility in loan selection and repayment options. Also, it requires minimum documentation, thus making it accessible to many people. With a loan range of INR 5000 to INR 1,000,000, you can cater to all your needs with ease. The interest rates are favorable and vary with the type of loan you take.
Founded in: 2015
Minimum Loan Amount: INR 50, 000
Maximum Loan Amount: INR 10,00,000
Interest Rate: 15% to 24% p.a
Download From Play Store Download Apple App Store
mPokket
Many loan apps in the Indian market target salaried people. This leaves the college students and the unemployed languish in their struggles. Thus, it was necessary to use web optimization services to design a loan app for this category. College students no longer need to sleep hungry when they run out of cash. mPokket offers pocket money to students in need.
Students need to download the app from online stores- it is free. Then they should fill the necessary details and apply for the loan. mPokket credits the money to your Paytm wallet or directly to your bank account. It is upon you to decide where you want your cash deposited.
The app does not restrict the upper limit of the loan to apply. However, they know the student will not ask for much. However, the lower limit is INR 500- it is the initial money they can lend you, and the limit increases with time. The more you pay in time, the higher your next loan limit will be. The student should repay the money within three months.
Founded in: 2016
Minimum Loan Amount: INR 500
Maximum Loan Amount: Rs 20,000
Interest Rate: 3 per cent a month
Download From Play Store Not Available
MoneyView
Many times you need instant cash, but the process of loan application is tedious. MoneyView offers you a platform where you can get a significant amount in just a few minutes. With the money app, you can borrow from INR 5000 up to INR 500,000.
The app offers a flexible repayment process of 3 months to 3 years. There’s no other app that will give you such a long time to repay. The interest rates fluctuate between 1.33% and 2% per month.
The process of loan application is 100% paperless. You receive the loan within two hours. Thus, the app gives you a quick way to upgrade your home, car, and life.
Founded in: 2014
Minimum Loan Amount: INR 10,000
Maximum Loan Amount: INR 5, 00,000
Interest Rate: 1.33-2 percent per month (approximately)
Download From Play Store Not available
Other Popular App consider for loan
NIRA
Mi Credit
LazyPay
ZestMoney
FlexSalary
PayMe India
Kredit Bee
Smart Coin
Rupeelend
| Other Apps Available to Try |
| Home Credit |
| Anytime Loan |
| Capital First |
| Opta Credit |
| CashBean |
| FlexiMoney |
| RapidRupee |
| Kissht |
| Pocketly |
| Cashbull |
| CashUp |
| iCashLoan |
| Wisekredit |
| EasyCredit |
| GotoCash |
| uuCash |
| Kreditzy |
| CashMaba |
| Ex Money |
| Finheal Capital |
| OkRupee |
| Kisan Instant |
| QuickCash |
| RsRush Pro |
| MoreRupee |
| CurryLoan |
| iCredit |
| Udhaar |
| RupeeHere |
| RupeeMo |
| CashMama |
| Speed Rupee |
| CashPost |
| RupeePlus |
| LendKaro |
| InstaRupee Loan |
Conclusion
There are several loan apps in the Indian market. Each app is suitable for a personal specific need; The companies use web optimization services to market themselves online. A borrower only needs to search for the loans they need.
Many solutions will pop up. Go through each app, the pros and cons before you settle for one app. The essential item you should look for is the interest rate and the repayment plan. You don’t need to take a loan that will make you have a negative credit report. However, we have simplified your search. The list above contains the best loan apps in India.
