Best Personal Loan Apps in India

Last Updated : Sept. 16, 2024, 5:28 p.m.

In today's world, anyone can face a critical emergency and may not be able to approach an NBFC or bank for a short-term personal loan due to various reasons, such as many lenders requiring a high credit score. Additionally, banks usually disburse loan amounts within 6-7 working days. This is where Wishfin helps by comparing and identifying the best personal loan apps in India.

There are applications on the market that offer loans in the shortest time possible without lengthy documentation formalities. This presents a perfect opportunity for individuals in urgent need of cash who cannot approach a bank or NBFC.

So, if you’re looking for a short-term personal loan but don’t know which app to use, don’t worry. This blog article will guide you through some of the most popular digital lending applications, allowing you to compare them and choose the one that best suits your needs.

List of Instant Loan Apps in India

Here is a list of the fastest instant loan apps in India.

Exploring the Varieties of Online Loan Apps in India

Below, we have listed several instant personal loan apps to assist with your funding needs in case of an emergency:

Upwards

Among various other apps Upwards is considered as one of the best personal loan apps in India as it offers Personal Loans for tenure of up to 24 months at interest rates starting @ 18%. With this type of unsecured loan, the lender does not require any collateral. Instead, the loan is offered based on your credit eligibility and credit score. Upwards has a minimal documentation process and provides the applicant with flexible payment tenures.

Step-by-step process to apply for a loan from Upwards:-

• Enter your loan requirements and some basic information in the application.
• Upload your KYC documents.
• Fill an application.
• Application for a personal loan gets approved in 24 hours.
• Digital signature
• Loans get disbursed to your account.

EarlySalary (Fibe)

EarlySalary’s (Fibe) online loan app may offer you a personal loan of up to INR 5,00,000 directly from your smartphone if you match their loan qualifying requirements. You are required to fulfill four key eligibility criteria:

Age – The applicant should be between 21 – 55 years of age
Income Requirements – Applicants must earn at least INR 18,000 per month in metropolitan areas and INR 15,000 per month in non-metropolitan areas.
Citizenship – Must be an Indian citizen
KYC – Must have all the required KYC documents.

Step-by-step process to apply for loan from EarlySalary (Fibe):

• Download the EarlySalary (Fibe) mobile app and verify your mobile number.
• Submit basic documents and details.
• Pick the loan amount after your profile has been authorized.
• The funds are deposited into your bank account.

PaySense

PaySense is a digital loan application offering short-term personal loans tailored for working professionals. This app can help you receive funds in less than 5 hours to pay for a number of personal needs. PaySense offers instant personal loans to both salaried professionals and self-employed individuals PaySense is popular among other online money lending apps due to its low loan rates, flexible terms, simple EMI payments, low documentation, quick processing, and quick disbursal.

Step-by-step process to apply for a loan at PaySense:

• Download the PaySense app on your smartphone.
• Get your loan approved in less than a minute.
• Submit KYC documents and select your EMI.
• E-sign your application after uploading your documents.
• You’ll receive money in your account in less than 5 hours.

CASHe

CASHe is a fintech product from Aeries Financial Technologies Pvt. Ltd., which provides short-term personal loans to young salaried professionals through a simple yet powerful app. It is powered by The Social Loan Quotient (SLQ), a unique forecasting algorithm that produces a detailed credit profile of customers not available to regular banks and credit agencies.

Step-by-step procedure to apply for a personal loan with CASHe:

• Download the app and sign in using any of your existing Facebook, LinkedIn, or Google accounts.
• Upload a few simple documents.
• You will be notified of your eligibility within 2 hours.
• If eligible, simply log in and choose an amount.
• Within minutes, the money will be deposited into your bank account.

MoneyTap

MoneyTap is India's first instant loan app, providing full-time salaried and self-employed professionals with instant cash on demand. Anyone who is at least 23 years old and earns a minimum of ₹20,000 per month can apply for a loan on MoneyTap.

Step-by-step process to apply for loan at MoneyTap:

• Download the MoneyTap Credit Line App and sign up
• Submit your KYC documentation
• Once your credit line is approved, you can transfer funds to your accounts instantly.
• Convert repayment to flexible EMIs.

Freecharge

Freecharge is one of the best personal loan apps in India, offering pre-qualified instant personal loans to its users. A pre-qualified loan requires minimal documentation, features instant application processing, and offers the best interest rates possible. Although all loans provided by Freecharge are disbursed by Axis Bank, you do not need to have an account with the bank to avail of the loan.

Step-by-step procedure to apply for a personal loan at Freecharge:

• Download the Freecharge application
• Authenticate yourself with OTP and instant KYC
• Select your loan amount and tenure
• Set up your monthly installment
• E-sign your loan agreement
• The money will be reflected in your bank account.

mPokket

mPokket provides unsecured personal loans to students and salaried professionals in India. You can borrow amounts from Rs. 500 to Rs. 30,000 at competitive interest rates of up to 4% per month. Upon approval of your personal loan, the funds are instantly credited to your bank account or Paytm wallet.

Step-by-step process to apply for personal loan at mPokket:

• Download the app and sign up using your mobile number.
• Complete your KYC online with PAN and Aadhaar details.
• If you are a college student, provide documentation verifying your educational status.
• Submit proof of employment and income if you are a salaried employee.
• Transfer funds as soon as your profile is approved.

True Balance

True Balance offers quick, hassle-free online personal loans for financial emergencies, ensuring you get support exactly when you need it. They provide two main types of loans: Cash Loans and Level Up Loans. Cash Loans are available from Rs. 5,000 to Rs. 1,25,000 with a repayment period of 3 to 12 months. Level Up Loans are tailored for students and can go up to Rs. 30,000.

Step-by-step process to apply for a personal loan with True Balance:

• Download the app and sign up.
• Complete your KYC by providing Aadhaar, PAN, and selfie.
• Select the preferred loan product.
• Input your basic details to find out your eligibility.
• Submit salary slips and bank statements.
• Enable auto debit and get funds disbursed to your account.

Moneyview

MoneyView provides personal loans up to Rs. 10 lakhs with easy online processing and minimal paperwork. You can choose repayment periods from 3 months to 5 years. The app offers a quick application process, and once approved, you receive the funds fast. MoneyView is user-friendly and secure, making it a reliable choice for personal loans.

Step-by-step process to apply for a personal loan with Moneyview:

• Download the app and sign in.
• Check your eligibility in just a few minutes.
• Choose your loan amount and repayment tenure.
• Complete your KYC and verify income details.
• Get funds transferred to your bank account in a few minutes.

Bajaj Finserv

Bajaj Finserv offers an instant personal loan app where you can borrow up to ₹40 lakh. Choose a repayment period that suits you, from 12 to 96 months, with interest rates starting at 11%. The app provides a fast and simple loan application process, making it easier to get the financial support you need quickly and without hassle.

Step-by-step process to apply for a personal loan with Bajaj Finserv:

• Download the Bajaj Finserv app from the Play Store or App Store.
• Login with your registered mobile number and OTP.
• Go to the personal loan section and apply for the same.
• Once your application is approved, the amount will get disbursed to your account.

ZestMoney

ZestMoney is a fintech company specializing in consumer lending across India. It addresses the credit needs of over 300 million households that lack access to traditional financing options like credit cards. Even if you have limited credit history, you can take advantage of ZestMoney's offerings. Get instant approval for loans up to ₹5 lakh and select from a variety of flexible EMI plans to suit your budget.

Step-by-step process to apply for a personal loan with ZestMoney:

• Download the ZestMoney app.
• Sign up for the ZestMoney credit limit by verifying your mobile number.
• Complete your profile submit KYC documents, and set up repayments to activate your credit limit.
• Shop with over 1000+ merchants.
• Once you shop from their partners and make consistent repayments, you can avail instant personal loan.

LazyPay

LazyPay is a digital payment solution that offers instant personal loans to help manage your immediate financial needs. With LazyPay, you can quickly access loans up to ₹5 lakh without extensive paperwork. The application process is simple and online, providing an immediate decision on your loan approval. You can easily repay in flexible EMIs. It’s ideal for anyone looking for a quick financial boost with minimal hassle.

Step-by-step process to apply for a personal loan with LazyPay:

• Download the LazyPay app and sign up.
• Enter a few details and check your eligibility.
• Finish your online application on the LazyPay app.
• Get cash instantly in your bank account.

Kissht

Kissht is a convenient app that offers quick personal loans to help you handle financial emergencies or fulfill personal desires. You can borrow up to ₹5 lakh with minimal documentation and no collateral. The application process is entirely online, allowing for instant approval and rapid disbursement of funds. Kissht offers flexible repayment options, making it easier to manage your finances without stress.

Step-by-step process to apply for a personal loan with Kissht:

• Download the Kissht app and complete your sign up,
• Upload basic documents like Aadhaar and PAN.
• Complete verification and simply apply.
• The amount will get credited to your account.

Documents Required for Fastest Instant Loan Apps

On any of the apps via which you want to apply for a loan, you will be required to upload the following KYC documents:

• Aadhaar card
• Bank statement
• Address proof
• Selfie

Features of Using Instant Personal Loan Apps

Here are the key features of using an instant personal loan app:

Convenience: Using loan apps offers the convenience of applying for a loan from anywhere, at any time, directly from your smartphone. This eliminates the need for physical visits to a bank or financial institution.

Quick Approval: Most loan apps provide quick approval processes, with some apps approving loans within minutes or hours of application submission.

Minimal Documentation: Loan apps typically require minimal documentation, simplifying the application process and reducing the hassle of gathering extensive paperwork.

Flexible Loan Amounts and Tenures: Users can often choose their desired loan amounts and tenures based on their financial needs and repayment capabilities.

Transparent Terms and Conditions: Loan apps generally provide transparent information regarding interest rates, fees, and repayment terms, allowing users to make informed decisions.

Secure Transactions: Reputable loan apps prioritize the security of user data and financial transactions, employing encryption and other security measures to safeguard sensitive information.

Credit Score Monitoring: Some loan apps offer users the ability to monitor their credit scores, providing insights into their creditworthiness and potential loan eligibility.

E-Signature Capabilities: Many loan apps facilitate the e-signing of loan agreements, eliminating the need for physical signatures and paperwork.

Customer Support: Users of loan apps often have access to customer support services, allowing them to seek assistance or clarification on any aspect of the loan application or repayment process.

Automated Repayment Options: Loan apps may feature automated repayment options, enabling users to set up recurring payments for their EMIs, enhancing convenience and ensuring timely repayments.

These features collectively contribute to making the process of applying for and managing personal loans more accessible, efficient, and user-friendly for individuals seeking financial assistance.