Top 50+ Instant Personal Loan Apps in India 2024

Instant personal loan apps in India have revolutionized the personal loan process by offering easy access to funds online without the hassle of paperwork or collateral. With 100% digital procedures, these loans provide quick and convenient funding, making them an ideal choice for financial emergencies. 

The best loan pp offers borrowers the flexibility to use their funds for a variety of purposes, including covering wedding expenses, medical treatment, home renovation, education costs, vacation expenses and debt consolidation. 

When searching for a personal loan in India today, you will find numerous top loan apps, each with distinct features and advantages. It is crucial to discover the ideal online loan app that meets all your needs. There is quite a selection of instant loan apps that have made a significant impact on the Indian loan market. 

What are Instant Personal Loan Apps?

Instant personal loan apps are smartphone-based platforms that offer convenient access to unsecured personal loans. They are designed to meet short-term financial requirements like medical emergencies, travel, education or home repairs. These apps have a simple application process, requiring minimal documentation such as proof of identity, address and income. 

List of Best (RBI-Approved) Personal Loan Apps in India

This section contains the list of the best personal loan apps in India because these apps are RBI-approved. We have considered various factors like loan range, interest rates, features, and user feedback to compile this list for you. 

App Name	Loan Range	Key Features	Eligibility & Requirements
Investkraft	₹50,000 - ₹20,00,000	Fast loan approval, fully online application, attractive interest rates	Good credit score, age 21-57, 1-year work experience, 1-month job stability
Navi	₹10,000 - ₹5,00,000	Quick disbursal, fully digital process, competitive rates starting at 9.9% per annum	Aadhaar, PAN, good credit rating
MoneyTap	₹3,000 - ₹5,00,000	Line of credit, immediate approval, flexible EMIs, repayment up to 36 months	Aadhaar, PAN, steady income
PaySense	₹5,000 - ₹5,00,000	Pre-approved offers, EMI calculator, minimal paperwork, flexible tenure	Age 21-60, monthly income of ₹18,000+
CASHe	₹7,000 - ₹4,00,000	Salary advance, digital KYC, short-term loans, quick disbursal	Age 23-58, salaried professionals
Bajaj Finserv	₹30,000 - ₹25,00,000	High loan amounts, pre-approved offers, EMI calculator, minimal documentation	Aadhaar, PAN, steady income
ZestMoney	Up to ₹5,00,000	EMI financing, credit score enhancement tools, variety of loan products	Aadhaar, PAN, good credit history
IndiaLends	₹5,000 - ₹25,00,000	Loan comparison platform, free credit report, easy application process	Varies by lender
True Balance	₹500 - ₹50,000	Microloans, financial education resources, credit building	Basic KYC, suitable for limited credit history
Branch	Up to ₹1,00,000	Fully digital KYC, quick disbursal, app-first approach	Aadhaar, PAN, age 21+
LazyPay	Up to ₹5,00,000	Instant loans, buy now pay later services, minimal paperwork	Aadhaar, PAN, steady income
Fibe (EarlySalary)	Up to ₹5,00,000	Fast disbursals, online process, salary advances, interest rates based on credit score	Age 21-55, steady income
KreditBee	Up to ₹2,00,000	Quick loans, flexible repayment options, digital process	Aadhaar, PAN, age 21+
mPokket	Up to ₹45,000	Ideal for students and young professionals, fast disbursal, short tenure	Age 18+, student ID or proof of employment
Hero FinCorp	Up to ₹3,00,000	Known for vehicle loans, now offers personal loans, competitive rates	Aadhaar, PAN, steady income
Stashfin	₹1,000 - ₹5,00,000	Digital lending platform, flexible credit line, easy online process	Age 18-65, Aadhaar, PAN
ZestMoney	Up to ₹5,00,000	EMI financing, no credit score required, credit limit increases with timely payments	Aadhaar, PAN, steady income
Slice	Up to ₹10,00,000	Credit line, flexible EMIs, ideal for young professionals and students	Age 18+, Aadhaar, PAN
FairMoney	₹1,000 - ₹50,000	Instant personal loans, low documentation, mobile-first approach	Aadhaar, PAN, bank account details
NIRA	₹5,000 - ₹1,00,000	Salary advances, flexible repayment options, mobile app-based application	Age 21-65, Aadhaar, PAN, steady income
FlexSalary	₹4,000 - ₹2,00,000	Monthly salary advances and flexible repayments, tailored for salaried professionals	Age 21-60, Aadhaar, PAN
Lendingkart	Up to ₹10,00,000	Focus on small businesses, quick loan disbursal, minimal paperwork	Business registration, PAN, Aadhaar
OxyLoans	₹10,000 - ₹10,00,000	Peer-to-peer lending platform, flexible terms, personal and business loans	Aadhaar, PAN, basic documentation
RupeeLend	₹2,000 - ₹50,000	Instant microloans, quick disbursal, fully digital process	Age 18+, Aadhaar, PAN
SmartCoin	₹1,000 - ₹1,00,000	Tailored for microloans, accessible for low-income groups, fast processing	Age 18+, Aadhaar, PAN
Dhani	Up to ₹15,00,000	Offers personal loans and healthcare services, minimal documentation, quick approval	Age 18+, Aadhaar, PAN, steady income
TruePay	₹5,000 - ₹5,00,000	Quick loans, transparent fees, instant disbursal	Age 21-60, Aadhaar, PAN, income proof
Kissht	Up to ₹2,00,000	EMI options for purchases, personal loans and credit lines, minimal paperwork	Aadhaar, PAN, income proof
KrazyBee	Up to ₹1,00,000	Consumer loans, especially for students and young professionals, instant credit line	Age 18-25, Aadhaar, student ID or employment proof
Mi Credit	Up to ₹1,00,000	Backed by Xiaomi, offers quick loans, integrated with MIUI, competitive rates	Aadhaar, PAN, age 21+
Simple	Up to ₹50,000	Digital lending platform, BNPL services, focuses on consumer purchases	Aadhaar, PAN, basic documentation
EarlySalary	₹8,000 - ₹5,00,000	Salary advances, personal loans, shopping loans, minimal documentation	Age 21-55, Aadhaar, PAN, steady income
RupeeRedee	Up to ₹25,000	Micro-lending platform, easy application, fast disbursal	Age 21-60, Aadhaar, PAN
IndiaLends	Up to ₹50,00,000	Loan aggregator, offers personal loans, credit cards, free credit report	Varies by lender, basic KYC
Ola Money	Up to ₹5,00,000	Personal loans, BNPL services, integrated with Ola app, easy application	Aadhaar, PAN, steady income
CreditVidya	Varies	Focuses on credit scores and financial wellness, partners with banks and NBFCs	Dependent on partner bank/NBFC
KreditDost	₹10,000 - ₹5,00,000	Quick loan processing, personalized offers, digital KYC	Age 21+, Aadhaar, PAN, steady income
Money View	₹10,000 - ₹5,00,000	Instant personal loans, minimal paperwork, credit line services	Age 21-57, Aadhaar, PAN, steady income
Home Credit	Up to ₹2,00,000	Consumer finance, personal loans, flexible repayment options	Age 18-65, Aadhaar, PAN
Qbera	₹50,000 - ₹10,00,000	Instant personal loans, special offers for new borrowers, minimal paperwork	Age 23-55, Aadhaar, PAN, steady income
LoanTap	₹50,000 - ₹10,00,000	Customized personal loans, flexible repayment and interest-only payments initially	Age 21-58, Aadhaar, PAN, steady income
Upwards	Up to ₹5,00,000	Quick loan approval, minimal paperwork, ideal for salaried individuals	Age 21+, Aadhaar, PAN
RupeeCircle	₹50,000 - ₹10,00,000	Peer-to-peer lending, competitive rates, detailed borrower profiling	Age 21-60, Aadhaar, PAN, steady income
Clix Capital	₹25,000 - ₹25,00,000	Quick personal loans, customized offers, minimal documentation	Age 25-58, Aadhaar, PAN, steady income
Finance Buddha	₹50,000 - ₹30,00,000	Loan comparison platform, quick approvals, personalized loan options	Varies by lender, basic KYC
BankBazaar	Varies	Loan marketplace, free credit score access, comparison of various lenders	Varies by lender, basic KYC
Ruloans	Varies	Loan comparison platform, dedicated support, variety of loan products	Varies by lender, basic KYC
Fullerton India	Up to ₹25,00,000	Personal loans, competitive rates, flexible tenure options	Age 21-60, Aadhaar, PAN, steady income
DigiLend	Up to ₹10,00,000	Peer-to-peer lending platform, personal and business loans, detailed borrower profiles	Age 21+, Aadhaar, PAN, steady income
Finnable	Up to ₹10,00,000	Instant loans, minimal paperwork, focus on salaried individuals	Age 21+, Aadhaar, PAN
MobiKwik	Up to ₹5,00,000	BNPL services, quick personal loans, integrated with MobiKwik wallet	Aadhaar, PAN, steady income
OxyLoan	Up to ₹10,00,000	Peer-to-peer lending, flexible terms, detailed borrower profiling	Age 21+, Aadhaar, PAN
Shubh Loans	Up to ₹2,00,000	Personal loans, credit score improvement tools, minimal documentation	Age 21+, Aadhaar, PAN, income proof
Loanzen	Up to ₹10,00,000	SME loans, personal loans, quick disbursal	Age 21+, Aadhaar, PAN, steady income
Happy Loans	Up to ₹2,00,000	Loans for small business owners, quick processing, minimal paperwork	Age 18+, Aadhaar, PAN
StashFin	Up to ₹5,00,000	Personal and business loans, flexible repayment options, quick approval	Age 21+, Aadhaar, PAN

 

What are the Benefits of Using Instant Personal Loan Apps?

Using an instant personal loan app can provide numerous benefits when it comes to securing funds during emergencies like - 

1. Best loan apps have user-friendly interfaces for easy borrowing and are accessible to all users. Simple apps increase satisfaction and encourage usage. 
2. Instant personal loan apps are available 24/7, allowing users to apply for loans at any time, providing flexibility and quick access to financial assistance. 
3. Instant loan apps offer real-time tracking, allowing borrowers to see loan status and repayment schedules, building trust and giving them control. 
4. Best instant personal loan apps offer quick access to funds with minimal paperwork, credit checks and approval timelines. Lenders provide pre-approved loan offers, eliminating the need for documentation and expediting the disbursement process. 
5. Advanced encryption technologies protect your personal and financial data, ensuring security and peace of mind against unauthorized access to cyber threats. 
6. Instant personal loan apps offer a paperless process for convenient digital application and approval, eliminating physical visits to the bank. 
7. These apps offer discounts and cashback on transactions, making it a platform for savings. 

How Do I Select the Right Instant Loan App for Me?

Before using an instant loan app, it is crucial to ensure its authenticity. To identify a safe and right instant personal loan app, here are some key ways. 

1. What is the App or Its Company's Offline Address and Website?

- Borrow only from an app with a physical address like Investkraft. Avoid apps without a legitimate address as they may be scammers. Genuine lenders have a registered location and provide their contact details on their website. Research the parent company and ensure they have an official website linked to the app. Do not use apps without a website. 

2. Is the Lender or Its Partner Registered with RBI?

Use lending apps for quick loans but beware of fraudulent ones. Ensure your lender is RBI-connected and works with NBFCs. Borrow only from RBI-registered sources. 

3. Research Your Lender’s Online Ratings and Reviews

- Check reviews and ratings of the loan app for insights into the lender’s quality. Look up lender’s ratings and reviews online to understand how they operate. Genuine reviews reveal lender’s behaviour and unethical practices reported by previous borrowers. 

4. Check How Much Personal Data Does Your Lender Want?

Some lending apps request contact and gallery access for security checks, but trustworthy lenders like Investkraft can underwrite without accessing these details. They keep the information confidential and ensure data security. Still, do your research on the lender before sharing your details. 

5. Is Your Lender’s Website Secure?

- Ensure the lock icon is present on your lender’s secure website pages. URLs starting from https:// are protected against identity thieves. A reputable lender like Investkraft will safeguard your personal information and prevent loan scams. 

 

6. Does the Lender Offer Any Special Features?

- If a borrower has a poor credit score, they should opt for an app that evaluates loan approval using criteria apart from credit history. Certain apps assess social profiles as a factor for loan approval. 

7. Does the Lender Disburse Funds Immediately?

- The borrower should carefully research and compare different mobile apps to ensure they select one that offers immediate loan disbursement like Investkraft. It is important to consider factors such as interest rates, repayment terms and the overall reputation of the app. By doing so, the borrower can make an informed decision that meets their immediate financing needs. 

8. Will I Have Freedom When It Comes to How I Use the Loan Amount?

- The borrower must confirm that they have the freedom to use the loan for any purpose they desire, rather than being limited to specific transactions such as paying rent or utility bills. 

9. Does the Lender Have Additional Charges and Conditions for the Borrowers?

- Applicants need to pay close attention to any additional costs and conditions imposed by mobile apps to avoid losing money. Conducting thorough research into processing rates and other details is crucial for borrowers. 

10. How Good are the Lender’s Customer Support and Services?

- The app needs to have the capability to offer continuous customer support and assistance at all times, ensuring that users have access to help whenever they need it. 

How Can I Apply for a Loan Through an Instant Personal Loan App?

Here's a step-by-step guide to help you navigate applying for a loan through an instant personal loan app: 

Step	Particular	To Do
Step 1	Find a trustworthy lender after a thorough research	Compare instant personal loan apps to find a trustworthy lender with good rates and terms. Check if the apps are registered with credible authorities and read reviews for customer service.
Step 2	Verify eligibility	Different instant loan apps have different eligibility requirements for age, income and credit score. Check the lender’s website or app for specific criteria. Some apps offer a pre-qualification tool without affecting your credit score.
Step 3	Download the app and register	Download the app from the official app/Play Store. Register using your mobile number or email. The app will send a verification OTP.
Step 4	Fill out the personal loan application form	Please provide your name, address, employment information and monthly income. Upload scanned copies of KYC documents like the PAN card and Aadhar card for verification.
Step 5	Select the loan amount and repayment term	Specify the borrowing amount and repayment period. Loan apps offer smaller amounts with shorter terms compared to traditional banks.
Step 6	Check the loan terms and interest rates	Read the loan agreement carefully. Understand interest rates, processing fees, late payment penalties and terms. Know the total cost, including the Annual Percentage Rate (APR) before proceeding.
Step 7	Submit the loan application and wait for approval	Submit your application electronically after reviewing and agreeing to the terms. Reputable lenders will usually perform a credit check to evaluate your creditworthiness. Approval decisions can be received within minutes or hours, depending on the lender.
Step 8	Get loan funds if approved	Once your loan is approved, the lender will electronically deposit the funds into your bank account, typically within 24 hours. It is important to carefully review the terms and conditions of the loan to understand the specific timeframe for fund disbursement.

 

Conclusion

Instant personal loan apps in India have revolutionized personal finance, providing easy and fast access to funds for various purposes. These apps have simplified the borrowing process with their user-friendly interfaces, minimal documentation and fast disbursal. They have become an ideal solution for individuals in need of quick financial assistance. 

When selecting a lending app, it is important to consider factors like RBI registration, security features and customer reviews for a safe borrowing experience. With the right app, you can secure funds easily and focus on achieving your financial goals. Responsible borrowing and timely repayments are crucial for maintaining a good credit score and financial health. These apps offer a hassle-free way to meet your needs for a medical emergency, education or a big purchase. Explore the options, compare features and choose an app that aligns with your requirements for a seamless and secure loan experiment.

Frequently Asked Questions (FAQs)

 

Q1: What are Instant Personal Loan Apps?

A: Instant personal loan apps are convenient as they save time by enabling quick application and approval processes. They provide access to small, unsecured loans through a seamless online platform, making financial assistance easily accessible. Additionally, the expedited deposit of funds directly into the borrower’s bank account enhances the overall user experience. 

Q2: What are the Repayment Terms for Instant Loans?

A: Short repayment terms and interest rates should be carefully understood before borrowing from instant loan apps to avoid high penalty charges and negative credit score impacts. 

Q3: What are the Typical Interest Rates for Instant Loans?

A: Interest rates for instant loans can differ based on the lender, loan amount and your creditworthiness, typically ranging from 9% to 36% APR. Therefore, it is crucial to compare rates from different apps before making a decision. 

Q4: Can I trust a loan app that promises instant approval with no credit check?

A: Proceed with caution when dealing with lenders who offer instant approval without any credit checks. Reputable lenders usually conduct credit checks to evaluate your repayment capacity. Be wary of lenders who avoid this process, as it could be a sign of predatory lending practices and exorbitant interest rates. 

Q5: Can I use multiple loan apps at the same time?

A: It is not recommended to use multiple loan apps at the same time as managing several loan repayments can be overwhelming and strain your finances. 

Q6: Are there any government regulations for instant loan apps?

A: Yes, the RBI’s guidelines for NBFCs providing instant personal loans through apps are a positive step in promoting responsible lending and safeguarding borrowers. It is crucial to exercise caution and opt for reputable lenders despite the guidelines being in place. 

Q7: Are there any upcoming regulations expected for instant loan apps?

A: The RBI is actively improving regulations in the digital lending domain. Stay updated on the new guidelines and stricter measures to safeguard borrowers by visiting the RBI website. 

Q8: Can I use a foreign instant loan app in India?

A: It is important to steer clear of foreign loan apps because regulations and consumer protections can vary greatly, making it challenging to address disputes or unfair practices.