Are you searching for the best personal loan app in India (10 Best Personal Loan Apps in India)? If yes, then you will get complete information about it in this article. Although there are many Android apps for Instant Approval Personal Loan, among these there are only a few apps that give loans in real terms. In this article, we will tell you about the best loan apps.
If you are reading this article, it means that you want information about the trusted & best instant personal loan app in India. You are right because there are many fraud loan apps in the market, that do not provide loans by taking user information.
We have added the best loan apps here, which offer 100% loans, and you can easily get a loan from them within a few minutes.
What documents are required to take a loan from Personal Loan Apps?
Before taking a loan from any app, you should know which documents you will need to take the loan. To take a loan from the apps given below, you will mainly have to provide the following documents.
- Aadhar Card ( Address Proof के लिए )
- PAN Card (for Credit/Cibil Score)
- Banking Details (to take loan amount)
- Name, Address, Work Info, etc.
If you are ready to share the following details then you can take a loan from these apps. But still, we would advise you that taking a loan from any app will be your responsibility.
You will need to do a quick sign-up or registration on these loan apps. By which it finds out the credit facility available to the customer (i.e. you) based on the shared details. From this it is found out whether you will get a loan or not and if so, how much.
- How to take a personal loan? How to take a personal loan
Your request is instantly accepted and approved as soon as you complete the KYC and share your consent to the terms and services. The process is 100% digital and contactless. This process may take 2 to 5 minutes or a maximum of 2 days.
Top 10 Instant Personal Loan Apps in India ( Oct 2023 )
Nowadays, there are many online personal loan apps like Kissht, KreditBee, Money View, Money Tap, Smartcoin, PayRupik, and many more. It is advisable to know about the features, charges, and terms and conditions of all the available options before choosing the most suitable option.
| S. No. | Application Name | App Rating | Downloads | Interest Rate |
|---|---|---|---|---|
| 1. | Whose | 4.5/5 | 1 Cr+ | 14% – 28% |
| 2. | CreditBee | 4.5/5 | 5 Cr+ | 10% to 30% |
| 3. | Money View | 4.7/5 | 1 Cr+ | 1.33% to 28% |
| 4. | marked | 4.4/5 | 1 Cr+ | Up to 48% |
| 5. | Severe | 4.3/5 | 1 Cr+ | Start from 1.67% |
| 6. | Navi | 4.1/5 | 1 Cr+ | Starting from 9.9% |
| 7. | SmartCoin | 4.1/5 | 1 Cr+ | Up to 36% |
| 8. | Stashfin | 4.0/5 | 1 Cr+ | Upto 30% |
| 9. | Money Tap | 4.0/5 | 1 Cr+ | Starting at 1.08% |
| 10. | PayRupik | 4.3/5 | 10 L+ | Upto 18-22% |
Note:- We have made this list of the 10 Best personal loan apps in India based on app ratings, reviews, interest rates, and downloads, and these apps provide you loans even on a minimum credit score like PayRupik you get 600+. Will give loan even on low credit score.
Let us now tell you in detail about all the best personal loan apps in India. So that you can get some information about these apps and you can select the best loan app for yourself.
1. Have
Kissht is India’s fastest credit app which is a digital platform powered by ONEMi Technology Solutions Pvt. Ltd. This app aims to provide loan financing to customers across India using a hassle-free and quick process.
- Interest Rate: 14% – 28% per annum
- Loan Amount: ₹ 10,000 to ₹ 1,00,000
- App Rating (on Play Store) 4.5 out of 5
- Only an Aadhaar Card required
- The amount is credited into your bank account in 5 mins
Introduced in 2015, ONEMi developed the Installment App to introduce new possibilities in credit financing to customers for offline and online purchases with the assistance of technology. You can do online shopping at the Merchant Store using this app.
2. CreditBee
If you need instant loans of small amounts then you can try the Creditbee app. Like other Instant Loan Apps, the application process on KreditBee is quite easy and does not require much documentation. The USP of KreditBee is its user-friendly interface which makes the process even simpler.
- Interest Rate: 10% to 29.95% per annum
- Loan Amount: ₹1,000 to ₹3 Lakhs
- App Rating (on Play Store) 4.4 out of 5
As you keep filling out the loan EMI from time to time, your loan amount will increase, meaning if you pay the installments on time, you will get more loans next time.
3. Money View
If you need a large amount of cash immediately, MoneyView can be a great option. You can easily avail of an instant personal loan of up to Rs 5 lakh for a tenure of up to 5 years on MoneyView.
- Interest Rate: 1.33% per month onwards
- Loan Amount: ₹5,000 to ₹5 lakh
- App Rating (on Play Store) 4.7 out of 5
4. pocket
pocket provides instant personal loans mainly to students and low-salaried individuals. Since the app offers loans even to high-risk borrowers, it charges interest rates of up to 48% per annum. You can get an instant personal loan of up to ₹30,000 through pocket.
- Interest Rate: Up to 48% per annum
- Loan Amount: ₹1,000 to ₹30,000
- App Rating (on Play Store) 4.4 out of 5
This can be the best loan app for those people whose transactions are not proper and whose EMI due is going on, they can also take loans from this app.
5. Difficult
NIRA Personal Loan App is powered by Federal Ban and provides a safe and reliable interface to borrow for immediate needs.
- Interest Rate: 1.67% p.m. onwards
- Loan Amount: Up to Rs. 1 lakh
- App Rating (on Play Store) 4.3 out of 5
- Processing fee: Rs. 500 Rupee
Navi is a new-age fintech startup. You can get instant personal loans up to ₹20 lakh on the Navi app. The best aspect of this app is its user interface (UI), which is intuitive and easy to navigate.
- Interest Rate: Starting from 9.9% per annum
- Loan Amount: Up to ₹20 lakh
- App Rating (on Play Store) 4.1 out of 5
7. SmartCoin
If you are looking for a small but immediate personal loan amount for a short period then you can consider the smartcoin app. A unique feature of this app is that loan applications are scanned with the help of artificial intelligence using proprietary algorithms.
- Interest Rate: Up to 36% per annum
- Loan Amount: ₹4,000 to ₹1 Lakhs
- App Rating (on Play Store) 4.1 out of 5
On this app, you can take a loan up to ₹ 25,000 initially by linking a credit card/debit card (ATM card) or net banking.
8. Stashfin
StashFin online personal loan app offers instant credit lines up to Rs 5 lakh for up to 3 years. With this, you can take a loan ranging from Rs 500 to Rs 5,00,000. As soon as you register, you get a rate quote within 15 seconds. The interest rate is as per the eligibility of the borrower. It starts at 11.99% per annum.
- Interest Rate: 0% interest for up to 30 days
- Loan Amount: ₹500 to ₹5 lakh
- App Rating (on Play Store) 4.0 out of 5
9. Money Tap
MoneyTap is a popular instant personal loan app. You can easily get an instant personal loan of up to ₹5 lakh on MoneyTap at interest rates starting from just 1.08% per month.
- Interest Rate: Starting at 1.08% per month
- Loan Amount: ₹3,000 to ₹5 lakh
- App Rating (on Play Store) 4.0 out of 5
Interest rates are subject to change. Please check with the lender before applying.
10. PayRupik
PayRupik is a digital platform that provides you the option to easily get a variety of loans. The loan application process is a completely transparent and straightforward process that facilitates the quick disbursement of loans. You can download this app from the Google Play Store or App Store and sign up to get an instant personal loan.
- Interest Rate: Upto 18-22%
- Loan Amount: ₹1,000 to ₹20,000
- App Rating (on Play Store) 4.3 out of 5
You do not need to deposit any collateral to avail a loan from PayRupik. Payrupik is a platform that connects borrowers and Sayyam Investments Pvt. Ltd. All loan applications are approved by NBFCs which are registered with RBI.
Instant Personal Loan App FAQs
You must have some questions related to personal loans in your mind, here we are sharing some important questions and answers related to Instant personal loans, hopefully, your questions will also be answered in these.
How to get an instant Personal Loan in India?
You can avail instant personal loan in the form of a preapproved loan offered by banks. For instant loans, log in to loan apps with your customer ID and apply for the loan. Alternatively, you can also apply for small personal loans through lending apps like MoneyTap, MoneyView, PayRupik, KreditBee, etc.
How does the Instant Personal Loan App work?
Instant Personal Loan Apps evaluate your loan eligibility based on your social credit score. They do not base loan eligibility solely on your past credit history or CIBIL score. These apps require quick sign-up or registration by the customers after which it shares the credit facility available to the customer based on the details shared.
As soon as you complete the KYC and share consent to the terms and services, the request is instantly accepted and approved. The process is 100% digital and contactless. This can range from 5 minutes to a maximum of 2 days.
Which is the best Instant Personal Loan App?
There are lots of Instant Personal Loan Apps in India, out of which the 10 best apps are listed above. You can choose the best app for your needs depending on your requirements.
Which app gives loans to students?
pocket provides instant cash loans up to Rs 20000 to students. Loans are generally designed to provide cash gaps for the youth population. The tenure is capped at 3 months to ensure ease of repayment as well as loan affordability for young borrowers.
App or bank, which one should apply for a personal loan?
These days, bank apps like SBI YONO, ICICI iMobile, Bajaj Finserv’s Experia, India Bulls’ Dani, and many other new-age lending apps are offering personal loan facilities. However, the choice should be based on your specific needs.
In some cases when the need for cash is high and you do not have time to go to the bank, lending apps may be the preferred option. For long-term loans and low-interest loans, banks are best.
In summary
Above we have shared with you the list of the top 10 best personal loan apps in India, this list is definitely according to our experience, but we do not support or provide a guarantee of any of these apps nor do we recommend you to use these apps. Recommend taking a loan.
These instant personal loan apps can be beneficial when you need cash immediately in an emergency, but their interest rates are almost always higher than what banks charge you.
Therefore, take a loan from these apps only when it is very necessary, otherwise, it is better to go to the bank and take the loan. When you need immediate cash and don’t have time to complete the cumbersome documentary formalities often demanded by registered banks, these apps can come in handy.
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