Top 15 Instant Personal Loan Apps on the Market

Are you looking for a loan but loathe visiting the banks regularly? Do you wish there was an easy way to get a loan instantly? Don’t worry as we’ve got you the best loan apps and how they can benefit you!

Before we get into the best loan apps for you, let us find out what an instant loan is and the documents needed for the loan to get approved.

In this 21st century of technology, we are mostly in need of quick cash loans. Taking a loan from a bank can be time-consuming as it requires a lot of documentation. Another alternative is a credit card, but we are charged an excessive interest rate.

Therefore, with an instant loan, you can get small amounts of money quickly and hassle-free in a matter of minutes. The instant personal loan apps in India make it easy for people to have safe, fast, and easy banking.

Top Instant Personal Loan Apps

1. Rufilo

Rufilo is India’s fastest digital credit-based personal loan app that offers professionals and entrepreneurs instant loans. It delivers the fastest line of credit approval experience through a paperless, digital KYC process. You can now receive your credit line in just 5 minutes after approval and use it for travel expenses, office supplies, vendor and utility payments. With just three simple steps, Rufilo helps you manage your business experience to another level and is one great urgent loan app.

Features

• Quick Cash (Instant credit line)
• Collateral free Small Business Loans

Eligibility criteria

• Age: 21 years (minimum)

• Income: 12,000 (Salaried), 15,000 (Small business/ Vendors)

2. MoneyTap

MoneyTap is one good instant money loan app that offers credit lines and instant personal loans. Here you can get instant approval for a credit line of up to Rs 5,00,000 and you pay the amount you withdraw from your account. They aim to provide better services than the Indian banks. This app is available in more than 85 cities, making it a popular money instant small loan app.

Features

• MoneyTap RBL credit card
• 100% cash withdrawal from your credit card online
• 50-days interest-free period

Eligibility Criteria

• Age: 23 years (minimum)
• Income: Rs 20,000 (Salaried), Rs 20,000 ( Self- Employed)

3. Paytm

Paytm ranks first when it comes to the fastest instant loan apps! Now you can instantly pay at shops, fastag recharge, DTH recharge, movie tickets, postpaid bill payment, water, gas, electricity, landline, broadband, and insurance all with this single app. You can also avail insurance and loans where you can get all the benefits with a 0-6% loan processing fee.

Features

• Flexible Tenure
• Attractive Interest Rate
• Nil Activation Fee
• Improves credit score
• Quick Disbursal

Eligibility Criteria

• Age: 25 years (minimum)
• Income: Rs 25,000 (employed/self employed/business), A credit score more than 750

4. Dhani

With just a few clicks, you can now avail the credit line using the Dhani app. It is a low-cost loan where you pay only the interest component of your loan every month, and the principal can be paid after a few months. The Dhani app offers store shopping, bill payments, stock trading, and a OneFreedom credit card with 0% interest and guaranteed cashback on all purchases that makes it the best instant personal loan app.

Features

• Instant credit
• Low EMIs
• Earn cashbacks
• Exciting offers and deals (dhani Pay RuPay Card)

Eligibility Criteria

• Age: 21 years (minimum)
• Income: The borrower should be Self- Employed with a credit score of 750 or above

5. Credy

You can now get quick financing for all your personal needs such as instant personal loans, education loan, credit card refinancing, and low cilibi loan to emergency loans!

Cready stands best on the  list of instant loan apps, as it has customised solutions for all your requirements. The app also offers scofit, through which you can increase your credit score and credit worthiness.

Features

• Fast Disbursal
• Transparent Rates
• Offers & More
• Great Customer Support

Eligibility Criteria

• Age: 21years (minimum)
• Income:

6. KreditBee

With the trust of 5 crore Indians, KreditBee is one great instant loan app that credits funds directly to your bank account. KreditBee offers loan offerings namly, KreditBee card, that has a total limit upto Rs 10,000. Flexi Personal Loan is when you need an urgent loan of amount Rs 1,000 to Rs 30,000 with short reimbursements. Personal Loans for self- employment that ranges between Rs 40,000 to Rs 3,00,000 with flexible repayment terms.  Personal loan for Salaried, where funds between 10,000 to 3,00,000 are offered with flexible disbursement. Online purchase loan where you can avail buy now option and pay the EMI later.

Features

• Flexibility of usage
• No collateral required
• Quick disbursal and minimal documentation

Eligibility Criteria

• Age: 21years (minimum)
• Income: The borrower can or cannot be Self- Employed with a higher credit score.

7. CASHe

CASHe is your go-to personal loan app if you’re a salaried professional. It offers a smart, intuitive, and hassle-free experience by eliminating human intervention. You can now have a better borrowing experience with CASHe. Get a 0% interest online shopping loan on this pay later app with easy EMIs. With over 15 million users, CASHe is a simple, transparent instant loan app where you can get money whenever you need it.

Features

• No guarantors or collaterals needed
• No foreclosure charges
• Online shopping with no EMI
• Various online repayment methods

Eligibility Criteria

• Age: 21years (minimum)
• Income: Rs 12,000 (Salaried)

8. Capital first

IDFC First is one of the best instant personal loan apps that is innovative and simple to use to get instant loans of up to Rs. 40 lakhs. This app is powered by the latest technology that helps you get instant loans in a few hours. With the IDFC First app, you can check out loan offers, apply for an instant loan, monitor your loan accounts, and pay your EMIs. With Capital First, you can apply for various loans, such as self-employed professional loans, easy-buy EMI cards, two-wheeler loans, home loans, business loans, loans against property, and pre-owned car loans.

Features

• No security/ collateral needed
• EMI-based loans
• Freedom to choose tenures from 12 to 84 months
• Easy top ups available

Eligibility Criteria

• Age: 23 years (minimum)
• Income: Salaried, Self- employment (3 years)

9. Navi

With a zero processing fee, Navi offers personal loans with no security deposits or collateral. It provides home loans up to Rs 10 crore with an annual interest rate starting at 6.71%. Get health insurance with cashless claims in 20 minutes and a 97% claim settlement ratio. With an ELSS fund, you can invest in mutual funds with low expense ratios while also saving on taxes. What are you waiting for? With just four easy steps, you can get a loan.

Features

• Health insurance in 2 minutes
• Instant home loans
• Fee free April

Eligibility Criteria

• Age: 21 years (minimum)
• Income: The borrower should be Salaried or a Self- employee with a credit score of 650 and above

10. Nira

Nira, in partnership with RBL, offers you personal loans upto Rs 1,00,000. Its mission is to promote financial inclusion by creating simple, transparent products that empower individuals to live a life of freedom. With less hassle and quick approvals, you can now build new skills, pay for your wedding expenses, or pay for medical emergencies. A Nira personal loan gives you the flexibility to make big purchases and pay them off at a pace that is comfortable for you.

Features

• Instant decisions after a 3 minute application
• Pay interest on what you use
• Borrowers who are new to CIBIL score can also apply

Eligibility Criteria

• Age: 21 years (minimum)
• Income: The borrower should be Salaried or a Self- employee with a salary of Rs 20,000 or more and with a CIBIL score of 681.

11. Money view

Money View is one of the best instant personal loan apps that offers a credit line card with zero activation or annual fee. You can now shop and pay later with 0% or easy EMIs. This app is trusted by more than 1 million users, serving more than 5000 locations across India. Money View takes 24 hours for the process and security systems to ensure that your data is safe and secure!

Features

• Own credit model
• Easy EMI
• Hassle-free process
• 100% transparency

Eligibility Criteria

• Age: 21 years (minimum)
• Income: Rs 13,000 or more for Salaried/ Self- employee, CIBIL score of 600 or experian score of 650

12. Lazy pay

Lazy pay is India’s best pay-later option and is accepted on over 25 thousand plus platforms. It is fast, affordable, and right at your fingertips. Lazy pay asks for minimal documentation where you can get one-time approval and usage for a lifetime. It also maintains the highest level of security that keeps your information safe. Lazy pay can be best used for two-wheeler purchases, travel expenses, medical emergencies, education and course fees, home renovation and wedding expenses.

Features

• Faster way to get a loan online
• Tracker for your spending, application status, EMI due.
• Interest only on borrowed amount
• Instant customer help from the app

Eligibility Criteria

• Age: 22 years (minimum)
• Income: Rs 30,000 or more for Salaried/ Self- employee, CIBIL score of 600 or experian score of 650

13. Indialends

IndiaLends is an online platform where personal loans are offered by different banks and NBFCs. This app also provides technology, data, and credit analytics solutions, along with a loan management platform. IndiaLends helps personalise your loan up to Rs 25 lakhs. This instant cash loan app is associated with more than 50 banks for better loan banking.

Features

• Easy approval
• Fast assistance
• Multipurpose in nature
• Minimal documentation
• No collateral required

Eligibility Criteria

• Age: 18 years (minimum)
• Income: Rs 15,000 or more for Salaried/ Self- employee, 3 years of experience

14. PaySense

PaySense is now present in more than 180+ cities in India, including Mumbai, Kolkata, Chandigarh, and Chennai, among others. It has disbursed over 1 lakh personal loans in the past 12 months. It is one of the best personal loan apps that offers easy and quick loans to salaried individuals. With affordable interest rates and convenient EMIs, Paysense acts as a great instant cash loan app.

Features

• Affordable interest rates
• Loans available for those with low credit scores
• Two- minutes loan application
• Convenient EMIs

Eligibility Criteria

• Age: 21 years (minimum)
• Income: Rs 18,000 (Salaried), Rs 20,000 (Self- employee)

15. mPokket

mPokket instant loan app which is trusted by more than 1.5 Crore Indians. It doesn’t matter whether you’re a salaried professional or a student, because mPokket offers instant personal loans starting from Rs 500 to Rs 30,000 in just a few minutes. With low interest rates, quick cash and no long-term EMI commitments, it’s the best instant loan app for students and professionals.

Features

• Cash transfer to Bank/ Paytm account/ Cash loan in 2 mins
• Rewarded for timely repayments
• Dedicated support
• Flexible Repayment options (4 months)
• Loans for students

Eligibility Criteria

• Age: 18 years (minimum)
• Income: Students, Rs 9,000 (Salaried professionals)

Wrapping Up

There are many personal loan apps on the market, but it is important to choose an instant loan app that best fits your requirements. With the information on features, interest rates, loan amounts, and documentation in this article, you can now choose an instant loan app that is best for you!