In this blog, we have listed 25 of the best loan apps in India that have taken the Indian financial space by storm and are changing the way young Indians borrow! We have also made a loan app comparison table for you lớn make an informed choice. Read about the latest & up-to-date information about the best instant personal loan apps in India in 2022.
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The Comparison Table of Best Loan Apps in India in 2022
Here’s a comprehensive infographic lớn compare & choose from the đứng đầu 25 best loan apps in India in 2022, ranked on their annual loan interest rate, loan amount, & app rating on the Google Play Store. Take your pick of the best loan phầm mềm in India for your loan needs.
Data Source: Google Play Store and respective loan phầm mềm websites. (Last updated – 14th December 2022)
Learn more about the best instant loan apps in India below. Get to lớn know about each of the loan apps in brief.
Our đứng đầu 2 Favorites
Our đứng top two recommended favorites are PaySense and LazyPay, which are PayU’s consumer lending businesses set to go full throttle with their merger khổng lồ build a full-stack digital lending platform in India.
Or
Click Here to lớn Apply for Instant Personal Loan from the PaySense Website.
With an ever-growing financial appetite, India is fast witnessing a new mix of mindsets, practices, norms, và habits toward financial goals and means. Today people have been taking loans from the best loan apps in India for various purposes like studying overseas, financing a holiday, renovating their house, buying a car, và even for their personal milestones like weddings.
Money lending apps in India have become popular due to the platform/app-based benefits and offerings ranging from customized loans, low-interest rate loans, và online credit cards to lớn the simple application process, and 24X7 tracking. Multiple instant loan apps in India in 2022 offer a fast, paperless, and hassle-free way of getting quick access to lớn funds khổng lồ fulfill your dreams or help you during a financial emergency.
Why PaySense Makes The Difference
Anyone with a decent salary of INR 18,000/- or a self-employed individual clocking in INR 20,000/- per month can apply for an instant loan. The scope of who can take out loans just expanded. Also, the ease of doing business, without the hassle of making multiple trips to lớn the ngân hàng or loan agent making loan inquiries is a winning factor. From the comfort of home, one can log online và complete the application process, rather seamlessly. There is also an EMI Calculator khổng lồ help you plan your loan decision và repayment capacity better. Upon approval, the disbursal process is pretty swift và you get the money credited into your account pretty promptly.
Best Instant Personal Loan Apps in India (December 2022)
Here is the danh sách of the vị trí cao nhất 25 instant personal loan apps in India:
LazyPayBajaj FinservIDFC First BankZestMoneyDhaniHomeCreditCASHeKreditBeeFullerton IndiaEarlySalaryNiraCredymPokketMoneyTapFlexSalaryMoneyViewPayMe IndiaSmartCoinStashFinLoanTapIndiaLendsCashBeanRupeeLendAnyTimeLoan1. PaySense
PaySense, one of the best instant personal loan apps in India, has both an app và a trang web where salaried professionals & self-employed individuals can apply for instant loans. The minimum salary to lớn get a personal loan is ₹18,000 per month. Also, self-employed individuals who earn a minimum of ₹20,000 per month can borrow from PaySense.
The interest rate of the loan tiện ích is from 16% lớn 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, và marriage loan, among others.
Founded by Sayali Karanjkar và Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with the RBI such as Fullerton, IIFL, Credit Saison India, Northern Arc, and PayU Finance for the disbursal of loans. PaySense has raised a total of $25.6M over three rounds of funding.
You can tải về the PaySense App from the Google Play Store. Upon installation, all you need to vì chưng is check your loan eligibility và upload the necessary documents. You are allowed khổng lồ choose a tenure from 3 months khổng lồ 60 months to repay the loan. PaySense also offers an EMI calculator to help you calculate the EMI you shall pay every month, making for a great user experience.
The win-win takeaway is that you are not required to submit any collaterals or securities, nor are you required lớn have a high credit score to avail of a loan from PaySense.
Founded in: 2015
Minimum Loan Amount: ₹5,000
Maximum Loan Amount: ₹5,00,000
Or
Click Here to lớn Apply for Instant Personal Loan from the PaySense Website.
2. LazyPay
Powered by PayU, the same company that acquired PaySense, LazyPay is one of the top Finance apps offering Fast loans in India. It offers quick approvals and safe online loan application processing. You just need your điện thoại number to know your loan eligibility with LazyPay App.
The key offerings of LazyPay include an instant personal of up lớn ₹1,00,000 with minimal documentation và an easy digital process.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
3. Bajaj Finserv
One of the most prominent brands in personal financing, Bajaj Finserv, has been present in the country for over a decade. With a great range of offerings, Bajaj Finserv is one of the best loan apps in India. You can use their zero-interest EMI card to finance your purchases.
You can borrow personal loans of up to ₹25 lakhs with Bajaj Finserv without pledging any collateral.
Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
4. IDFC FIRST Bank
If you are looking for a good significant amount of cash khổng lồ buy a oto or a two-wheeler loan, this is the loan phầm mềm you should download and use. The process is relatively simple khổng lồ follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, & you are allowed lớn pay off the loan in easy EMIs within 1 lớn 5 years.
The company also offers a few benefits lớn their existing customers by letting them have access to lớn loan trương mục details, statement details, outstanding balance, & payment dates, & also for raising service requests.
Founded in: 2018
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹40,00,000
5. ZestMoney
ZestMoney offers a quick way to lớn get an instant loan. It does not need you khổng lồ have a credit score. It takes just a few minutes lớn apply for a loan on the app. You can pay back your loan digitally in EMIs và earn a cashback of 100% on your EMIs.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹10,00,000
6. Dhani
Backed by Indiabulls Ventures, this is also one of the đứng đầu loan apps in 2022 in India. Dhani lets you apply for a personal loan anytime, anywhere, & for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to vày is tải về the app and provide your PAN, Aadhar number, và address for verification.
Once verified, the loan amount is disbursed to lớn the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 khổng lồ 36 months.
Founded in: 2000 (Indiabulls); 2017 (launch of the app)
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹15,00,000
7. HomeCredit
This is one of the oldest money-lending apps in India. A part of the international home Credit Group, this company has a presence in over ten countries in Asia and Europe.
The loan app works seamlessly lớn provide you with the required loan amount to lớn help you fix your financial woes like education loans or medical emergencies etc. It provides a loan amount of up lớn ₹2,40,000 and allows you lớn repay it in easy EMIs within a period of 6 to lớn 51 months.
Founded in: 2011
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹2,40,000
8. CASHe
CASHe is a great way to secure funds during a medical emergency or financial crisis. All you need to vì chưng is download the CASHe ứng dụng on your phone. You can find it on Google Play Store as well as on the táo khuyết Store. Upload the necessary documents on the app; once approved, the loan amount is credited to your tài khoản in just a few minutes. You can also transfer a part of your loan amount directly lớn your Paytm Wallet.
Do cảnh báo that CASHe approves loans based on the social profile, merit, và earning potential of the borrower by using a proprietary algorithm-based machine-learning platform.
Founded in: 2016
Minimum Loan Amount: ₹7,000
Maximum Loan Amount: ₹4,00,000
Or
Click Here to Apply for Instant Personal Loan from the PaySense Website.
9. KreditBee
Amongst the many loan apps built khổng lồ help young professionals, KreditBee is one of the best online loan apps in India. You can borrow an amount of as little as ₹1000 & as much as ₹2 lakh. Anyone above 18 years & earning at least ₹10,000 per month can tải về the app và apply for the loan.
The entire process happens on the app, và there is no need for physical verification. After uploading the necessary documents, you need khổng lồ wait for verification & approval. Once approved, the loan amount is directly credited to lớn your bank account. This phầm mềm is highly rated and a favorite among young professionals looking for a loan to lớn buy a mobile phone or camera or laptop.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹2,00,000
10. Fullerton India
Fullerton India InstaLoan offers a quick và convenient way lớn apply for a personal loan for self-employed và salaried professionals. It is one of the best loan apps for the self-employed. This online personal loan phầm mềm claims lớn disburse a loan within 30 minutes of loan approval.
The app features a hassle-free documentation process where only your basic information is required. Also, you can dynamically track the status of your loan.
Founded in: 1994; 2021 (launch of the app)
Minimum Loan Amount: ₹50,000
Maximum Loan Amount: ₹25,00,000
11. EarlySalary
Do you often get out of cash in the middle of the month? & are worried about meeting the expenses for the rest of the month? EarlySalary gets you covered when the next payday is far away. They offer loans for salaried professionals, this app provides a loan amount of up lớn ₹5,00,000 for all your needs.
The Pune-based fin-tech start-up also allows you to lớn pay back the loan in easy EMIs within 24 months. Gaining popularity among the young generation, EarlySalary raised ₹100 crores in series B funding led by Eight Roads Ventures & IDG Ventures India.
Founded in: 2015
Minimum Loan Amount: ₹3,000
Maximum Loan Amount: ₹5,00,000
12. Nira
Nira is also one great money-lending ứng dụng in India. After you download the app, you can determine if you qualify for the loan in just 3 minutes. If your loan eligibility matches, you are given a credit line of ₹1,00,000. You can withdraw about ₹5000, or more anytime you need the money and pay it back in easy installments in 3 to 24 months.
The best part is that you don’t need to have a high credit score to apply. So, if you need some money urgently, Nira is a good option. The phầm mềm had picked up $1 million in seed funding.
Founded in: 2018
Minimum Loan Amount: ₹5,000
Maximum Loan Amount: ₹1,00,000
13. Credy
Credy is a fantastic instant loan ứng dụng in India offering flexible loans that can help you meet your financial needs like furnishing your home, paying your credit thẻ bill, etc. It has no hidden charges and you bởi vì not need a guarantor or collateral to apply for a loan.
To take a loan from the app, all you need to bởi is tải về the app, meet their eligibility requirements, upload the documents they ask for, và you are good to lớn go! The loan repayment schedule is also flexible because it allows borrowers to choose a tenure between three to 12 months. They offer loans to lớn salaried employees earning at least ₹15,000 in Bangalore, Chennai, Pune, Mumbai, & Hyderabad.
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Founded in: 2016
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
14. MPokket
It is not uncommon for college students lớn run out of money. & so, the makers of mPokket came up with a special app to ensure that no college student has lớn borrow from friends anymore. This personal loan phầm mềm is specially designed for college students & provides pocket money to students.
You need to tải về the app, fill in all the necessary details, và once your application is approved, the money is credited directly to lớn your ngân hàng account or Paytm Wallet. The initial amount that is approved is ₹500, & the credit line keeps on increasing with regular usage and timely payments. The repayment tenure is from 2 khổng lồ 4 months.
Founded in: 2016
Minimum Loan Amount: ₹500
Maximum Loan Amount: ₹30,000
Or
Click Here to lớn Apply for Instant Personal Loan from the PaySense Website.
15. MoneyTap
MoneyTap has a unique feature called “no-usage-no-interest,” which makes it stand out from other apps. This simply means that you are charged interest only on the amount of money used. All you need to do is tải về the app & upload the necessary documents required for a loan. Once you get the approval, you are given a credit line, which you can use according khổng lồ your needs.
MoneyTap has partnered with the leading NBFCs in the country, và it currently serves Bangalore, NCR, Mumbai, Hyderabad, etc. Cities in India. However, you need khổng lồ earn a minimum of ₹30,000 a month to lớn qualify for a loan.
Founded in: 2015
Minimum Loan Amount: ₹3,000
Maximum Loan Amount: ₹5,00,000
16. FlexSalary
FlexSalary is an instant loan phầm mềm in India that has been designed especially for salaried individuals. Based in Hyderabad, this online loan lending platform is an excellent help lớn salaried individuals who need instant cash during times of crisis.
In addition to lớn a one-time approval process, FlexSalary has instant disbursals & gives its borrowers the option to lớn access their credit anytime. Borrowers are also allowed to lớn decide the loan tenure & repay the amount flexibly. It works as an advanced salary ứng dụng with no fixed EMI for borrowers. All you need to vì chưng is sign up on the app, upload the required documents, và the loan is transferred lớn your trương mục upon approval.
Founded in: 2016
Minimum Loan Amount: ₹4,000
Maximum Loan Amount: ₹2,00,000
17. MoneyView
If you require a significant amount of cash for an emergency or some other expense, this is probably the best instant loan app in India that you can download. It is a great app that allows you to borrow an amount starting from ₹10,000 up lớn ₹5 lakh and lets you pay in comfortable EMIs within 3 months lớn 5 years.
The entire process takes place through the app, which is relatively easy và completely paperless. You get access to your desired loan amount once your documents are approved. MoneyView has been expanding rapidly over the last few years and is now present in several Indian cities.
Founded in: 2014
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹5,00,000
18. PayMe India
Based out of Noida in Uttar Pradesh, PayMe is a fin-tech company that offers short-term loans to lớn corporate employees who require instant cash. They provide short-term cash loans, instant payday loans, marriage loans, and advance salary loans to salaried corporate employees at low-interest rates to lớn help them meet their financial needs.
Their loan application process takes place entirely through the app. The lending process is reliable & quick. PayMe has a strong customer tư vấn team known to be very responsive và helpful to new borrowers. The company had raised $2 million from Singapore-based investors.
Founded in: 2016
Minimum Loan Amount: ₹2,000
Maximum Loan Amount: ₹2,00,000
19. SmartCoin
This is a great loan app for people looking for some quick cash or short-term loan for a financial emergency. Unlike most other loan apps, SmartCoin offers loans to lớn people from all walks of life lượt thích salaried individuals, stay-at-home parents, tư vấn staff, business owners, etc.
The app is pretty easy to lớn operate, & the lending platform is completely hassle-free. You can vày all the documentation online, & your application is approved within minutes. Once approved, you can apply for a loan of up khổng lồ ₹1,00,000. There is no minimum limit on the salary you earn in SmartCoin, & hence, anyone can apply for a loan.
Founded in: 2015
Minimum Loan Amount: ₹4,000
Maximum Loan Amount: ₹1,00,000
20. StashFin
StashFin was founded by a group of professionals experienced in finance, banking, and technology. It is a digital money lending app that offers loans from ₹1,000 lớn ₹5,00,000. You can only repay the loans electronically. The tenure of the loan can range from 3 to lớn 36 months. There are no hidden charges on loans from StashFin.
Founded in: 2016
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹5,00,000
21. LoanTap
Among the many instant loan apps in India, this is one of the popular ones in the market. With the tagline “Bringing Dreams to Life,” LoanTap offers customized loans lớn its borrowers.
Their products include lifestyle & celebration loans, two-wheeler loans, home renovation loans, flexible personal loans, và lower installment loans. The documentation process is simple & requires minimal documents. The repayment options are also many – they offer accelerated payment options and bullet repayment lớn the principal outstanding.
Founded in: 2015
Minimum Loan Amount: ₹25, 000
Maximum Loan Amount: ₹10,00,000
22. IndiaLends
One of the most premium lending platforms in India, IndiaLends is a low-interest loan app. You can avail of instant loans from the app. You can check your credit score on the ứng dụng by uploading your PAN, which helps you select your instant loan.
Founded in: 2016
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹50,00,000
23. CashBean
CashBean is present on mobile as well as the web. It is a cutting-edge sản phẩm aimed to lớn make your financing needs easier. You can apply for a loan online on their tech-driven di động app. You can quickly get loans without any paperwork & hurdles và within minutes. The loan application to sanction and disbursal is all wholly digitized.
Founded in: 2018
Minimum Loan Amount: ₹1,500
Maximum Loan Amount: ₹60,000
24. RupeeLend
A part of the Casinity group, RupeeLend is a digital finance company that provides short-term credit to lớn its users. Based in Gurgaon, RupeeLend functions in most of the major cities of India. The tiện ích follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork và meetings over phone calls. It understands that sometimes, customers are in urgent need of a money loan và cannot wait too long to get it.
Moreover, RupeeLend disburses loans within two hours to lớn new customers và within 10 minutes to a returning customer. This makes it one of the fastest instant loan apps in the country. It also has a loan customization feature that helps customers select the loan amount quickly. Moreover, should you wish to lớn foreclose the loan, you can vị so without any extra charges.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
25. AnyTimeLoan
If you are not a salaried individual và are worried about not getting a loan, it is time lớn put your loan woes to rest! AnyTimeLoan might just be the solution for you. It offers short-term loans to both salaried and self-employed individuals by connecting them with the right lending partners. Their entire process is paperless: just download the app và follow the simple và easy steps. Once approved, the loan is instantly disbursed lớn your bank account.
AnyTimeLoan does not require any collateral or guarantor và offers K12 education loans, personal loans, & business loans.
Founded in: 2014
Minimum Loan Amount: N/A
Maximum Loan Amount: ₹50,00,000
Or
Click Here to Apply for Instant Personal Loan from the PaySense Website.
The Rationale Behind Picking The Best Personal Loan Applications For You?
With the mushrooming of so many loan apps và finance platforms offering quick and easy loans complete with digital verification và documentation, it has become all the more important and challenging in 2022 to assess the performance & user efficiency given that they have a similar platform and product features & enhancements. The terms & conditions are usually similar and most functions are pretty much comparable.
Distilling the factors, our experts considered the following rationale to choose the vị trí cao nhất 25 Best Personal Loan Applications.
1. Eligibility Conditions
While applying for any personal loan through any of these new-age apps and platforms, the eligibility conditions range from name, age, geography, employment status, creditworthiness, source of income, và other applicable factors.
2. Documentation và Verification
Upon choosing a loan app, it is very critical lớn consider the process of complete paperless digital documentation and the ease of conducting the same for the online KYC process for verification purposes as compared khổng lồ conventional KYC processes. Also, how urgently you need a loan will clearly influence your choice of the platform which delivers fast approvals và disbursal of the loan amount.
3. Rates of Interest
The rate of interest is the deciding factor in the choice of your loan app. A high-interest rate is the hallmark of short-term personal loans và can be a trò chơi changer should you miss a payment. Hence, applicants are looking for reputable apps offering low-interest loans.
4. Repayment Schedules
Loan applicants have always preferred a flexible repayment model, including the offering of a grace period during which you can repay the loan without affecting your credit history and rating.
5. Freedom of Loan Usage
Most platforms have restrictions for many personal loans, khổng lồ be used only for payment of utilities and so on. The flexibility to use a loan amount for a whole bunch of things is the deciding factor for many loan applicants.
6. Easy Linkage with Digital Wallets
Most loan apps and platforms have since taken advantage of the introduction of digital wallets like Google Pay, PhonePe, and PayTM by setting up auto-pay, subscriptions, and easy transactions.
7. UI-UX Interface of Loan Apps
Customer journeys determine the success and ranking of loan apps. If a loan application process has been seamless, easy, và comfortable without any bugs in terms of uploading documents for KYC verification to the point of approval và disbursal of the loan amount.
8. Third-Party Integrations
Options lượt thích Buy Now Pay Later on various e-commerce platforms make it easier for such loan apps to tick off bucket lists, & draw up wish lists at lower interest rates.
9. Hidden Charges
Loan Apps và platforms with no hidden charges and extra processing rates are usually a hit with loan applicants. Most applicants experience fatigue & do not vày any due diligence and stand to thua lots of money through these hidden charges.
10. After Sales và Customer Service
The taste of the pudding lies in its taste, so you have heard. Similarly, a customer’s journey & experience in terms of inquiry and resolution towards filling out an application form, completing a procedure, payments, refunds, & cancellations is the significant factor in the choice of the best loan app.
Bottom Line
We have listed down the 25 best instant loan apps in India in 2022. Besides the top 25 loan apps mentioned above, there are several other loan apps in India that offer instant personal loans within a matter of minutes. With growing consumer awareness, popularity, and adoption of loan apps, the market has proliferated over the past few years và welcomed several new players.
However, while these money lending apps in India have made borrowing more accessible, as an aware consumer, you must always read the terms và conditions carefully before signing up to ensure that you fully understand và are aware of the borrowing and repayment structures.
The sudden advent và success of several instant loan apps have ensured that official credit has become more accessible khổng lồ millions of Indians, and that is an achievement worth celebrating!
So, what are you waiting for? If you have been contemplating taking out a loan for any need, here are our đứng top 25 Best Instant Personal Loan Apps for you khổng lồ compare và choose from, in terms of ease of doing business and user experience. Our blog will help you choose the best online loan app in India that perfectly meets your requirements.
FAQs
Which ứng dụng is the best for applying for a loan?
PaySense is one of the best personal loan apps in India lớn apply for a loan.
Which tiện ích gives loans without salary slips?
The PaySense personal loan app gives loans without salary slips.
Which tiện ích provides personal loans during an emergency?
PaySense is the forerunner in providing personal loans during an emergency, subject to the fulfillment of some basic terms and conditions.
Which is the best loan tiện ích in India?
PaySense is one of the best instant online personal loan apps in India, offering personal loans from ₹5,000 lớn ₹5,00,000 for a tenure ranging from 3 months to 60 months with an Annual Percentage Rate (APR) between 16% and 36% on a reducing balance basis.
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