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Top 10 Indian apps providing instant personal loans Research Team | Posted On Friday, February 08,2019, 05:17 PM

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Top 10 Indian apps providing instant personal loans



A personal loan is an unsecured loan that helps individuals meet current financial needs. These loans are given to individuals based on credit history and ability to repay the loan. One of the main benefits of personal loan is that the lender offers the flexibility to use the funds as per needs.

Repayment is usually through fixed monthly installments (EMI) over a period of time. The timeframe of those payments is determined by the specific terms of the loan. The interest rate is determined by credit score of the individual.

Generally, no collateral or security is needed to avail a personal loan. Personal loans are availed to meet financial expenses during an emergency or to pursue personal goals. The interest rate of personal loans in India can range from as low as 13% to as high as 24% per annum.

The interest rate depends on multiple factors. Other than the interest rate, there are other fees associated with the personal loan like processing fees, pre-closure charges, and late payment charges. Almost all the leading banks in India offer personal loans for both salaried and self-employed individuals.

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List of Top 10 Indian apps providing instant personal loans

How do you apply for a personal loan? Normally, people either visit the bank branch in person or apply online. Is there any other option?  Yes, there is. People seeking to apply for a personal loan can now use customized applications. This article outlines the top 10 Indian applications providing instant personal loans.

A personal loan is basically an unsecured loan and may be instrumental during financial emergencies. Loan seekers should be extremely cautious while applying for such loans. This is because personal loan interest rates are higher than the interest rate on other loan categories. The best thing you can do is understand your needs first and how you can finance them and then go for a personal loan if you really require it.

Eligibility criteria of personal loan:

  • The applicant must be a Resident of India.
  • The applicant should be in the age bracket of 21-65 years at the time of application.
  • The minimum income of the applicant must be Rs 25,000 a month. However, the minimum monthly income varies according to the area and is generally higher in metro cities.
  • The minimum work experience for self-employed is a minimum of 3 years and at least a year for salaries.
  • The preferred credit score is 750 or more.
  • Applicant must not have any other loan or must have a strong ability to bear additional debt.

Documents required for personal loan:

Below mentioned are the documents needed to apply for the loan:

  • Completed loan application
  • Passport size photograph.
  • Proof of ID – Passport/ Voter ID/ PAN Card
  • Proof of age – Birth certificate/ passport
  • Proof of residence – Passport/ Utility bill.
  • Bank statement of previous 3 months
  • Proof of income- IT returns statement / Last 2 year’s balance sheet/ profit and loss statement certified by a CA.

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How to apply online for personal loan?

Applying for a personal loan online is simple and hassle-free. The online process saves you the inconvenience of going through extensive paperwork. The online application process becomes simpler if you have an account with the bank from which you intend to take the loan. Even if you don’t have a net banking account with the bank, you can apply for personal loan online through the bank’s website as well as any loan aggregator website.

Visit the website and fill the form by entering the requisite details. You can check eligibility and proceed with filling up the application form online. You also must upload scanned copies of KYC documents for the loan processing to begin.

Top 10 Indian apps providing instant personal loans:

There are times when you are going through a cash crunch and are in dire need of cash. Banks and other credit institutions may not be the most viable options as they take time to process loans. In such cases, instant personal loan apps may be the best option as they provide instant and hassle-free loans. Check the apps listed below to get instant personal loans:

1. Kredit Bee:

Kredit Bee is one of the best instant loan Apps. An individual above 18 years can get an instant loan from Kredit Bee ranging from Rs 1000 to Rs 1 Lakh. The disbursement may take anywhere between 5 minutes to 24 hours. The money is directly transferred to bank account.

Interest rates are very minimal when applied via this platform. A flat interest rate of 1.48% is charged for a 15 days’ loan and 2.96% for a 30 days’ loan. The processing will be in the range of Rs.130 to Rs.850.

Why is eligible?              

  • Indian citizen above 18 years of age
  • Salaried individuals with a minimal monthly income of Rs.15,000
  • Applicant should have a bank account, a PAN card and produce a KYC address proof.         

Key features

  • Simple documentation
  • Instant transfer
  • 100% online process
  • Multiple loan products under a single platform

2. IndiaBulls Dhani:

India Bulls Dhani is one of the best personal loan apps which offer instant personal loans ranging from Rs 1000 to Rs 15 Lakhs. This app can be downloaded free from the Google play store. Those who meet eligibility criteria can get loan amount disbursed within a day to a bank account.

IndiaBulls Dhani is a unique mobile app crafted to offer personal loans instantly. The salaried individuals and self-employed professionals who have attained the minimum age of 21 years can make use of this platform to apply for a personal loan starting from Rs.1,000 to Rs.15 lakh. No collateral is required against the loan. Loan seekers need to produce their address proof and PAN card for verification and instant loan approval. The loan tenure is 3 months to 36 months.

Key features

  • Interest rate ranging from 1% to 3.17% per month based on the risk profile of the customer
  • Processing fees from 1.5% to 6%
  • For loans from Rs.1,000 to Rs.3,000, processing fee is 10-11%
  • Zero foreclosure charges on loans lower than Rs.20,000
  • The process is completely online
  • Instant approvals with no pre-payment charges

3. Moneyview:

Moneyview was founded by Mr. Sanjay Agarwal in 2014. It is the market leader in the area of Personal Finance Management Money. This platform also offers collateral-free personal loans instantly. Users can easily track their loan status and other loan related details. The loan amount starts from Rs.10,000 and goes up to Rs.5 lakh. The minimum loan tenure is 3 months whereas the maximum loan tenure is 36 months. The interest rate starts from 16% pa and goes up to 24% pa based on the spending pattern of the customer.

Moneyview is a personal loan app that allows customers apply for a loan through app, without collateral. All you have to do is upload relevant documents and in a few hours, get to know if they have been approved or not.

Key features

  • The minimum age limit is 21 years whereas the maximum age limit s 57 years
  • Flexible loan repayment options
  • The whole process is paperless right from documentation to loan disbursement
  • Moneyview uses its own credit model
  • For salaried individuals, the minimum monthly income is Rs.13,500; and for businessmen, it is Rs.25,000

4. PayMe India:

PayMe India is a unique and innovative FinTech application that provides short-term loans to salaried individuals up to Rs.1 lakh. The loan tenure ranges from 10-31 days, Customers are expected to pay a fixed processing fee of Rs.300. The interest rate varies from 1% of the total loan amount to 3.1% of the total loan amount based on the loan tenure. The customers from Bangalore, Mumbai, Chennai, Hyderabad, Pune and New Delhi can apply for personal loans through this mobile application. Who can apply? The Indian citizens above the age of 18 years can apply.

PayMe India is an excellent solution for funding short-term credit requirements.  This company provides two types of services: advance salary and loan advisory. The advance salary service is meant for salaried individuals to fulfil short-term financial needs. On the other hand, the loan advisory service aims to help customers repay debts that he/she might be paying higher interest for.

Salient features

  • Easy to apply and instant loan approvals
  • Easy to login and apply
  • Customer-friendly repayment options
  • The loan applicants should produce the required documents, including address proof, PAN card, etc.

5. Credy technologies:

Credy technologies are a quick loan app that offers instant personal loans. Credy is a biometrically verified peer lending network. It enables users get personal loans for urgent requirements, refinancing loans as well as credit card bills and offers investors an online platform for lending in exchange for investment returns.

Credy has been a financial partner for the residents of India. It is completely customer-friendly and deploys technology for financing solutions to cater to the needs of its customers. Just like the applications discussed above, even Credy technologies provide instant personal loan to salaried individuals. The process is simple. You just need to download the mobile application and start applying using that application.

Eligibility criteria

  • Salaried individuals with a minimum monthly salary of Rs.15,000
  • They should have a valid Aadhaar card
  • They should apply from Pune, Mumbai, Chennai and Bangalore

Key features

  • Processing fee of 3% of the total loan amount
  • Pre-closure charges of 2% on the outstanding loan amount
  • The minimum repayment period is 3 months
  • The maximum repayment period is 12 months
  • Attractive interest rate

6. Money in minutes:

Money In Minutes is an online lending platform. It is a specialized app giving instant payday loans to people with low credit score at a moderate interest rate. It is suitable for salaried individuals, drawing a minimum monthly salary of Rs 15,000. The company offers between Rs 5,000 to Rs 1 Lakh and charges interest between 0.1% to 0.7%. The loan repayment period ranges from 60 to 180 days. The company rewards loyal customers through cashbacks, interest discounts and an increase in loan tenure. This is one of the Android loan apps for quick cash loan payments that is available on the Google Play Store.

Money in minutes is one of the leading mobile applications for personal loans. This app has been listed in the finance category of app store. It can be downloaded and installed only on android devices supporting 19 api and above. Just use your favorite browser to download the application.


  • Salaried individuals
  • 18 years and above
  • The applicant should have a minimum monthly salary of Rs.10,000


  • The app ensures the confidentiality of the customers’ data
  • A huge array of products under a single platform
  • Flexible loan repayment options
  • Instant approvals
  • Completely automated process

7. Upwards:

Upwards is India’s preferred instant loan application for salaried people who can avail personal loans for a minimum amount of Rs.20,000 and a maximum loan amount of Rs.2,00,000.

The people belonging to all types of profession can benefit from the application. So far, over one million people have downloaded this application. The app has produced over 10,000 happy customers across the country. The applicants should have a minimum monthly salary of Rs.15,000.

Upwards is a loan app that offers quick and easy personal loans to salaried individuals within 24 hours. This app offers a host of benefits like paperless processing, 1-day approval, super fast processing and a prompt customer care service. Upwards uses an innovative, easy to use personal loan app, to process the loan application. It claims to deliver an amazing lending experience to customers.

Key features

  • Instant loan approvals
  • Loan tenure ranges from 6 months to 2 years
  • No collateral is required
  • Minimum foreclosure and prepayment charges
  • Minimal paperwork

8. Smart Coin:

SmartCoin is a FinTech company with a mission to offer customers a user-friendly and scalable lending platform. It is a personal loan app in India that provides instant loan to people seeking short term personal loans. You must use their mini loan app to get loans from Rs 1,000 to Rs 50,000.

The Company caters to all profiles like support executives, business owners, salaried professionals, managers, stay-at-home moms, teachers and more with no minimum limit on the salaries, unlike other personal loan apps.

SmartCoin, an app-based lending platform, provides personal loans to salaried professionals, business owners, support executives and others. So far, it has disbursed over 3,00,000 personal loans to its valued customers. The app has been designed in a way that it can assess the profile of customers and estimate the risk factor prior to disbursing the loan. Just download and install the mobile application from Google Play Store and get registered with personal and employment-related information.

Key features

  • Instant personal loans from Rs.1000 to Rs.25,000
  • The minimum loan tenure is 91 days whereas the maximum loan tenure is 120 days
  • Minimal documentation
  • Completely automated platform
  • No prepayment penalties

9. AnyTime Loans:

AnyTime Loan is an online P2P lending platform, which acts as a personal loan app. AnyTimeLoan App offers on-demand, instant, 24×7 loans to both salaried and self-employed professionals. The loan through its personal loan app is 100% paperless, contactless and frictionless. This loan app offers various unsecured personal loans like education loans, business loans within a minute without any documents, collateral or guarantor.

The platform also helps to obtain K12 education loans, MSME business loans. No documentation is needed. The ultimate objective of this platform is facilitate loans or mortgages to unbanked individuals.

Key features

  • No hidden charges
  • No pre-payment charges
  • 100% transparent
  • Instant loan approvals
  • The minimum loan amount is Rs.1,000 whereas the maximum loan amount is 10 lakh

10. Home credit India:

Home Credit India Finance Private Limited provides mini cash loan up to Rs 50,000. The loan amount starts from Rs 25,000. It is an instant loan facility and completely online.

Home credit application is a comprehensive solution for individualized persona loans. The app is easy to download and navigate.  The loan amount ranges from Rs.10,000  to Rs.2,40,000 whereas  the loan term ranges from 1 year to 51 months. The loan borrowers should have attained the minimum age of 19 years to apply via this application.

Key features

  • No collateral is required
  • No documentation
  • Flexible repayment options
  • 100% transparency

Other Top 10 Indian apps providing instant personal loans:

In the age of digital, where everything is available at the click of button, the instant loans apps provide a hassle free avenue to avail personal loans. Listed below are some of the 10 best Indian apps that provide instant personal loans:

  • EarlySalary: EarlySalary is a 5 month old start-up based in Pune. It is an online platform that offers small tenure loans to young professionals. It offers loans ranging from Rs 1000  to Rs 1, 00,000 and the amount is directly transferred to the bank account. The money borrowed must be paid back in a maximum of 50 days through EMIs. This start-up has also launched a mobile app that helps borrowers seek instant loan online easily.
  • InstaPaisa: InstaPaisa is a credit decision making platform that helps borrowers connect to the lenders for instant loan transactions. It is a Delhi based credit platform and has a mobile app that helps users apply for instant loans. It is a hassle free online loan application that helps in quick disbursal of loans.
  • PaySense: PaySense is a Mumbai based start up that helps borrowers avail instant loans without going through the hassle of documentation. This online platform helps borrowers avail loans by following 3 simple steps:

           -Checking eligibility

           -Uploading KYC documents

           -Get money directly transferred to your bank account. A borrower can install the PaySense app and avail up to 2 Lakh instant cash.

  • CrediFiable: This is an online lending platform based in Bangalore. This online platform helps borrowers get instant loans with quick disbursal. The borrower can avail up to Rs 5 Lakh instant loan with easy EMI options. This app provides loans to individuals with no credit history at best rates of interest.
  • MoneyTap: MoneyTap is a fintech start-up based in Bangalore. The company was launched in the year 2016. The borrowers can avail instant personal loans of up to Rs 5 lakhs through the MoneyTap app. The loans can be repaid through easy EMI option within a time period ranging from 2 to 36 months.
  • CASHe: CASHe is a Mumbai based fintech start up company that was launched in the year 2016. CASHe loan app provides instant personal loan at attractive rates of interest to salaried professionals. It offers loans ranging from Rs 10,000 to Rs 2 Lakh for a period ranging from 15 to 180 days, depending on the needs of the borrower. CASHe works through simple, swift and seamless processes to disburse cash easily into the customer’s account. A user can download the app from Google play store and Apple app store. 
  • Olly Credit: Olly Credit is a micro credit app that enables the user shop online using the app and also provides offline shopping facility through Olly Card. It is a Delhi based start-up that offers loans to salaried individuals through micro-credit cards.
  • Flex Salary: Flex Salary is an online lending platform based in Hyderabad founded in the year 2016. Flex Salary is an employee financial benefit program that provides emergency cash assistance to salaried employees.  It provides instant approval and disbursal of loans up to Rs 2 Lakh. The user needs to sign in on the Flex Salary App through a user name and password to avail instant cash and easy loans.
  • OptaCredit: OptaCredit is an online lending platform based in Chennai, that disburses loans to individuals and employees of companies it has tied up with. It follows its own system of metrics to assess the creditworthiness of the borrower. The company was launched in the year 2016 and facilitates data driven lending to young professionals.
  • Rupeelend: Rupeelend a digital finance company which provides short-term credit to consumers and businesses was launched in 2015 and is currently operational in NCR, Mumbai, and Bangalore. The Company provides an online three-minute application process and promises quick decisions. The maximum loan amount at Rupeelend is Rs 1,00,000 and its USP is short-term loans at a single shot so that customers can repay without difficulty. The minimum amount for borrowing is Rs. 10,000. The loan period can range from 61 to 90 days.

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