In recent times, instant personal loan apps have become popular due to their comparative ease of cash disbursal, online application, and repayment flexibility.
Personal loans are those loans that are taken for using funds for personal matters or for something which is not covered under financing options.
A home loan, car loan, or any other type of purchasing loan is an asset-based loan meaning the purpose of the loan is to purchase these however, personal loans are where the purpose of the loan can be anything.
This is unsecured against which you would require no collateral. You can take personal loans from banks, NBFCs, financing companies, or Loan apps.
Loan apps provide you instant access to the funds and offer an unsecured loan at a reasonable rate if your credit score is good.
Some loan apps also provide loans to the lower CIBIL Score however, the rate of interest charged by them is often high.
To receive the best offers from the lending company, you’ll have to have a good profile that enables you to have a low-interest loan.
In this article, we have curated a list of the top 10 best instant personal loan apps in India where you can apply for instant approval loans.
Top 10 Best Instant Personal Loan Apps in India
Here is the list of the top 10 best Instant personal Loan apps in India-
Dhani
Dhani is one of the best instant personal loan apps in India where you can get your loan approved easily.
The documentation process is completely online and requires no physical documentation submission. You can rely on this app as it is backed by the India Bullsventure and ranks among the top loan apps in India.
All you need to do is to download the app on your smartphone and follow the registration process. The app will automatically inquire about your CIBIL Score and you’ll be provided with the maximum loan amount along with the interest you’ll be charged.
Based on this, you can choose the repayment tenure after which the loan amount will be disbursed within minutes to your bank account.
Founded in: 2000 (Indiabulls); 2017 (launch of the app)
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹15,00,000
Interest rate: starting @ 13.99%
Bajaj Finserv
Bajaj Finserv is one of the oldest financing lenders in the market offering various products including instant approval app-based loans.
It is also one of the best and most trusted loan apps providing individuals with the best personal loan, and credit purchase items in the market.
You can also get zero-cost EMIs for purchasing some items from the Bajaj Finserv app. You can get up to Rs.25 lakhs with no collateral required.
Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
Interest Rate: 12-34% (APR)
Zest Pay
With Zest Pay, you can get quick access to the funds with no need for CIBIL Score. You can apply for the loan within a few minutes and receive the funds in your bank account.
Zest Pay, also has partnered with various online stores and brands to offer the lending service to them. You can pay back the loan with EMI on their app and earn a cashback of 100% as well for the payment of the EMIs.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹10,00,000
Interest Rate: Upto 36% (APR)
HomeCredit
It is one of the oldest lending app companies in India with a presence of the company over 10 countries in Asia and Europe.
This app provides you with loan requirements fast and easily online without having to have a physical documentation process. The repayment is simple and can be done within a period of 6 to 51 months.
Founded in: 2011
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹2,40,000
Interest Rate: Upto 13-56% (APR)
Cashe
Cashe offers funds easily to the individual by analyzing the social profile, repayment capacity, and other factors by utilizing the algorithmic calculation of an individual.
This can be a great way to secure funding for any kind of emergency or medical needs. All you have to do is to download the Cashe app from the PlayStore or AppStore to get started and upload documentation for confirming the loan requirement.
Founded in: 2016
Minimum Loan Amount: ₹7,000
Maximum Loan Amount: ₹4,00,000
Interest Rate: Upto 27-33% (APR)
KreditBee
KreditBee is an app that focuses on young professionals and individuals who are mellaniels. For these people, KreditBee can be a great option to get their hands on the fund they required.
Anyone above 18 years of age with a monthly income of 10,000/- can use the app to get the funds. There is no need for physical verification and only requires online uploading of the documents.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹2,00,000
Interest Rate: Upto 1-29.9% (APR)
IndiaLends
One of the most premium and best personal lending options for anyone. The interest rate is low and the maximum amount offered is also very high which makes it a good option for individuals interested in getting a personal loan.
You can avail of the instant loan from their app and you get an attractive offer to do so. All you have to do is upload the PAN Card on the app and you can easily get the loan approved.
Founded in: 2016
Minimum Loan Amount: NA
Maximum Loan Amount: ₹50,00,000
Interest Rate: Upto Starting @ 10.75%
RupeeLend
RupeeLend app is a digital finance company providing loans to individuals with a short-term credit basis to the users. Anyone with a good profile can register themselves and get the funding fulfilled by them.
The app allows a new method of disbursing loan which is simple and quick and reduce any need for paperwork which makes this a fast and easy process.
If you want to foreclose the loan, it is easy and convenient and comes without any extra charge.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
Interest Rate: Upto Starting @ 36.5% (APR)
LazyPay
LaxyPay is one of the fastest-growing and top lending companies in India. The quick disbursal and fast processing enable the borrower to get his hands on the credit fast and without any hassle.
LazyPay has also launched a credit card service wherein you can get assured 1% cashback on your transactions. The entire loan process is digital making it a go-to option for lenders.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
Interest Rate: Upto Starting @ 15-32%
Credy
Credy is a very good lending app that functions digitally and offers a complete online lending process for individuals.
This is great for those who are improving their credit score as the company provides the loan to low credit scores individuals as well.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
Interest Rate: Upto Starting @ 12-18%
Conclusion
A loan can be a great empowerment tool that can help you in getting your hands on the credit requirements. Whether it’s a high ticket purchase or other personal expense, you can get a good personal loan from these apps in India.
The only thing that you’ll have to take care of while getting these loans is to look at the interest charged by them and the tenure of the repayment.
Keep these as per your convenience and do not ever miss the deadline of the repayment. If you miss the deadline for the repayment, then it can negatively impact your credit score and also put you in a difficult position and have high late fee payments.
A loan is a great tool but only when used wisely and with utmost care. You should always take a loan on items that are of high value like a Car, iPhone, etc, this helps you in managing the cash flow as well as put less burden on your pocket.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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