At many points in our lives, we require loans to meet our needs. As per a CIC report published in June 2021, around half of India’s working population has taken loans in some form. Among all types, a personal loan is quite convenient as it can be taken without any collateral. But traditional banks take a long time to approve personal loan applications, and often, it gets tough to get one if you do not have a CIBIL score or, say, a clean credit history. This is where Instant loan apps come into the picture. Instant loan apps give their users really quick access to loans. These apps do not focus much on credit history and save on time as they do not involve lengthy paperwork and approval processes. However, not all Instant loan apps are credible. There are reports of unauthorized instant loan apps causing a lot of nuisance to customers. Thus, it is important for all of us to know what the Top instant loan apps in India are so that we can safely take loans from these apps without getting into any trouble.
Here goes our list of the top 18 Instant loan apps in India, so that you can choose the one that fits you best.
You can also have a look at the chart below to compare these instant loan apps-
| App | Monthly Interest | Loan Amount | Tenure | Processing fee |
|---|---|---|---|---|
| Paysense | 1.4% – 2.3% | 5000- 5 L | 3-60 months | upto 2.5% of the loan amount |
| CASHe | 2.25%-3% | 9000-4L | 15-540 days | Rs85-3% of the loan amount depending on amount and tenure |
| Dhani | 1.09% | 1000-15L | 3-24 months | upto 5% of the loan amount |
| MoneyTap | 1.08% | 3000-5lakh | 2-36 months | Rs199-2%of the amount transferred to the borrower’s bank account |
| Home Credit | 1.4%- 3.34% | 25000-5lakh | 6-36months | 0-5% |
| IDFC First | starting from 0.87% | 20000-40 lakhs | 12-60months | Upto 3.5% of the loan amount |
| PayMe | 1.38- 2.96% | 2000-2 lakh | 3-24months | Rs300/application |
| India Lends | starting from 0.89% per month | Upto 50 laks | 12-60months | differs from bank to bank |
| Money View | starting from 1.33% per month | 5000-5 lakhs | 3-60 months | 2-8% |
| mPokket | 1-6% | 500-30000 | 61-90 days | Rs34-Rs 203 |
| KreditBee | 15% – 29.95% p.a. | Rs.1,000 – Rs.4 Lakh | 3 – 24 months | 2.5% processing fee for a ₹50,000 loan |
| Nira Finance | 2% p.m. onwards | Up to Rs.1 Lakh | Up to 12 months | Rs. 350 and maximum 2% loan amount |
| Navi | 9.9% p.a. onwards | Up to Rs.20 Lakh | Up to 72 months | 3.99% to 6%, with a minimum of ₹1,499 and a maximum of ₹7,499 |
| Fibe | 14% p.a. onwards | Rs.5,000 – Rs.5 Lakh | Up to 24 months | 2% of the loan amount |
| Bajaj Finserv | 10.49% p.a. onwards | Up to Rs.40 Lakh | 12 – 72 months | Up to 3.93% of the loan amount |
| Zest Money | 14% onwards | Up to Rs.5 Lakh | 3 – 36 months | No additional charges and processing charges |
| True Balance | 2.4% per month | Rs.5,000 to Rs.1 Lakh | 3 to 6 months | 0 – 15% |
| Credy | 1.00-1.50% | Upto Rs 1 Lakh | 3-12 months | 3% with a minimum amount of Rs.500 |
Paysense
| Company | Paysense |
|---|---|
| Founding Year | 2015 |
| Founded By | Sayali Karanjkar and Prashanth Ranganathan |
| Website | www.gopaysense.com |
Paysense has both an app and a website where salaried professionals and self-employed individuals can apply for an instant personal loan. They provide a quick personal loan of up to 5 lakhs. It is one of the best instant loan apps in India without salary slips. It is available in more than 40 Indian cities.
Salaried professionals who earn at least Rs. 12000 per month, and self-employed individuals who earn a minimum of Rs. 15000 per month are eligible to borrow from PaySense. Besides being the best instant loan app without salary slips, PaySense also offers a simple EMI calculator to calculate EMI. After installation of the cash loan app, all you need to do is check your eligibility and upload the necessary documents. They also have other loans on their website, like vehicle loans, Consumer loans, etc.
Borrowers are allowed to choose their preferred tenure to pay back the loan, which ranges from 3 months to 60 months. The minimum loan amount in this online loan app is Rs. 5000, and the maximum loan amount is Rs. 5,00,000. Paysense’s USPs are Quick approvals & disbursals, paperless documentation, affordable EMI, multiple personal loans with one-time documentation, and eligibility to get a loan even with no credit history. It is one of the top 10 instant loan app in India.
CASHe
| Company | CASHe |
|---|---|
| Founding Year | 2016 |
| Founded By | Raman Kumar |
| Website | www.cashe.co.in |
CASHe is also one of the easy ways of making a loan and is another of the best instant loan apps without salary slips. All you need to do is download the CASHe app on your phone and upload the necessary documents on the app. Once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your Paytm account. The minimum loan amount is Rs. 9000, and the maximum loan amount is Rs. 400,000. CASHe’s USPs have interesting features like loyalty offers and loan insurance. You do not require a CIBIL score or credit history to avail of a loan from CASHe. It is a 15 days loan app that offers short-term loans that you must repay within 15 days, often used for urgent cash needs.
Arbaz Sayed
Dhani
| Company | Dhani |
|---|---|
| Founding Year | 1995 |
| Founded By | Sameer Gehlaut |
| Website | www.dhani.com |
Dhani first originated as a drug store and then started its own money lending services. With Dhani, you can apply for a loan anytime for any reason. All you have to do is download the app and provide your PAN number, Aadhar number, and address for verification. It is an instant cash loan that takes 1 hour without documents once Aadhar and the address are verified.
Dhani Loan’s USPs are zero interest when repaid in a timely manner and are offered when you shop in the Dhani store. However, a good CIBIL score of above 750 is preferred for availing of loans.
MoneyTap
| Company | MoneyTap |
|---|---|
| Founding Year | 2015 |
| Founded By | Bala Parthasarathy, Kunal Verma, and Anuj Kacker |
| Website | www.moneytap.com |
Money Tap is another of the best instant loan apps without salary slips, and it is making its own specialty in lending money. MoneyTap has a unique feature called “no usage, no money”, which helps it catch the attention of people, standing out from the rest of the instant loan apps. This solely means that you are charged interest only on the amount of money used.
All you have to do here is download the online loan app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs. This is one of the most trusted instant loan apps in India, as Money Tap has partnered with leading NBFCs in India. The company currently serves Bangalore, Mumbai, NCR, Hyderabad, and many more cities in India.
However, you need to earn a minimum of Rs. 20000 per month to be eligible for a loan. The minimum loan amount is Rs. 3000, and the maximum loan amount is Rs. 5,00,000. MoneyTap is on its way to becoming one of the best instant loan apps in India. A High CIBIL Score is not a must for getting MoneyTap’s line of credit. It is in the list of the top 10 instant loan app in India.
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Home Credit
| Company | Home Credit |
|---|---|
| Founding Year | 1997 |
| Founded By | PPF Group N.V and Emma Capital |
| Website | www.homecredit.co.in |
Home Credit is one of the oldest loan apps in India and is currently among the best online loan apps and urgent cash loan app in India. A part of the International Home Credit Group, this cash loan app has a presence in over ten countries in Asia and Europe. In India, it operates in over 20 states and 150 cities. It provides a loan amount of up to Rs. 5 lakhs and allows you to repay it in easy EMIs within a period of 6-36 months. The facility to pay online or offline with easy options, instant approval, zero credit history required, and no hidden charges are some USPs of Home Credit.
IDFC First
| Company | IDFC First |
|---|---|
| Founding Year | 2015 |
| Founded By | V. Vaidyanathan (CEO) |
| Website | www.idfcfirstbank.com |
IDFC First Bank was founded in 2015. IDFC First, earlier known as Capital First, is another popular and trusted option when it comes to Instant personal loans. IDFC First offers personal loans starting from Rs 20,000. The maximum loan amount is Rs 40 lakhs for salaried individuals and Rs 9 Lakhs for self-employed. The annual interest rates start at 10.49%. A balance transfer facility is also available, whereby users can switch their personal loans from one bank to another. The users can repay the loan in a flexible tenure of up to 60 months. One of the drawbacks is that IDFC First may ask for a decent CIBIL score before approving your loan, unlike many other apps listed here. IDFC First App also ensures Quick online approval and disbursal of loans.
Team Kotak Mahindra
PayMe
| Company | PayMe |
|---|---|
| Founding Year | 2015 |
| Founded By | Mahesh Shukla and Sandeep Singh |
| Website | web.paymeindia.in |
PayMe India is one of the top instant loan apps in India, as it has an extensive range of benefits. This Fintech Company offers short-term financial support to salaried employees designed to meet urgent financial needs. Compared to other loan apps in India, this platform has numerous loan options for all processes and has also integrated both traditional and modern lending techniques to access different customers. Through this instant cash loan app, you can get yourself registered on the platform by just uploading the necessary documents.
PayMe is the best for short-term financial needs such as payday loans, advance salary, and short-term cash loans, among others. Unlike other apps, PayMe offers an interest-free period of 45 days, while it also comes with many offers, such as earning a cash benefit of Rs. 100 for every successful referral. PayMe offers an interest rate per month of 1.38- 2.96% and a maximum loan of Rs. 2,00,000. A CIBIL Score of 650 and above is preferred.
India Lends
| Company | India Lends |
|---|---|
| Founding Year | 2015 |
| Founded By | Gaurav Chopra and Mayank Kachhwaha |
| Website | indialends.com |
India Lends is another well-known instant cash loan app and one of the top lending platforms in India. The platform is so far associated with over 50 personal loan lenders and credit card providers. It is also the best instant loan app without salary slips, as it currently offers its services to a million customers in more than 400 cities. Besides instant loans, it also offers gold loans with some offers, which is why it is one of the top instant loan apps in India.
India Lends is also good at providing its users with credit cards, as it offers over 40 schemes and cards. The best part about this instant loan app is that it offers instant personal loans online with the best interest rate and disburses the loan in just under 48 hours. It offers an interest rate per month of 0.9% to 3% and a maximum loan of Rs. 50,00,000. A good credit score and credit history are preferred. India Lends offers personalized loan options, and some pre-approved loan offers as well.
Rishabh Rathi
Money View
| Company | Money View |
|---|---|
| Founding Year | 2014 |
| Founded By | Puneet Agarwal and Sanjay Agarwal |
| Website | moneyview.in |
Money View is known for its credit rating model, which makes it one of the best loan apps for unemployment in India. Its headquarters are based in Bengaluru, Karnataka. Money View is the best loan app in India as it tracks and organizes expenses, bills, and account balances and allows its customers to set and follow budgets, and view their bank account balances, among others. It is also the fastest instant loan app.
It is also one of the best online small loan apps that offer loans up to Rs 5,00,000 within 24 hours. It is good for taking loans such as student loans, personal loans, and home loans, and it has an interface that helps customers take loans quickly. It is said to be the best online loan app, as it has unique services that allow its customers to obtain reminders about bills, check the balance of their bank account, get reminders for paying bills, etc. A minimum CIBIL score of 600 or a minimum Experian score of 650 is preferred.
mPokket
| Company | mPokket |
|---|---|
| Founding Year | 2016 |
| Founded By | Gaurav Jalan |
| Website | www.mpokket.in |
mPokket is one of the top instant loan apps in India, and it is designed especially for college students and salaried individuals. mPokket provides instant personal loans to college students and recent graduates and works on the concept of pocket money, making it the best instant loan app in India without salary slips. The interest rate on this platform is 3.5%, while the initial amount approved is Rs. 500.
It is also the best instant loan app in India, as the students can repay loans within 1 to 3 months. Salaried employees can get up to Rs 30,000 in short-term loans. The students require minimal documentation. Salaried employees only need to provide proof of employment and salary credits for documentation. On this instant small loan app, users can start by borrowing small amounts, and the borrowing limit will keep increasing over time, depending on their usage. mPokket is an RBI registered NBFC. No Credit Score is required for Student loans.
Anagha S
KreditBee
| Company | KreditBee |
|---|---|
| Founding Year | 2018 |
| Founded By | Madhusudan Ekambaram, Karthikeyan Krishnaswamy, Vivek Veda, and Wan Hong |
| Website | www.kreditbee.in |
KreditBee is a reliable platform that offers different types of personal loans to cater to the varying financial needs of potential borrowers. The Flexi personal loan is a small ticket loan that is ideal for meeting emergency expenses or smaller financial obligations, while the personal loan for salaried and self-employed applicants is suitable for larger financial requirements.
Borrowers can avail of a loan amount ranging from Rs 1,000 to Rs 4 lakhs based on the type of loan they choose. KreditBee promises to disburse the loan amount in just 10 minutes, making it a hassle-free and convenient borrowing option. The interest rate offered by KreditBee ranges from 5% – 29.95% p.a. and can fluctuate based on the borrower’s credit history and other factors. With a flexible repayment tenure, the borrower can choose a repayment period ranging from 3 months to 10 months for the Flexi loan and up to 24 months for a personal loan for salaried individuals. What’s more, the entire loan application process is completed online, making it a time-saving and paperless process.
Nira Finance
| Company | Nira Finance |
|---|---|
| Founding Year | 2016 |
| Founded By | Rohit Sen and Nupur Gupta |
| Website | www.nirafinance.com |
Nira Finance is gaining a lot of attention in the financial market due to its instant personal loan app that provides loans up to Rs. 1 lakh in just 3 minutes. This small loan app offers a line of credit up to Rs.1 Lakh, allowing you to access the funds you need quickly and conveniently. Once you submit your application and necessary documents, you can find out your credit limit within 3 minutes. One of the most significant benefits of Nira Finance is that it offers credit to first-time borrowers without a credit history. However, if you are a seasoned borrower, then the minimum CIBIL score requirement is 681.
Additionally, the repayment tenure can go up to 12 months, giving you ample time to pay back the loan amount. Another great feature of Nira Finance is that you will only have to pay interest for the amount used, not for the entire amount that you are approved for. This means that you can save money on interest charges, making it easier to repay the loan. Interest rates start from as low as 2% per month, making it one of the most affordable loan options available in the market. Nira Finance is also known as the fastest instant loan app.
Moreover, the entire loan process is paperless, which means you can apply for a loan from the comfort of your home or office. However, you will need to submit hard copies of your documents once for KYC verification purposes. Overall, Nira Finance is an excellent option for anyone looking for quick, convenient, and affordable personal loans, making it one of the best loan app in India.
Anamika Mahapatra
Navi
| Company | Navi |
|---|---|
| Founding Year | 2018 |
| Founded By | Sachin Bansal and Ankit Agarwal |
| Website | navi.com |
Introducing Navi, an easy loan app and digital lending app that offers online loans. It is currently one of the top lenders in the market, providing a host of features and benefits. You can avail a personal loan of up to Rs 20 Lakh with flexible EMI options of up to 72 months or six years, and interest rates starting from 9.9% p.a. The entire process of availing a loan is digital and can be done from anywhere. You can choose a repayment plan that suits your eligibility and preference. The loan amount will be credited to your account within a few minutes of approval.
Fibe
| Company | Fibe |
|---|---|
| Founding Year | 2015 |
| Founded By | Akshay Mehrotra and Ashish Goyal |
| Website | www.fibe.in |
Fibe, formerly known as EarlySalary, is a lending platform that offers its customers attractive personal loans with financial freedom and flexibility. It prides itself on being inclusive and provides instant cash loans to those with no credit score. The best part about Fibe is that you can get a loan in just 10 minutes through its quick small loan app, making it a great option for those who need quick access to cash. With Fibe, you can avail of a loan from Rs. 5,000 to Rs. 5 Lakh based on your eligibility. The entire application process is done online and is fully paperless, making it a hassle-free experience for customers.
A unique feature of this lender is that you can apply for multiple loans on the same day, even if you already have a loan running with them. This can be especially helpful for those who need multiple loans for different purposes. Fibe is available 24X7, so you can apply for a loan at any time and get instant disbursal. This means that you don’t have to wait for business hours to get access to cash. Fibe also offers a salary advance to those who need a little extra cash on the side, with interest rates starting from 14% p.a. This can be helpful for those who need a small amount of cash before their next paycheck.
Repaying your loan is made easy with Fibe. You can repay the loan in easy instalments that span up to 24 months. This means that you don’t have to worry about paying back the loan all at once, making it a more manageable experience for customers.
Singh Anusha
Bajaj Finserv
| Company | Bajaj FInserv |
|---|---|
| Founding Year | 2007 |
| Founded By | Shri Jamnalal Bajaj |
| Website | www.bajajfinserv.in |
Bajaj Finserv is a non-banking Indian company that offers various financial services. They provide three types of personal loans – flexible term loans, flexi hybrid loans, and term loans. Additionally, their personal loans come with some attractive features that make them appealing. For example, you can choose any of the three loan variants based on your requirement, complete the entire loan process from the comfort of your home, avail of loans of up to Rs. 40 lahks, and the loans are unsecured, meaning that they do not require any collateral. Moreover, these personal loans come with affordable interest rates starting from 10.49% p.a. and tenure that range from 12 to 72 months.
Zest Money
| Company | Zest Money |
|---|---|
| Founding Year | 2015 |
| Founded By | Lizzie Chapman, Ashish Anantharaman, and Priya Sharma |
| Website | www.zestmoney.in |
ZestMoney is an innovative financial platform that stands out from other similar platforms by offering prompt and accessible loan facilities. One of the primary features of this platform is the ease with which anyone, even those without a credit score, can apply for a loan. Moreover, ZestMoney is a convenient option for online shopping, as it allows you to pay for easy instalments via EMIs. Additionally, the platform offers loans up to a maximum amount of Rs. 5 Lakh, with interest rates starting as low as 14%. Furthermore, ZestMoney provides gift cards from a wide range of popular shopping websites, increasing the value it offers to users. Finally, ZestMoney provides a flexible repayment option, enabling users to pay back the loan amount in comfortable EMIs that range from three to thirty-six months.
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True Balance
| Company | True Balance |
|---|---|
| Founding Year | 2014 |
| Founded By | Cheolwon Lee |
| Website | www.truebalance.io |
True Balance is an app that caters to customers who either do not make online payments or do not have a credit score. The app has some noteworthy features, such as quick loan approval within 30 minutes of applying, access to credit around the clock, and low-interest rates starting from 2.4% per month. You can borrow from Rs. 5,000 to Rs. 1 Lakh and repay it at your own pace with flexible tenures between 3 to 6 months.
Credy
| Company | Credy |
|---|---|
| Founding Year | 2016 |
| Founded By | Harshit Vaishnav and Pratish Gandhi |
| Website | www.credy.in |
If you’re looking for a quick and easy way to borrow money, Credy is one of the best online platforms to use. It’s available in major cities like Mumbai, Chennai, Bangalore, and Hyderabad. You can borrow up to Rs. 1 lakh with flexible options and interest rates between 1.00% to 1.50% per month. It’s designed especially for salaried folks, and the best part is that the loan gets disbursed within just 24 hours. The whole process is super simple, online, and doesn’t require a mountain of paperwork. Whether it’s an emergency or a big purchase you’ve been planning, Credy helps you get the funds you need without any fuss.
FAQs
What are the best instant loan apps in India?
The best loan apps in India are mPokket, Money View, India Lends, PayMe India, Capital First, Home Credit, Money Tap, Dhani, CASHe, and Paysense.
Which is the fastest loan app in India?
PaySense. This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field.
How can I get an immediate loan?
All you need to do is follow these steps:
- Fill in the online application form with your personal, employment, and financial details.
- Choose your loan amount and repayment tenor to receive instant approval.
How can I get a loan without a salary slip?
You can validate your income by producing other financial documents like bank account statements, income certificates, Income tax returns, or Form 16. Or otherwise, you can jointly apply for the loan with another applicant, who could be your family member.
