India is changing, and with it, the mindsets, practices, norms, and habits of Indians are also changing. For instance, taking a loan is no longer taboo today. Young individuals 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, and even for their wedding. 

To fuel the dreams of today’s ambitious population, many organizations have started offering funds. Money lending apps in India have become popular owing to the many benefits – customized loans, low-interest rates, online credit cards, the simple application process, and 24X7 tracking. 

Multiple instant loan apps in India in 2021 offer a fast, paperless, and hassle-free way of getting quick access to funds to fulfil your dreams or help you during a financial emergency.

In this blog, we have listed some of the best loan apps in India that have taken the market by storm and are changing the way Indians borrow! We have also made a loan app comparison table for your perusal. Get information about the best instant personal loan apps in India in 2021 by giving this a read.

Best Instant Personal Loan Apps in India [2021]

Below is the list of the top 25 best loan apps in India:

  1. PaySense
  2. CASHe
  3. EarlySalary
  4. Nira
  5. KreditBee
  6. Credy
  7. mPokket
  8. Dhani
  9. Bajaj Finserv
  10. MoneyTap
  11. FlexSalary
  12. MoneyView
  13. PayMe India
  14. SmartCoin
  15. StashFin
  16. HomeCredit
  17. ZestMoney
  18. IDFC First Bank
  19. LoanTap
  20. Fullerton India
  21. LazyPay
  22. IndiaLends
  23. CashBean
  24. RupeeLend
  25. AnyTimeLoan

The Comparison Table of Best Loan Apps in India in 2021

The following table compares the best loan apps in India in 2021. It compares different loan apps based on their annual interest rate, loan amount, and app rating on Google Play Store. The table will help you find the best loan app in India suitable to you:

 

# Loan App Annual Interest Rate or APR Loan Amount App Rating/5
1 PaySense 16% – 36% (APR) 5,000 to 5 lakh 4
2 CASHe 27% – 33% 7,000 to 4 lakh 3.6
3 EarlySalary 0% – 30% 3,000 to 5 lakh 4.3
4 Nira 24% – 36% (APR) 5,000 to 1 lakh 4.2
5 KreditBee 0% – 29.95% 1,000 to 2 lakh 4.1
6 Credy 12% – 18% Up to 1 lakh 4.1
7 mPokket Starting at 52% 500 to 30,000 4.2
8 Dhani Starting at 13.99% 1,000 to 15 lakh 4
9 Bajaj Finserv 12% – 34% (APR) 30,000 to 25 lakh 4
10 MoneyTap 13% – 36% 3,000 to 5 lakh 4.1
11 FlexSalary Up to 36% (APR) 4,000 to 2 lakh 3.7
12 MoneyView 16% – 39% (APR) 10,000 to 5 lakh 4.5
13 PayMe India 18% to 42% (APR) 2,000 to 2 lakh 3.2
14 SmartCoin 0% – 30% 4,000 to 1 lakh 3.9
15 StashFin 9.99% – 35.99% (APR) 1,000 to 5 lakh 4
16 HomeCredit 19% – 56% (APR) 10,000 to 2,40,000 4.3
17 ZestMoney Up to 36% (APR) 1,000 to 10 lakh 4.6
18 IDFC First Bank Starting at 10.49% Up to 40 lakh 3.9
19 LoanTap 18% – 30% 25,000 to 10 lakh 3.7
20 Fullerton India Starting at 11.99% 50,000 to 25 lakh 3
21 LazyPay 15% – 32% 10,000 to 1 lakh 4.4
22 IndiaLends Starting at 10.75% Up to 50 lakh 3.8
23 CashBean Up to 26% 1,500 to 60,000 4.3
24 RupeeLend 365% (APR) 10,000 to 1 lakh 2.6
25 AnyTimeLoan 18% – 54% Up to 50 lakh 1.9

Learn more about the best instant loan apps in India below. Get to know about each of the loan apps in brief.

1. PaySense

PaySense, one of the best instant loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant personal loans. The minimum salary to 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 app is from 16% to 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, and marriage loan, among others.

Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with 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.

The PaySense App is available for download on the Google Play Store. After installing the app, all you need to do is check your eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to pay back the loan. PaySense offers an EMI calculator to help you calculate the EMI you shall pay every month. 

The best part is that you are not required to submit any collaterals or securities, nor are you required to 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

2. CASHe

CASHe is a great way to secure funds during an emergency or financial crisis. All you need to do is download the CASHe App on your phone. You can find it on Google Play Store as well as Apple Store. 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 Wallet. 

Do note that CASHe approves loans based on the social profile, merit, and 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

3. EarlySalary

Do you often get out of cash in the middle of the month? And are worried about meeting the expenses for the rest of the month? EarlySalary gets you covered when the next payday is far away. A unique personal loan app for salaried professionals, this app provides a loan amount up to 5,00,000 for all your needs. 

The Pune-based fin-tech start-up also allows you to 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 and IDG Ventures India. 

Founded in: 2015

Minimum Loan Amount: ₹3,000 

Maximum Loan Amount: 5,00,000

4. Nira

Nira is also one great money lending app in India. After you download the app, you can determine if you qualify for the loan in just 3 minutes. If you are eligible, you are given a credit line of 1,00,000. You can withdraw about 5000, or more anytime you need the money and pay back in easy instalments 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 app had picked up $1 million in seed funding. 

Founded in: 2018

Minimum Loan Amount: 5,000 

Maximum Loan Amount: 1,00,000

5. KreditBee

Amongst the many loan apps built to help young professionals, KreditBee is one of the best online loan apps in India. You can borrow an amount as little as 1000 and as much as ₹2 lakh. Anyone above 18 years and earning at least 10,000 per month can download the app and apply for the loan. 

The entire process happens on the app, and there is no need for physical verification. After uploading the necessary documents, you need to wait for verification and approval. Once approved, the loan amount is directly credited to your bank account. This app is highly rated and a favourite among young professionals. 

Founded in: 2015

Minimum Loan Amount: 1,000

Maximum Loan Amount: 2,00,000

6. Credy

Credy is a fantastic instant loan app in India that can help you meet your financial needs like furnishing your home, paying your credit card bill, etc. Credy has no hidden charges and you do not need a guarantor or collateral to apply for a loan. 

To take a loan from Credy, all you need to do is download the app, meet their eligibility requirements, upload the documents they ask for, and you are good to go! The loan repayment schedule is also flexible because it allows borrowers to choose tenure between three to 12 months. They offer loans to salaried employees earning at least 15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.

Founded in: 2016

Minimum Loan Amount: 10,000

Maximum Loan Amount: 1,00,000

7. mPokket

It is not uncommon for college students to run out of money. And so, the makers of mPokket came up with a special app to ensure that no college student has to borrow from friends anymore. This personal loan app is specially designed for college students and provides pocket money to students.

You need to download the app, fill in all the necessary details, and once your application is approved, the money is credited directly to your bank account or Paytm Wallet. The initial amount that is approved is 500, and the credit line keeps on increasing with regular usage and timely payments. The repayment tenure is from 2 to 4 months. 

Founded in: 2016

Minimum Loan Amount: 500

Maximum Loan Amount: 30,000

8. Dhani

Backed by Indiabulls Ventures, this is also one of the top loan apps in 2021 in India. Dhani lets you apply for a personal loan anytime, anywhere, and any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification. 

Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 to 36 months. 

Founded in: 2000 (Indiabulls); 2017 (launch of the app)

Minimum Loan Amount: 1,000 

Maximum Loan Amount: 15,00,000

9. 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

10. 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 download the 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. 

MoneyTap has partnered with the leading NBFCs in the country, and it currently serves Bangalore, NCR, Mumbai, Hyderabad, etc. cities in India. However, you need to earn a minimum of 30,000 a month to qualify for a loan.  

Founded in: 2015

Minimum Loan Amount: 3,000 

Maximum Loan Amount: 5,00,000

11. FlexSalary

FlexSalary is an instant loan app in India that has been designed especially for salaried individuals. Based in Hyderabad, this online loan lending platform is an excellent help to salaried individuals who need urgent cash during times of crisis. 

In addition to a one-time approval process, FlexSalary has instant disbursals and gives its borrowers the option to access their credit anytime. Borrowers are also allowed to decide the loan tenure and repay the amount flexibly. It works as an advanced salary app with no fixed EMI for borrowers. All you need to do is sign up on the app, upload the required documents, and the loan is transferred to your account upon approval. 

Founded in: 2016

Minimum Loan Amount: 4,000

Maximum Loan Amount: 2,00,000

12. 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 to 5 lakh and lets you pay in comfortable EMIs within 3 months to 5 years. 

The entire process takes place through the app, which is relatively easy and 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

13. PayMe India

Based out of Noida in Uttar Pradesh, PayMe is a fin-tech company that offers short-term loans to corporate employees who require instant cash. They provide short term cash loans, instant payday loans, and advance salary loans to salaried corporate employees at low-interest rates to help them meet their financial needs. 

Their loan application process takes place entirely through the app. The lending process is reliable and quick. PayMe has a strong customer support team known to be very responsive and 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

14. 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 people from all walks of life like salaried individuals, stay-at-home parents, support staff, business owners, etc. 

The app is pretty easy to operate, and the lending platform is completely hassle-free. You can do all the documentation online, and your application is approved within minutes. Once approved, you can apply for a loan of up to 1,00,000. There is no minimum limit on the salary you earn in SmartCoin, and hence, anyone can apply for a loan. 

Founded in: 2015

Minimum Loan Amount: 4,000

Maximum Loan Amount: 1,00,000

15. 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 to 5,00,000. You can only repay the loans electronically. The tenure of the loan can range from 3 to 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

16. 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 to provide you with the required loan amount to help you fix your financial woes. It provides a loan amount of up to 2,40,000 and allows you to repay it in easy EMIs within a period of 6 to 51 months. 

Founded in: 2011

Minimum Loan Amount: 10,000

Maximum Loan Amount: 2,40,000

17. ZestMoney

ZestMoney offers a quick way to get an instant loan. ZestMoney does not need you to have a credit score. It takes just a few minutes to apply for a loan on ZestMoney. You can pay back your loan digitally in EMIs and earn a cashback of 100% on your EMIs.

Founded in: 2015

Minimum Loan Amount: 1,000

Maximum Loan Amount: 10,00,000

18. IDFC FIRST Bank

If you are looking for a good significant amount of cash, this is the loan app you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years. 

The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates, and also raise service requests.

Founded in: 2018

Minimum Loan Amount: N/A

Maximum Loan Amount: 40,00,000

19. 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 to their borrowers. 

Their products include lifestyle and celebration loans, two-wheeler loans, home loans, flexible personal loans, and lower instalment loans. The documentation process is simple and requires minimal documents. The repayment options are also many – they offer accelerated payment options and bullet repayment to principal outstanding.

Founded in: 2015

Minimum Loan Amount: 25, 000

Maximum Loan Amount: 10,00,000

20. Fullerton India

Fullerton India InstaLoan offers a quick and convenient way to apply for a personal loan for salaried and self-employed professionals. It is one of the best loan apps for the self-employed. The personal loan app claims to 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

21. LazyPay

Powered by PayU, the same company that acquired PaySense, LazyPay is one of the fastest loan apps in India. It offers quick approvals and safe online loan application processing. You just need your mobile number to know your loan eligibility with LazyPay App. 

The key offerings of LazyPay include an instant personal of up to 1,00,000 with minimal documentation and an easy digital process.

Founded in: 2015

Minimum Loan Amount: 10,000

Maximum Loan Amount: 1,00,000

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 app 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 product aimed to make your financing needs easier. You can apply for a loan online on their tech-driven mobile app. You can quickly get loans without any paperwork and hurdles and 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 its users. Based in Gurgaon, RupeeLend functions in most of the major cities of India. The app follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork and meetings over phone calls. It understands that sometimes, customers are in urgent need of money and cannot wait too long to get it. 

Moreover, RupeeLend disburses loans within two hours to new customers and 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 foreclose the loan, you can do 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 and are worried about not getting a loan, it is time to put your 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 lending partners. Their entire process is paperless: you need to download the app and follow the process. Once approved, the loan is instantly disbursed to your bank account. 

The kind of loans offered by AnyTimeLoan is K12 education loans, personal loans, and business loans. It does not require any collateral or guarantor. 

Founded in: 2014

Minimum Loan Amount: N/A

Maximum Loan Amount:  50,00,000

Bottom Line

So, this was the list of the best instant loan apps in India in 2021. Besides the apps mentioned above, several other loan apps in India offer instant personal loans within a few minutes. With increasing consumer awareness and adoption, the market has proliferated over the past few years and welcomed several new players. 

However, while these money lending apps in India have made borrowing more accessible, you must always read the terms and conditions carefully before signing up to ensure that you fully understand the borrowing and repayment structures. Also, when it comes to making payments, you must be highly careful.

As per the industry experts, you must only make payments to the official accounts registered under NBFC, bank, or partner platform. You must not make any payments under the name of loan executives. However, note that online payments are considered safe as they are traceable and can be tracked.

The advent of several instant loan apps has ensured that official credit has become more accessible to millions of Indians, and that is an achievement worth celebrating!

So, compare various loan apps present in the market along with the above-listed best instant loan apps in India, and read up on them to find out the best online loan app in India that perfectly meets your requirements. 

FAQs

Which app is best for applying for a loan?

PaySense is one best loan app in India to apply for a loan.

Which app gives loans without salary slips?

The PaySense personal loan app gives loans without salary slips.

Which apps are providing loans during the lockdown?

PaySense and many other lenders are providing loans during the lockdown.

Which is the best loan app in India?

PaySense is one of the best instant personal loan apps in India, offering personal loans from 5,000 to 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.