India is changing, and with it, the mindsets, practices, norms, and habits are changing as well. For instance, taking a loan is no longer a taboo today. Young Indians have been taking loans for various purposes – like studying overseas, financing a holiday, renovating their house, buying a car, and even for their wedding! To meet this growing demand, many organizations have started offering funds to fuel the dreams of today’s ambitious population.

Money lending apps in India have slowly become popular owing to the many benefits they offer – customized loans, low-interest rates, online credit cards, the simple application process, and 24X7 tracking. Today, multiple instant loan apps in India offer a fast, paperless, and hassle-free way of getting quick access to funds to achieve a dream or during a financial emergency.

Best Instant Personal Loan Apps in India

20 Best Instant Personal Loan Apps in India

  1. PaySense
  2. CASHe
  3. Dhani
  4. Early Salary
  5. Nira
  6. Money Tap
  7. FlexSalary
  8. MoneyView
  9. PayMe India
  10. Kredit Bee
  11. Credy
  12. Smart Coin
  13. Rupeelend
  14. mPokket
  15. Home Credit
  16. Anytime Loan
  17. Capital First
  18. Opta Credit
  19. Loan Tap
  20. Olly Credit

In this post, 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!

  • 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 an instant personal loan. Salaried professionals who earn at least INR 12,000 per month and self-employed individuals who earn a minimum of INR 15,000 per month are eligible to borrow from PaySense. Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with Fullerton and IIFIL for the disbursal of loans.

Download Instant Personal Loan App – PaySense

PaySense offers a simple EMI calculator to help borrowers calculate the EMI they shall pay every month. After installing the app, all you need to do is check your eligibility and upload the necessary documents. Borrowers are allowed to choose their preferred tenure to pay back the loan that ranges from 3 months to 60 months. The best part is that you are not required to submit any collateral or securities, nor are you required to have a high credit score. Last year, the company raised $18 million in Series B funding.

Founded in: 2015

Minimum Loan Amount: INR 5,000 

Maximum Loan Amount: INR 5,00,000

  • 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 (Google Play Store for Android users and Apple store for iPhone users), 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: INR 5,000 

Maximum Loan Amount: INR 2, 00,000

  • Dhani

Backed by Indiabulls Ventures, this is also one of the top loan apps in India. Dhani lets you apply for a personal loan anytime, anywhere, and for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is to download the app and provide your PAN number, 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. The loan can be repaid within three to 72 months and should you wish to foreclose the loan, and your amount is less than INR 20,000, you are not charged an extra foreclosure fee. 

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

Minimum Loan Amount: INR 1000 

Maximum Loan Amount: INR 15,00,000

  • Early Salary

Do you often out of cash in the middle of the month and are worried about how to meet the expenses for the rest of the month? Early Salary has got you covered when the next payday is far away. A special personal loan app for salaried professionals, this app provides a loan amount up to INR 1, 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 50 days. Slowly gaining popularity among the young generation, Early Salary raised INR 100 crores in series B funding led by Eight Roads Ventures and IDG Ventures India in January last year. 

Founded in: 2015

Minimum Loan Amount: INR 1000 

Maximum Loan Amount: INR 2, 00,000

  • Nira

Nira is one of the newest money lending apps in India. After you download the app, you can find out if you qualify for the loan in just 3 minutes. If you are eligible, you are given a credit line of INR 1, 00, 000. You can withdraw about INR 5000, or more, anytime you need the money and pay back in easy installments between three to 12 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 picked up $1 million in seed funding last year as well. 

Founded in: 2018

Minimum Loan Amount: INR 5000 

Maximum Loan Amount: INR 1,00,000

  • Money Tap

Money Tap has a unique feature called “no-usage-no-interest,” which makes it stand out from the rest of the 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 recently partnered with leading NBFCs in India, and the company currently serves Bangalore, Mumbai, NCR, Hyderabad, and more cities in India. However, you need to earn a minimum of INR 20,000 a month to be eligible for a loan.  

Founded in: 2015

Minimum Loan Amount: INR 3000 

Maximum Loan Amount: INR 5, 00,000

  • 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 a great 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 signup on the app, upload the required documents, and the loan is transferred to your account upon approval. 

Founded in: 2016

Minimum Loan Amount: N/A

Maximum Loan Amount: INR 2,00,000

  • MoneyView

If you require a significant amount of cash for an emergency or some other expense, this is probably the best instant loan app that you can download. It is a great app that allows you to borrow an amount starting from 10,000 INR up to INR 5 lacs and also lets you pay in comfortable EMIs within three months to 3 years. The entire process takes place through the app, which is quite 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: INR 10,000

Maximum Loan Amount: INR 5, 00,000

Interest Rate: 1.33-2 percent per month (approximately)

  • 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 too. PayMe has a strong customer support team that is known to be very responsive and helpful to new borrowers. The company also raised $2 million from Singapore-based investors last year. 

Founded in: 2016

Minimum Loan Amount: INR 1000

Maximum Loan Amount: INR 1,00,000

  • Kredit Bee

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 INR 1000 or up to INR 1 lakh. Anyone above the age of 18 years and earning INR 15,000 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 favorite among young professionals. 

Founded in: 2015

Minimum Loan Amount: INR 1000

Maximum Loan Amount: INR 1,00,000

  • Credy

This new entrant in the market 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 no requirement of a guarantor or collateral. To take a loan from Credy, all you need to do is download the app, meet their eligibility requirements, upload the documents that 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. Currently, they offer loans to salaried employees earning at least INR 15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.

Founded in: 2016

Minimum Loan Amount: INR 10,000

Maximum Loan Amount: INR 1, 00,000

Interest Rate: 1-1.5 percent per month (approximately)

  • Smart Coin

This is a great loan app for people who are 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 parent, support staff, business owners, etc. The app is fairly easy to operate, and the lending platform is completely hassle-free. All documentation can be done online, and the application is granted approval within minutes. Once approved, you can apply for a loan up to INR 50, 000. There is no minimum limit on the salary you earn in Smart Coin, and hence, anyone can apply for a loan. 

Founded in: 2015

Minimum Loan Amount: INR 1000

Maximum Loan Amount: INR 50,000

  • Rupeelend

A part of the part of 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. Rupeelend follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork and meetings over phone calls. It understands the fact 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. It also has a loan customization feature that helps customers select the loan amount easily. Moreover, should you wish to foreclose the loan, you can do so without any extra charges. 

Founded in: 2015

Minimum Loan Amount: INR 10,000

Maximum Loan Amount: INR 1,00,000

  • 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 based on providing 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 INR 500, and the credit line keeps on increasing with regular usage and timely payments. The repayment tenure is usually between one to three months. 

Founded in: 2016

Minimum Loan Amount: INR 500

Maximum Loan Amount: None

  • Home Credit

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. In India, it operates in over 20 states and 150 cities. This loan app works seamlessly to provide you the required loan amount to help you fix your financial woes. It provides a loan amount up to INR 2 lacs and allows you to repay it in easy EMIs within a period of nine months to 4 years. 

Founded in: 2011

Minimum Loan Amount: N/A

Maximum Loan Amount: INR 2,00,000

  • Anytime Loan

If you are not a salaried individual and are worried about not getting a loan, it is time to put your woes to rest! Anytime Loan 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 Anytime Loans is K12 education loans, personal loans, and business loans. It does not require any collateral or guarantor. 

Founded in: 2014

Minimum Loan Amount: INR 1000

Maximum Loan Amount:  INR 10,00,000

  • Capital First

This is one of the oldest money lending apps in India with a superb reputation. If you are looking for a good significant amount of cash, this is the loan app you should download and use. The process is rather simple to follow, and if you follow the instructions diligently, 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 is easy EMIs within a period of one year to five 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: 2012

Minimum Loan Amount: INR 50,000

Maximum Loan Amount: INR 25,00,000

  • Opta Credit

This Chennai-based online lending platform is one of its kind. Unlike many other loan apps, this one uses AI to assess the creditworthiness of a borrower. The AI assimilates data from various sources to assist in data-driven lending. This loan app is tailor-made for young salaried professionals who are in dire need of cash. The interest rate is flat, and the repayment procedure is also flexible with the option of paying back in easy EMIs with a tenure between two to 36 months. What’s more, Opta Credit had raised $4 million in debt funding from DMI Finance in January last year. 

Founded in: 2016

Minimum Loan Amount: INR 20,000

Maximum Loan Amount: INR 5,00,000

  • Loan Tap

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 installment loans. The documentation process is simple and requires minimal documents. The repayment options are also many – they offer accelerated payment option and bullet repayment to principal outstanding. You can choose the one that you like best. 

Founded in: 2015

Minimum Loan Amount: INR 50, 000

Maximum Loan Amount: INR 10,00,000

  • Olly Credit

If you have surpassed the credit limit on your credit card already and are looking for a similar option to shop, eat, and survive, then this Delhi-based company has got your back! Olly Credit is a microcredit app that enables the borrower to buy online using the app. However, that’s not all – the company also gives you an Olly card that you can use for offline shopping purposes. Once you sign up, you get access to instant credit within a couple of minutes. The card and the app work in almost all physical and online stores. The repayment process is also simple and can be made through the app. The company raised funding from a China-based fin-tech incubator, and investor Jade Value and a Mumbai-based company Lead Angels Network. 

Founded in: 2015

Minimum Loan Amount: N/A

Maximum Loan Amount: INR 20,000

Besides the apps mentioned above, several other loan apps in India that offer instant personal loans within a few minutes. With increasing consumer awareness and adoption, the market has grown rapidly 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.

It is also wise to compare different loan apps in the market read up on them to find out the one that meets your requirements perfectly. However, 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!