25 Best Personal Loan Apps in India in 2023

Here are the top 25  loan apps ranked based on user experience:best loan apps in India

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

Source: Google Play Store listing & respective loan app websites. (Last updated – 31st January 2023)

Today individuals have been taking loans from the best loan apps in India for various purposes.

Money lending apps in India have become popular due to the platform/app-based benefits and offerings ranging from customized loans, low-interest rate loans, and online credit cards to the simple application process, and 24X7 tracking.

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

Our Top 2 Favorites

Our top two recommended favorites are PaySense and LazyPay, which are PayU’s consumer lending businesses set to go full throttle with their merger to build a full-stack digital lending platform in India.

 

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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Why PaySense Makes The Difference 

Anyone with a decent salary of INR 18,000/- or a self-employed individual clocking in INR 20,000/- per month can apply for an instant loan. The scope of who can take out loans just expanded. Also, the ease of doing business, without the hassle of making multiple trips to the bank or loan agent making loan inquiries is a winning factor. From the comfort of home, one can log online and complete the application process, rather seamlessly. There is also an EMI Calculator to help you plan your loan decision and repayment capacity better. Upon approval, the disbursal process is pretty swift and you get the money credited into your account pretty promptly.

 

25 Best Instant Personal Loan Apps in India (February 2023)

In India, loan apps offer an instant, paperless, and hassle-free way of getting quick access to funds to fulfill your dreams or help you during a financial emergency

In this blog, we have listed 25 of the best loan apps in India that have taken the Indian financial space by storm and are changing the way young Indians borrow! We have also made a loan app comparison table for you to make an informed choice. Read about the latest and up-to-date information about the best instant personal loan apps in India in 2023

1. PaySense 

PaySense, one of the best instant personal loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant 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 the 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.

You can download the PaySense App from the Google Play Store. Upon installation, all you need to do is check your loan eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to repay the loan. PaySense also offers an EMI calculator to help you calculate the EMI you shall pay every month, making for a great user experience.

The win-win takeaway 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

Personal Loan App

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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2. LazyPay

Powered by PayU, the same company that acquired PaySense, LazyPay is one of the Top Finance apps offering Fast loans 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

3. 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

4. IDFC FIRST Bank

If you are looking for a good significant amount of cash to buy a car or a two-wheeler loan, 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, and payment dates, and also for raising service requests.

Founded in: 2018

Minimum Loan Amount: N/A

Maximum Loan Amount: ₹40,00,000

5. ZestMoney

ZestMoney offers a quick way to get an instant loan. It does not need you to have a credit score. It takes just a few minutes to apply for a loan on the app. 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

6. Dhani

Backed by Indiabulls Ventures, this is also one of the top loan apps in 2023 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 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

7. 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 like education loans or medical emergencies etc. 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

8. CASHe

CASHe is a great way to secure funds during a medical 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 on the 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

 

Personal Loan App

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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9. 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 of 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 favorite among young professionals looking for a loan to buy a mobile phone or camera or laptop. 

Founded in: 2015

Minimum Loan Amount: ₹1,000

Maximum Loan Amount: ₹2,00,000

10. Fullerton India

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

11. Fibe

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? Fibe loan app gets you covered when the next payday is far away. They offer loans for salaried professionals, this app provides a loan amount of 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, Fibe 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

12. 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 your loan eligibility matches, you are given a credit line of ₹1,00,000. You can withdraw about ₹5000, or more anytime you need the money and pay it back in easy installments 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

13. Credy

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

To take a loan from the app, 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 a 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

14. 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

 

Personal Loan App

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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15. 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 required for a loan. 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

16. 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 instant 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

17. 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

18. 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, marriage 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

19. 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

20. 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

21. 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 its borrowers. 

Their products include lifestyle and celebration loans, two-wheeler loans, home renovation 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 options and bullet repayment to the principal outstanding.

Founded in: 2015

Minimum Loan Amount: ₹25, 000

Maximum Loan Amount: ₹10,00,000

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 a money loan 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 loan 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 the right lending partners. Their entire process is paperless: just download the app and follow the simple and easy steps. Once approved, the loan is instantly disbursed to your bank account. 

AnyTimeLoan does not require any collateral or guarantor and offers K12 education loans, personal loans, and business loans. 

Founded in: 2014

Minimum Loan Amount: N/A

Maximum Loan Amount:  ₹50,00,000

 

Personal Loan App

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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The Rationale Behind Picking The Best Personal Loan Applications For You?

With the mushrooming of so many loan apps and finance platforms offering quick and easy loans complete with digital verification and documentation, it has become all the more important and challenging in 2023 to assess the performance and user efficiency given that they have a similar platform and product features and enhancements. The terms and conditions are usually similar and most functions are pretty much comparable.

Distilling the factors, our experts considered the following rationale to choose the top 25 Best Personal Loan Applications. 

1. Eligibility Conditions 

While applying for any personal loan through any of these new-age apps and platforms, the eligibility conditions range from name, age, geography, employment status, creditworthiness, source of income, and other applicable factors.

2. Documentation and Verification

Upon choosing a loan app, it is very critical to consider the process of complete paperless digital documentation and the ease of conducting the same for the online KYC process for verification purposes as compared to conventional KYC processes. Also, how urgently you need a loan will clearly influence your choice of the platform which delivers fast approvals and disbursal of the loan amount. 

3. Rates of Interest 

The rate of interest is the deciding factor in the choice of your loan app. A high-interest rate is the hallmark of short-term personal loans and can be a game changer should you miss a payment. Hence, applicants are looking for reputable apps offering low-interest loans.

4. Repayment Schedules

Loan applicants have always preferred a flexible repayment model, including the offering of a grace period during which you can repay the loan without affecting your credit history and rating.

5. Freedom of Loan Usage

Most platforms have restrictions for many personal loans, to be used only for payment of utilities and so on. The flexibility to use a loan amount for a whole bunch of things is the deciding factor for many loan applicants.

6. Easy Linkage with Digital Wallets 

Most loan apps and platforms have since taken advantage of the introduction of digital wallets like Google Pay, PhonePe, and PayTM by setting up auto-pay, subscriptions, and easy transactions.

7. UI-UX Interface of Loan Apps 

Customer journeys determine the success and ranking of loan apps. If a loan application process has been seamless, easy, and comfortable without any bugs in terms of uploading documents for KYC verification to the point of approval and disbursal of the loan amount.

8. Third-Party Integrations

Options like Buy Now Pay Later on various e-commerce platforms make it easier for such loan apps to tick off bucket lists, and draw up wish lists at lower interest rates.

9. Hidden Charges

Loan Apps and platforms with no hidden charges and extra processing rates are usually a hit with loan applicants. Most applicants experience fatigue and do not do any due diligence and stand to lose lots of money through these hidden charges.

10. After Sales and Customer Service

The taste of the pudding lies in its taste, so you have heard. Similarly, a customer’s journey and experience in terms of inquiry and resolution towards filling out an application form, completing a procedure, payments, refunds, and cancellations is the significant factor in the choice of the best loan app.

Bottom Line

We have listed down the 25 best instant loan apps in India in 2023. Besides the top 25 loan apps mentioned above, there are several other loan apps in India that offer instant personal loans within a matter of minutes. With growing consumer awareness, popularity, and adoption of loan apps, 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, as an aware consumer, you must always read the terms and conditions carefully before signing up to ensure that you fully understand and are aware of the borrowing and repayment structures.  

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

So, what are you waiting for? If you have been contemplating taking out a loan for any need, here are our top 25 Best Instant Personal Loan Apps for you to compare and choose from, in terms of ease of doing business and user experience. Our blog will help you choose the best online loan app in India that perfectly meets your requirements. 

FAQs

Which app is the best for applying for a loan?

PaySense is one of the best personal loan apps 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 app provides personal loans during an emergency? 

PaySense is the forerunner in providing personal loans during an emergency, subject to the fulfillment of some basic terms and conditions.

Which is the best loan app in India?

PaySense is one of the best instant online 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.

 

Personal Loan App

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Click Here to Apply for Instant Personal Loan from the PaySense Website.

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Kiran Pathak

Kiran loves writing about fintech, banking, insurance, healthcare, wellness, travel, lifestyle, and parenting. By day, she is juggling strategy calls and meetings with clients that compelling content is the only way forward and in her spare time, she is raising awareness about the evils of plastic or backpacking with her husband and 2 sons.

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