Top 10 Instant Loan Apps in India

Top 10 Instant Loan Apps in India

Instant loan apps can be a helpful solution if you’re facing unexpected expenses such as medical bills or educational fees and find yourself short on funds. These apps streamline the borrowing process with minimal paperwork and quick processing times. If you’re struggling to decide which app to choose, we’ve got you covered. Below, you’ll find a list of the best instant loan apps, based on their reviews and ratings in the app marketplace, as well as details such as interest rates, disbursal times, tenure, and more. Check it out:

Disclaimer: A loan disbursement is entirely at the discretion of the apps. This list is based solely on the apps’ popularity in India, and has no affiliations with them.

1. KreditBee

  • Kicking off the list with KreditBee, the app offers instant loans of up to Rs 4 lakhs provided the person is a salaried employee with a minimum monthly income of Rs 10,000.
  • The loan can be applied entirely online through KreditBee’s official website or app without going through a lengthy documentation process.
  • Since the service is available 24×7, loans are disbursed in just 10 minutes, as claimed by the company. Users can choose loan tenures from anywhere between 3 to 24 months.
  • Loan takers can opt for various repayment periods according to their preferences and capacity.

Loan amount: Rs 10,000 to Rs 4 lakhs
Interest Rate: 0 percent to 29.95 percent p.a.
App Rating: 4.5/5
Downloads: 50,000,000+

2. IndiaLends

  • IndiaLends is an instant loan app that disburses loans from its partner banks such as HDFC Bank, ICICI Bank, SBI, Axis Bank, and IDFC Bank, among others.
  • Upon registering on the app, users can request loans of anywhere between Rs 10,000 to Rs 2 lakhs. The interest rate on repayment of loans ranges between 10.25 percent to 29.99 percent depending on the tenure of the loan.
  • With the loan availing process being fully online, users can opt for a loan at any time during the day or night.

Loan Amount: Rs 10,000 to Rs 2 lakhs
Interest Rate: 10.25 percent to 29.99 percent p.a.
App Rating: 4/5
Downloads: 5,000,000+

3. Bajaj Markets

  • Bajaj Markets is a renowned name in the loan sector. Users applying for a loan through the portal can get the amount transferred into their bank account instantly within a short span of time.
  • Personal loans can be availed at interest rates of 9.99 percent onwards by paying a processing fee of 0.5 percent to 2.5 percent depending on the loan amount.
  • Speaking of the loan amount, users can avail loans of up to Rs 50 lakhs with a tenure period of one to six years. Do note that Bajaj may charge two percent of the loan amount in case the borrower fails to repay the loan within the due date.

Loan Amount: Up to Rs 50 lakhs
Interest Rate: 9.99 percent onwards
App Rating: 4.1/5
Downloads: 10,000,000+

4. PaySense

  • Next up is PaySense which allows salaried and self-employed people to fulfil their financial needs during crunch situations with loans from as low as Rs 5,000 all the way up to Rs 5 lakhs.
  • A distinct feature PaySense carries is that it easily disburses loans to people who don’t have a credit record or haven’t taken a loan before.
  • With paper documentation, loan amounts are quickly approved and credited to the borrower’s bank account in a prompt manner.

Loan Amount: Rs 5,000 to Rs 5 lakhs
Interest Rate: 2.15 percent to 3 percent
App Rating: 3.7/5
Downloads: 10,000,000+

5. Paytm

  • Apart from using it for making UPI and wallet payments, Paytm can also be used to avail instant personal loans of Rs 10,000 to Rs 3 lakhs using the mobile app.
  • To avail a loan, all the user needs to do is enter their PAN number along with the occupation type to begin the loan release process.
  • The rate of interest to be paid is shown during the application process depending on the amount being borrowed.

Loan Amount: Rs 10,000 to Rs 3 lakhs
Interest Rate: Show on loan application
App Rating: 4.5/5
Downloads: 100,000,000+

6. Flipkart

  • In collaboration with Axis Bank, Flipkart has also started offering personal loans to people wanting to fulfil their financial needs. The e-commerce giants provided loans from Rs 50,000 to Rs 10 lakhs.
  • The loan tenure is stated to be between six to 60 months meaning between this period, the loan borrowers can repay their loans.
  • When it comes to the rate of interest, the value will be shown during the loan application process.

Loan amount: Rs 50,000 to Rs 10 lakhs
Interest rate: Show on loan application
App rating: 4.2/5
Downloads: 500,000,000+

7. CASHe

  • CASHe is yet another mobile application that can be used to obtain instant loan amounts. It offers loans from Rs 15,000 to Rs 4 lakhs with tenures ranging from three to 18 months.
  • The service also charges a processing fee of Rs 500 to Rs 1,200 depending on the borrow amount. CASHe charges 2.5 percent of interest rest per month.
  • Since it’s an online-based service, loans can be applied at any time with bare minimum waiting times for the amount to be credited to borrower’s bank account.
  • Do note that the person applying for the loan should have a good credit history to easily process the loan application.

Loan amount: Rs 15,000 to Rs 4 lakhs
Interest rate: 2.5 percent per month
App rating: 3.7/5
Downloads: 10,000,000+

8. Fibe

  • Formerly known as EarlySalary, Fibe is an online platform for salaried employees that seamlessly approves loans and quickly disburses money without much paperwork.
  • The app claims to release loans of up to Rs 5 lakhs in under two minutes by submitting minimal documents such as identity and income proof. The borrowed money comes with 24 to 30 percent rate of interest.
  • Besides that, customers can avail instant personal loans multiple times.

Loan amount: Up to Rs 5 lakhs
Interest rate: 2.5 percent per month
App rating: 4.4/5
Downloads: 10,000,000+

9. LazyPay

  • LazyPay is a popular name in the money-lending sector that promptly approves personal loans without requiring physical documents.
  • Borrowers can request loan money from as low as Rs 10,000 to Rs 5 lakhs at 18 percent interest rate per annum. As for the tenure, it can range from three months all the way up to 24 months.

Loan amount: Rs 10,000 to Rs 5 lakhs
Interest rate: 18 percent per annum
App rating: 4.4/5
Downloads: 5,000,000+

10. Navi

  • Yet another instant loan app to conveniently and quickly get cash is Navi. It allows borrowers to obtain loans of up to Rs 20 lakhs right from Navi’s app or website.
  • The loan interest rates start at nine percent per annum with the tenure period being as long as up to 72 months.
  • Do note that applicants with a decent CIBIL score and a stable monthly income will be preferred for instant loan disbursals.

Loan amount: Up to Rs 9 lakhs
Interest rate: Up to nine percent
App rating: 4.3/5
Downloads: 10,000,000+

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