Need some instant money? Lending from a friend may not be a good option. Instant loan apps can be the solution to your quick emergency cash. These applications can be easily downloaded from Playstore and you need to go through a brief procedure and document verification to receive a personal loan.
After reviewing several instant personal loan apps, we have assimilated the list of best instant loan apps in India so that you know which app provides you an instant personal loan without much hassle.
Table of Contents
What are Instant Loan Apps?
Mobile applications that offer instant loan facilities are called instant loan applications. Getting a loan from these mobile apps is a one-click process and the entire process just takes few minutes. Moreover, there is no need to go to a traditional bank for getting a loan.
Documents required for Instant Loans through Apps
Following documents are required to apply for a personal loan through these apps:
1. Identify proof
2. Address proof
3. Passport size photograph
4. Bank account details and statement
5. Salary slips
Here we have listed the best instant personal loan apps in India for instant personal loans.
10 Best Instant Loan Apps in India 2021
1. KreditBee
KreditBee is one of the best loan apps for self-employed as well as salaried personal. After downloading the app, you have to fill up and submit the application online and the money gets transferred directly into your account after approval.
Salient Features:
1. You can avail of Rs.1000 to Rs.2 lakhs as a loan according to your approved credit.
2. The tenure for the loan ranges from 62 days to 15 months
3. The interest rate varies from 0 to 2.49% monthly
4. The processing fee for the loan is Rs.130 to Rs.850
You can visualize repayment of the loan from KreditBee by exploring the EMI calculator available on the official website.
Click here for more information about KreditBee.
2. PaySense
PaySense which is the best app to get instant loan also offers several types of personal loans. Even if you do not have any credit story, you can avail loan from this app.
Salient Features:
1. You can avail of a loan of Rs.5000 up to Rs.5 lakhs as a loan according to your approved credit.
2. The average interest rate is 1.33 % monthly.
3. The processing fee for the loan is 2.5% of the loan amount + applicable taxes or Rs.500 +GST (whichever is greater).
Click here to download PaySense App for personal loan.
3. CashBean
CashBean is one of the best instant loan apps for self-employed people and salaried people. With minimal documentation, this app is a reliable option among the best loan apps online. It promises to provide quick approval for a loan and fast disbursal of money directly into your bank account.
Salient Features:
1. You can avail of a personal loan of Rs.1500 to Rs.60000
2. The average interest rate on loans is 2.75%
3. It charges a processing fee of up to Rs.3000 depending on the loan amount.
Click here to know more about CashBean.
4. CASHe
Founded in 2016, CASHe is the best instant loan app for salaried persons. It provides secured and instant loans to serve as one of the most reliable instant loan approval apps.
Salient Features:
1. You can avail of Rs.9000 to Rs.4 lakhs as a loan according to your approved credit.
2. The tenure for the loan ranges from 62 days to 1.5 years
3. The interest rate is Rs.2.75 % per month
4. The loan amount eligibility depends on your take-home salary.
5. The processing fee for the loan is as follows.
| Tenure of Loan (in Days) | Processing Fee (Whichever is higher) |
| 62 days | Rs.750 or 1.25% of the loan amount |
| 90 days | Rs.1000 or 1.5% of the loan amount |
| 180 days | Rs.1200 or 2% of the loan amount |
| 270 days | Rs.1200 or 2% of the loan amount |
| 365 days / 1 year | Rs.1200 or 2% of the principle amount |
| 1.5 years | Rs.1000 or 3% of the principle amount |
Click here for more information about CASHe.
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5. mPokket
mPokket is one of the best instant loan apps for students in India providing instant and quick personal loans with minimal documentation. If you have been looking for instant loan apps without salary slip, you are sure to come across mPokket.
Salient Features:
1. You can avail of a personal loan of Rs.500 to Rs.20000.
2. The average interest rate on loans is 3.5%.
Even though the borrowing limit is quite low, this instant loan app online is ideal for students who can borrow from these instant loan apps without income proof. For instance, if you have been thinking, ‘how can I get a 5000 instant loan?’, it is the best instant loan app without salary slip.
Click here to know more mPokket.
6. MoneyTap
MoneyTap has become popular due to its excellent advertising and marketing strategy. It will surely be an injustice if we do not list it on the top instant loan app list.
Salient Features:
1. You can avail of a loan of Rs.35000 up to Rs.5 lakhs as a loan according to your approved credit.
2. The tenure for a loan ranges from 3months to 3 years.
3. The interest rate starts from 13% per annum.
4. The processing fee for the loan is 2% of the Loan amount +GST.
5. As it is an instant cash loan app, an interest of 15% p.a will be charged on the amount withdrawn.
Click here for more information about MoneyTap.
7. LoanTap
LoanTap is the best instant loan app as it caters to every need for a personal loan such as a celebration, bike, etc. It has several personal loan plans and you can choose at your convenience.
Salient Features:
1. You can avail of a loan of Rs.50000 up to Rs.10 lakhs as a loan according to your approved credit.
2. The average interest rate is 15% annually.
3. The processing fee for the loan is 2% of the Loan amount +applicable taxes.
Click here to know more about LoanTap.
8. EarlySalary
EarlySalary is the instant loan app that certainly deserves to be in the top 10 instant loan apps in India.
Salient Features:
1. You can avail of a loan of Rs.5000 up to Rs.5 lakhs as a loan according to your approved credit.
2. The average interest rate is 2 % monthly.
3. The processing fee for the loan is Rs.399.
Click here to read more about EarlySalary.
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9. Money View
We certainly cannot miss out on Money View in the list of instant loan app.
Salient Features:
1. You can avail of a loan of Rs.5000 up to Rs.5 lakhs as a loan according to your approved credit.
2. The average interest rate is 16% to 19% annually.
3. The processing fee for the loan is 2% – 8% of the loan amount.
Click here for more information about Money View.
10. Credy
Just like the trendy name, Credy is the best app for instant loan. It has already thousands of instant loan apps download for education, low CIBIL loans, refinancing, or other personal needs.
Salient Features:
1. You can avail of a loan of up to Rs.1 lakh.
2. The average interest rate is 1% to 1.5% monthly. Maximum 30% annually.
3. The processing fee for the loan is 3% of the loan amount.
To read more about Credy, click here.
Bonus: Some more Instant Loan Apps
Here are some more instant personal loan apps that you can choose to secure an instant personal loan in India.
1. Dhani
2. IndiaLends
3. NIRA
4. Capital First Limited
5. SmartCoin
6. Home Credit
7. LazyPay
9. Flexsalary
10. Bajaj Finserv
11. Rupeelend
12. PayMeIndia
13. StashFin
14. Mobikwik
15. ZestMoney
Final Thoughts
You can easily download these best instant loan apps online in case you need some quick money. Do not forget to check out the interest rate before processing your instant personal loan. Hope this list of top instant loan apps will help you in the time of need.
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