10 Best Instant Personal Loan Apps In India

Are you short on funds for that expensive mobile phone or do you require extra money for that fancy dinner or vacation? A financial need may arise any time, and often when you least expect it.

The best option to get through a financial emergency is to take out a personal loan from a bank or a non-banking financial institution. These days, a smartphone and a few minutes of free time are all that are required to apply for a personal loan.

Before selecting the best option, it is advisable to familiarize yourself with the features, costs, and terms and conditions of all the alternatives. Here are some of the best instant personal loan apps in India.

1) PaySense

It offers instant personal loans starting from Rs 5,000 to Rs 500,000. It offers loans to salaried or self-employed individuals with a minimum monthly salary of Rs 18,000 to Rs 20,0000.

2) MoneyTap

If offers loans of up to Rs 500,000 to salaried employees and self-employed professionals like doctors, lawyers, shop owners, business owners with a minimum monthly salary of Rs 30,000. It has a minimum age criteria of 23 years and above.

3) KreditBee

KreditBee is a platform that facilitates loan transactions between borrowers and personal loan providers such as NBFCs and banks. It offers a 100% online process for personal loans ranging from Rs 1,000 to Rs 400,000.

4) IIFL Loans App

The mobile app of financial services group IIFL Finance is the one-stop centre for all of its loan services. New customers can instantly apply for a loan starting from Rs 5,000 on the app, while existing customers view all the details of the loans taken from IIFL Finance.

5) mPokket

This is an instant loan app that provides loans to college students and young working professionals. It offers loans as low as Rs 500 to meet daily expenses or emergencies. For students, it offers loans based on their college enrollment proof.

6) ZestMoney

ZestMoney is essentially a ‘Buy Now Pay Later (BNPL)’ platform that also offers instant personal loans to its customers with a ZestMoney credit limit. ZestMoney facilitates personal loans through its lending partners to select customers based on different factors like good repayment behavior.

7) CASHe

It provides instant personal loans to salaried individuals. It offers a wide variety of loans ranging from Rs 1,000 to Rs 4,00,000 with a repayment tenure of up to one-and-a-half years.

8) SmartCoin

It offers loans from Rs 1,000 to Rs 70,000 within a tenure of 91 days to 270 days at a minimum interest rate of 20% and maximum interest rate of 36%.

9) Fibe (Early Salary)

Fibe, formerly known as Early Salary, offers instant loans with cheap interest of as low as Rs 9 a day. It offers loans starting from Rs 5,000 to Rs 5,00,000 to salaried individuals aged 21 and 55 years.

10) NIRA

It claims to offer loans of up to Rs 100,000 in just three minutes. The borrower must be an Indian citizen and 21-55 years of age working for a minimum of six months and earn a salary of a minimum of Rs 12,000 per month.

Benefits of Instant Personal Loan Apps

Following are some key features of instant personal loan apps available in India.

Fast Disbursal and Instant Access To Cash:

This is the easiest form of raising funds, especially in times of emergencies or urgent need of funds.

Minimum Documentation:

With the emergence of personal loan apps, the process is now 100% paperless with minimum documentation required.

No Minimum Credit Score Required:

Instant loan apps do not require a good credit score, or credit history. This widens the base for borrowers as they approve loans based on parameters such as social quotient are considered to check personal loan eligibility.

Conclusion

Instant personal loan apps offer faster and easiest financing for immediate cash needs and times of emergency. Such loans are available to a wider customer base and are also available for small-ticket loans to also fund daily expenses or a targeted purchase of a consumer product.
However, as with any personal loan, before selecting the best option, you must be aware of the features, costs, and terms and conditions of all lenders.
IIFL Finance, one of India’s largest NBFCs, is one of the most reputed lenders in India. The company provides hassle-free personal loans at attractive interest rates. The loan application is processed within five minutes and requires minimal documentation.