20 Best Personal Loan Apps in India for Instant Loan in 2023
Personal loan apps are apps designed for anyone looking for an instant personal loan with minimal documentation and less-stringent eligibility criteria. These apps follow a tech-based customer-friendly model to offer a hassle-free loan journey to customers. You can take loans up to Rs.20 lakh at interest rates starting from 9% p.a. for a tenure of 5 years or more. In this blog, we have explained the top 20 personal loan apps and their features so that you can choose the best app while applying for a loan.
Read on to know about the top 20 personal apps in India.
20 Best Personal Loan Apps in India 2023 with Interest Rates
The following table shows the 20 top personal loan apps 2023 in India that you can use to get instant loan approval and disbursal:
| App Name | Interest Rate |
| Navi | 9.9% p.a. onwards |
| Moneytap | 1.08% p.m. onwards |
| Paysense | 2.25% p.m. onwards |
| Dhani | 13.99% p.a. onwards |
| Nira | 24%-36% p.a. |
| EarlySalary | 18.00% p.a. onwards |
| KreditBee | 18.00%-29.95% p.a. |
| Moneyview | 1.33% p.m. onwards |
| IndiaLends | 10.25%- 25% p.a. |
| Fullerton India | 11.99%-25% p.a. |
| Lazypay | 15%-32% p.a. |
| CASHe | 2.25% p.m. onwards |
| Flex Salary | 36% p.a. |
| Mpokket | 2%-4% p.m. |
| Home Credit | 24%-49% p.a. |
| TrueBalance | 5% p.m. onwards |
| SmartCoin | 20%-36% p.a. |
| CashBean | 25.55% p.a. onwards |
| StashFin | 11.99%- 59.99% |
| RupeeRedee | 0.20% per day |
Also Read
Best Instant Personal Loan Apps 2023 – Detailed Overview
Provided below are the details of the best personal loan apps in India:
Navi offers instant personal loans at attractive interest rates with flexible repayment tenures. All you need to do is download the Navi app, complete your KYC with PAN or Aadhaar and apply. The entire loan journey – from application to disbursal hardly takes a few minutes. Now let’s look into the details:
- Minimum Loan Amount: ₹10,000
- Maximum Loan Amount: ₹20 Lakh
- Interest Rate for Salaried: 9.90% p.a.
- Interest Rate for Self-employed: 9.90% p.a.
- Loan Tenure: 5 years or 60 months
- Company founded in: 2018
- Play Store Rating: 4.2.
2. MoneyTap
A major benefit of availing a personal loan from MoneyTap is you have to pay interest only on the amount you have used from your total approved limit. Moreover, you will get a complimentary credit card. Your credit limit will be recharged when you repay the borrowed amount, which provides the flexibility of making multiple withdrawals.
- Minimum Loan Amount: ₹3,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 13% to 24.03% p.a.
- Interest Rate for Self-employed: 13% to 24.03% p.a.
- Loan tenure: 3 years or 36 months
- Company founded in: 2015
- Play Store Rating: 4.1
3. PaySense
PaySense offers a personal loan for all kinds of financial needs, irrespective of whether you need money for funding your vacation, weddings or purchasing the latest gadgets. While both salaried and self-employed individuals can apply for a loan, the former needs to have a minimum monthly income of ₹18,000. On the other hand, self-employed individuals must have a minimum monthly income of ₹20,000.
- Minimum Loan Amount: ₹5,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 1.4% to 2.3% per month
- Interest Rate for Self-employed: 1.4% to 2.3% per month
- Loan tenure: 2 years or 24 months
- Company founded in: 2015
- Play Store Rating: 4.6
4. Dhani
Dhani Loans and Services Limited is the new name of Indiabulls Consumer Finance Limited. An important feature of this loan is that the borrower can repay it via 3 interest-free EMIs. The application process is completely online, and borrowers can get the money credited instantly. Given below are its details:
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹15 lakh
- Interest Rate for Salaried: 13.99% p.a.
- Interest Rate for Self-employed: 13.99% p.a.
- Loan tenure: 2 years or 24 months
- Company founded in: 2017
- Play Store Rating: 3.7
5. Nira
This personal loan app, at present, caters only to graduates who have a minimum monthly salary of ₹12,000. Moreover, applicants need to be employed for a minimum of 6 months and must have an Aadhaar card. Given below are loan details:
- Minimum Loan Amount: ₹5,000
- Maximum Loan Amount: ₹1 lakh
- Interest Rate for Salaried: 1.67% to 2.25% per month
- Interest Rate for Self-employed: NA
- Loan tenure: 1 year or 12 months
- Company founded in: 2017
- Play Store Rating: 4.4
6. EarlySalary
EarlySalary, which has now rebranded itself as Fibe, was launched in 2016. This personal loan app caters to young Indians who have started earning recently. Applicants who live in metro areas must have a minimum salary of ₹18,000 while those in non-metro areas must have a minimum salary of ₹15,000 to apply. Important details are as follows:
- Minimum Loan Amount: ₹8,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 24% p.a.
- Interest Rate for Self-employed: NA
- Loan tenure: 2 years or 24 months
- Company founded in: 2016
- Play Store Rating: 4.5
7. KreditBee
This personal loan app caters to the short-term needs of both salaried and self-employed borrowers. It offers unsecured loans ranging from ₹40,000 to ₹1.5 lakh for self-employed individuals and loans of ₹10,000 to ₹3 lakh to salaried individuals. Given below are further details:
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹3 lakh
- Interest Rate for Salaried: 15% p.a.
- Interest Rate for Self-employed: 15% p.a.
- Loan tenure: 3 to 12 months for self-employed people; 3 to 24 months for salaried people
- Company founded in: 2018
- Play Store Rating: 4.3
8. Money View
This personal loan app offers credit to both salaried and self-employed individuals, but there are certain eligibility criteria you need to be aware of. You need to have a minimum CIBIL score of 600 and a minimum income of ₹13,500 per month. Moreover, your age must range from 21 years and 57 years. Further details are as follows:
- Minimum Loan Amount: ₹5,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 1.33% per month
- Interest Rate for Self-employed: 1.33% per month
- Loan tenure: 1 year to 5 years
- Company founded in: 2014
- Play Store Rating: 4.7
9. IndiaLends
IndiaLends is partnered with multiple banks and offers customised loans. You need to have a minimum CIBIL score of 750 and a good credit profile to apply for a personal loan via IndiaLends. Salaried individuals must be employed for a minimum of 6 months, while self-employed individuals must have run their businesses for at least 3 years. More details are given below:
- Minimum Loan Amount: ₹15,000
- Maximum Loan Amount: ₹50 lakh
- Interest Rate for Salaried: Starts from 10.25% p.a.
- Interest Rate for Self-employed: Starts from 10.25% p.a.
- Loan tenure: 6 months to 5 years
- Company founded in: 2015
- Play Store Rating: 3.7
10. Fullerton India
This personal loan app offers loans to salaried and self-employed individuals between the ages of 21 years and 60 years. Salaried people residing in urban areas must have a monthly salary of ₹25,000, and applicants residing in non-metro areas need a monthly salary of ₹20,000 to be eligible for a personal loan. Further details are given below:
- Maximum Loan Amount: ₹25 lakh
- Interest Rate for Salaried: 11.99% p.a.
- Interest Rate for Self-employed: 11.99% p.a.
- Loan tenure: 1 year to 5 years
- Company founded in: 2007
- Play Store Rating: 4.3
11. Lazypay
Lazypay allows people to get instant cash loans in just 5 minutes. The applicant must be between 22 years and 55 years and must be an Indian resident to be eligible. While both salaried and self-employed individuals can apply for a personal loan from Lazypay, they need to have a monthly income of ₹30,000. Given below are further details:
- Minimum Loan Amount: ₹10,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 12% to 36% p.a.
- Interest Rate for Self-employed: 12% to 36% p.a.
- Loan tenure: 3 months to 24 months
- Company founded in: 2018
- Play Store Rating: 4.3
12. CASHe
CASHe offers instant personal loans mainly to salaried individuals. To avail a personal loan from CASHe, you need to be between the ages of 23 years and 58 years. You must be a resident of India and must keep your ID, address proof, PAN Card and Aadhaar Card ready for the application procedure. Given below are important details:
- Minimum Loan Amount: ₹15,000
- Maximum Loan Amount: ₹4 lakh
- Interest Rate for Salaried: Starts from 2.25% per month
- Interest Rate for Self-employed: Starts from 2.25% per month
- Loan tenure: 1.5 year
- Company founded in: 2016
- Play Store Rating: 3.1
13. FlexSalary
Vivifi India Finance Private Limited launched FlexSalary, which is a fintech loan product. This is an NBFC registered under the Central Bank in our country. The company offers a personalised line of credit loan to salaried applicants. The vital details of its personal loan are as follows:
- Minimum Loan Amount: ₹4,000
- Maximum Loan Amount: ₹2 lakh
- Interest Rate for Salaried: APR ranges from 18% to 54%
- Interest Rate for Self-employed: NA
- Loan tenure: 10 months to 36 months
- Company founded in: 2017
- Play Store Rating: 4.7
14. mPokket
The defining characteristic of this personal loan app is that it offers instant loans to young salaried individuals and college-goers in India. Salaried people can borrow small amounts of cash through this app without requiring much paperwork. Now, take a look at its important details:
- Minimum Loan Amount: ₹500
- Maximum Loan Amount: ₹30,000
- Interest Rate for Salaried: 4% per month
- Interest Rate for Self-employed: NA
- Loan tenure: 61 days to 120 days
- Company founded in: 2019
- Play Store Rating: 4.4
15. Home Credit
This mobile application allows anyone to get instant personal loans at EMIs starting from ₹980. Home Credit offers personal loans to both salaried and self-employed individuals on the basis of their credit profile. Take a look at some of the crucial details of a personal loan from Home Credit:
- Minimum Loan Amount: ₹10,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: 24% p.a.
- Interest Rate for Self-employed: 24% p.a.
- Loan tenure: 1 year or 12 months
- Company founded in: 1997
- Play Store Rating: 4.3
16. True Balance
The True Balance personal loan app was launched in India in 2016, while the company itself came into being in 2014. The motto of this company is the financial inclusion of underserved customers. Let us look at some of its crucial details:
- Minimum Loan Amount: ₹5,000
- Maximum Loan Amount: ₹50,000
- Interest Rate for Salaried: APR ranges from 60% to 154.8%
- Interest Rate for Self-employed: APR ranges from 60% to 154.8%
- Loan tenure: 62 days to 116 days
- Company founded in: 2014
- Play Store Rating: 5.0
17. SmartCoin
It is an app-based consumer lending platform that partners with NBFCs and offers instant loans to both self-employed and salaried individuals. The app rewards borrowers making timely repayments with gold rewards. The important details about its personal loan are as follows:
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹70,000
- Interest Rate for Salaried: 20% to 36% p.a.
- Interest Rate for Self-employed: 20% to 36% p.a.
- Loan tenure: 91 to 270 days
- Company founded in: 2016
- Play Store Rating: 4.5
18. CashBean
To avail a personal loan from CashBean, applicants must be Indian residents aged between 21 and 56 years. They must have a regular source of income and a bank account registered in their name. No other documents are required. Given below are its details:
- Minimum Loan Amount: ₹1,500
- Maximum Loan Amount: ₹60,000
- Interest Rate for Salaried: 25.55% p.a.
- Interest Rate for Self-employed: 25.55% p.a.
- Loan tenure: 3 to 6 months
- Company founded in: 2018
19. StashFin
When you avail personal loans from StashFin, you have to pay interest for only the amount you have used up and not for the entire loan amount. For loans of 30 days or below, no interest is required. Given below are some of the important details of a personal loan from StashFin:
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹5 lakh
- Interest Rate for Salaried: APR ranges from 11.99% and 59.99%
- Interest Rate for Self-employed: APR ranges from 11.99% and 59.99%
- Loan tenure: 3 years or 36 months
- Company founded in: 2016
- Play Store Rating: 4.0
20. RupeeRedee
You can avail instant personal loans for smaller amounts from RupeeRedee. They offer personal loans to Indian residents between 18 years and 65 years who have a minimum monthly income of ₹15,000. Given below are some of the details:
- Minimum Loan Amount: ₹5,000
- Maximum Loan Amount: ₹25,000
- Interest Rate for Salaried: 36% per annum to 48% p.a.
- Interest Rate for Self-employed: 36% per annum to 48% p.a.
- Loan tenure: 7 days to 3 months
- Company founded in: 2018
- Play Store Rating: 3.7
Benefits of Using Personal Loan Apps
Getting instant approval for a personal loan can be of major help during financial emergencies. Personal loan apps have made this possible for consumers by introducing convenient and time-saving features.
Here are some of the benefits of using a personal loan app:
1. Zero Paperwork
You don’t need to go through lengthy paperwork or be physically present to avail the personal loan. You can get it by fulfilling a few formalities online.
2. Quick and Convenient
You can get a loan disbursal at any time and from anywhere. The whole process, from application to disbursal, takes a few minutes to complete.
3. Security
Apps come with high encryption features, making it hard for any thir party to access your financial data. Transactions are only limited between you and the lender.
4. Instant Approval
Having a personal loan app is like carrying a cash facility with you all the time. Verifying your KYC and linking your bank account are all the formalities you need to go through to get instant loan disbursement into your account.
5. Carefree Repayment
This option comes in handy for those who want to repay their loan without any default in EMIs. Simply linking your bank account to the app ensures automatic repayment of EMIs every month.
Follow the given procedure step-by-step to apply for a personal loan using the Navi app.
- Download the Navi app from the App store or Play store.
- Provide information such as PAN ID, name and address to quickly check your eligibility for a personal loan.
- Enter the required loan amount and repayment tenure.
- Go through the V-KYC verification process with your PAN ID when our representative contacts you.
- Link your bank account to the Navi app and turn on “auto-pay” for instant disbursal of the loan amount.
Following are some of the benefits of Navi personal loan which make it stand out among the rest:
- Flexible Loan Tenure: With a repayment tenure of up to 72 months, you can repay your loan at a flexible duration.
- Attractive Interest Rate: Navi offers an attractive interest rate on personal loans, starting from 9.90% p.a.
- Zero Prepayment Charges: You can choose to close your loan account by prepaying the outstanding amount without incurring any prepayment fees.
- No Restriction on Usage: You can utilise the money for any of your financial requirements.
Tips to Choose Best Loan App in India
With multiple personal loan apps emerging in the market, it is important to consider a few factors before choosing an app:
- Interest Rate: Consider comparing the rate of interest payable and the regularity, such as daily, monthly, or annually before opting for a personal loan app.
- Collateral: Try to opt for a personal loan app that doesn’t require you to provide any collateral or guarantor. With Navi, there is no collateral required for availing a personal loan.
- Prepayment Fee: Make sure to read the terms and conditions for prepayment of loans. It is always advisable to choose a lender that charges no fees for prepayment of loans.
- Paperwork: Generally, personal loan apps are fairly straightforward and transparent with their terms and conditions. Make sure to go through the same before applying to avoid any last-minute hassle.
Final Word
There are multiple benefits of using an online loan apps to avail instant cash loans. It is quick, safe and less tedious than visiting a bank with a bunch of paperwork. Getting instant approval for personal loans can be of great help when it comes to meeting immediate financial requirements.
FAQs
Ans: Yes, you can check your eligibility through a personal loan app by providing a few details, such as your PAN ID, name, and address. It is advisable to check whether you are eligible before applying for a personal loan.
Ans:. Personal loan apps like Navi require minimal documentation for loan applications. You only need to furnish your PAN and Aadhaar card (optional) details during the verification process.
Ans: Yes, personal loan apps are absolutely safe and secure to use. They are secured with Hypertext Transfer Protocol Secure (HTTPS) and high encryptions so that it is hard for any third party to get access to your financial information.
Ans: Personal loan interest rates depend on quite a few factors. As no collateral is involved, lenders need to be assured of your creditworthiness. Hence, your credit score, financial history and loan amount are some of the primary factors that they assess before approving a loan. You also should compare various lenders and their offers to get the best interest rate for your loan.
Ans: Generally, it takes minutes to complete the online procedure. The sooner you submit the documents, the faster the amount will be disbursed into your account after verification which takes a few minutes.
Ans: Navi offers instant personal loans up to ₹20 lakh at attractive interest rates starting from 9.9% per annum. Moreover, you can repay via flexible repayment schedules ranging up to 72 months. A major benefit is the process is completely paperless and the mount will be disbursed instantly after verification. So don’t wait any longer. Choose Navi for all your financial requirements.
