Personal loans tend to be our saviour during times of financial emergencies. However, the approval and disbursal process of offline loans can get tedious and hectic. In contrast, applying for personal loans through instant loan apps is time efficient, cost-effective and requires minimal documentation.
Availing a personal loan through online apps makes the process easier and smoother for both the lender and the borrower. It also offers transparency and an easier claim process for the borrower. Additional features such as the “auto-pay” option make an app even more worthwhile to the customer.
Read on to know about the top 20 personal apps in India.
List of 20 Best Personal Loan Apps in India
The following table shows the top 20 personal loan apps in India that you can use to get instant loan approval and disbursal:
Minimum Loan Amount
Maximum Loan Amount
Play Store Rating
9.9% p.a. onwards
Rs. 20 lakh
1.08% p.m. onwards
Rs. 5 lakh
2.25% p.m. onwards
Rs. 4 lakh
13.99% p.a. onwards
Rs. 15 lakh
Rs. 1 lakh
18.00% p.a. onwards
Rs. 5 lakh
Rs. 3 lakh
1.33% p.m. onwards
Rs. 5 lakh
10.25%- 25% p.a.
Rs. 50 lakh
Rs. 25 lakh
Rs. 1 lakh
2.25% p.m. onwards
Rs. 4 lakh
Rs. 2 lakh
Rs. 2 lakh
5% p.m. onwards
25.55% p.a. onwards
Rs. 5 lakh
0.20% per day
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:
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.
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.
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.
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.
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.
How to Apply for Instant Personal Loan Using Navi?
Follow the given procedure step-by-step to apply for a personal loan using the Navi app.
Step 1: Get the Navi app from the App store or Play store.
Step 2: Provide information such as PAN ID, name and address to quickly check your eligibility for a personal loan.
Step 3: Enter the required loan amount and repayment tenure.
Step 4: Go through the V-KYC verification process with your PAN ID when our representative contacts you.
Step 5: 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 Personal Loan App
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. How To Get ₹50,000 Instant Personal Loan Online?
There are multiple benefits of using an online loan app 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.
Frequently Asked Questions
Q1. Can I check my eligibility through a personal loan app?
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.
Q2. What are the documents needed for an online 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.
Q3. Are personal loan apps safe to use?
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.
Q4. How can I get a personal loan at the best interest rate?
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.
Q5. How long does the disbursal take on a personal loan app?
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.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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