The 10 Best Instant Personal Loan Apps in India in 2023

5/5 - (1 vote)

Emergencies have no pre-schedules, they always comes in sudden and destroys us mentally or physically both. But again, we can overcome most of these emergencies with the power of money. Money does hold that power, which can lead a wonderful and comfortable life for whole Mankind.

Today’s post is a crucial one. I am going to mention 10 best loan apps in india which are easy to use and can lend you a great amount. In this post, I am not promoting these apps but briefing you by using my research conclusion. I hope you understood what I mean. 

What is a Loan app?

Generally, these are some apps out there which can lend you a wholesome amount of loan. This loan is not some different loan but similar to what you take from a credit card or any Bank on interest rate.

You can use this advanced money on anything which makes it easy to use. Since, taking a loan form bank requires a proper reason and a legit one as well. By using a loan app, you can take a personal loan on an average interest of 9% to 20% depending on your period of returning the same. 

Best Instant Personal Loan Apps in India in 2023

NAVI App

This app is first in our list because of some good reason. Navy offers not only instant cash loans but you can take Instant Home loans also. Navy also offers Health Insurance to keep you and your family safe. These insurance starts with a minimum of 241Rs which is quite affordable. You can also invest in mutual funds using Navy app

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 10,000
Maximum Loan AmountRs. 20 Lakhs
CollateralNot required
CIBIL or credit score750 or more
Document Required
  • PAN card
  • Aadhaar card

Interest rates, fees & other charges

Interest rates9.9% p.a onward
Loan Tenure3 to 72 months
Processing Fees3.99% to 6% (For loan of less than Rs.50,000) 
Foreclosure ChargesNIL
Late payment Penalty2% per month on the amount overdue
Prepayment Penalty2% to 5% of the remaining loan amount

Pros

  • Cash loan up to 20 Lakhs
  • Paper less process
  • Easy to use platform

Cons

  • High interest rate
  • A processing fee of 3.99% to 6% is charged by the Navi app for loans amounting to less than Rs.50,000
  • Minimum loan amount is ₹10000

Navi App Ratings

Earning Application Rating4/5
Google Play Store Rating4.2/5
Apple App Store Rating4.5/5

Slice App

Slice app has been trend nowadays. Slice offers you both physical and digital from of their cards which is just similar to any credit card. They have a wide acceptance and you can use their card at any store that are accepting visa cards. You can withdraw some cash in emergencies as well. Overall rating of this platform is also quite solid. 

Eligibility

NationalityMust be an Indian citizen
Age18 years
OccupationAnyone
Minimum Loan AmountNIL
Maximum Loan AmountRs. 10 Lakhs
CollateralNot required
CIBIL or credit scoreNIL
Document Required
  • Proof of address such as Aadhaar, passport etc
  • Proof of id such as voter id, PAN card etc.

Interest rates, fees & other charges

Interest ratesThere will be no interest for three months. 
Loan TenureUp to 18 months
Processing FeesNIL
Foreclosure ChargesNIL
Late payment Penalty36% p.a
Prepayment PenaltyNIL

Ratings

Earning Application Rating4.5/5
Google Play Store Rating4.2/5
Apple App Store Rating4.4/5

Pros

  • Easy to use platform
  • Get cashback on every transaction up to 2%
  • Emergency ATM withdraw available 
  • Offers a cool trendy physical credit card

Cons

  • Heavy penalty charge
  • Poor customer support
  • Increasing the credit limit is difficult.

mPokket App

This particular app offers loan on flexible rate. You can borrow cash amount ranging from 500 -30,000 Rs within minutes for your emergencies. The app has an “easy to use” process. mPokket offers personal loans for students also which is good point as student loans have low interest rate with maximum duration.   

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationAnyone
Minimum Loan AmountRs. 500
Maximum Loan AmountRs. 20,000
CollateralNot required
CIBIL or credit scoreNIL
Document Required
  • PAN card (Mandatory)
  • College ID card (For students)
  • Company ID card (For employee)
  • Proof of address such as Aadhaar, passport etc
  • Proof of id such as voter id, PAN card etc
  • Salary slip (For employee)

Interest rates, fees & other charges

Interest rates2% -4% (monthly)
Loan TenureUp to 120 days
Processing FeesRs. 50 to Rs. 200 + 18% GST depending on the loan amount
Foreclosure ChargesNIL
Late payment PenaltyThe Late payment Penalty is not fixed and changes from time to time.
Prepayment PenaltyNIL

Pros

  • Student loan at low interest rate
  • Offers 24X7 customer support
  • Emergency loan available in minutes

Cons

  • High penalty interest rate
  • Poor customer support

Ratings

Earning Application Rating3.5/5
Google Play Store Rating4.3/5
Mouthshut Rating2.6/5

Money view app

The app has scored a rating of 4.7 out of 5, which is very much appreciable. Money view app offers its users an instant loan up to 5 lakhs. The platform offers a maximum of 60 months tenure so you can easily pay back the principle with interest. They charges you 16% annually, which is a lit bit higher than others but still Money view is a great app to take some personal loan. 

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 5,000
Maximum Loan AmountRs. 5 Lakhs
CollateralNot required
CIBIL or credit score600 or more
Document Required
  • Proof of address such as Aadhaar, passport etc
  • Proof of id such as voter id, PAN card etc
  • Proof of Income

Interest rates, fees & other charges

Interest rates1.33% per month onwards
Loan TenureUp to 5 years
Processing Fees2% – 8%
Foreclosure ChargesUp to 6 months not allowed
Late payment Penalty2% per month on the amount overdue
Prepayment Penalty1% to 5% of the remaining loan amount

Pros

  • Good rating on the Google Play Store
  • Less processing time
  • Direct bank transfer
  • Low interest rate

Cons

  • Processing fee of 2% – 8% is charged by the Moneyview app
  • Minimum age requirement is 21years
  • Requires CIBIL score of minimum 600
  • A person should have a source of income, whether they are employed or self-employed.

Ratings

Earning Application Rating4.5/5
Google Play Store Rating4.6/5
Mouthshut Rating3.6/5

Bajaj finserv app

The actual app is kind of a utility payment app since you can do much more than just applying for a personal loan. You can use the UPI option while you can also recharge your phone, pay bills, book tickets and all. You might have already heard of Bajaj somewhere in the automobile industry. Yes, this is the same Bajaj. The particular app offers a loan upto 10 lakhs but has some strict procedure for the same. The best use of this app would be when you need to buy some electronic device because it offers no cost EMI on most products. 

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 30,000
Maximum Loan AmountRs. 25 Lakhs
CollateralNot required
CIBIL or credit score750 or more
Document Required
  • PAN card
  • Aadhaar card
  • Salary slip
  • Last three months Bank statements

Interest rates, fees & other charges

Interest rates13% – 16% p.a
Loan TenureUp to 84 months
Processing FeesUp to 4% of the loan amount
Foreclosure Charges4% + taxes
Late payment Penalty3.50% per month on the amount overdue
Prepayment Penalty4.72% (prepayment should be for no more than 1 month)

Pros

  • User friendly interface
  • Offers no cost EMI on Most products
  • Highly rated on app store

Cons

  • High penalty interest rate
  • Minimum age requirement is 25 years

Ratings

Earning Application Rating4/5
Google Play Store Rating4.2/5
Apple App Store Rating4.2/5

Kreditbee app

Kreditbee offers 4 categories in loan types – Personal loan, Loan for self-employed, Loan for Salaried and Online purchase loan. The platform offers maximum loan of 3 lakhs but only if you choose the “Loan for salaried user” category. Other than this category the loan amount is low ranging upto 1.5 lakhs only and also the tenure is quite short. 

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 1,000
Maximum Loan AmountRs. 3 Lakhs
CollateralNot required
CIBIL or credit score700 or above
Document Required
  • Proof of address such as Aadhaar, passport etc
  • Proof of id such as voter id, PAN card etc

Interest rates, fees & other charges

Interest rates15.00% – 29.95%
Loan Tenure62 days to 24 months
Processing FeesPersonal Loan for Salaried (loan amount from Rs. 10,000 to Rs. 2 Lakhs) processing fees range from Rs. 500 to up to 6% of loan amount

Flexi Personal Loan processing fees range from Rs. 85 to Rs. 1,250
Foreclosure ChargesN/A
Late payment PenaltyLate payment Penalty varies by loan type
Prepayment PenaltyN/A

Pros

  • Low interest rate
  • Safe and secure to use
  • Loan approval in 10 min*

Cons

  • Promotional messages and call

Ratings

Earning Application Rating4.5/5
Google Play Store Rating4.3/5
Apple App Store Rating4.4/5

Fibe loan app

Fibe loan app offers a maximum loan ranging upto 5 lakhs. They commits to offer loan successfully in next 10 minutes of your request. The maximum tenure available on this app is 24 months. Which is reasonable according to amount. 

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 5,000
Maximum Loan AmountRs. 5 Lakhs
CollateralNot required
CIBIL or credit score700 or above
Document Required
  • Pan card
  • Proof of address such as Aadhaar, passport etc
  • Proof of ID
  •  Salary Slip

Interest rates, fees & other charges

Interest rates24% p.a
Loan Tenure3 – 24 months
Processing Fees2% of loan amount * 18% GST
Foreclosure ChargesNIL
Late payment Penalty3% per month on the amount overdue
Prepayment PenaltyNIL

Pros

  • Instant loan upto 5 lakh
  • No Pre-Closure Charges
  • Check credit score for free
  • The entire process is digital
  • No collateral is required for the loan

Cons

  • Processing fee of 2% of the loan amount is charged.
  • The minimum age requirement is 21 years
  • Students are not eligible to take loans

Ratings

Earning Application Rating4.5/5
Google Play Store Rating4.6/5
Apple App Store Rating4.5/5

Lazy pay app

This application is similar to slice app. They offers free credits in advance so that you can shop or use the same on many outlets out there. You can pays the borrowed credits in 15 days if you don’t want any extra interest added to it. The app can be used almost everywhere since it uses the UPI interface. 

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 3,000
Maximum Loan AmountRs. 5 Lakhs
CollateralNot required
CIBIL or credit scoreNIL
Document Required
  • Proof of address such as Aadhaar, passport etc
  • Proof of id such as voter id, PAN card etc

Interest rates, fees & other charges

Interest rates18% p.a
Loan Tenure3 to 24 months
Processing Fees2%
Foreclosure Charges4% of outstanding + GST
Late payment PenaltyRs 15+GST per day
Prepayment PenaltyNIL

Pros

  • No physical paperwork is required
  • Instant Personal Loan up to ₹5 Lakhs

Cons

  • The minimum age requirement is 22 years
  • Students are not eligible to take loan

Ratings

Earning Application Rating4.3/5
Google Play Store Rating4.5/5
Apple App Store Rating4.8/5

Kissht app

This particular application offers a maximum loan of 1 lakh based credit profile which is quite good as compared to other apps in our list but still I was amazed by its rating and reviews which forced me to add it in this list. It is simple and easy to use and the most amazing thing to note is that you can request for a loan with only Aadhaar card. Yes, you don’t need any other documents but only Aadhaar.  

Eligibility

NationalityMust be an Indian citizen
Age21 years
OccupationSalaried or self-employed
Minimum Loan AmountRs. 10,000
Maximum Loan AmountRs. 1 lakh
CollateralNot required
CIBIL or credit scoreNIL
Document Required
  • PAN card
  • Aadhaar card
  • Cancelled cheque
  • Last three months Bank statements

Interest rates, fees & other charges

Interest rates0% to 30%
Loan Tenure6 months and 24 months
Processing FeesRs.199 + GST
Foreclosure ChargesForeclosure Charges for loans with tenure up to 6 months is 2.5% on Balance Principal Outstanding

Foreclosure Charges for loans with tenure more than 6 months is 4% on Balance Principal Outstanding
Late payment Penalty3.50% per month on the remaining loan amount
Prepayment PenaltyNIL

Pros

  • As a document, only the Aadhaar Card is required
  • Instant Approval No physical paperwork is required

Cons

  • Heavy fines are charged for payment delays
  • Poor customer support

Rating

Earning Application Rating4/5
Google Play Store Rating4.3/5

Paytm Postpaid 

This is not any other app but the only official paytm app. Paytm has introduced an advanced loan credit which you can use to purchase goods while you can also use this credit for paying utilities bills and all. I didn’t find any way to transfer this credit to bank for cash withdrawals. The limit of the credit is low in the startling while it arises as soon as you start using their credits completely. You can payback the used credits at the end of month with adding some interest or fee. 

Eligibility

NationalityMust be an Indian citizen
Age20 years
OccupationAnyone
Minimum Loan AmountNIL
Maximum Loan AmountRs. 60,000
CollateralNot required
CIBIL or credit scoreNIL
Document Required
  • PAN card
  • Aadhaar card

Interest rates, fees & other charges

Interest ratesRS 60,000 for a period of up to 30 days with no interest
Loan Tenureup to 6 months
Convenience Fees0% to 3%
Foreclosure ChargesNIL
Late payment PenaltyFor outstanding Amount Up to Rs. 100 Late Fees(per month) is Rs. 0

For outstanding Amount Up to Rs. 101 to Rs. 250 Late Fees(per month) is Rs. 10

For outstanding Amount Up to Rs. 251 to Rs. 500 Late Fees(per month) is Rs. 25

For outstanding Amount Up to Rs. 501 to Rs. 1000 Late Fees(per month) is Rs. 50

For outstanding Amount Up to Rs. 1001 to Rs. 2000 Late Fees(per month) is Rs. 100

For outstanding Amount Up to Rs. 2001 to Rs. 5000 Late Fees(per month) is Rs. 250

For outstanding Amount Up to Rs. 5001 and above Late Fees(per month) is Rs. 500
Prepayment PenaltyNIL

Pros 

  • Instant approval of credits
  • Backed by Paytm
  • Easy to use

Cons

  • Convince fee of 0 – 4% + GST is charged
  • Requires CIBIL score of minimum 700
  • User must be atleast 20 years

Ratings

Earning Application Rating3.5/5
Mouthshut Rating3.1/5

What makes these Loan apps different from any other means?

Well, there is a proper and easy way to understand why these loan apps are good over bank loans and credit cards. I am listing 5 major advantages of these loan apps down below.  

  • First, you don’t have to visit anywhere, just sit and book your loan instantly using these apps.
  • Second, less paperwork as compared to other means like opting a loan form bank.
  • Third, Instant approval on correct documents. The amount will directly be credited to your bank account safely.
  • Forth, you can use this personal loan according to your need. Whether you want to buy a gadget, use it for your medical bills, on your wedding spending, for your vacation and much more. Use it without any hassle as compared to Bank loan or Credit card.
  • Last, all documents required are verified in an online way, so you don’t need to present your hard copy of documents to anyone or anywhere. 

I hope you can accumulate a proper conclusion, why these loan apps are good.

Are these loan apps safe and secured?

These all applications are safe to use. There are no collateral needed for taking loan out of them and you can use the borrowed money to call off your emergencies which is the best use that’s what I believe. There are no breach of data at all but sometimes you will get loan related offers from other sources. This means there is some kind of statistic data being represented. Overall the apps are good to use.

Conclusion 

When it comes to emergencies, we just become fragile in the moment, unable to think and take actions. The most hurtful thing comes when we are short on bills. Loan apps does have made it easy for the mankind to request for loan with ease. These takes some minutes and the process is 100% paperless unlike visiting a bank and waiting in queues. They are the new generation loan providing platform that has made our life more convenient. With no collateral needed it becomes hassle free, you just need to provide some documents and you are done.

 Guys taking a loan for emergencies is a good thing but if you are doing the same to fulfill some selfish desires, I believe that is wrong, the above application charges you 9%-30% interest, which is insane. So make sure to think wisely before you opt for a loan from these platforms.

Leave a Comment