Personal loans are a type of emergency finance that borrowers can use when they are short on cash.
These loans are unsecured and have no end-use restrictions, which means that the borrower can use the money for anything they want.
In India, personal loans are becoming increasingly popular due to technological advancements that have made the application and disbursement of personal loans much easier.
In this article, we will present a list of India’s top ten personal loan applications, along with their features, pros, and cons, to help readers make informed decisions.
Here are the some list of Best Personal Loan apps in India:-
Top 10 Best Personal Loan Apps in India (Updated 2023)
Table of content
1. IndusInd Bank
IndusInd Bank offers the Easy Credit Personal Loan, which provides borrowers with up to INR 5 lakhs at zero processing fees (valid for a limited period), regardless of usage.
The process is simple, requires no physical documentation, and can be done from the convenience of your home.
This application has received positive reviews from customers across India. The IndusInd Bank app has a rating of 4.2 stars out of 5 on the Google Play Store, based on reviews from over 1.5 million users.
The app is praised for its easy-to-use interface, fast and secure transactions, and a wide range of features such as bill payments, fund transfers, and credit card management.
Some users have reported issues with the app’s stability and slow loading times, but these seem to be relatively uncommon.
Overall, the IndusInd Bank app appears to be well-liked by users and provides a convenient way to manage banking needs on the go.
Pros:
- Trusted loan provider
- Transparent and trustworthy process
Cons:
- Loans are not passed to people with a poor credit rating
- Cannot avail small loans of less than 30,000
2. PaySense
PaySense is an instant loan app that provides personal loans ranging from INR 5,000 to INR 5,00,000.
It is known for its quick approval process and easy documentation process, which includes picking up the required documents from your house.
PaySense also provides a variety of low EMI plans, making loan payments simple and hassle-free.
If you need another loan, you can simply get it done with one click since the documentation has already been recorded.The PaySense app has a rating of 4.4 on the Google Play Store, with more than 400,000 reviews.
Users appreciate the ease of use of the app and the quick loan approval process. The app also offers features such as flexible repayment options, instant disbursal of funds, and low-interest rates.
However, some users have reported issues with delayed customer support and slow processing of loan applications. Overall, PaySense is a popular and reliable option for individuals in need of quick personal loans.
Pros:
- Easy and instantaneous documentation process
- Provides loans to first-time loanees and people with zero credit history
- Affordable EMI plans that depend on the credit score
Cons:
- Certain documents need to be verified, which takes time
- Cannot take heavy loans if you have a bad credit rating
3. MoneyTap
MoneyTap is one of the fastest instant loan apps in India, offering instant credit up to an approved amount of INR 5,00,000.
The process is simple, and borrowers can acquire the loan amount based on their credit score.
This application is very well-built, and customers do not face any lag while using it. MoneyTap has a rating of 4.3 stars on the Google Play Store with over 150,000 reviews.
The app offers a flexible repayment tenure of up to 36 months and charges interest only on the amount used.
The app also offers a credit card with no annual fee and up to 5% cashback on purchases.
The app has received positive reviews for its ease of use and quick loan disbursal, although some users have reported issues with the approval process and customer service.
Pros:
- 100% paperless process with online approval of the loan
- Flexible EMI tenure ranging from 2 to 36 months
- Collateral-free loan
Cons:
- Initial KYC will take time
- Credit period differs and is maximum up to 36 months, depending on the amount
4. CASHe
CASHe provides short-term personal loans ranging from INR 9,000 to INR 3,00,000 with a repayment tenure of up to 6 months.
The application process is easy and quick, and the loan is disbursed within minutes of approval.
CASHe offers competitive interest rates and flexible repayment options, making it a popular choice among borrowers.
CASHe has received an average rating of 4.2 stars on the Google Play Store from over 69,000 reviews.
Users appreciate the app’s fast and hassle-free loan disbursement process, easy application process, and competitive interest rates.
However, some users have reported issues with the app’s customer service and high processing fees.
Overall, CASHe is a reliable option for individuals seeking quick and convenient personal loans.
Pros:
- Quick and easy application process
- Competitive interest rates
- Flexible repayment options
Cons:
- Requires a good credit score
- Offers short-term loans only
5. EarlySalary
EarlySalary provides instant loans ranging from INR 5,000 to INR 5,00,000 with a repayment tenure of up to 6 months.
The application process is simple, and borrowers can get the loan amount disbursed within minutes of approval.
EarlySalary offers flexible repayment options, making it a popular choice among borrowers.
The app has a rating of 4.1 on the Google Play Store and is trusted by more than 5 million users.
Users can get instant approval for loans and receive the money in their account within minutes.
The app also provides features such as a credit score check, investment options, and an expense tracker.
Some users have complained about high-interest rates and hidden charges, while others have praised the app’s ease of use and quick loan disbursement process.
Pros:
- Quick and easy application process
- Flexible repayment options
- Provides loans to first-time loanees and people with zero credit history
Cons:
- High interest rates compared to other personal loan applications
- Offers short-term loans only
6. Kredit Bee
Kredit Bee is a popular Indian instant personal loan app that provides small loans of up to Rs. 2 lakhs to individuals who require immediate cash for personal expenses.
The app offers a fast and hassle-free loan application process that can be completed within minutes, and the loan amount is disbursed directly to the borrower’s bank account once approved.
The app has a rating of 4.2 stars on the Google Play Store based on over 1.2 million reviews.
Users appreciate the fast and hassle-free loan application process, with many receiving loan approvals within minutes.
The app also provides flexible repayment options and a high loan limit of up to Rs. 2 lakhs.
However, some users have reported issues with the app’s customer support and high interest rates.
Overall, KreditBee is a convenient option for those in need of quick cash with minimal documentation.
Pros:
- Quick and easy loan application process
- Loan amount can be disbursed within a few hours of approval
- No collateral or guarantor required
- Minimal documentation required
- Flexibility to choose repayment tenure
- Loan eligibility criteria are relatively lenient compared to traditional banks
- The app offers various offers and discounts to repeat borrowers
Cons:
- The interest rates can be higher compared to traditional bank loans
- The app charges processing fees and penal interest for delayed repayments
- The loan amount provided is limited to a maximum of Rs. 2 lakhs, which may not be sufficient for some borrowers
- The app is only available to Indian citizens with a valid mobile number and bank account.
7. Home Credit
Indian citizens aged between 19 and 65 years can easily apply for short-term loans through this portal.
Great credit ratings can get you loans up to INR 2,00,000 with just two documents: a PAN card and any other proof of identity or address.
This has made the personal loan apps some of the best in the market since they offer a fast & easy approval process.
Not only that, you can enjoy up to 26 months credit period and complete your application with just a few digital clicks!
Your bank account or digital wallet can be easily connected to this service and the money you earn will be directly transferred to that same account.
Senior citizens on a fixed income and students who are not employed can benefit from this platform.
It gives them an easy option to access services for their needs with their basic monthly income.
Pros:
They have different kinds of products on loans, insurance, finance, etc.
You need only two documents for approval – PAN Card and Identity/Address proof
It does not take into account your credit history
The EMI plans are flexible
Cons:
The rate of interest differs on different products
You may need to go through all their offers and terms and conditions before applying.
8. Credy
Credy is a loan app that offers short-term personal loans to individuals. The app provides instant loans upto 1 lakh.
It Charges charges an interest rate of 4.1% per month and offers an easy repayment option through EMIs.
The app has a rating of 4.1 stars on the Google Play Store, based on over 171,000 reviews.
Users appreciate the app’s quick and hassle-free loan application process, as well as the availability of loan funds in a short period.
However, some users have reported issues with the app’s customer service and the high interest rates charged by the platform.
Overall, Credy is a good choice for those who need quick access to funds but should be used with caution to avoid falling into a debt trap.
Pros:
- Offers instant loans with a short repayment tenure
- Easy repayment option through EMIs
- No collateral required
- Offers a high loan limit of up to Rs. 1 lakh
Cons:
- Interest rates can be high for some users
- Late payment charges can be steep
9. mPokket
mPokket is an instant loan app that offers short-term loans to college students and young professionals.
The app provides loans ranging from Rs. 500 to Rs. 30,000 with a repayment period of up to 3 months.
mPokket charges an interest rate of 3.5% per month and offers instant approval and disbursement of loans.
The app has a rating of 4.3 on the Google Play Store with over 1,00,000 downloads.
Users have appreciated the simple and user-friendly interface of the app, as well as the quick approval and disbursal of loans.
However, some users have reported issues with the app crashing and difficulty in accessing the customer support team.
Overall, mPokket is a reliable option for those looking for instant loans, especially students who may not have a credit history or collateral.
Pros:
- Offers instant approval and disbursement of loans
- No collateral required
- Loans available for students and young professionals
Cons:
- Interest rates can be high for some users
- Limited loan amount compared to other loan apps
10. Dhani
Dhani is a personal loan app that offers instant loans to individuals for various purposes, including education, travel, and medical emergencies.
The app provides loans ranging from Rs.₹1,000 to ₹15 lakhs. Dhani charges an interest rate of Starting at 13.99% per annum, depending on the loan amount and repayment tenure.
The app has received a rating of 3.6 stars out of 5 based on more than 168,000 reviews.
Users have praised the app for its simple and fast loan processing, quick disbursal, and helpful customer support.
However, some users have also reported issues with loan rejection, high-interest rates, and unsatisfactory customer service.
Despite some negative reviews, Dhani remains a popular choice for those in need of quick and easy loans.
Pros:
- Offers a wide range of loan amounts and repayment tenure
- Easy application process
- No collateral required
- Offers a relatively low interest rate compared to other loan apps
Cons:
- Processing fees can be high
- Users may have to pay additional charges for late payments
- I hope this information helps.
Factors on which we have choose these Apps :-
It is crucial to consider several factors before choosing a personal loan app in the competitive market of India. Here are some tips to help you:
- Interest rate: Before opting for a personal loan app, compare the payable interest rate and its regularity (daily, monthly, or annually).
- Collateral: Look for a personal loan app that doesn’t require collateral or a guarantor. Navi is an example of an app that doesn’t require any collateral.
- Prepayment fee: Always read the terms and conditions of the app before choosing a lender to avoid any prepayment fees.
- Paperwork: Personal loan apps are generally transparent with their terms and conditions. However, it’s essential to go through them before applying to avoid any last-minute hassle.
Conclusion
With so many personal loan applications available, you have more options for getting fast cash loans, which makes it simpler for you to do so.
One can find a wide range of options, from payday loans in India and fast loans in India to salary advance loans in India,
by conducting a short online search for quick cash loans in India and comparing the various cash loan applications in India.
Personal loan apps have changed the way we borrow money, enabling rapid and inexpensive cash loans in India.
Obtaining a personal loan is now simpler than ever, and the quick personal loan app installation makes it even simpler.
I hope you liked our article on Best Personal Loan Apps in India, if you have any comments or suggestions do share them in the comments below.
What are you still holding out for? This is the ideal time to enroll.
Frequently Asked Questions
Q1. What should I consider before choosing a personal loan app?
Interest rate, collateral, prepayment fee, and paperwork are some important factors to consider.
Q2. Should I opt for a personal loan app that requires collateral or a guarantor?
It is advisable to opt for an app that doesn’t require collateral or a guarantor to avoid the hassle.
Q3. Can I compare the interest rates of different loan apps?
Yes, you can compare the rates of interest payable and the regularity (daily, monthly, or annually) before choosing a loan app.
Q4. Is it important to read the terms and conditions of a personal loan app before applying?
Yes, it is always advisable to go through the terms and conditions to avoid any last-minute hassle.
Q5. Can personal loan apps provide instant cash loans?
Yes, personal loan apps can provide instant approval for loans, which can be of great help in meeting immediate financial requirements
Here are the some list of most trusted loan app in India:-