Instant Personal Loan, Top 10 Personal Loan Apps in India

In India, the financial landscape has witnessed a significant transformation with the advent of personal loan apps. These apps present a seamless, paperless, and expedited route to access funds, whether you aspire to achieve your dreams or find assistance during unexpected financial crises. In this comprehensive guide, we unveil 10 of the finest loan apps in India that have taken the country by storm, reshaping the borrowing habits of young Indians.

10 Top Personal Loan Apps in India

Check out these top-ranked personal loan apps in India based on user experience:

  • Bajaj Finserv
  • PaySense
  • IDFC First Bank
  • ZestMoney
  • LazyPay
  • LoanTap
  • HomeCredit
  • CASHe
  • KreditBee
  • Fullerton India

Our top pick is Bajaj Finserv and PaySense. These two favourites are consumer lending businesses under PayU, coming together through a merger. Their goal is to establish a comprehensive digital lending platform in India, providing improved services.

Let’s delve into each personal loan app’s details, including loan amount, tenure, interest rates, and more.

  1. Bajaj Finserv

Bajaj Finserv, a leading name in personal financing, has had a strong presence in India for over a decade. Offering a wide array of services, it stands out as one of India’s top instant loan apps. Utilize their zero-interest EMI card to conveniently finance purchases and pay monthly bills through their loan app. With Bajaj Finserv, you can secure personal loans of up to ₹25 lakhs without the need for collateral, providing a flexible and hassle-free borrowing option.

Key Features of Bajaj Finserv

Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
Annual Interest Rate: 12% – 34%

  1. PaySense

PaySense stands out as one of the finest instant personal loan apps in India, providing users with access to both an app and a website for convenient loan applications. This service caters to salaried professionals and self-employed individuals who seek prompt financial assistance.

To be qualified for a personal loan, applicants must earn at least ₹18,000 per month. Self-employed individuals with earnings of at least ₹20,000 per month can also benefit from the PaySense instant loan app.

The platform offers a reliable and competitive interest rate, ranging from 16% to 36% (APR) on a reducing balance basis. As a versatile solution, the instant personal loan from PaySense can be utilized for various purposes.

Key Features of PaySense:

Founded in: 2015
Minimum Loan Amount: 5,000
Maximum Loan Amount: 5,00,000
Annual Interest Rate : 16% – 36%

  1. CASHe

CASHe provides a reliable source of funds during medical emergencies or financial crises. To apply, download the CASHe loan app from Google Play Store or Apple Store, and submit the required documents. Once approved, the loan amount is then credited to your account, offering timely assistance. You also have the option to transfer a part of your loan directly to your Paytm Wallet.

It’s noteworthy that CASHe assesses loans based on the borrower’s social profile, merit, and earning potential, utilizing a proprietary algorithm-based machine-learning platform.

Key Features of CASHe:

Founded in: 2016
Minimum Loan Amount: 7,000
Maximum Loan Amount: 4,00,000
Annual Interest Rate: 27% – 33%

  1. LazyPay

LazyPay, powered by PayU, is the best loan app in India that provides quick loans in India. Getting a loan with LazyPay is easy because of its fast approvals and secure online application process. LazyPay is your dependable companion, standing by to provide the financial support you urgently need. You can apply for a personal loan online, and once it’s approved, the money will be sent directly to your bank account. The best part is that approvals usually take just minutes, and you won’t have to deal with any paperwork or physical documents.

This personal loan app understands the importance of instant credit, so it offers loans to people like you who need quick financial solutions. You can complete your KYC (Know Your Customer) within the app and use your loan limit to cover all your financial expenses.

What’s more, LazyPay provides instant approvals and fast disbursals, ensuring your funds can be credited to your bank account without any hassle. With this instant loan app, you won’t have to make multiple bank visits or undergo a lengthy documentation process. Additionally, you can choose a repayment period that suits you, ranging from 3 to 24 months, at competitive interest rates of 15 to 32%. The best part is that you’ll only pay interest on the amount you borrow, not the entire available credit limit.

This app complies with RBI guidelines and is safe to use. Apply today and experience the convenience and speed of LazyPay!

Key Features of LazyPay:

Founded in : 2015
Minimum Loan Amount : 3,000
Maximum Loan Amount : 5,00,000
Annual Interest Rate: 15% – 32%

  1. IDFC FIRST Bank

This loan app is your ideal choice when seeking substantial funds for purchasing a car or a two-wheeler. The user-friendly process ensures quick approval of the loan amount in just minutes. Enjoy the flexibility of repaying the loan through easy EMIs spanning 1 to 5 years. Additionally, existing customers benefit from accessing loan account details, statements, outstanding balances, payment dates, and the option to raise service requests, making it a valuable platform for managing finances.

Key Features of IDFC FIRST Bank

Founded in: 2018
Minimum Loan Amount : 20,000
Maximum Loan Amount : 40,00,000
Annual Interest Rate : Starting at 10.49%

  1. ZestMoney

ZestMoney provides a speedy and credit score-free method to obtain an instant loan. Applying for a loan on the app takes just a few minutes. Repayment can be conveniently done through digital EMIs, with the added perk of earning 100% cashback on your EMIs.

Key Features of ZestMoney

Founded in: 2015
Minimum Loan Amount: 1,000
Maximum Loan Amount: 10,00,000
Annual Interest Rate: Upto 36% (APR)

  1. LoanTap

LoanTap stands as a prominent instant loan app in India, known for its tagline “Bringing Dreams to Life.” Offering personalized loans, it caters to various needs, such as lifestyle and celebration loans, two-wheeler loans, home renovation loans, flexible personal loans, and lower instalment loans. The application process is straightforward, with little documents required. Repayment options include accelerated payments and bullet repayment for the principal outstanding.

Key Features of LoanTap

Founded in : 2015
Minimum Loan Amount: 25, 000
Maximum Loan Amount: 10,00,000
Annual Interest Rate: 18% – 30%

  1. HomeCredit

As one of India’s longstanding money-lending apps, it belongs to the renowned international Home Credit Group, operating in multiple Asian and European countries. This app smoothly offers loans to address financial challenges, be it education expenses or medical emergencies. It extends loan amounts up to 2,40,000, with convenient repayment options through easy EMIs spanning 6 to 51 months.

Key Features of HomeCredit
Founded in: 2011
Minimum Loan Amount : 10,000
Maximum Loan Amount : 2,40,000
Annual Interest Rate: 19% – 56% (APR)

  1. KreditBee

KreditBee ranks as one of India’s finest online loan apps, catering to young professionals seeking personal loans. With borrowing options ranging from ₹1000 to ₹2 lakhs, it’s accessible to anyone over 18 years earning at least ₹10,000 per month. The app streamlines the entire process, eliminating the need for physical verification. Following the submission of documents and verification process, the authorised loan amount is credited immediately to your bank account.

Key Features of KreditBee

Founded in : 2015
Minimum Loan Amount : 1,000
Maximum Loan Amount : 2,00,000
Annual Interest Rate : 0 – 29.95%

  1. Fullerton India

Fullerton India presents a swift and user-friendly method for self-employed and salaried professionals to apply for personal loans. It is renowned as one of the top online loan apps for the self-employed. Promising fast disbursement within 30 minutes of approval, the app boasts a hassle-free documentation process, requiring only essential information. Additionally, users can conveniently track their loan status in real time.

Key Features of Fullerton India

Founded in : 1994; 2021 (launch of the app)
Minimum Loan Amount : 50,000
Maximum Loan Amount : 25,00,000
Annual Interest Rate : Starting at 11.99%

Key Advantages of Using Personal Loan Apps
Personal loan apps are invaluable during financial emergencies, offering instant approval and benefits. Here are the key advantages of using personal loan apps:

  • Simplified Process: Say goodbye to extensive paperwork and physical visits to lenders. The app provides a seamless online process with minimal formalities.
  • Swift and Convenient: Access loan disbursals anytime, anywhere, completing the entire application-to-disbursal process in just minutes.
  • Enhanced Security: Personal loan apps prioritize protecting your financial data through robust encryption, ensuring confidentiality in transactions.
  • Instant Approval: Carry a portable cash facility with the app. Verify your KYC details and link your bank account for immediate loan disbursement.
  • Hassle-free Repayment: Settle EMIs promptly and avoid defaults by linking your bank account to enable automatic monthly repayments.
  • Factors to Choose the Best Loan Apps in India
  • When selecting a personal loan app among the many emerging in the market, keep these pointers in mind:
  • Interest Rate: For a suitable choice, compare interest rates and payment regularity (daily, monthly, or annually).
  • Collateral: Opt for apps like Navi, which don’t require collateral or a guarantor.
  • Prepayment Fee: Check for any fees associated with loan prepayment; choose lenders with no such charges.
  • Paperwork: Review the app’s terms and conditions beforehand for a straightforward, hassle-free experience.

For a pressing need or a planned expense, consider top loan apps to compare and choose from, ensuring a seamless borrowing experience tailored to your requirements. Find the best online loan app in India and easily fulfil your financial needs.

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