In this article, we have listed some of the best personal loan apps in India that have taken the market by storm and are changing the way Indians borrow. Get information about the best instant personal loan apps in India in 2022 by giving this a read.
Instant loan approval is an online process you need not visit anywhere. I have researched and picked the best Instant loan apps in India.
This article covers:
- MoneyTap - Best Instant Loan App
- KreditBee - Best Instant Loan App for Salaried
- PaySense - Best Instant Loan App for Self-Employed
- Money View - Best Personal Loan App
- mPokket - Best Instant loan for Students
- Things to Consider before taking Instant Loan
- Why should you take a personal loan?
- Documents necessitated
- How to apply for a personal loan from the apps?
Best Instant Loan App in India 2022
MoneyTap - Best Instant Loan App
MoneyTap has a unique feature called “no-usage-no-interest,” which makes it stand out from other apps. This simply means that you are charged interest only on the amount of money used. All you need to do is download the app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs.
MoneyTap offers Instant loan as little as ₹3,000 up to ₹5 lakh.You have to pay interest only on the amount used. It can be as low as 1.25% per month, depending on the partner bank and your credit profile.
Interest Charges |
Starts at 1.25% |
Age Criteria |
23 years & above |
Loan Amount |
₹3,000 upto ₹5 lakh |
Occupation |
Salaried employees and self-employed |
2. KreditBee - Best Instant Loan App for Salaried
It is one of the best instant loan apps in India because of the excellent services they provide to its customers. They offer three types of loans: flex personal loans, online purchase loans, and personal loans for salaried people.
KreditBee offers instant loan as little as ₹1,000 upto ₹2 lakh.You have to pay interest rate of 0%-29.95% per annum depending on the risk profile of customer and product availed.
Interest Charges |
0%-29.95% per annum |
Age Criteria |
21 years & above |
Loan Amount |
₹1,000 upto ₹2 lakh |
Occupation |
Salaried or has a monthly source of income |
3. PaySense - Best Instant Loan App for Self-Employed
PaySense is another best instant loan app for self-employed. PaySense offers instant loan ranges from ₹5,000 to ₹5 lakh
It has gained a lot of popularity recently because of its immediate loan consent and payment process. You can download the app through the Google Play store and, after that, check your eligibility, upload the documents and apply for the loan.
Annual Percentage Rate |
16% to 36% (on a reducing balance basis) |
Age Criteria |
21-years to 60-years |
Loan Amount |
₹5,000 upto ₹5 lakh |
Occupation |
Salaried or self-employed |
4. Money View - Best Personal Loan App
Money View has become a well-known money lending app because of the unparalleled range of features and benefits they offer. Along with the loan, they render their users with a smart money manager that can help you track expenses and budgeting.
Money view offers instant loan ranges from ₹10,000 to ₹5 lakh with repayment terms of up to 5 years.If you are salaried or self-employed you can apply for loan. Money View charges Interest rates starts from 1.33% per month.
Interest Charges |
Starts 1.33% per month |
Age Criteria |
21-years to 57-years |
Loan Amount |
₹1,000 upto ₹2 lakh |
Occupation |
Salaried or has a monthly source of income |
5. mPokket - Best Instant loan for Students
It is one of the best personal loan apps in India for college students. It operates on the theory of pocket money for students. All you need to do is download the app, fill in the details, and get the money credited to your account once the application is approved.
mPokket offers an instant loan that ranges between ₹500 to ₹20,000. The repayment duration in mPokket is 3-months. You'll need a college ID as an additional document to avail the loan. mPokket charges interest rates start from 3.5% per month.
Interest Charges |
Starts 3.5% per month |
Age Criteria |
18-years & above |
Loan Amount |
₹500 upto ₹20,000 |
Occupation |
Student or Salaried |
Things to Consider before taking Instant Loan
1. Repayment Potential
You must check your potential of repayment of the loan before applying for it. If you can manage to pay the loan, you can move ahead for applying for instant loan.
Do not consider these loan's as a free source of money, or else you may end up spending more than your repayment potential.
2. Repayment Duration
The shorter the duration of the loan payment, the less interest you have to pay. Few apps offer a short period of repayment, which might be difficult for you to pay the loan in time.Apply for a loan only when you are comfortable to pay the loan in time.
3. Interest Rate
The processing charge is 1-5% of the loan amount. Always apply for a loan that offers less processing & other charges.
Why should you take a personal loan?
People have various reasons for getting a personal loan. Here are some of the significant ones:
- Easy approval
- Finance for home renovation
- Traveling
- Fast disbursal
- No collateral wanted
- Fixed-Rate of Interest
- You can choose the loan period
- Tax benefits
Documents necessitated
Here are a few documents that you would need to submit to get a personal loan from the best instant loan apps in India–
- Aadhar card
- Salary slips
- A photograph
- Bank account details and statements
- KYC form
How to apply for a personal loan from the apps?
Applying for a personal loan from instant personal loan apps in India is very smooth and quick. There are just a few steps that you need to follow for getting the loan:
- Open the website of the app for which you want to apply for the loan. Once selected after that, register for an instant personal loan application.
- Now, put in the required personal and bank details, plus upload the documents required.
- They will check your details and eligibility, and accordingly, your loan amount will be approved.
- Once the loan amount is sanctioned, you need to submit your KYC and bank statements.
- Now, they would verify your documents, and once that is done, the amount will be credited to your account within a couple of hours.
This was about the process of applying for a personal loan on the apps.
Other important information
- On the instant personal loan apps in India, the interest rate normally lies around 12% to 36%
- The processing fee that they charge is up to 3000 on the personal loan for most of the apps.
- Loan tenure is up to 60 months.
- The loans they offer come with a credit line or overdraft facility so that the lenders can make part payment easily. The good part is that you can pay interest only on the loan amount that you used.
These were some of the important points that need to be considered before you apply for the loan, but the most important question is still answered, and that is which are the best personal loan apps in India.