Our Top Picks
Best Overall -
Tata Capital is the best overall choice in our list due to its competitive interest rates, wide range of loan amounts, flexible repayment options, and quick disbursal process. Its online application process and various payment methods add to its convenience and accessibility.
Fastest Processing Time –
Tata Capital is one of the best quick personal loan providers. Instant approval and quick disbursal make it a preferred choice for those in urgent need of funds. This expedited process can significantly reduce waiting times compared to traditional lending institutions.
Best NBFC –
PaySense offers competitive interest rates, flexible repayment options, and instant approval, making it a reliable choice for borrowers. Its emphasis on flexible repayment plans caters to varying financial needs and situations, contributing to its reputation as a top NBFC.
Best Bank –
IndusInd Bank's INDIE loan app offers competitive interest rates, a wide range of loan amounts, and flexible repayment options. Its emphasis on pre-approved loans for existing customers and its accessible mobile app further enhance its appeal.
Comparative Analysis Based on Key Features
Comparative Analysis Based on Rating and Reviews
Comparison Table Between Personal Loan Apps And Banks
25 Best Personal Loan Apps in India 2024
1. Tata Capital
![25 Best Personal Loan Apps in India 2024 - Top Picks (1) 25 Best Personal Loan Apps in India 2024 - Top Picks (1)](https://i0.wp.com/gumlet.assettype.com/tnie-expressdeals%2F2024-02%2F50161f14-6fec-41a0-8840-02949685a2c4%2F1__32_.jpg?w=640&auto=format%2Ccompress)
Expert's Opinion
Tata Capital is a good choice for individuals who value trustworthiness and a seamless application process. The firm extends collateral-free personal loans to salaried individuals with competitive rates and flexible repayment options, solidifying its reputation as one of the most trusted names in the market.
Key Considerations
Interest Rate
Starting at 10.99% p.a.
Loan Amount
INR 75,000 to INR 35,00,000
Tenure
Up to 6 years
Time to get the loan
Instant approval and quick disbursal (claimed)
Other Charges
Processing fee of INR 51 (waivable under certain conditions); foreclosure charges may apply
Unique Features
Flexible repayment options, online application process, overdraft facility available, No Collateral/Security, Zero Charges on Part Payment
Payment Terms
EMIs are payable through various methods, including ECS and cheques
Eligibility Criteria
Salaried individuals with at least one year of work experience and age between 22 to 58 years with a minimum monthly income of INR 15,000 and a good credit score; self-employed individuals with business stability and ITR proof
How to Apply
Online application on Tata Capital website or mobile app
Terms and Conditions
https://www.tatacapital.com/content/dam/tata-capital/pdf/google-assistant/Terms%20and%20Conditions.pdf
User Reviews and Rating
App Rating: 4.6/5, Reviews: 42.4T, Downloads: 10L+
"The app's user-friendly interface made the loan application process hassle-free. The approval time was impressively quick, and the terms offered were transparent. I appreciated the flexibility in repayment options, which allowed me to choose a plan that best suited my budget. Overall, it provided a reliable and efficient solution when I needed it the most. Highly recommended for anyone seeking a convenient and trustworthy loan service."
![25 Best Personal Loan Apps in India 2024 - Top Picks (2) 25 Best Personal Loan Apps in India 2024 - Top Picks (2)](https://i0.wp.com/gumlet.assettype.com/tnie-expressdeals%2F2024-04%2Fbb8ac818-03c7-4dc1-895f-047ca2ad7004%2F2___2024_04_12T171602_692.jpg?w=640&auto=format%2Ccompress)
Expert's Opinion
PaySense is an instant online personal loan app offering a variety of loan amounts and repayment options. It requires minimal documentation and no credit history to secure a loan. It provides competitive interest rates and affordable EMIs coupled with a flexible repayment tenure. It's suitable for borrowers who appreciate a seamless digital experience and quick disbursal of funds without extensive paperwork.
Key Considerations
Interest Rate
16% - 27.6% p.a.
Loan Amount
Up to ₹5 lakhs
Tenure
3 - 60 months
Time to get the loan
Within minutes
Other Charges
Late payment fees, processing fees (may vary)
Unique Features
Flexible repayment options, instant approval, etc.
Payment Terms
EMI
Eligibility Criteria
Indian resident, 21+ years old, good credit score
How to Apply
Download the PaySense app, enter details, upload documents
Terms and Conditions
User Reviews and Ratings
Rating: 3.7/5, Reviews: 1.56L, Downloads: 1 Cr+
"I just used the app to apply for a loan and was quite pleased with the service. The app was simple and fast, and my loan was granted in 6 hours. The customer support is also really responsive and helpful. I highly recommend it to all."
![25 Best Personal Loan Apps in India 2024 - Top Picks (3) 25 Best Personal Loan Apps in India 2024 - Top Picks (3)](https://i0.wp.com/gumlet.assettype.com/tnie-expressdeals%2F2024-04%2F82033115-1fbd-4132-93fa-fcd8356a51a9%2F3___2024_04_12T171625_608.jpg?w=640&auto=format%2Ccompress)
Expert's Opinion
50Fin provides a digital solution for loans against Mutual Funds, offering quick approval in 7 minutes and disbursem*nt within 4 working hours. No CIBIL score is required, and the process is entirely digital with zero pre-closure charges, making it suitable for borrowers looking for competitive interest rates, personalised loan offers, and dedicated customer support to meet their diverse borrowing needs.
Key Considerations
Interest Rate
1% per month of Flat 11% per annum
Loan Amount
₹25,000 to ₹5,00,00,000
Tenure
3 months to 12 months
Time to Get the Loan
Same-day approval, disbursem*nt within 24 hours (subject to eligibility and verification)
Other Charges
Processing fee: 2% to 3% of the loan amount (capped at ₹2,500)
Late payment fee: 2% per month of the outstanding amount
₹ 400 Unpledging charges without availing of loan
₹ 1,200 Bounce Charges
Unique Features
Flexi repayments, paperless process, instant approval in principle
Payment Terms
EMIs through ECS or NACH
Eligibility Criteria
Indian resident, aged between 21 and 58 years, with a net monthly income of ₹15,000 and a good credit score
How to Apply
Apply online through the 5oFin website or mobile app
Terms and Conditions
User Reviews and Rating
Downloads: 1L+, Ratings & Reviews: NA
![25 Best Personal Loan Apps in India 2024 - Top Picks (4) 25 Best Personal Loan Apps in India 2024 - Top Picks (4)](https://i0.wp.com/gumlet.assettype.com/tnie-expressdeals%2F2024-04%2Fb49578d6-d768-4c6c-b801-a8fc5382ae54%2F4___2024_04_12T171738_975.jpg?w=640&auto=format%2Ccompress)
Expert's Opinion
IndusInd Bank provides instant online personal loans to salaried individuals, offering competitive interest rates, flexible repayment terms, and tenure. The process requires minimal documentation and offers collateral-free loans. It's a good choice for those seeking a blend of traditional banking services and digital convenience for their personal loan needs.
Key Considerations
Interest Rate
10.49% - 22% per annum
Loan Amount
Up to ₹5,00,000
Tenure
3 months - 36 months
Time to get the loan
A few hours to a few days
Other Charges
Processing fee (up to 2.5% of the loan amount), late fees, foreclosure charges
Unique Features
Pre-approved loans for existing customers, flexible repayment options, mobile app access
Payment Terms
EMI
Eligibility Criteria
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
How to Apply
Online application on bank website or app, branch visit for final processing
Terms and Conditions
User Reviews and Rating
App Rating: 4.3/5, Reviews: 63.4K, Downloads: 1M+
"The UI is getting better. Thanks for introducing fingerprint and face ID in the app and making it a little smoother now."
5. Nira
Expert's Opinion
Nira is an excellent option for individuals facing short-term financial needs or emergencies who require fast disbursal of funds or quick access to small personal loans without extensive documentation. Nira collaborates with multiple RBI-regulated NBFCs/Banks to provide instant personal loans to salaried individuals.
Key Considerations
Interest Rate
24% - 36% p.a. (representative APR 19.95%)
Loan Amount
Up to ₹5 lakhs
Tenure
3 - 12 months
Time to get the loan
Up to 24 hours
Other Charges
Minimum INR 350 + GST and maximum 2% of the loan amount
Unique Features
No collateral is required, and flexible repayment options
Payment Terms
EMI or bullet repayment
Eligibility Criteria
Indian resident, 21+ years old, good credit score
How to Apply
Download the Nira app, enter details, upload documents
Terms and Conditions
User Reviews and Rating
App Rating: 4.2/5, Reviews: 2.7L, Downloads: 1 Cr+
"Amazing app to take online personal loans to all those people who have low or no credit scores. The team gives you excellent service at each & every step. This was my 1st-time great experience & they made it so easy for me that I did not go anywhere for verification or any paper doc submission. It is a very trustworthy, safe, & Secure app as compared to banks that give you many hidden charges after u do the whole process."
6. Moneyview
Expert's Opinion
The Moneyview personal loan app offers collateral-free loans to salaried and self-employed individuals at competitive interest rates and flexible repayment terms. It does not impose foreclosure fees, though they are applicable only after a certain number of EMIs. This user-friendly app is a good choice for individuals seeking hassle-free borrowing experiences and customisable repayment options.
Key Considerations
Interest Rate
15.96% onwards
Loan Amount
Up to 5 lakhs
Tenure
Up to 60 months
Time to get the loan
Instant approval and disbursal within 24 hours (claimed)
Other Charges
Processing fee up to 5% of the loan amount; late payment charges may apply
Unique Features
Paperless application process, 100% online approval, quick disbursal
Payment Terms
EMIs are payable through various methods, including online transfer and debit card
Eligibility Criteria
Salaried individuals with minimum income and good credit score
How to Apply
Online application on the Moneyview website or mobile app
Terms and Conditions
User Reviews and Rating
App Rating: 4.7/5, Reviews: 20.7L, Downloads: 1 Cr+
"Within a few minutes, I got the amount in my bank account. Based on your credit report, a limit will be assigned, and all the document verification is instant. I downloaded the app within 5 minutes, completed all the digital verification, and received the amount. You can trust this app and opt for a loan."
7. Bajaj Finserv
Expert's Opinion
Bajaj Finserv offers instant personal loans in three variants, requiring minimal documentation. The platform features competitive interest rates with flexible terms and maintains transparency regarding all additional charges associated with the loans. Bajaj Finserv is ideal for individuals who prefer a wide range of loan options and competitive interest rates.
Key Considerations
Interest Rate
Starting at 10.75% p.a.
Loan Amount
INR 35,000 to INR 40,00,000
Tenure
Up to 96 months
Time to get the loan
Same-day approval, disbursal within 24 hours (claimed)
Other Charges
Processing fee up to 2.5% of the loan amount (waivable under certain conditions); foreclosure charges may apply
Unique Features
Flexi loan facility, balance transfer option, pre-approved loan offers available
Payment Terms
EMIs are payable through various methods, including ECS and standing order
Eligibility Criteria
Salaried individuals with a minimum income of INR 25,000 and good credit score, self-employed individuals with business stability and ITR proof
How to Apply
Online application on the Bajaj Finserv website or mobile app
Terms and Conditions
User Reviews and Ratings
App Rating: 4.5/5, Reviews: 1.35M, Downloads: 50M+
"I recently used the UPI loan app, and I must say, I am thoroughly impressed! The process was quick, easy, and hassle-free. I was able to get the loan amount I needed within minutes, and the interest rate was quite competitive. The app interface is user-friendly and intuitive, making it convenient to navigate through the loan application process. Overall, I highly recommend the UPI loan app for anyone in need of quick and reliable financial assistance."
8. KreditBee
Expert's Opinion
KreditBee is a suitable option for young professionals or students in need of quick and small instant loan approvals with minimal paperwork. KreditBee offers instant personal loans for both salaried and self-employed individuals, along with Flexi-personal loans, all at competitive rates. While it's known for quick approval and disbursem*nt, it's important to note that there are additional charges associated with the loans.
Key Considerations
Interest Rate
16% - 29.95% per annum (flat)
Loan Amount
₹3,000 to ₹5,00,000 (higher amounts possible based on creditworthiness)
Tenure
6 months - 2 years
Time to get the loan
10 minutes to 24 hours
Other Charges
Late fees (1% - 3% per day), processing fees (up to ₹250), bounce charges
Unique Features
Instant approval, flexible repayments, paperless process
Payment Terms
EMI or lump sum
Eligibility Criteria
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
How to Apply
Download the app, submit basic details, KYC verification, loan approval, e-signing
Terms and Conditions
User Reviews and Rating
App Rating: 4.5/5, Reviews: 13.2L, Downloads: 5Cr+
"Definitely a 5-star rating app. Everything is okay, but the processing fee is too high; I am not happy with that. Collecting 10% of the loan amount is not good. Some of the loan-providing apps collect processing fees only the first time, and from the next loans, they collect only interest, which is too @ normal %. So, please look into this. And, another issue is, I paid every loan on time but did not increase the loan amount; after providing the same loan 2 or 3 times, they are increasing, which is not satisfying at all."
9. Olyv (SmartCoin)
Expert's Opinion
Olyv by SmartCoin's personal loan services are designed for individuals with limited credit history or those seeking microloans for specific purposes. SmartCoin offers collateral-free personal loans at competitive rates, catering to middle and lower-income groups. The online process is seamless and requires minimal documentation. If you want accessible loan options with low eligibility criteria and quick disbursal, look no further than Olyv’s offerings.
Key Considerations
Interest Rate
20% - 29.88% per annum
Loan Amount
₹1,000 - ₹1 lakh
Tenure
Up to 12 months
Time to get the loan
Within 24 hours
Other Charges
Processing fees (up to 3% of the loan amount), late fees, bounce charges
Unique Features
Instant approval, paperless process, doorstep collection for repayments
Payment Terms
EMI
Eligibility Criteria
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
How to Apply
Download the app, submit basic details, KYC verification, loan approval, e-signing
Terms and Conditions
User Reviews and Rating
App Rating: 4.2/5, Reviews: 266K, Downloads: 10M+
"User-friendly interface. Navigating the app was a breeze, and the application process was straightforward. A great experience overall, making it my go-to for quick and convenient loans."
10. Fibe
Expert's Opinion
Looking for a responsible lending solution that offers personal loans at a fair interest rate and personalised assistance throughout the loan process? Well, Fibe offers instant personal loans with minimal documentation for all salaried individuals. It features flexible repayment terms and does not impose any prepayment or foreclosure fees.
Key Considerations
Interest Rate
16% - 30% per annum
Loan Amount
Up to INR 5 lakhs
Tenure
3 - 36 months
Time to get the loan
Instant Personal Loan
Other Charges
Processing fee (up to INR 999), late payment fee (INR 500 + GST or 3% of the loan amount, whichever is higher), Bounce Fee (INR 500+GST)
Unique Features
Multiple loan types (e.g., AC loan, education loan), quick disbursal, 24/7 availability
Payment Terms
Debit card, net banking, etc.
Eligibility Criteria
Indian citizen, 21+ years old, good credit score
How to Apply
Download the Fibe app or apply online through partner websites
Terms and Conditions
User Reviews and Rating
Rating: 4.4/5, Reviews: 3.75L, Downloads: 1 Cr+
"This is one of the best apps I have come across in terms of money lending. It's easy to use, easy to verify, and instant to transfer. And they are true to their word about transferring the money. It is absolutely helpful for freshers who are facing a cash crunch. However, there is one small thing that I did not like at all: I had to call them repeatedly to sign the loan application documents."
11. Buddy Loan
Expert's Opinion
If you’re looking for a peer-to-peer lending platform that offers personal loans at competitive interest rates and flexible repayment terms, Buddy Loan is a good choice. This money lending app offers collateral-free personal loans to both salaried individuals and self-employed business owners. With competitive interest rates and flexible repayment terms, it caters to diverse financial needs.
Key Considerations
Interest Rate
11.99% per annum
Loan Amount
INR 10,000 - INR 15 lakhs
Tenure
12 months - 60 months
Time to get the loan
Same day
Other Charges
Processing fee (varies), late payment fee (varies)
Unique Features
Partner with multiple lenders, quick approval, various loan options
Payment Terms
Depends on the lender
Eligibility Criteria
Indian citizen, 21+ years old, salaried or self-employed
How to Apply
Apply online through the Buddy Loan website or app
Terms and Conditions
User Reviews and Ratings
Rating: 4.5, Reviews: 41.5L, Downloads: 1 Cr+
"Buddy Loan is better than some personal loan apps. If your credit score is good, you can get a higher loan amount. The interest rate is better compared to all other personal loan apps. Buddy Loan is a perfect app where you can get a loan within 1 hour; it's more useful for students as well. The interest rate is also very low. Once you try this app, you can receive more benefits. By making timely payments, your credit score will improve, allowing you to borrow larger amounts in the future."
12. mPokket
Expert's Opinion
Looking for small, short-term loans with minimal documentation and quick approval processes? mPokket offers quick and convenient online personal loans to students, salaried and low-salaried individuals, with minimal documentation needed.
Key Considerations
Interest Rate
Starting at 24% per annum
Loan Amount
INR 1000 - INR 30,000
Tenure
Up to 3 months
Time to Get the Loan
10 minutes
Other Charges
Processing fee (up to INR 499), late payment fee (1% per day)
Unique Features
Credit limit system, flexible repayment options (lump sum or EMIs)
Payment Terms
UPI, debit card
Eligibility Criteria
Indian citizen, 18+ years old, valid PAN card and bank account
How to Apply
Download the mPokket app and complete the online application
Terms and Conditions
User Reviews and Rating
Rating: 4.4/5, Reviews: 16.4L, Downloads: 1 Cr+
"Great short-term loan app!! If you repay the dues by the due date, they will increase the limit as well! Charges are high, but overall, a great small amount of loan applications for day-to-day expenses.
13. Aditya Birla Capital
Expert's Opinion
Looking for diverse loan options with attractive interest rates? Aditya Birla Capital is an ideal choice for individuals seeking comprehensive financial solutions from a trusted conglomerate. It offers hassle-free personal loans with an online process that demands minimal documentation. Additionally, it enables the transfer of existing personal loans from other NBFCs/Banks and credit card balances at competitive rates.
Key Considerations
Interest Rate
Starting at 13% p.a.
Loan Amount
Up to INR 50,00,000
Tenure
Up to 7 years
Time to Get the Loan
Same-day processing, disbursal within 24 hours (claimed)
Other Charges
Processing fee up to 3.5% of the loan amount (waivable under certain conditions); foreclosure charges may apply
Unique Features
Top-up loan facility, flexible repayment options, pre-approved offer available for existing customers
Payment Terms
EMIs are payable through various methods, including ECS and online transfer.
Eligibility Criteria
Salaried individuals with minimum income and good credit score, self-employed individuals with business stability and ITR proof
How to Apply
Online application on Aditya Birla Capital website or mobile app
Terms and Conditions
User Reviews and Ratings
App Rating: 3/5, Reviews: 1.88T, Downloads: 5L+
"It's easy, simple and extremely convenient to navigate and process service requests between different businesses. Slow loading time could frustrate you."
14. IndiaLends
Expert's Opinion
IndiaLends is a great choice for individuals looking for a platform that connects them with multiple lenders so they can compare loan offers and choose the best option. This app offers convenient online personal loans to both salaried and self-employed individuals, featuring competitive interest rates and flexible repayment terms.
Key Considerations
Interest Rate
10.5% - 30% per annum (varies based on lender)
Loan Amount
₹10,000 - ₹70 lakh
Tenure
6 months - 60 months
Time to Get the Loan
A few hours to a few days
Other Charges
Processing fee (up to 2% of the loan amount), platform fee, late fees
Unique Features
Aggregator platform connecting borrowers with multiple lenders, access to various loan options
Payment Terms
EMI (varies based on lender)
Eligibility Criteria
Indian resident, 21+ years old, salaried/self-employed with regular income, good credit score
How to Apply
Online application on IndiaLends website, documents upload, loan approval, disbursal by chosen lender
Terms and Conditions
User Reviews and Rating
App Rating: 3.5/5, Reviews: 77.8T, Downloads: 50L+
"I had applied for a personal loan, and they got it done for me. I thought it was time-consuming to get the best deal on a personal loan. Customer care is also good; they explain everything clearly. Everything was online and smooth. Highly recommend it."
15. Home Credit
Expert's Opinion
Home Credit provides instant personal loans with flexible repayment tenures, boasting a fully paperless process. Its quick and easy service ensures money disbursal within a day.
Key Considerations
Interest Rate
24% - 56.5% per annum
Loan Amount
Up to INR 5 lakhs
Tenure
6 - 48 months
Time to Get the Loan
24 hours
Other Charges
Processing fee (up to INR 1,999), late payment fee (2% per month)
Unique Features
Door-step service, a wide range of loan products, extended tenure options, etc
Payment Terms
Cash pick-up, ECS, direct debit
Eligibility Criteria
Indian citizen, 21+ years old, salaried or self-employed
How to Apply
Apply online, through the app, or at a Home Credit branch
Terms and Conditions
User Reviews and Rating
App Rating: 4.5/5, Reviews: 527K, Downloads: 10M+
"The Home Credit app quickly granted me loans, and the service was also very good. However, one of the biggest drawbacks is the interest rate. Compared to other loan apps, this app's interest rate is too high; if they reduce the interest rate, it will be easy to repay the loan."
16. Navi
Expert's Opinion
Navi is a suitable option for tech-savvy individuals seeking digital-first personal loan solutions with minimal bureaucracy. It offers instant personal loans to salaried individuals at competitive interest rates, featuring flexible repayment terms with minimal documentation.
Key Considerations
Interest Rate
Starting from 9.9% p.a.
Loan Amount
Up to ₹20 lakhs
Tenure
Up to 60 months
Time to get the loan
Instant approval and disbursem*nt within minutes
Other Charges
Late payment fees, processing fees (may vary)
Unique Features
100% paperless process, video KYC, flexible EMI options
Payment Terms
Auto-debit from a linked bank account
Eligibility Criteria
Indian resident, good credit score, salaried/self-employed
How to Apply
Download the Navi app, enter details, complete KYC
Terms and Conditions
User Reviews and Ratings
Rating: 4.4/5, Reviews: 1.47M, Downloads: 50M+
"So, I was trying to get a personal loan, and all the banks had made it very difficult to get one. I have a good CIBIL rating, and even with that, it was a challenge. I kept getting messages from Navi, but since I had not heard of them, I did not take them seriously, although I had downloaded the app. One day, when I had a little free time, I got an SMS again, went to the app, followed the steps, and within minutes I had 10 lakhs in my account. Absolutely unbelievable! Highly recommend it!"
17. LoanFront
Expert's opinion
LoanFront offers personal loans or salary advances to meet your emergency needs before your next payday. LoanFront has become a top choice for individuals seeking instant personal loans with competitive interest rates and flexible repayment terms.
Key Considerations
Interest Rate
Starting at 1.08% per month.
Loan Amount
Ranges from ₹1,500 to ₹2 lakh.
Tenure
3 months to 24 months.
Other Charges
Processing Fees: 1 % - 7.5 % (₹ 100 - ₹ 1500 Max)
Life-Time Registration Fees (one-time fee): ₹ 100 to ₹ 500
Unique Features
Flexibility in credit amount, minimal documentation, and digital submissions.
Eligibility Criteria
Indian nationals with a steady monthly income of ₹15,000 and above.
How to Apply
Download the LoanFront app and complete the online application.
Terms and Conditions
User Reviews and Rating
Rating: 4.3, Reviews: 1.13L, Downloads: 50L+
"I received a very fast disbursal application without any objections. It's a really fast application. It's my personal experience. They give loans based on your personal details and credit score. It's a very fast application. I loved it."
18. Finnable
Expert's Opinion
Finnable, an NBFC-licensed Fintech approved by the RBI, offers collateral-free personal loans to salaried individuals. Their personal loans are tailored to specific purposes such as education, travel, or home improvement. It offers transparent terms, flexible repayments, and strong security measures. Ease of use, speedy approval process, and reliable customer support make it a convenient choice for those seeking quick and hassle-free loans.
Key Considerations
Interest Rate
Starting at 16% per annum.
Loan Amount
Ranges from ₹1,000 to ₹10 lakhs.
Tenure
Less than 36 months
Unique Features
Low EMIs, high loan amounts, and easy repayment options.
Eligibility Criteria
Indian nationals with a minimum monthly income of ₹10,000.
How to Apply
Download the Finnable app and complete the online application.
Terms and Conditions
User Reviews and Rating
Rating: 3.7/5, Reviews: 45.8T, Downloads: 10L+
"It was a pleasant experience with the support staff. They were very helpful and always available when needed. The disbursem*nt process was very fast, and all document processes were easy and quick."
19. RapidRupee
Expert's opinion
RapidRupee offers competitive interest rates on personal loans for both salaried and self-employed individuals to meet emergency financial needs. RapidRupee is suitable for individuals in need of small, short-term personal loans with instant approval and quick disbursal.
Key Considerations
Interest Rate
12% to 35.9% per annum. Varies based on the loan amount and tenure.
Loan Amount
₹1,000 to ₹60,000
Tenure
Flexible, ranging from 3 to 12 months.
Time to get the loan
Up to 30 minutes
Unique Features
Instant approval, no credit score requirement, and both salaried and self-employed applicants are welcome.
Eligibility Criteria
Indian nationals with a steady monthly income of ₹15,000 and above.
How to Apply
Download the RapidRupee app, complete the 4-step process, and receive funds within 30 minutes.
Terms and Conditions
User Reviews and Rating
Rating: 3/5, Reviews: 174K, Downloads: 5M+
"It's a very user-friendly best loan app, and you can apply for a loan within a few hours of downloading it."
20. True Balance
Expert's opinion
This personal loan app offers instant personal loans to underbanked individuals with low credit scores, charging higher rates to mitigate risks. True Balance is a good choice for individuals seeking personal loans integrated with other financial services, such as mobile recharges and bill payments.
Key Considerations
Interest Rate
From 2.4%
Loan Amount
₹5,000 to ₹1,00,000
Tenure
3 to 6 months
Time to get the loan
Up to 5 minutes
Other Charges
Processing fee: 0% to 5% depending on loan amount and profile
Unique Features
Pre-approval available, mobile wallet services
Payment Terms
EMI payments through various methods
Eligibility Criteria
Indian citizen, 18+ years old, good credit score
How to Apply
Download the TrueBalance app, complete the required process, and receive a loan instantly.
Terms and Conditions
User Reviews and Rating
Rating: 5/5, Reviews: 1.5M, Downloads: 50M+
"This app is quite good for taking loans. The customer support is really impressive. One can definitely consider them if they are in need of money and have the capacity to pay on time. Otherwise, a new loan offer will not be generated after paying the previous loan amount in flexi or late payments. Give loans to newcomers as well who have never taken a loan so far from any app."
21. IIFL Loans
Expert's opinion
The IIFL Loan app is user-friendly and offers quick access to various types of loans with competitive interest rates. It's ideal for individuals with a stable income and good credit history who need hassle-free financing solutions.
Key Considerations
Interest Rate
12.75% - 44% p.a., depending on your profile and credit score.
Loan Amount
₹50,000 - ₹5,00,000
Tenure
3 - 42 months
Time to get the loan
For salaried individuals with pre-approved offers, instant approval and disbursal are within 24 hours. Regular processing time is typically 2-3 working days.
Other Charges
Processing Fee: Up to 2%-6% of the loan amount + GST (minimum ₹1,000)
Late Payment Fee: Up to 2% of the EMI amount overdue
Bounced Cheque Charges: ₹500 per cheque
Other charges: https://www.iiflhomeloans.com/schedule-of-charges
Unique Features
No collateral or guarantor is required, Flexible repayment options, Pre-approved loan offers for select customers, Online application and tracking process.
Payment Terms
Monthly EMIs through ECS debit or standing instructions
Eligibility Criteria
Salaried individuals: Minimum age 21 years, employed with the current company for at least 1 year, minimum net monthly income of ₹20,000
Self-employed individuals: Minimum age 25 years, business in operation for at least 3 years, minimum net monthly income of ₹30,000
How to Apply
Apply on the IIFL website or mobile app or visit your nearest IIFL branch.
Terms and Conditions
User Reviews and Rating
Rating: 4.1, Reviews: 63T, Downloads: 10L+
"Very nice service and quick loan process."
22. MoneyTap
Expert's opinion
MoneyTap is a great choice for individuals looking for a flexible line of credit that allows them to borrow funds as needed and repay on their own terms. They offer competitive rates and flexible repayment terms on personal loans, available to all salaried individuals within minutes.
Key Considerations
Interest Rate
13% to 26% per annum (APR: 16.99% to 32.32%)
Loan Amount
₹3,000 to ₹5,00,000
Tenure
3 to 36 months
Time to get the loan
Up to 1 business day
Other Charges
Processing fee: Up to 2.5% of the loan amount. Late fee: Up to 2% per month of the outstanding amount
Unique Features
Flexible repayment options, credit line feature
Payment Terms
EMI payments through various methods
Eligibility Criteria
Indian citizen, 21+ years old, regular income source, good credit score
How to Apply
Through the MoneyTap app or website
Terms and Conditions
User Reviews and Rating
Rating: 4.1/5, Reviews: 3.59L, Downloads: 1 Cr+
"This app is the safest and one of the fastest loans sanctioned ever to me. Every time I use it, I find it rewarding."
23. Kissht
Expert's opinion
Kissht is suitable for individuals looking for easy EMI financing options for their online and offline purchases. They extend both online and offline credit or personal loans to individuals throughout India, offering a fast and straightforward credit solution.
Key Considerations
Interest Rate
14% to 36% per annum
Loan Amount
Up to ₹2 lakhs
Tenure
3 to 24 months
Time to get the loan
Within 5 minutes
Other Charges
Processing fee: 1.5% to 3.5% of the loan amount. Late payment fee: 2% per month
Unique Features
QR-based revolving line of credit requires only an Aadhaar card for eligibility check
Payment Terms
EMI or lump sum
Eligibility Criteria
Indian citizens 18 to 65 years old with a valid Aadhaar card
How to Apply
Download the Kissht app and complete the online application
Terms and Conditions
User Reviews and Rating
Rating: 4.5/5, Reviews: 771K, Downloads: 10M+
"It was an amazing experience, one of the best loan applications out there. The process was completed within a few hours. Highly recommended. The application works very smoothly and seamlessly for its customers in very little time. They allow a repayment tenure of up to 90 days, which was very helpful in one of my emergency situations. Very quick and efficient."
24. Zype
Expert's opinion
Zype offers instant personal loans to salaried individuals. Its application process is hassle-free and does not require document uploads. The amount is disbursed within minutes, and flexible repayment terms are available. It's suitable for borrowers looking for hassle-free borrowing experiences and competitive interest rates offered by a user-friendly digital lending platform.
Key Considerations
Interest Rate
16% to 36% per annum
Loan Amount
₹10,000 to ₹5 lakhs
Tenure
3 to 72 months
Time to Get the Loan
Within 24 hours
Other Charges
Processing fee (1% to 5% of loan amount), late payment fee (2% per month)
Unique Features
No hidden charges, pre-approved loans for existing customers
Payment Terms
EMI
Eligibility Criteria
Indian citizen, 21 to 65 years old, salaried or self-employed with a stable income of minimum INR 15,000
How to Apply
Download the Zype app and complete the online application
Terms and Conditions
User Reviews and Rating
Rating: 5/5, Reviews: 19.7K, Downloads: 1M+
"I was in need of money and decided to give it a try today. I didn't have many expectations, but I liked their fully automated and self-explanatory app functions, which made it very easy to apply. Moreover, they were quick to transfer the money to the required account, which I loved. The whole process took around 30 minutes or so. I would say it's a must-try."
25. Lazypay
Expert's opinion
Lazypay is suitable for individuals looking for a convenient "buy now, pay later" solution for their online and offline purchases. It offers fast and convenient personal loans without the need for physical documents. Their loans feature flexible EMI options and repayment terms.
Key Considerations
Interest Rate
XpressLoan: 15% to 32% per annum
Revolve: 36% to 42% per annum (monthly rolling fee)
Loan Amount
XpressLoan: ₹3,000 to ₹5 lakhs
Revolve: Credit limit up to ₹10,000 (interest-free for first 15/30 days)
Tenure
XpressLoan: 3 to 60 months
Revolve: No fixed tenure, monthly rolling
Time to Get the Loan
Instant credit within minutes
Other Charges
XpressLoan: Processing fee (up to 2% of the loan amount), late payment fee (up to 2% per month)
Unique Features
XpressLoan: Buy Now Pay Later option, multiple repayment options
Payment Terms
XpressLoan: EMI or lump sum
Revolve: Monthly balance
Eligibility Criteria
Indian citizen, 18 to 65 years old, valid PAN card and bank account
How to Apply
Download the Lazypay app and complete the online application
Terms and Conditions
User Reviews and Rating
Rating: 4.3/5, Reviews: 4.44L, Downloads: 1 Cr+
"The best pay later app I've ever used. If they can change the billing time to every 5th of a month, like other apps, then it will be great. Otherwise, I'm fully satisfied with the app's service."
General Eligibility Criteria:
Age: Typically between 21 to 65 years, varying among different loan apps.
Income: The minimum income requirement varies from app to app.
Employment Type: Salaried or self-employed individuals are usually eligible.
Credit Score: Generally, a good credit score is preferred, but some apps may cater to individuals with lower scores.
Debt-To-Income Ratio: Some apps may consider your debt-to-income ratio to assess repayment capacity.
Citizenship and Residence: Indian citizenship and residency are usually required.
Documents Required for Online Personal Loan Apps:
Identity Proof: Aadhar card, passport, driving license, etc.
Address Proof: Aadhar card, utility bills, rental agreement, etc.
Income Proof: Salary slips, bank statements, income tax returns, etc.
Employment Proof: Offer letter, employment certificate, etc.
Bank Statements: Typically for the last 3 to 6 months.
Photographs: Passport-size photographs.
Signature Proof: PAN card, passport, etc.
Loan Application Form: Provided by the respective loan app.
General Terms and Conditions:
General Terms:
Age Requirement: You must be 18+ years old to use the app.
Eligibility: Meet income, employment, and credit criteria.
Third-Party Disclosures: Info shared with lenders for assessment.
Account Creation: Provide accurate info for services.
Term Changes: The app can update terms; continued use implies agreement.
Loan Terms:
Loan Application: Agree to application terms.
Lender Approval: Lenders decide on loan approval.
Loan Disbursem*nt: Funds transferred to your account.
Interest Rates and Fees: Understand APR and fees.
Repayment Terms: Agree to repayment schedule.
Default: Know the consequences of defaulting.
Platform Specific Terms:
Account Management: Maintain account security.
Services Offered: Various loan options are available.
Third-Party Terms: Agree to lender terms.
Limited Liability: The app is not liable for loan issues.
Rewards and Benefits: Understand reward programs.
Acceptable Use: Use the platform lawfully.
Additional Terms:
Data Privacy: Refer to Privacy Policy.
Termination: The app can terminate accounts.
Disclaimers: No guarantees about the platform.
Intellectual Property: The app owns platform rights.
Limitation of Liability: App limits liability.
Indemnification: Agree to indemnify the app.
Governing Law: Terms governed by specific laws.
What Criteria Should I Consider When Choosing A Personal Loan App?
Interest Rates
Fees and Charges
Eligibility Criteria
Customer Reviews
Repayment Flexibility
Terms and Conditions
Customer Service
Additional Features
How To Apply For A Personal Loan Through App? Step-By-Step Procedure
Research and Choose a Reliable Loan App: Explore different personal loan apps available in the market. Consider factors such as interest rates, fees, customer reviews, and ease of use to select a reputable and trustworthy app.
Download and Install the App: Once you've chosen a loan app, download it from the respective app store (Google Play Store for Android devices or Apple App Store for iOS devices). Install the app on your smartphone or tablet.
Create an Account: Open the app and create an account by providing basic details such as your name, email address, mobile number, and password. Some apps may require additional verification steps.
Complete the Application Form: Fill out the personal loan application form within the app. Provide accurate information regarding your personal details, employment status, income, and loan requirements.
Upload Supporting Documents: Scan or take photos of the required documents, including identity proof, address proof, income proof, employment proof, bank statements, photographs, and signature proof. Upload these documents securely within the app.
Submit the Application: Review the entered information and uploaded documents to ensure accuracy. Once verified, submit the loan application electronically through the app.
Wait for Approval: After applying, the lending institution will review your details, creditworthiness, and documents. This process may take a few hours to a few days, depending on the app's evaluation procedures.
Loan Approval and Disbursal: If your application is approved, you'll receive a notification through the app. The approved loan amount will be disbursed directly to your linked bank account. This process typically takes a short time, ranging from a few hours to a couple of days, depending on the app's processing speed and your bank's policies.
What Happens If You Miss a Repayment?
Late Payment Charges may be applicable.
Your Credit Score may be negatively affected.
Continuous non-payment may lead to legal action and debt collection procedures.
Tips and Best Practices:
Assess Your Needs: Evaluate your financial requirements and determine the exact amount you need to borrow.
Compare Interest Rates: Research and compare interest rates offered by different lenders to find the most competitive option.
Understand Fees And Charges: Be aware of all fees and charges associated with the loan, including processing fees, late payment charges, and prepayment penalties.
Check Eligibility Criteria: Review the eligibility criteria set by lenders to ensure you meet the requirements before applying for a loan.
Read Customer Reviews: Look for feedback from other borrowers to gauge the lender's reputation for customer service and reliability.
Consider Repayment Flexibility: Choose a lender that offers flexible repayment options, such as longer loan tenures or the ability to make extra payments without penalties.
Understand The Loan Terms And Conditions: Thoroughly read and understand the terms and conditions of the loan agreement, including interest rates, repayment schedule, and any clauses related to early repayment or default.
Seek Recommendations And Advice: Seek recommendations from friends, family, or financial advisors who may have experience with personal loans and can offer valuable advice.
Evaluate Customer Service: Assess the quality of customer service provided by the lender, including responsiveness to inquiries and assistance throughout the loan application process.
Consider Additional Features: Look for any additional features or benefits offered by the lender, such as loan insurance, flexible repayment options, or rewards programs, that may enhance the overall loan experience.
Advantages of Using Personal Loan Apps:
Convenience and Accessibility.
Quick Approval and Disbursal.
Paperless Process.
Competitive Interest Rates.
Customized Loan Offers.
Risks and Considerations:
High interest rates for individuals with poor credit scores.
Potential for overspending and debt accumulation.
Security and privacy concerns with personal data.
Hidden fees and charges.
Regulatory Framework in India around Instant Personal Loans:
Quick personal loans are regulated by the Reserve Bank of India (RBI) and governed by the Banking Regulations Act of 1949.
Non-Banking Financial Companies (NBFCs) offering personal loans are regulated by the RBI and governed by the NBFC Regulations, 1999.
Interest rates, fees, and charges are regulated to ensure fair practices and consumer protection.
FAQs:
1. How does the interest rate on personal loan apps compare with traditional banks?
The interest rates on instant loan apps may be higher or lower compared to traditional banks, depending on factors such as creditworthiness and market conditions.
2. How secure are these apps in terms of protecting personal and financial information?
Online personal loan apps generally employ encryption and other security measures to protect personal and financial information, but users should be vigilant about privacy settings and data access permissions.
3. What is the maximum loan amount I can get through these apps?
The maximum loan amount available through these apps varies depending on factors such as creditworthiness, income, and the lending policies of each app.
4. What is customer service like? Is there a dedicated support team available to assist with loan-related queries?
Customer service quality varies among online personal loan apps, with some offering dedicated support teams to assist with loan-related queries, while others may have limited support options.
5. How quickly can I expect to receive the loan amount after approval?
The time taken to receive the loan amount after approval varies among easy personal loan apps, with some offering quick disbursal within hours, while others may take a few days to transfer the funds.
6. Can the loan application process be completed entirely through the app, or are there additional offline steps involved?
The loan application process can be completed entirely through the app, with no additional offline steps required.
7. What are the repayment options on these online personal loan apps?
Repayment options typically include EMI-based payments through auto-debit from your bank account or manual payments through the app.
8. Are there any prepayment penalties if I choose to pay back my loan early?
Prepayment penalties may vary depending on the app, but some may charge a fee for early repayment of the loan.
9. How secure are these personal loan apps?
Instant loan apps safeguard personal and financial information through various security measures, such as encryption and data protection protocols.
10. Can I use multiple personal loan apps at the same time?
Yes, you can use multiple personal loan apps simultaneously, but you must consider the impact on your credit score and overall financial health.
11. Can I increase my loan amount after approval?
Some apps may offer the option to increase your loan amount after approval, subject to their policies and your eligibility.
12. How do these apps determine the interest rate for my loan?
The interest rate for your loan is typically determined based on factors such as your credit score, income, loan amount, and repayment tenure.
13. Can I apply for a loan if I have a low credit score?
Some apps may consider providing loans even if you have a low credit score, but the terms and conditions, including interest rates, may vary.
14. How do these apps affect my credit score?
Applying for a loan through these apps and timely repayment can positively impact your credit score, but defaults or late payments may have adverse effects.
15. Can I negotiate the terms of my loan on these apps?
While some flexibility in terms may be possible, the extent to which you can negotiate depends on the lender's policies and your circ*mstances.
16. Do these apps offer loans to self-employed individuals?
Yes, some apps offer loans to self-employed individuals.
17. What is the tenure range for loans on these apps?
The tenure range for loans on these apps varies from a few months to several years.
18. Are there any hidden fees when using these personal loan apps?
Yes, there may be hidden fees associated with using these personal loan apps.
19. Can I track my loan repayment schedule on these apps?
Yes, you can typically track your loan repayment schedule on these apps.
20. Are there any special offers or discounts for first-time users?
Some apps may offer special offers or discounts for first-time users.
21. How reliable are the reviews for these personal loan apps?
The reliability of the reviews for these personal loan apps varies, and it's advisable to consider a combination of factors when assessing their credibility.
22. Best loan options for people who are not salaried
Individuals who are not salaried may find the best loan options through platforms catering specifically to their employment status or by considering lenders who offer flexible eligibility criteria.
23. Best options to take a loan with a low credit score
For individuals with a low credit score, exploring options such as peer-to-peer lending platforms or lenders specialising in bad credit loans could be the best route to secure a loan.
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