25 Best Personal Loan Apps in India

In an era marked by digital innovations, accessing personal loans has become easier than ever. Thanks to personal loan apps, you can now secure funds with just a few taps on your smartphone. Whether you need financial assistance for an unexpected medical expense, a home renovation project, or any other personal reason, personal loan apps offer a convenient solution.

But with an array of options available, how do you pick the best personal loan app for your needs? This comprehensive guide aims to answer that question. We’ll explore the world of personal loans, understand the factors to consider when choosing an app, delve into the benefits of using these apps, and provide detailed reviews of the top best personal loan apps in India.

Understanding Personal Loans

What Are Personal Loans?

Personal loans are unsecured loans that you can use for various personal expenses. Unlike loans for specific purposes like home loans or car loans, personal loans provide you with the flexibility to use the funds as you see fit. Whether it’s for debt consolidation, a vacation, or covering emergency medical bills, personal loans can be your financial lifeline.

Types of Personal Loans

1. Secured Personal Loans: These loans are backed by collateral, such as your home or car. Secured loans often have lower interest rates but come with the risk of losing your asset if you can’t repay.
2. Unsecured Personal Loans: Unsecured loans, on the other hand, don’t require collateral. They are based primarily on your creditworthiness and income.

Advantages of Using Best Personal Loan Apps

Before we dive into our list of the best personal loan apps, let’s highlight the advantages of using these apps:

1. Quick and Easy Access to Funds: Traditional loans involve lengthy paperwork and approval processes. Personal loan apps simplify this, giving you quick access to funds when you need them most.
2. Convenience and Accessibility: You can apply for a loan from the comfort of your home, anytime, anywhere, using just your smartphone.
3. Paperless and Hassle-free: Say goodbye to piles of paperwork. Personal loan apps offer a paperless, digital application process, making it convenient and eco-friendly.
4. Minimal Documentation: Most personal loan apps require minimal documentation, often limited to basic identity and income proof.
5. Improved Approval Rates: These apps often consider factors beyond traditional credit scores, such as your social credibility, increasing your chances of approval.

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Factors to Consider When Choosing a Personal Loan App

When evaluating personal loan apps, it’s essential to consider several factors to ensure you’re making an informed choice. Let’s break these factors down:

1. Interest Rates and APR (Annual Percentage Rate)

The interest rate significantly impacts the cost of your loan. It’s crucial to compare interest rates and APR among different apps to understand the overall cost of borrowing. Lower interest rates translate to lower overall repayment amounts.

2. Loan Amounts and Tenure

Different apps offer varying loan amounts and tenure options. Depending on your financial needs and repayment capacity, you should choose an app that provides the desired loan amount and flexible repayment periods.

3. Eligibility Criteria

Every app has its eligibility criteria, including age, income, employment status, and credit score requirements. Ensure you meet these criteria before applying to increase your chances of approval.

4. Additional Fees and Charges

In addition to interest rates, apps may have processing fees, late payment charges, and other hidden fees. Read the terms and conditions carefully to understand the complete cost structure.

5. Repayment Flexibility and Options

Consider whether the app offers flexible repayment options, such as customizable EMIs (Equated Monthly Instalments) and early loan closure without hefty penalties.

6. Customer Service and User Experience

A user-friendly interface and responsive customer support are vital. A good app should offer clear communication channels and excellent customer service to assist you throughout the loan process.

Comparison of Top 29 Best Personal Loan Apps in India – 2023

Honest Review of the Top 25 Best Personal Loan Apps in India

Now that we’ve covered the essential factors to consider when choosing a personal loan app, let’s dive into our comprehensive reviews of the top 25 personal loan apps available in India. These apps have been carefully selected based on their popularity, features, interest rates, and customer reviews. We’ll provide you with an overview of each app, including maximum loan amounts, starting interest rates, and key features. Here the list of Best Personal Loan Apps in India.

1. PaySense

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 16% p.a.

PaySense is a well-established personal loan app in India. It offers loans with a maximum limit of Rs. 5 lakhs at competitive interest rates. PaySense is known for its prompt customer service and offers flexible repayment options, making it a popular choice among borrowers.

2. MoneyTap

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 13% p.a.

MoneyTap stands out for its unique credit line feature, allowing borrowers to withdraw funds as needed and pay interest only on the amount used. With a maximum loan amount of Rs. 5 lakhs and competitive interest rates, MoneyTap is a convenient choice for borrowers seeking flexibility.

3. KreditBee

Max Loan Amount: Rs. 4 lakhs
Starting Interest Rate: 15% p.a.

KreditBee specializes in providing quick cash solutions for young professionals. With a maximum loan amount of Rs. 4 lakhs and starting interest rates at 15% p.a., it’s a reliable option for those in need of small to medium-sized loans.

4. MoneyView

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 16% p.a.

MoneyView offers personal loans with a maximum limit of Rs. 5 lakhs. It’s known for its user-friendly interface and quick loan approval process. The starting interest rate is competitive at 16% p.a.

5. CASHe

Max Loan Amount: Rs. 4 lakhs
Starting Interest Rate: 33.46% p.a.

CASHe provides instant personal loans, although it comes with a relatively higher starting interest rate of 33.46% p.a. It’s a suitable option for those with urgent cash needs but may not be the most cost-effective choice for all borrowers.

6. StashFin

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 11.99% p.a.

StashFin offers loans with a maximum limit of Rs. 5 lakhs and competitive interest rates starting at 11.99% p.a. It’s known for its transparent pricing and quick loan disbursal, making it a reliable choice for borrowers.

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7. EarlySalary

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: Rs. 9 per day

EarlySalary specializes in payday loans, offering quick access to funds. The starting interest rate is Rs. 9 per day. It’s an ideal choice for those facing short-term financial emergencies.

8. mPokket

Max Loan Amount: Rs. 20,000
Starting Interest Rate: 1% p.m.

mPokket caters to college students and offers small cash loans of up to Rs. 20,000. With a low starting interest rate of 1% per month, it’s designed to meet the urgent needs of students.

9. Bajaj Finserv

Max Loan Amount: Rs. 25 lakhs
Starting Interest Rate: 13% p.a.

Bajaj Finserv is a well-known name in the financial industry. It offers personal loans with a maximum limit of Rs. 25 lakhs at competitive interest rates, making it a reliable choice for various financial needs.

10. Indiabulls Dhani

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 13.99% p.a.

Indiabulls Dhani provides instant personal loans of up to Rs. 5 lakhs. While the starting interest rate is 13.99% p.a., the app is known for its fast loan processing, making it a convenient choice for borrowers.

11. FlexSalary

Max Loan Amount: Rs. 2 lakhs
Starting Interest Rate: Up to 3% p.m.

FlexSalary offers easy access to loans for professionals and salaried individuals. With a maximum loan amount of Rs. 2 lakhs, it’s an option for those in need of small to medium-sized loans. Interest rates can go up to 3% per month.

12. Home Credit

Max Loan Amount: Rs. 2 lakhs
Starting Interest Rate: 19% p.a.

Home Credit caters to individuals with no credit score or low income. It offers personal loans with a maximum limit of Rs. 2 lakhs at an interest rate starting from 19% p.a.

13. LazyPay

Max Loan Amount: Rs. 1 lakh
Starting Interest Rate: 18% p.a.

LazyPay provides personal loans of up to Rs. 1 lakh at a starting interest rate of 18% p.a. One notable feature is that it doesn’t require complete details for checking loan eligibility.

14. PayMe India

Max Loan Amount: Rs. 2 lakhs
Starting Interest Rate: 18% p.a.

PayMe India offers personal loans with a maximum limit of Rs. 2 lakhs and a starting interest rate of 18% p.a. It’s known for its fast processing and hassle-free application.

Stay tuned for the next part of our guide, where we’ll continue exploring more top personal loan apps in India and providing detailed reviews to help you make the right choice.

15. ePaylater

Max Loan Amount: Rs. 20,000
Starting Interest Rate: 36% p.a.

ePaylater is an innovative online loan app designed primarily for online shopping. It operates on a ‘Buy-Now-Pay-Later’ model, allowing users to make online purchases and pay later. With pocket-sized loans ranging from Rs. 1,500 to Rs. 20,000, it’s convenient for shoppers.

16. Credy

Max Loan Amount: Rs. 1 lakh
Starting Interest Rate: 1% p.m.

Credy offers short-term personal loans with a maximum limit of Rs. 1 lakh. The interest rates start at 1% per month. It operates in major cities like Bangalore, Chennai, Pune, Mumbai, and Hyderabad.

17. RupeeLend

Max Loan Amount: Rs. 1 lakh
Starting Interest Rate: 0.1% per day

RupeeLend, a part of Casinity Group, specializes in fast short-term loans. It offers payday loans with a maximum limit of Rs. 1 lakh and interest rates starting from 0.1% per day. It’s ideal for very urgent and short-term financial needs.

18. LoanTap

Max Loan Amount: Rs. 10 lakhs
Starting Interest Rate: 18% p.a.

LoanTap is one of the most versatile instant loan apps. It provides a range of loan products, including two-wheeler loans, flexible personal loans, and term loans. Loan amounts can go up to Rs. 10 lakhs with interest rates starting at 18% p.a.

19. Realme PaySa

Max Loan Amount: Rs. 10 lakhs
Starting Interest Rate: 11% p.a.

Realme PaySa, powered by smartphone maker Realme, offers personal loans of up to Rs. 10 lakhs. Interest rates start at 11% p.a., and it’s available for salaried individuals seeking instant loans.

20. Mi Credit

Max Loan Amount: Rs. 5 lakhs
Starting Interest Rate: 16.2% p.a. onwards

Mi Credit, backed by Xiaomi, provides personal loans with a maximum limit of Rs. 5 lakhs. Interest rates start at 16.2% p.a. and may vary based on your creditworthiness and other factors.

21. CashBean

Max Loan Amount: Rs. 60,000
Starting Interest Rate: 25.55% p.a. onwards

CashBean offers instant cash loans of up to Rs. 60,000. The interest rates start at 25.55% p.a. It’s a quick and easy solution for borrowers in need of smaller loan amounts.

22. NIRA

Max Loan Amount: Rs. 1 lakh
Starting Interest Rate: 1.67% p.m. onwards

NIRA, powered by Federal Bank, provides a safe and reliable platform for urgent loan needs. The maximum loan amount is Rs. 1 lakh, and interest rates start at 1.67% per month.

23. Navi

Max Loan Amount: Rs. 20 lakhs
Starting Interest Rate: 9.9% p.a.

Navi offers personal loans with a maximum limit of Rs. 20 lakhs and competitive interest rates starting at 9.9% p.a. It’s suitable for a wide range of financial needs.

24. ZestMoney

Max Loan Amount: Rs. 1 Lakh

ZestMoney is a unique cash app that allows borrowers to shop online in easy EMIs. You can quickly borrow up to Rs. 1 lakh without a credit history. Additionally, ZestMoney offers cashback rewards and gift cards from popular online partners.

25. SmartCoin

Max Loan Amount: Rs. 25,000
Starting Interest Rate: 20% p.a.

SmartCoin is a small loan app that caters to professionals, executives, and business owners. It offers short-term small personal loans ranging from Rs. 1,000 to Rs. 25,000. With instant approval and quick disbursal, it’s ideal for those seeking fast financial solutions.

These are some of the best personal loan apps available in India, offering a wide range of loan options to meet various financial needs. Remember to carefully consider the interest rates, loan amounts, and repayment terms before choosing the one that suits you best.

In the next section of our guide, we’ll delve into the features of these Best Personal Loan Apps services and provide guidance on how to apply for a personal loan through these apps. Stay tuned for more valuable insights!

Features of Best Personal Loan Apps

In this section, we’ll explore the key features that app-based instant personal loan apps in India commonly offer. These features play a crucial role in making the borrowing process convenient and efficient for users.

1. Fast Disbursal & Instant Access to Cash

One of the primary advantages of using app-based personal loan services is the speed at which they disburse funds. These apps are designed to provide instant access to cash, helping borrowers stay afloat and meet their financial obligations in real-time. Whether you have an urgent medical expense or need to cover unexpected bills, these apps can be a lifesaver when you require quick funds.

2. 100% Paperless Online Loan Application

App-based personal loan services have revolutionized the lending process by eliminating the need for extensive paperwork. Borrowers can complete the entire loan application process through a website or mobile app, making it convenient and hassle-free. The absence of physical documentation saves both time and effort.

3. Evaluation Beyond Credit Score

Unlike traditional lenders that primarily rely on credit scores, online loan apps consider various parameters to determine your eligibility. This includes your social quotient and other personal factors. Even if you don’t have the desired credit score, you may still qualify for a loan based on these alternative criteria.

4. Faster and Easier Financing

In summary, app-based personal loan apps offer faster and easier financing for your immediate cash needs. Whether you’re a salaried individual, a student, or a self-employed professional, these apps cater to a wide range of borrowers. To apply for a personal loan through these apps, you’ll need to follow a straightforward process.

Best Personal Loan Apps: Documents Required

One of the most appealing aspects of personal loans from app-based lenders is the minimal or sometimes even nonexistent documentation required for existing customers. The basic documentation for KYC (Know Your Customer) is typically all you need to apply for a personal loan through a website or smartphone app. Moreover, to serve a broader customer base, many of these loan apps allow individuals to borrow with either no credit score or a minimal one, evaluating creditworthiness based on social profiles and other personal factors.

Here’s a list of the common documents you may need when applying for a personal loan through an instant loan app:

1. Aadhar Card

Your Aadhar card, issued by the Unique Identification Authority of India (UIDAI), is essential for identity verification. Most loan apps require you to link your Aadhar card to your account.

2. PAN Card

The Permanent Account Number (PAN) card is necessary for financial transactions, and you’ll need it for loan processing. It helps lenders track your financial history and ensure you meet the required criteria.

3. Bank Account Details

You’ll need to provide your bank account details, including your account number and IFSC code, for loan disbursal. The loan amount is deposited directly into your bank account.

4. Employment Details

If you’re a salaried individual, you may need to provide employment details, such as your company’s name and address, to establish a source of income.

5. Income Proof

Some loan apps may require you to upload income proof, such as salary slips or income tax returns. This helps verify your ability to repay the loan.

6. Selfie

To prevent identity fraud, some loan apps require a selfie during the application process. This ensures that the person applying for the loan matches the provided documents.

It’s important to note that the specific document requirements may vary from one app to another. Additionally, existing customers who have previously borrowed from the same app may not need to provide these documents again, as their information is already on record.

How to Apply for a Best Loan Apps

Applying for a personal loan through a mobile app is a straightforward process designed to be user-friendly. Here are the general steps you’ll follow when applying for an instant personal loan using a mobile app:

Step 1: Download the App

Start by downloading the loan app from your device’s app store. Most reputable loan apps are available for both Android and iOS devices.

Step 2: Registration

Open the app and register for an account. You’ll typically need to provide your mobile number and create a secure password.

Step 3: KYC Verification

Complete the KYC (Know Your Customer) process by providing the necessary identification documents, such as your Aadhar card and PAN card. This step may also involve taking a selfie for identity verification.

Step 4: Loan Application

Once your KYC is verified, you can proceed to fill out the loan application. This includes providing details about the loan amount you need, the desired repayment tenure, and other relevant information.

Step 5: Credit Assessment

The app will assess your creditworthiness based on the information you provide and other factors. This may include evaluating your credit score, social profile, and employment details.

Step 6: Loan Approval

If your loan application is approved, you’ll receive a loan offer detailing the loan amount, interest rate, and repayment terms. Review the offer carefully before accepting it.

Step 7: Accept the Loan Offer

If you’re satisfied with the loan offer, accept it within the app. This action signals your agreement to the terms and conditions.

Step 8: Disbursement

Once you’ve accepted the loan offer, the loan amount will be disbursed directly to your linked bank account. You can usually expect the funds to be transferred within a few hours or by the next business day.

Step 9: Repayment

Make sure to adhere to the repayment schedule outlined in your loan agreement. Most apps offer flexible repayment options, including automated deductions from your bank account.

Step 10: Loan Closure

After successfully repaying the loan, you’ll receive confirmation of loan closure. This establishes a positive borrowing history, potentially improving your eligibility for future loans.

It’s important to remember that each loan app may have its own variations of the above steps, so it’s advisable to read through the app’s instructions and FAQs to ensure a smooth application process.

Conclusion

In this comprehensive guide, we’ve explored the best personal loan apps in India, providing detailed reviews of 25 leading options. Whether you need quick cash for a medical emergency, to cover education expenses, or to finance a dream vacation, these apps offer a variety of loan options to meet your needs.

Additionally, we’ve discussed the key features that make app-based personal loan services appealing, including fast disbursal, minimal documentation, and evaluation criteria beyond credit scores. We’ve also outlined the typical documents required for loan applications and provided a step-by-step guide on how to apply for a personal loan using mobile apps.

Before choosing a personal loan app, it’s essential to assess your financial requirements, compare interest rates, and carefully read the terms and conditions. Remember that responsible borrowing and timely repayments are crucial for maintaining a healthy credit profile.

We hope this guide has empowered you with the knowledge needed to make informed decisions when selecting a personal loan app in India. With the right app and responsible financial management, you can access the funds you need to achieve your goals and meet unexpected expenses with confidence.

Stay tuned for updates on the latest developments in the world of personal finance, and always prioritize your financial well-being.

Suggested Read: Floating interest rates vs fixed interest rate

FAQs – Best Personal Loan Apps in India

Q1: What are the advantages of using personal loan apps? 

Personal loan apps offer several advantages, including quick access to funds, convenience, paperless application processes, minimal documentation, and improved approval rates due to considering factors beyond traditional credit scores.

Q.2  What documents are typically required to apply for a personal loan through mobile apps?

The common documents required for a personal loan application through mobile apps include Aadhar card, PAN card, bank account details, employment details, income proof, and a selfie for identity verification. The specific requirements may vary among apps.

Q.3 What is the process for applying for a personal loan using mobile apps?

The process for applying for a personal loan through mobile apps typically involves downloading the app, registering, completing KYC verification, filling out the loan application, undergoing a credit assessment, accepting the loan offer, receiving the disbursed funds, repaying the loan, and closing the loan. Each app may have variations in these steps.

Q4: How can responsible borrowing and timely repayments benefit borrowers when using personal loan apps?

Responsible borrowing and timely repayments can help borrowers maintain a healthy credit profile, improve eligibility for future loans, and ensure financial stability. It’s crucial to manage loans wisely to avoid financial difficulties.

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