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Best Personal Loan Apps in India

Instant Personal Loan Apps

Last Updated 21st May 2022

  • Interest rates on personal loan apps range between 12% to 36%.
  • Instant personal loan apps give a minimum loan of ₹ 1,000 and a maximum of upto ₹ 10,00,000.
  • The processing fee charged on the personal loan through these apps is Upto Rs. 3,000.
  • You can avail a personal loan for a flexible loan tenure ranging from 12 Months to upto 60 Months.
  • App loans are offered with a credit line or overdraft facility to enable easy part payment. You can also pay interest only on the loan amount used.
  • Some of the best instant loan app in India that offer an instant loan are MoneyTap, Paysense, EarlySalary.
  • Apply for an instant personal loan via an app and get the loan within the shortest time.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

List of Best Instant Personal Loan Apps in India May 2022

App Interest Rates Loan Amount Processing Fee
Finnable Personal Loan App 18.99% ₹ 50,000 to ₹ 10 Lakh 4%
Kreditbee Personal Loan App 12.24% ₹ 1,000 to ₹ 2 Lakh Rs. 130 - Rs. 850
NIRA Personal Loan App 24% ₹ 5,000 to ₹ 1 Lakh Flat Rs. 500
MoneyTap Personal Loan App 13% ₹ 30,000 to ₹ 5 Lakh 2% + GST
Paysense Personal Loan App 15.96% ₹ 5,000 to ₹ 5 Lakh 2.5% of the loan amount + GST or ₹ 500 + GST (Wh
Loantap Personal Loan App 12% ₹ 50,000 to ₹ 10 Lakh 2% on loan amount
Early Salary Personal Loan App 24% ₹ 8,000 to ₹ 5 Lakh Rs. 399

Online Loan App for Instant Personal Loan

Applying for a personal loan through an app has changed how you can get funds online at fairly low-interest rates. Personal loan apps allow you to submit an online loan application and help you complete the entire loan process digitally and conveniently get quick loans.

With MyLoanCare you can apply for a personal loan in a few simple steps and connect with the lender of your choice. Moreover, you can analyze and compare various personal loan deals offered by top personal loan applications to get the best loan offers, attractive discounts and lower interest rates for you.

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Features and Benefits of Instant Personal Loan App

Instant Loan applications allow you to avail ample funds in a few clicks and with no or minimum paperwork. To avail of a loan, all you need is an internet connection, and you can get funds to your account in no time. Here are some of the features and benefits of the best personal loan app in India:

  • Instant Credit of Cash: You can avail funds from these apps instantly in a few hours.
  • Paperless: With instant loan applications, you can apply for personal loan online, thus requiring no physical paperwork.
  • Collateral-Free Finance: These apps provide funds without any requirement of security or collateral.
  • Digital Process for tracking status: One of the biggest advantages of these apps is that you can track your loan application online, along with application, verification and disbursement of funds.
  • No End-Usage Restrictions: Further, there are no end-usage restrictions on using funds that you have availed through the instant loan apps.
  • Avail Finance 24*7: These apps allow you to avail funds 24*7 at competitive rates.
  • No Credit History Required: Finally, most of these apps do not require any credit history or proof to provide a personal loan.

How to Apply for a Personal Loan through App?

Getting a personal loan through instant personal loan apps is quick and takes a few seconds for approval. You need to follow the following steps to get a loan through these apps.

  • Step 1 : Register for instant personal loan applications such as MoneyTap, Paysense and Early Salary etc.
  • Step 2 : Fill in the essential personal and bank details.
  • Step 3 : Based on your eligibility, an amount will be approved.
  • Step 4 : Submit KYC and bank statements.
  • Step 5 : After verification, the loan amount will be transferred to your bank account.

Personal Loan Eligibility Criteria for Online Loan App

To avail funds from online loan applications , you need to fulfill the basic eligibility criteria as mentioned below:

  • Age: The minimum and maximum age to avail personal loan from online loan applications is 21 and 60 years.
  • Income: To avail funds from these apps, you should have a minimum income of ₹ 12,000. There are some apps that may have higher requirements for income.
  • Loan Amount: Online loan Apps provide loan amounts ranging between ₹ 1,000 to ₹ 10,00,000 respectively.
  • Occupation: Both salaried and self-employed individuals and professionals can avail digital loans from the best personal loan app.

Documents Required for Personal Loan Apps

Personal loan apps provide instant loans with the following minimal documents.

  • Aadhaar card
  • A photograph
  • Bank account details and statements
  • KYC form

FAQs

Which app is best for personal loan?

Loantap is the best app based on the interest rate, as it offers the lowest rate on a personal loan starting at 12%. Besides these apps, banks have their online loan apps, wherein ICICI Bank offers the lowest personal loan rate of 10.25%.

What are the top RBI registered loan apps?

Some of the top app RBI registered personal loan apps in India are MoneyTap Personal Loan, Paysense Personal Loan and Early Salary.

How can I get a quick easy loan?

To get a quick easy loan download the MyLoanCare app from the playstore. Fill in the required details and apply for a personal loan. You can also get digital assistance from an expert for your personal loan application. If you are looking for small funding up to ₹ 10 Lakh, you can apply for a personal loan with instant apps.

How easy is it to get approved for a loan application?

Salaried employees with a monthly salary of ₹ 20,000 and above and a credit score of 650+ have a good chance of getting a loan through any bank, including all popular loan apps. However, banks may also look at other factors such as past work experience, existing relationship with the bank and mode of receiving the salary. To avail loan from personal loan apps, you need to have a minimum age of 21 years and can avail a maximum loan amount upto ₹ 10 Lakh for a tenure ranging from 12 Months to 60 Months.

How can I get a small loan fast?

You can get a small loan fast in the following ways:

  • Apply for a loan on any quick loan app. Such apps check your eligibility immediately and give you instant application status in a few minutes.
  • You can also consider asking for a loan from family or friends. But, again, the credit card provides the quickest loan.
  • Finally, you can consider getting a credit card as well for a fast, small loan.
  • How can I get a ₹ 50,000 loan fast?

    You can get an instant personal loan of ₹ 50,000 through mobile applications like Kredit bee, Cash bean, Cashe, NIRA, Money Tap, Loantap, Paysense and Early salary. These apps offer the facility to avail funds at a fairly low interest rate.

    How can I get a ₹ 20,000 instant personal loan?

    Mobile applications like Kredit bee, Cashbean, Cashe, NIRA, Money Tap, Loantap, Paysense and Early salary offer the facility of providing an instant personal loan of ₹ 20,000. For this, register with the personal loan application, check your eligibility for the personal loan, fill in the relevant personal info and bank details. The lender will credit the loan amount instantly to your bank account.

    Can I get a ₹ 20,000 instant personal loan through apps with bad credit?

    An instant personal loan requires a CIBIL score of a minimum of 650. However, some apps like Kredit bee, Cash bean, Cashe, NIRA, Money Tap, Loantap, Paysense and Early salary may offer instant personal loan of ₹ 20,000 with a low CIBIL Score.

    Where can I get a personal loan immediately?

    There are many mobile applications that offer instant small personal loans online with no paperwork at rates starting at 12%. Some of the top RBI registered instant loan applications are MoneyTap, Early Salary and Paysense. Apart from that, you can apply for a personal loan at MyLoanCare, compare offers from leading apps, and can choose the one that is best for you.

    Can I get an instant loan without documents?

    No, instant loan applications require you to submit minimum documents online. These documents include an Aadhaar card, a photograph, Bank account details and statements and KYC form.

    How does an instant loan app work?

    You can avail personal loan by downloading the app on your smartphone. Once you have completed the basic registration process, enter details like name, number, address, bank account, loan amount and tenure. Now submit the required documents from your smartphone. The instant loan app will then review your request. You can check your loan status on the app. Once the loan is approved, the lender will transfer the the amount to your savings account within a few minutes.

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Personal Loan News - May 2022
  • 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Indian Bank Revises Personal Loan Rates
    Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
  • 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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