Instant loans apps
With increasing financial demands, India is rapidly observing new practices, habits, mindsets and norms in the direction of financial goals and ways. Taking a loan is no more a taboo with increasing popularity of instant loans apps. People no longer hesitate to take personal loans in an emergency or meet short-term requirements with no attached collaterals or end-use restrictions and look for top 10 instant loan apps in India. A burrower can spend money on anything, which makes it the most suitable financial cushion.
Are instant loans apps reliable?
The young generation prefers taking loans from some of the best loan apps available in India for several purposes, such as overseas studying, house renovation, purchasing a car, and personal milestones such as weddings. No more relying on traditional banks for loans that involve the long grueling process of application, verifications, elevated interest rates and long waiting periods for loan approval and disbursal. Today’s fintech innovations, applications for loan, approval and disbursement are seamless, fast and relatively straightforward. To fulfil the dream of the present day population, not only traditional banks but also fintech startups and NBFCs have initiated providing instant funds and loans.
What are the benefits of online loans?
Instant loan apps in India are becoming highly popular because of the perks and offerings, from personalized loans, lower interest rates and online credit cards to the simplified application process. Many instant loan apps in India provide quick, hassle-free and paperless ways of getting rapid access to funds for fulfilling dreams or assisting you during financial emergencies.
Top 10 best instant loan apps in India
Here is a list of the 10 best instant loan apps in India in the year 2022.
| Sl. No. | Name of the instant loan app | Rating in app store out of 5 | Rating in Play store out of 5 | Maximum loan amount |
| 1 | Buddy loan | 4.8 | 4.4 | Rs. 1500000 |
| 2 | Navi | 4.4 | 4.2 | Rs. 2000000 |
| 3 | Paysense | 4.4 | 4.1 | Rs. 500000 |
| 4 | CASHe | 4.3 | 3.7 | Rs. 500000 |
| 5 | Early Salary | 4.2 | 4.4 | Rs. 500000 |
| 6 | Kredit Bee | 4.4 | 4.3 | Rs. 300000 |
| 7 | Credy | 4.5 | 4.5 | Rs. 100000 |
| 8 | mPokket | NA | 4.3 | Rs. 30000 |
| 9 | Dhani | 4.0 | 4.0 | Rs. 1500000 |
| 10 | Bajaj Finserve | 4.0 | 4.0 | Rs. 2500000 |
1. Buddy loan
This is one of the best instant loan apps that can offer you fast personal loans ranging from Rs. 10000 to Rs. 1500000, and you will not have to wait for a long time for approval. It is one of the groundbreaking loan apps with some of the best features with a 100% digital process for loan application. This is the reason it is in the topmost position of top 10 instant loan apps in India.
Rate of interest
11 .99 per cent
Documents required
Proof of Identity such as an Aadhar card or PAN card, Proof of Address like an Aadhar card, utility bills, or rental agreement, Proof of Income like a bank account statement, Photograph.
Features: Reliable end user, easy documentation process, rapid approvals and disbursals.
2. Navi
It is an excellent instant loan app that mainly benefits the burrower in private. They offer a solution for all your financial requirements, whether you are looking for personal loans or medical emergencies. The whole process of availing loan is smooth.
Maximum loan amount – Rs. 2000000
Rate of interest
9.99 %
Documents required
Proof of Identity such as an Aadhar card or PAN card, Proof of Address like an Aadhar card, utility bills, or rental agreement, Proof of Income like a bank account statement, Photograph.
3. PaySense
This is counted among the top 10 instant loan apps in India that do not require any pays lips, and recently it merged with LazyPay to become one of the best platforms for availing instant loans. It helps further by facilitating the pick-up of documents from your house, and you will not have to courier them. They also provide some affordable EMI plans, which makes it easy to repay the loan quickly. The minimum loan amount is Rs. 5000, and the maximum is Rs. 500000.
Rate of interest
1.08 to 2.33 %
Documents required
Proof of Identity such as an Aadhar card or PAN card, Proof of Address like an Aadhar card, utility bills, or rental agreement, Proof of Income like a bank account statement, Photograph.
Features: Reliable end user, low rate of interest, no credit score or collaterals, reliable documentation, rapid approvals.
4. CasHe
It is one of the best instant loan apps and provides the best UI/UX for its application. It’s easy to log in and register on the application, and in the dashboards, you will get all types of information for an instant loan. For example, you can select from various ranges of loans, and the maximum loan amount is Rs.500000 with various interest rates and credit periods.
Rate of interest
Starts from 1.75%
Documents required
Proof of Income – salary slip, Proof of Identity – passport, Aadhar card, driving license, or voter ID, Proof of Address – bills like electricity, gas, telephone, or maintenance, PAN card.
Features: The application process is online, User friendly, has the best privacy and security, 24/7 services, low-interest rate, and requires essential documentation.
5. Early Salary
EarlySalary is one of the best solutions when the matter is about instant cash requirements. It’s best for instant loan apps from which you can withdraw money for any personal requirements, whether shopping, paying utility bills or any cash requirements that can assist you in sailing through your difficult moments. You will get instant loans up to Rs. 500000, and there are also low-cost EMI options on several shopping platforms and travelling platforms such as Flipkart, amazon etc. The app has also partnered with some educational institutions so that students can easily invest in themselves.
Rate of interest
2 – 2.5%.
Documents required
Pan Card, Address Proof, ID Proof, 3 Month Salary Slip (PDF) – Not mandatory for all customers.
Features: Completely digital process with less documentation, reliable tenure of up to 60 months, pay interest only on the amount used and nominal prepayment charge.
6. Kredit Bee
It is one of the most lucrative loans for instant loans with User – a friendly interface. More than 20 million people have downloaded this app, and 2 million consumers are satisfied with its services. To apply for loans, all you need is more than 21 years old in age and a Pan Id. However, if you are salaried, you must earn more than Rs.10000 per month to apply for instant loans.
Interest rate
2 – 3 %
Documents required
Proof of Identity (PAN card), Proof of Address (passport, Aadhar card, driving license, or voter ID), Bank Statement of Salary account showing the salary credit for a minimum of the past 3 months (only for salaried people), and Salary slips for the past 3 months minimum (only for salaried people).
Features: Completely online process, lower rate of interest, reliable period of loan tenure, no need for credit history and services are available in all Indian cities.
7. Credy
This is one of the best apps for instant loans, with claims of instant approvals within a few minutes. But detail terms can take up to 3 hours, and you will get the money within 24 hours. The whole process is effective and fast, decreasing the cost compared with leading banks. Maximum users have to pay only Rs.400 as interest per month on a loan amount of Rs. 50000. You can use their website, IVR, and mobile application to make repayments.
Rate of interest
1 – 1.5 %
Documents required
PAN card, last 6-months statement of your salary account, ID Proof, Photograph, and Address Proof. Sometimes, the pay slips, rent agreement, and closure certificate of previous loans may be asked for.
Features: Easy to avail loans in just 5 minutes, direct salary verification, digital signing of the loan agreement, cash disbursal is done directly to your bank, payback in easy EMI, good customer support.
8. mPocket
This is one instant loan app that specializes in giving short-term loans for salaried people and students. It assists in obtaining fast cash with prior approval to eliminate the cash crunch quickly. The best thing is it allows direct credit of short-term loan money to your digital wallet such as Paytm, bank accounts etc.
Rate of interest
3.5%
Documents required
For student loan: Identity proof (voter card/ driving license/ passport/ Aadhar card), College ID card, PAN card
For salaried persons: Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Company ID card, Salary slip of the bank account where your company credits your salary.
Maximum loan amount: Rs. 30000
9. Dhani
It started as a pharmacy but has now become a money-lending service provider. It is one of the best instant loan apps that does not require documents and many outstation students like using it to meet their daily requirements. It’s easy to get an instant loan up to Rs.500000 with convenient interest rates. In addition, you will also get an interest-free credit line of up to Rs. 500000 and can select a 90-day payback scheme.
Rate of interest
1 – 3.17 %
Documents required
PAN card, Address proof (passport, voter ID, driving license, and Aadhar card), and Bank details
Features: Less rate of interest, reliable Emi, No processing fees, cashback offers, and customer support
10. Bajaj Finserve
This is one of the best brands concerning personal financing and has been available in India for over a decade. They have some fantastic offerings, making them one of the best personal loan apps. But it is better for financing customer durables and other electronic items. Moreover, you will also get a zero-interest EMI card and can use it for financing most of your purchases.
Rate of interest
Starts from 12.99 %
Documents required
KYC documents, Employee ID card, Address proof, Identity proof, Salary slip of previous 2 months, and Last 3 months’ bank statement of your salary account
Maximum loan amount: Rs. 2500000
Features: Easy approval, rapid disbursal, high maximum value. Services available all over India, good customer support, easy EMIs.
If you feel this article is knowledgeable and interesting, then you must read other articles on this website. Click here to read other articles now.
You can allow top10listweb.com to send notifications when publishes a new article.
Conclusion
Other than this list of top 10 instant loan apps in India mentioned above, there are several other apps available in India that offer instant loans in a matter of a few seconds. The market has recently gained popularity as customer awareness and adoption have enhanced, welcoming some new companies. But even if these money lending apps have made burrowing money very easy, you must go through all terms and conditions before you join up to make sure that you understand all burrowing and paying terms well.
FAQS
1. Is it safe to take loans from instant loan apps?
Mostly authorized loan apps functions in close association with official NBFCs or financial institutions. So, this apps are considered safe for making online loan applications.
2. Does this loan apps can access my bank accounts?
No, they have no access to your bank account and cannot withdraw money from your bank.
3. Is there any age limit for applying loans in instant loan app?
Yes, the minimum age for applying for a loan in Instant loan app is 21 and maximum is 60 years of age.
