A personal loan or line of credit can be a lifesaver when you need urgent financial assistance. With the convenience of instant online personal loan apps, managing finances has never been easier. If you’re unsure which app suits your needs, here’s a list of the top 10 instant personal loan apps in India.
Top 10 Instant Personal Loan Apps in India
| App Name | Interest Rate (per annum) | Loan Amount | Play Store Rating | App Downloads |
|---|---|---|---|---|
| Navi | Starts at 9.9% | Up to 20 Lakhs | 4.2/5 | 1 Crore+ |
| MoneyView | Starts at 16% | Rs. 5,000 to Rs. 5 Lakhs | 4.6/5 | 1 Crore+ |
| PaySense | 17% to 28% | Rs. 5,000 to Rs. 5 Lakhs | 4.3/5 | 1 Crore+ |
| CASHe | 27% to 36% | Rs. 1,000 to Rs. 4 Lakhs | 4.3/5 | 50 Lakhs+ |
| KreditBee | 13% to 30% | Rs. 1,000 to Rs. 3 Lakhs | 4.5/5 | 1 Crore+ |
| MoneyTap | Starts at 13% | Up to 5 Lakhs | 4.2/5 | 1 Crore+ |
| Fibe (EarlySalary) | 24% onwards | Up to 5 Lakhs | 4.6/5 | 50 Lakhs+ |
| Upwards | 12% to 22% | Up to 3 Lakhs | 4.3/5 | 10 Lakhs+ |
| NIRA Finance | 20% to 27% | Up to 1 Lakh | 4.5/5 | 50 Lakhs+ |
| Finnable | 18% to 26% | Up to 10 Lakhs | 4.5/5 | 10 Lakhs+ |
Here is a detailed analysis of the features, pros, and cons of these apps based on user reviews:
1. Navi App
- Key Features:
- Loan amount: Up to Rs. 20 Lakhs
- Interest rate: Starts at 9.9% p.a.
- Zero foreclosure charges
- 100% digital process
- Flexible repayment options
- Pros:
- High loan amounts
- Attractive interest rates
- Cons:
- Delays in loan approval
- Service issues
2. Money View App
- Key Features:
- Loan amount: Rs. 5,000 to Rs. 5 Lakhs
- Interest rate: Starts at 1.33% per month
- Minimal documentation (only 3 documents needed)
- Quick eligibility checks
- Flexible repayment terms up to 5 years
- Pros:
- Simple documentation process
- Different credit rating models
- Cons:
- Hidden fees
- Approved loan amounts are sometimes lower than expected
3. PaySense Personal Loan App
- Key Features:
- Loan amount: Rs. 5,000 to Rs. 5 Lakhs
- Interest rate: 17% to 28% p.a.
- Loans for salaried and self-employed individuals
- Various repayment options
- Pros:
- No high credit score required
- Multiple repayment options
- Cons:
- Customer service could be improved
- Lengthy verification process
4. CASHe Personal Loan App
- Key Features:
- Loan amount: Rs. 1,000 to Rs. 4 Lakhs
- Interest rate: 27% to 36% p.a.
- Repayment tenure: 3 months to 1.5 years
- Minimum monthly income: Rs. 12,000
- Pros:
- Simple loan process
- Good customer support
- Cons:
- High-interest rates
- Loan disbursement delays
5. KreditBee App
- Key Features:
- Loan amount: Rs. 1,000 to Rs. 3 Lakhs
- Interest rate: 13% to 30% p.a.
- Flexible repayment tenure: 2 to 24 months
- Age limit: 21 to 45 years
- Pros:
- Quick loan disbursement
- Hassle-free documentation
- Cons:
- Service quality concerns
- Difficulty in approval process
6. MoneyTap App
- Key Features:
- Loan amount: Up to Rs. 5 Lakhs
- Interest rate: Starts at 13% p.a.
- No collateral required
- Age limit: 23 to 55 years
- Complimentary RBL credit card
- Pros:
- Interest charged only on utilized amount
- Easy repayment options
- Cons:
- Slow app performance
- Limited customer support
7. Fibe (formerly EarlySalary) App
- Key Features:
- Loan amount: Up to Rs. 5 Lakhs
- Interest rate: Starts at 24% p.a.
- 100% online application
- No prepayment charges
- Pros:
- Simple application process
- Option for repeat loans
- Cons:
- High-interest rates
- Lengthy verification process
8. Upwards Personal Loan App
- Key Features:
- Loan amount: Up to Rs. 3 Lakhs
- Interest rate: 12% to 22% p.a.
- EMIs start from Rs. 2,500 for Rs. 1 Lakh loan
- Repayment tenure: Up to 24 months
- Pros:
- No credit history required
- Personalized offers
- Cons:
- Slow updates in payment details
- Poor customer assistance
9. NIRA Finance App
- Key Features:
- Loan amount: Rs. 5,000 to Rs. 1 Lakh
- Interest rate: 20% to 27% p.a.
- No prepayment charges after 3 months
- Eligibility: Minimum monthly income of Rs. 12,000
- Pros:
- No hidden fees
- Benefits for good repayment behavior
- Cons:
- App performance issues
- Slow customer response
10. Finnable Personal Loan App
- Key Features:
- Loan amount: Up to Rs. 10 Lakhs
- Interest rate: 18% to 26% p.a.
- Repayment tenure: 6 to 60 months
- Processing fee: 4% of loan amount
- Pros:
- High loan amounts
- Timely EMI payments lead to rewards
- Cons:
- Slow processing
- Subpar customer service
Conclusion
With numerous personal loan apps available in India, selecting the best one depends on your specific requirements. Factors like interest rates, loan amounts, repayment options, app ratings, and reviews should guide your choice. The apps listed above are highly rated and widely used, but always analyze their features thoroughly to find the one that suits your financial needs.