India has many instant personal loan apps available, providing loans from ₹1,000 to up to ₹50 Lakh or more. Depending on their need, individuals choose the amount, interest rate, and tenure suitable for their financial status.
While loans are now disbursed in minutes, it is crucial to choose the best loan app that works in your favor.
Best Loan Apps in India
Among the plethora of instant personal loan apps available, the following 15 are a few of the most preferred apps by millions of Indians.
Here are the features of the top 15 loan apps in India:
| Personal loan App | Interest Rate
(p.a) |
Loan Amount | Repayment Tenure | Disbursal Time |
| Moneyview | 10% onwards | ₹5,000 to ₹10 Lakh | 3 – 60 months | 10 minutes |
| KreditBee | 17% – 29.95% | ₹1,000 to ₹5 Lakh | 3 – 24 months | 10 minutes |
| Fibe(Formerly Early Salary) | 16% onwards | ₹5,000 to ₹5 Lakh | 3 – 36 months | 2 minutes |
| Navi | 9.9% onwards | ₹20 Lakh | Up to 60 months | Few minutes |
| Paysense | 14% – 36% | ₹5,000 to ₹5 Lakh | 3 – 60 months | 2 hours |
| Dhani | 13.99% onwards | ₹1,000 to ₹15 Lakh | 3 – 24 months | Few minutes |
| LazyPay | 15% – 32% | ₹3,000 to ₹5 Lakh | 3 – 24 months | Few minutes |
| IndiaLends | 10.25% – 29.99% | ₹10,000 onwards | 6 – 60 months | Less than 24 hours |
| MoneyTap | 13% | Up to ₹5 Lakh | 3 – 36 months | Few days |
| Bajaj Finserv | 11% onwards | Up to ₹40 Lakh | Up to 90 months | Within 24 hours |
| Buddy Loan | 11.99% onwards | ₹10,000 to ₹15 Lakh | 6 – 60 months | Few hours |
| TATA Capital | 10.99% onwards | ₹75,000 to ₹35 Lakh | Up to 6 Years | 1-2 days |
| StashFin | 11.99% onwards | ₹1,000 to ₹5 Lakh | 3 – 36 months | 10 minutes |
| LoanTap | 12% onwards | ₹50,000 to ₹10 Lakh | 6 – 60 months | 24 to 36 hours |
| SMFG India Credit | 13% onwards | ₹50,000 to ₹30 Lakh | 12 – 60 months | Few hours |
Eligibility Criteria for Personal Loans
Each lender sets unique personal loan eligibility requirements depending on the amount they offer, tenure, and more.
Here are the most common eligibility criteria:
- The applicant must be an Indian citizen
- They must be in the age range of 18-65 years
- A minimum monthly income of ₹15,000* is necessary
- They must be employed or self-employed with a steady income
- They should receive the income in their bank account
- A minimum credit score of 650 is needed
* Check the eligibility criteria of the lender you choose before opting for the loan.
Documents Necessary for a Personal Loan
The following are the most common documents required to verify your borrower profile.
- Proof of Identity – Voter ID Card, Passport, Driving license, Aadhar Card, PAN Card, etc
- Address Proof – Electricity bills, Utility bills, Rental Agreement etc
- Income Proof – Salary slip, Tax Return, Business Documents etc
- Credit Report
- Bank Statements for the past 3 months
- ITRs
How to Choose the Best Instant Personal Loan App?
Personal loans are a huge financial responsibility, given that they impact your credit score and your financial obligations for years to come. You need to put a lot of thought into deciding the app that is best for your needs.
Here are the factors that will aid you in choosing the right loan app:
1. Loan Amount
The loan amount is the first among the most important terms to consider before applying for a loan. You may require a higher loan amount than your preferred loan app can offer. Hence, check for how much the lender is offering and ensure it aligns with your financial requirements.
2. Interest Rates
Next is the interest rate. Different lenders offer different rates for varying loan amounts. While one lender might charge you a high rate, others can offer you the same amount at affordable interest rates.
Even minor differences can have a major influence on the final repayment amount. Look for apps that offer competitive interest rates based on your financial status.
3. Eligibility Criteria
Are you eligible to take a loan from that particular lender? This is the question you must ask yourself before applying for a loan. Every lender lists their varying eligibility criteria on their website. Requirements can include age, income, employment status, and credit score.
Hence, asses your eligibility before proceeding with the loan application. If you are looking for the best online personal loan app in India, its eligibility criteria will be straightforward, making it easier for you to identify your eligibility.
4. Repayment Flexibility
Repayment terms are critical when choosing a personal loan app. Go for apps that provide flexible repayment terms, the possibility to make prepayments without penalty, and EMIs that are appropriate for your finances. Repayment flexibility can significantly reduce the strain of loan repayment.
5. Approval Time
Instant personal loan applications are popular since they have quick approval times. Some apps can approve loans in minutes, while others may require a few days. If you require funds immediately, use an app that disburses the amount within minutes.
6. Transparency
Legitimate personal loan apps disclose their fees, charges, and terms and conditions. Be aware of any hidden expenses, such as processing fees, late payment charges, or prepayment penalties.
7. Security
Given the sensitivity of financial information, the security aspects of a personal loan app are paramount. Make sure the apps use strong encryption and adheres to strict data security protocols. Reviews and ratings can shed light on an app’s trustworthiness and security measures.
8. Customer Support
A loan is a long-term responsibility and a huge process. It helps if the support from the lender is proactive and reliable. Look for apps that provide numerous channels for customer assistance, such as phone, email, chat, etc. If you run into any problems during the loan process or have any queries, prompt and excellent customer care can be helpful.
In Summary,
Choosing the right lender or instant personal loan app requires careful evaluation of several factors, such as interest rates, loan approval time, eligibility criteria, repayment flexibility, and more. Above all, the terms the lenders offer must be in line with your needs and financial status.
Moneyview, one of India’s best-rated lending apps, offers a seamless borrowing experience with instant disbursals, a 100% digital process, a secure application, flexible loan terms, and more. Apply for a loan through the Moneyview website or through the loan app and get your loan in just minutes!
