Top 15+ Personal Loan Apps in India You Can Trust

Loan Apps	Loan Amount	Interest Rate	Repayment Tenure	Processing Fees
LoanTap	₹50,000 – ₹10 Lakh	1.5% p.m.* Onwards	6 – 60 Months	2% + GST
Bajaj Finserv	Up to ₹40 Lakh	0.87% p.m. Onwards	12 – 27 Months	Up to 3.93% (inclusive of applicable taxes)
ICICI Bank	Up to ₹50 Lakh	0.9% – 1.34% p.m.	1 – 6 Years	Upto 2% of the loan amount
KreditBee	₹1000 – ₹4 Lakh	1.25% – 2.49% p.m.	3 – 24 Months	Up to 6.5%
IDFC First bank	₹20,000 – ₹10 Lakh	0.87%p.m. Onwards	12 – 60 Months	Upto 3.5% of Loan Amount
CASHe	₹1000 – ₹4 Lakh	2.50% p.m. Onwards	3 – 18 Months	1.50% of the loan amount + GST
Zype	Up to ₹5 Lakh	1.5% p.m. Onwards	Upto 12 months	2% to 6%
Nira Finance	Up to ₹1 Lakh	2% p.m. Onwards	3 – 18 Months	Rs. 350 + GST and maximum 2% loan amount
MoneyTap	Up to ₹5 lakh	1.08% p.m Onwards	3 – 36 Months	2% + GST
mPokket	₹500 – ₹45,000	2% – 4% p.m.	Upto 4 Months	₹50 to ₹200 + 18% GST
PayMe	Up to ₹ 5 Lakh	1.5 % p.m. Onwards	3 – 24 Months	2% – 10%
Dhani	₹ 1,000 – ₹15 Lakh	1.16 % p.m. Onwards	3 – 24 Months	3% Onwards
MoneyView	₹ 5,000 – ₹ 10 Lakh	1.33% p.m. Onwards	6 – 60 Months	Starts from 2% of the Loan Amount
Olyv	₹ 1,000 – ₹5 Lakh	18-30% p.a.	2 – 24 Months	2% – 12% (excl. GST)
PaySense	₹ 5,000 – ₹5 Lakh	1.3 % – 3% p.m.	3 – 48 Months	Up to 2.5% of the loan amount
Credy	Up to ₹ 1 Lakh	1% – 1.5% p.m.	3 – 12 Months	3% of Loan Amount (Minimum ₹500)
Fibe	₹ 5,000 – ₹ 5 Lakh	1.16%p.m.	Upto 24 Months	Starting at 2% of the loan amount + GST
Upwards	Up to ₹ 5 Lakh	1.5 % – 2.66% p.m.	6 – 24 Months	Upto 4%
Finnable	₹ 5,000 – ₹ 5 Lakh	1 % – 2 % p.m.	2 – 48 Months	0.5 % to 3.5% + GST
Privo	₹ 5,000 – ₹5 Lakh	1.08% – 3.25% p.m.	2 – 60 Months	1% – 3% + GST

Details of the Top 20 Personal Loan Apps in India

Below is an overview of the features and benefits of the top 20 personal loan apps in India.

LoanTap

LoanTap is one of the best personal loan apps that provide customized loan products with flexible repayment terms, allowing affordable monthly installments. LoanTap is an RBI-registered NBFC that follows strict guidelines to ensure that your data is protected, and the app’s user-friendly interface makes the loan application process easy. Let’s look at some of the features of LoanTap’s personal loans:

• LoanTap offers loan amounts ranging from ₹50,000 to ₹10 Lakh.
• Loans are disbursed into your account within 24-36 hours.
• You can choose a repayment plan from 6 months to 60 months, according to your needs.
• The loan application process is completely transparent with no hidden or prepayment charges applied.
• LoanTap offers versatile personal loan products that can be used for any purpose.

Bajaj Finserv

Bajaj Finserv has a user-friendly platform that provides quick and hassle-free personal loans. It offers three unique personal loan variants, namely term loans, flexi hybrid loans, and flexible term loans customized to match your unique needs.

Let’s look at some of its features

• Bajaj Finserv offers loan amounts up to ₹40 Lakhs.
• The entire loan application process is online and you need to provide only minimal documentation.
• You can choose a loan tenure of up to 96 months.
• There are no hidden fees associated with Bajaj Finserv’s loan app.

ICICI Bank

ICICI Bank is a financial service provider that provides personal loans almost immediately to eligible applicants. ICICI Bank offers competitive interest rates with no collateral requirements, minimal documentation and quick approval and disbursement.

Below are some of the features of its features:

• With ICICI Bank, you can secure personal loan amounts ranging from ₹50,000 to ₹50 lakh.
• There are zero pre-closure charges after 1 year of disbursal.
• With ICICI Bank, you get access to flexible repayment tenure of up to 60 months.
• ICICI Bank’s personal loan app offers enhanced data protection and a user-friendly interface, allowing a simple application process.

KreditBee

KreditBee connects borrowers with personal loan providers, including NBFCs and banks, to facilitate secure and efficient loan processing. Every loan application on KreditBee is reviewed and sanctioned by RBI-registered financial institutions, ensuring transparency and compliance. Here are some of the features of KreditBee’s personal loans:

• KreditBee offers personal loans for self-employed individuals ranging from ₹1,000 to ₹4 lakh and for salaried individuals ranging from ₹10,000 to ₹5 lakh.
• It also offers flexi personal loans for urgent needs ranging from ₹1,000 to ₹80,000.
• KreditBee offers collateral-free personal loans with repayment tenure ranging from 4 months to 6 months.
• It offers competitive interest rates.
• KreditBee has a processing fee starting from ₹150 up to ₹13,750.

IDFC First bank

IDFC FIRST Bank offers FIRSTmoney, a smart and convenient personal loan solution for instant fund access with minimal hassle. With a fully digital process, FIRSTmoney allows users to apply anytime, eliminating the need for physical documentation and lengthy procedures. Below are some of the features of their personal loan app:

• IDFC First Bank’s FIRSTmoney offers a credit line up to ₹10 lakh to finance various expenses such as emergencies, bills, or any other significant purchase.
• You can make multiple withdrawals over ₹5,000 over time or the entire amount at once.
• The loan repayment tenure ranges from 2 months to 60 months.
• With IDFC First Bank, you can foreclose your loan with zero charges.

CASHe

CASHe is one of the most innovative quick loan apps designed for salaried individuals seeking quick, convenient financial assistance. CASHe assesses a borrower’s loan eligibility based on social and financial factors, allowing for a broader evaluation than traditional credit scores. Below are some of its features:

• CASHe offers loans ranging from ₹1,000 to ₹4 lakh that can be used for various financial needs.
• You can choose from repayment periods between 3 and 18 months which is ideal for short- to medium-term borrowing.
• CASHe rewards frequent borrowers through its loyalty program, allowing benefits like reduced interest rates or higher loan limits.

Zype

Zype is a modern digital lending platform designed to offer instant personal loans customized for diverse financial needs. Whether it’s managing an unexpected expense, funding education, or home repairs, Zype ensures quick and hassle-free access to funds with minimal paperwork and faster approval times.

• You can secure a personal loan of up to ₹5 Lakh.
• You can choose from choose from repayment tenures of 6, 9, or 12 EMIs to suit your financial planning.
• Zype offers competitive interest rates starting as low as 1.5% per month.

Nira Finance

Nira Finance is amongst the top quick loan apps in India that enables an easy borrowing experience for users and offers fast financial solutions. Nira’s loan approval process just takes minutes, and the money is disbursed within 24 hours. Here are some of the features of Nira Finance’s personal loan app:

• You can secure personal loans between ₹5,000 and ₹1 Lakh.
• You can choose from a repayment tenure ranging from 91 days and 24 months.
• Once the application and required documents are submitted, users can check their credit limit in as little as 3 minutes.
• Extends credit options to first-time borrowers with no prior credit history, while those with established credit need a minimum CIBIL score of 681.
• Starting at just 2% per month, Nira Finance provides a competitive rate.

MoneyTap

MoneyTap is one of the top-rated online loan apps in India that offers a unique blend of credit line and personal loan services. MoneyTap allows users to apply for credit through a quick, straightforward process on a user-friendly app interface. With competitive interest rates starting at 13% per annum, it ensures an accessible and affordable lending experience. Let’s look at some of its features:

• MoneyTap provides users with a personal line of credit called “no-usage-no-interest” that functions like a hybrid of a credit card and an instant loan. Borrowers only pay interest on the amount they actually use, not on the full approved limit.
• You can secure loan amounts up to ₹5 lakh, with interest rates starting at just 1.08% per month.

mPokket

mPokket is one of the best personal loan apps in India that provides hassle-free personal loans for students, salaried professionals, and self-employed individuals. This app focuses on small, flexible loan amounts with straightforward repayment options to help meet urgent financial needs without committing to long-term EMIs. Here are some of its features and benefits.

• mPokket offers loans ranging from ₹500 to ₹45,000, making it accessible to those with lower incomes and young professionals who may need smaller loan amounts.
• College students can apply for loans by providing simple documentation such as a college ID, enrollment confirmation, or admission letter, making mPokket a great choice for young borrowers.
• mPokket has repayment terms from 61 days up to 12 months, allowing users flexibility in planning their loan repayments.
• The interest rates range from 1% to 4% per month.

PayMe

PayMe is a modern fintech platform that offers instant personal loans with a seamless digital experience to both salaried and self-employed individuals, PayMe prioritizes convenience and accessibility. Whether you need funds for debt consolidation, education, home improvement, or any other personal expense, PayMe provides quick solutions with flexible repayment options, competitive interest rates, and minimal documentation requirements.

• You can secure loans up to ₹5 lakhs, with interest rates starting at 1.5% per month.
• You can choose a repayment period that suits your needs, with options from 3 to 24 months for manageable EMIs.
• PayMe charges a processing fee of 2 – 10%.
• You can receive loan approval and disbursal within 24 to 48 hours, ensuring timely access to funds for urgent financial needs.

Dhani

Dhani offers personal loans with fast approvals and immediate disbursement, making it a go-to solution for individuals needing urgent financial support. With minimal documentation requirements, Dhani makes the borrowing process easy, requiring only a PAN card and address proof for verification. Let’s look at some of its features:

• Dhani offers loans starting from ₹1,000 up to ₹15 lakh, accommodating both small and large financial needs.
• You can choose repayment terms between 3 to 24 months
• Interest rates start from 13.99% per annum, providing a cost-effective borrowing option.

MoneyView

MoneyView is one of India’s best quick loan apps that prioritizes transparency, convenience, and flexibility for its users. The app offers personal loans with clear terms, ensuring that borrowers face no hidden charges throughout the process. With a fully digital, paperless application experience, MoneyView allows users to complete the loan application in under two minutes, making it a great choice for quick financing. Below are some of its features.

• You can select loan amounts ranging from ₹10,000 to ₹5,00,000.
• Once the loan application is approved, the funds are disbursed within two hours, offering a quick solution for those needing immediate financial support.
• MoneyView provides repayment terms of up to 60 months, helping borrowers manage their EMIs comfortably and stay on track with timely payments.

Olyv

Olyv, formerly known as SmartCoin, is a financing platform that began in 2017 as a consumer lending app. By collaborating with RBI-registered NBFCs, Olyv provides fast and convenient personal loans customized to the needs of both salaried and self-employed individuals. Over time, Olyv has transformed from a micro-lending service into a comprehensive financial wellness platform, offering features like digital gold savings, credit score tracking, and more to address the needs of India’s underbanked population.

• You can secure loan amounts starting from ₹1000 up to ₹5,00,000.
• Personal loan interest rates start from 18% per annum, making it accessible and competitive for short-term lending.
• Processing fees range from 2% to 12% (excluding GST), while late payment penalties are capped between ₹0 and ₹500, ensuring clarity in costs.
• Flexible repayment options are available, with loan tenures extending up to 24 months.

PaySense

PaySense is amongst the trusted instant loan apps in India, offering fast and convenient personal loans for a wide range of financial needs. With a user-friendly interface and minimal documentation requirements, PaySense makes it easier than ever for individuals to access funds for anything from personal emergencies to major life events. The app emphasizes transparency, ensuring that users are fully informed throughout the loan application process with no hidden charges.

• PaySense offers flexible loan amounts ranging from ₹5,000 to ₹5 lakh, making it a suitable option for both small and significant financial requirements.
• Users can enjoy easy-to-manage EMI options, along with reminders and auto-debit features, ensuring that payments are made on time.
• For frequent customers, PaySense offers a simple one-click loan process, eliminating the need for additional documentation or credit checks.
• Whether you’re new to credit or have no prior borrowing experience, PaySense is designed to serve individuals without a credit history, ensuring wider accessibility for all users.

Credy

Credy is a user-friendly personal loan app that offers quick and convenient personal loans to individuals in need of immediate financial assistance. By collaborating with trusted NBFCs and banks, Credy ensures that all loan applications are processed by verified financial institutions, providing users with secure and reliable borrowing options. Below are some of its features:

• You can apply for personal loans ranging from ₹5,000 to ₹5 lakh.
• Credy offers clear and upfront details about interest rates, starting from 1% per month, with no hidden charges.
• After approval, funds are transferred directly to the applicant’s account within 24 hours.

Fibe

Fibe, one of the top instant online loan apps, offers quick and flexible personal loans. The app is known for its inclusivity, offering instant cash loans to individuals, even those with no credit score. What sets Fibe apart is its ability to provide loans within 10 minutes, making it an ideal choice for urgent financial needs. Below are some of its features.

• You can secure personal loan amounts ranging from ₹5,000 to ₹5 lakh.
• Fibe also offers salary advances for users needing extra cash, with interest rates starting as low as 12% per annum.
• Fibe offers competitive interest rates starting from 16% p.a. on a reducing basis.

Upwards

Upwards, one of the best instant loan apps, provides quick loan disbursement and competitive interest rates with minimal documentation requirements, making it an attractive choice for those seeking instant personal loans. The app ensures a seamless borrowing experience with loans ranging from ₹1,000 to ₹5 Lakh, and the process can be completed in just a few minutes. Here are some of its features:

• Upwards offers competitive rates ranging from 12% to 22% per annum, ensuring affordability.
• You can choose from flexible loan repayment options ranging from 12 to 60 months.
• Upwards offers flexible EMI plans to fit within the borrower’s financial capability.

Finnable

With a focus on salaried professionals and self-employed individuals, Finnable has emerged as a trustworthy platform offering instant personal loans to meet various financial needs, such as medical emergencies, weddings, home renovations, travel, and more. Its loan application process is simple, making it an attractive choice for those looking for a hassle-free borrowing experience. Here are some of its major features.

• You can secure personal loans ranging from ₹50,000 to ₹5 lakh, making it suitable for a variety of financial needs.
• Finnable offers competitive interest rates starting at just 1.33% per month, ensuring affordable EMIs for borrowers.
• The loan tenure ranges from 3 to 48 months, offering flexibility for borrowers to choose the repayment period that suits their financial situation.
• Finnable provides clear and easy-to-understand repayment terms, with options for automatic EMI deductions from the borrower’s bank account.

Privo

Privo provides borrowers with easy access to funds for personal emergencies, medical expenses, education, and more, all without the need for collateral. Privo offers a streamlined, paperless application process and low interest rates, making it a hassle-free option. Below are some of its features:

• You can secure personal loans up to ₹5 Lakh, offering flexibility for both small and large financial needs.
• Interest rates start as low as 9.99% per annum.
• You can choose from a wide range of repayment tenures, from 3 to 60 months.

Features and Benefits of Using Personal Loan Apps

Personal loan apps offer a convenient, fast and secure way to access finances. These apps have numerous advantages that make them an attractive choice for individuals in need of quick financial assistance. These include:

Instant Loan Approval

One of the major benefits of using personal loan apps is the speed of approval. Given the automated systems and advanced algorithms, the app can quickly assess a borrower’s eligibility and creditworthiness, leading to fast loan approval. Whether it’s for an unexpected emergency or planned expenses, this quick approval process makes online loan apps a valuable tool for anyone in need of funds.

Flexible Loan Terms and Transparent Fees

Personal loan apps offer flexibility in both loan amounts and repayment tenures, allowing borrowers to customize their loans according to their specific needs. In addition, these apps provide detailed breakdown of the costs involved, promoting financial awareness. You can calculate your EMI easily and understand the total cost of your loan to make informed financial decisions.

Enhanced Security and Data Protection

Security is a top priority for personal loan apps. These apps use advanced encryption and strict data protection measures to safeguard personal and financial information. With such security protocols, you can be assured that your transactions and data are safe from unauthorized access.

24/7 Accessibility and Convenience

Personal loan apps are available round-the-clock, providing unparalleled convenience compared to traditional banking hours. You can apply for a loan at any time, even late at night or during work breaks, without needing to visit a bank or wait in long queues. The mobile app interface is designed to be user-friendly, helping you step-by-step through the application process and reducing the time and effort needed to secure a loan.

Minimal Documentation Requirement

With minimal documentation requirements, such as a government-issued ID and bank statements, you can skip the lengthy paperwork generally associated with traditional loans. Most loan apps even offer paperless processes, allowing users to upload documents directly from their phones.

Loan Tracking and Repayment Reminders

Personal loan apps allow you to track your loan status in real-time. This transparency ensures that you are always informed about your loan’s progress and repayment status. Additionally, many apps send automatic reminders for due payments, helping you avoid late fees and maintain a good credit score. These features not only simplify loan management but also encourage financial discipline.

No Collateral Required

Generally, personal loan apps offer loans with no collateral requirements. This makes them a great choice for individuals who do not own valuable assets like property or vehicles. The lack of collateral makes the borrowing process simple, providing an easy way to access emergency funds without risking personal property.

Tips to Choose the Best Loan Apps in India

With so many options available, are you confused about the best loan app? Below are some tips that will help you select the right app for your needs.

Check the RBI Website

You must check whether the app is working with a lender that is RBI-registered before selecting the one that matches your requirements. This will minimize the chances of fraud and guarantee a smooth application process.

Check the Terms and Conditions Carefully

Before selecting the lender, it is important to understand interest rates, repayment tenure, fees, penalties for late payments, and any other terms that may affect your loan experience.

Compare Interest Rates

Interest rates for personal loans are determined by factors such as loan amount, repayment tenure, and creditworthiness, and they vary among lenders. While borrowers usually discover their specific interest rate only after receiving a loan offer, it’s essential to compare various loan offerings before applying. Some of the main aspects to evaluate include the loan amount, repayment options, customer reviews, and the quality of post-loan services, such as customer support and issue resolution. This approach helps identify a lender that aligns with your financial needs.

Conclusion

Nowadays, online loan apps have become a go-to solution for individuals needing quick, hassle-free access to funds. From emergency expenses to planned financial goals, these apps provide flexibility, transparency, and convenience. The 20 personal loan apps listed in this article are among the most trusted in India, each offering unique features customized to meet diverse financial needs. Whether it’s fast approvals, minimal documentation, or competitive interest rates, these apps are revolutionizing the loan application process.

Among these trusted platforms, LoanTap, an RBI-registered NBFC, has one of the best online personal loan apps that stands out for its customer-centric approach. With a reputation for providing quick personal loans, LoanTap offers competitive interest rates, flexible repayment options, and minimal paperwork. Their focus on transparency, fast approval, and seamless loan management makes them a top choice for anyone looking for quick financial assistance. Moreover, LoanTap’s commitment to ensuring a smooth borrowing experience makes them a reliable partner for your financial journey.

If you’re looking for a trustworthy, efficient, and user-friendly personal loan app in India, LoanTap is certainly worth considering!

Frequently Asked Questions

What are instant loan apps?

Instant loan apps are digital platforms that provide quick and convenient access to loans with minimal documentation and rapid approval processes.

Are loan apps safe?

Loan apps of RBI-registered lenders are safe. Users should do their research to ensure their financial security and choose a lender that’s not only registered with the RBI but also has terms that fit their financial situation.

Which app is best for getting an instant loan?

Various NBFCs and lending platforms offer personal loans. Applicants can check the terms and conditions of various lenders before borrowing. LoanTap is one of the best loan apps in India, providing personal loans at affordable interest rates.

What is the highest loan amount that I can get through these apps?

The maximum loan amount offered by these loan apps depends on factors like creditworthiness, income level, and the specific lending criteria of each app. LoanTap offers loans up to ₹10 lakh.

How can I compare personal loan apps?

You can compare the loan apps by checking the reviews and loan terms. After comparing all the variables, you can select the app that closely matches your needs.

Can I get a 40,000 personal loan without a salary slip?

Most lenders require proof of income to assess your ability to repay the loan, and a salary slip is a common document needed for this purpose.

What are the advantages of opting for online personal loans?

Online personal loan apps offer convenience, quick approval, and easy access to funds.

How long do personal loans take for loan disbursal?

Loan disbursal time varies across lenders, but generally, loans are disbursed within 24-36 hours.

How will I Receive The Loan Amount Once My Application Has Been Approved?

After the application is submitted, lenders verify the information, and then the loan amount is promptly deposited into your bank account.

What are the documents required to apply for a personal loan?

To apply for a LoanTap personal loan, you will need an Aadhaar card, PAN, driving license, latest salary slip and bank statement for the last six months.