This post reviews the TOP 8 best online personal loan apps in India in 2023. It includes a list of all the features of each app, and which one is the best for your needs.
Getting an online personal loan can be a daunting task. It might seem like you need to put in a lot of documents, and will be judged solely on your credit score. However, there are a number of apps that make the process even easier – sometimes with a minimum amount of documentation required. Get all the details in this article on the best app to use for you!
Contents
- Best Personal Loan Apps According to Ratings
- Best Loan Apps Comparison Table
- What is an Online Personal Loan?
- Conclusion
Best Personal Loan Apps According to Ratings
Getting a personal loan online is fast and simple with these online lending apps in India. We collected app scores on Google Play Market so you can compare the scores left by real people. We hope this will help you choose the best loan app.
| Application | Play Market Rating | App Store Rating | Download |
|---|---|---|---|
 |
5 | 4.2 | App for Android App for iPhone |
 |
4.8 | 4.5 | App for Android App for iPhone |
 |
4.4 | – | App for Android |
 |
4.4 | – | App for Android |
 |
4.4 | – | App for Android |
 |
4.3 | 4.4 | App for Android App for iPhone |
 |
4.2 | 4.5 | App for Android App for iPhone |
 |
4.2 | – | App for Android |
As you can see several companies have released their applications not only for Android smartphones, but also for iPhones. These include:
- mPokket
- Navi
- Early Salary
- KreditBee
Best Loan Apps Comparison Table
Apps to get an instant loan online with a minimum number of documents. Below are the interest rates and amounts that can be obtained through the various applications. Rates can be both monthly and annual (P.A.).
| Application | Interest Rate | Min & Max Loan Amount | Download |
|---|---|---|---|
|
1.5-3% | ₹1,000 – ₹4 lakhs | App for Android App for iPhone |
|
2.5 – 30% (P.A.) | ₹9,000 – ₹5 lakhs | App for Android App for iPhone |
|
0 – 4% | ₹500 – ₹30,000 | App for Android |
|
5-5.9%(0-15% fees) | ₹5,000 – ₹50,000 | App for Android |
|
12-36% (P.A.) | ₹2,000 – ₹25,000 | App for Android |
|
0-2.49% | ₹1,000 – ₹3 lakhs | App for Android App for iPhone |
|
9.9-45% (P.A.) | ₹1,000 – ₹20 lakhs | App for Android App for iPhone |
|
2.9-36% (P.A.) | ₹5,000 – ₹25,000 | App for Android |
As you can see the apps that are available for iPhones offer many different types of loans with large amounts up to ₹20 lakhs. Owners of Apple smartphones are advised to pay attention first to these particular instant loan apps.
mPokket
About company
mPokket is one of the leading applications in India that offers instant loans online. More than 15 million people already use the app, and it scores 4.4 on Google Play Market.
The app is geared towards salaried workers and students. It offers instant cash disbursement to a bank card without the need to fill out paperwork. The company also offers flexible repayment options and comfortable terms.
And mPokket also has a full-fledged support team that is ready to answer any of your questions around the clock and listen to your complaints.
- The company was founded: 2016
- App Downloads: 7MN+
- Play Market Rating: 4.4 (654K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹500
- Maximum loan amount: ₹30,000
- Minimum interest rate: 0%
- Maximum interest: 4%
- Loan tenure: 61 – 120 days
- Age: Between 18 – 55 years
- Documents required:
- Voter Card / Driving License / Passport / Aadhaar as an ID proof
- PAN card (mandatory)
- Last 3 months bank statement
- Last salary slip / Offer Letter / Joining Letter
- Features:
- Flexible loan amount
- Paperless process
- No collaterals needed
- Dedicated support
- Trusted by 7 million+ users
CASHe
About company
CASHe is a fantastic app that provides a wide range of financial services. Today it is one of the most convenient and user-friendly applications. Instant loans are available at low interest rates and for long terms, and the amounts will please everyone.
In addition to conventional loans CASHe offers a number of unique services like Buy Now Pay Later (BNPL), which allows you to make purchases without money at big companies like Amazon, Flipkart, Big Basket, Apollo Pharmacy, Uber and Myntra.
CASHe also offers a unique Credit Line service. It allows you to get a large credit limit of up to 2 lakh and spend money when you need it. The interest will not accrue on the entire limit, but only on the money spent. Also Credit Line allows you to make not one but several purchases under Buy Now Pay Later (BNPL) service.
- The company was founded: 2018
- App Downloads: 20MN+
- Play Market Rating: 5 (191K reviews)
- App Store Rating: 4.2 (10.7K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹1,000
- Maximum loan amount: ₹4 lakhs (₹4,00,000)
- Minimum interest rate: 1.5%
- Maximum interest: 3%
- Loan tenure: 3 – 18 months
- Age: Over the age of 21
- Documents required:
- Valid identity
- Address proof
- Facebook / Google+ / a LinkedIn account
- Features:
- Many different offers
- EMI’s free online purchases (BNPL)
- Loyalty Rewards Program
- Ability to insure the loan
- The Credit Line service
- Instant payment
- No redemption fees
Early Salary
About company
Early Salary is not an ordinary credit application – it’s a whole credit platform created with the help of innovative ideas. The company applies its own expertise in terms of customer evaluation. This allows a new way to evaluate each potential borrower.
An innovative system of profiling and social value assessment is used to approve the disbursement of money. This allows instant loan approvals and transfers money to your card very quickly.
- The company was founded: 2015.
- App Downloads: 10MN+.
- Play Market Rating: 4.8 (223K reviews)
- App Store Rating: 4.5 (20.1K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹9,000
- Maximum loan amount: ₹5 lakhs (₹5,00,000)
- Minimum interest rate: 2.5% (P.A.)
- Maximum interest: 30% (P.A.)
- Loan tenure: 3 – 24 months
- Age: Between 21 and 55 years
- Documents required:
- A Selfie;
- Identity Proof (Passport/Aadhaar card/PAN card/driver’s license);
- Address proof (Passport/a rental agreement/utility bills/voter’s ID);
- Proof of Income (Bank statements and salary stubs for the last 3 to 6 months).
- Features:
- Personal Loan EMI Calculator;
- Flexible Loan Amount;
- Fully Digital Journey;
- Available 24X7;
- Quick and Secure.
Truebalance
About company
True Balance is one of the most reliable and secure platforms for credit and financial services. Its mission is to provide borrowers with truly “Affordable Finance”.
The company has one of the largest number of clients – more than 75 million people. This indicates a high level of convenience and reliability.
If you pay off debt on time, the customer’s internal rating will go up, which will open up access to larger loan amounts instantly. And if there are difficulties with repayment, the prolongation service will help you, thanks to which you can repay part of the debt on time and extend the repayment period several times.
- The company was founded: 2016
- App Downloads: 50MN+
- Play Market Rating: 4.4 (1.1MN reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹5000
- Maximum loan amount: ₹50,000
- Minimum interest rate: 5%
- Maximum interest: 5.9% (0-15% fees)
- Loan tenure: 62 – 116 days
- Age: Between 18 – 65 years
- Documents required:
- PAN
- Aadhaar
- Bank statement (for loan up to ₹50,000)
- Features:
- No Paperwork
- No Bank Visits
- Quick Approval
- Fast Disbursal
RupeeRedee
About company
RupeeRedee is exactly the kind of credit application where you can press one button and instantly get money on your card. Due to the fact that the verification and approval process takes place completely online you get your money really instantly.
High level of security is ensured by the fact that the company works only with NBFCs/ banks certified by RBI, which are guaranteed to be transparent, safe and reliable.
RupeeRedee has very flexible interest rates and terms, which allows you to borrow different amounts and pay them back comfortably. There are also loans for self-employed and salaried workers that allow you to borrow more than 25,000 rupees.
- The company was founded: 2018
- App Downloads: 1MN+
- Play Market Rating: 4.4 (333K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹2,000
- Maximum loan amount: ₹25,000
- Minimum interest rate: 12% (P.A.)
- Maximum interest: 36% (P.A.)
- Loan tenure: 2 – 6 months
- Age: Between 18 – 65 years
- Documents required:
- PAN
- Aadhaar
- Net-banking details
- Features:
- Working only with NBFC/banks
- Flexible interest rates
- Loan for any purpose
- Fast approval
KreditBee
About company
KreditBee is a personal loan platform for salaried employees and young professionals. Thanks to a perfect digitalized process, approvals and money transfers are very fast – about 15 minutes. And the number of documents required is as good as the competition. Plus, you don’t have to leave anything as collateral to get a loan.
KreditBee treats its customers with respect and provides maximum comfort. You can borrow large amounts of up to 3 lakhs for a period of more than a year. You can use one of two apps to choose from – for Android and for iPhone.
- The company was founded: 2015
- App Downloads: 10MN+
- Play Market Rating: 4.3 (876K reviews)
- App Store Rating: 4.4 (6.7K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹1,000
- Maximum loan amount: ₹3 lakhs (₹3,00,000)
- Minimum interest rate: 0%
- Maximum interest: 2.49%
- Loan tenure: 2 – 15 months
- Age: From 21 years of age
- Documents required:
- PAN card
- Passport, Aadhar card, driving license, or voter ID
- Bank Statement of Salary account
- Salary slips for the past 3 months
- Features:
- Fast approval and disbursement of money
- Without collateral
- Low interest rates
- Convenient repayment system
Navi
About company
Navi is a state-of-the-art digital lending application. Loans are quick thanks to a process that requires no paperwork. Applications are processed automatically and allow funds to be transferred to the borrower’s account instantly.
The company has set itself the goal of providing simple and accessible financial services. Navi is a customer-oriented organization that relies on technology.
- The company was founded: 2018
- App Downloads: 10MN+
- Play Market Rating: 4.2 (228K reviews)
- App Store Rating: 4.5 (9.5K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹1,000
- Maximum loan amount: ₹20 lakhs (₹20,00,000)
- Minimum interest rate: 9.9% (P.A.)
- Maximum interest: 45% (P.A.)
- Loan tenure: 3 – 72 months
- Age: Between 21 – 65 years
- Documents required:
- PAN card
- Aadhaar Card
- Features:
- Instant disbursal
- 100% paperless process
- Zero processing fee
- Loans for all purposes
- Attractive interest rates
InstaMoney
About company
InstaMoney is a relatively young company, founded in 2020, but their application for instant personal loans is already a market leader. More than 3 million users are a direct confirmation of that.
The advantages of InstaMoney include flexible loan terms, small amounts and minimal paperwork. And due to the fact that it is a new company, it has a much higher chance of being approved for a loan.
- The company was founded: 2020
- App Downloads: 2MN+
- Play Market Rating: 4.2 (83K reviews)
Loan parameters, terms and conditions
- Minimum loan amount: ₹5,000
- Maximum loan amount: ₹25,000
- Minimum interest rate: 2.9%
- Maximum interest: 36% (P.A.)
- Loan tenure: 3 – 5 months
- Age: Between 21 – 55 years
- Documents required:
- KYC – Pan & Aadhar Card
- Bank Statement – Last 3 months (Salary should be visible)
- NACH Form (E-NACH option available)
- Features:
- Convenient Process
- Apply on the Go
- Lightning Fast
- Secure Transactions
- Convenient FAQ
What is an Online Personal Loan?
An online personal loan is a type of loan that can be taken out entirely online. There are many different lenders that offer online personal loans, and the terms of these loans can vary depending on the lender. However, most online personal loans will have fixed interest rates and repayment terms. This means that you will know exactly how much you need to repay each month, and the interest rate will not change over the life of the loan.
Online personal loans can be used for a variety of purposes, including:
- consolidating debt;
- paying for unexpected expenses;
- financing a large purchase.
If you are considering taking out an online personal loan, it is important to compare different lenders to find the best interest rate and terms for your needs.
How Much Can I Borrow with a Money App?
When it comes to online personal loan apps in India, one of the most important factors to consider is how much you can borrow. Some apps offer small loans of just a few thousand rupees, while others can lend you up to a lakh or more. The amount you can borrow depends on several factors, including your income and credit score.
If you need a large loan, you may have to provide collateral. This could be in the form of property or a vehicle. The lender will then have the right to seize the collateral if you default on the loan.
Before taking out a personal loan, be sure to shop around and compare different apps. Consider how much you need to borrow and what you can afford to repay. Choose an app that offers competitive interest rates and terms that suit your needs.
Different Types of Loans
There are many different types of loans available online in India. Personal Loans are one type of loan that is available. Personal loans can be used for a variety of purposes, such as consolidating debt, paying for a wedding, or taking a vacation.
Another type of loan that is available online in India is a Business Loan. Business loans can be used to start or expand a business. They can also be used to cover the cost of business expenses, such as inventory, marketing, or employee salaries.
Personal and business loans are just two of the many types of loans available online in India. There are also home loans, auto loans, and student loans available. Each type of loan has its own terms and conditions. borrowers should carefully consider their options before choosing a loan.
Which Institutions Offer Personal Loans in India?
There are a number of institutions that offer personal loans in India. Some of the most popular ones include banks, NBFCs, and online lenders.
- Banks are one of the most common sources of personal loans in India. They usually offer lower interest rates and longer repayment periods as compared to other lenders. However, the process of getting a loan from a bank can be quite lengthy and complicated.
- NBFCs are another popular source of personal loans in India. They typically offer faster approvals and easier eligibility criteria as compared to banks. However, they usually charge higher interest rates.
- Online lenders are a relatively new option for personal loans in India. They offer convenient online application processes and quick approvals. However, they typically charge higher interest rates than banks and NBFCs.
How Are the Interest Rates Determined?
There are a few things that go into determining the interest rates for online personal loan apps in India.
- The first is the credit score of the borrower. Borrowers with higher credit scores will usually be offered lower interest rates.
- The second is the amount of the loan. Larger loans will usually have higher interest rates.
- The third is the repayment term. Shorter repayment terms will usually have higher interest rates.
The interest rates for online personal loan apps in India can vary quite a bit, so it’s important to compare rates from different lenders before taking out a loan. By shopping around, borrowers can make sure they’re getting the best deal possible.
What Documents Should I Submit for Online Loan?
When you apply for an online loan in India, there are a few documents that you will need to submit.
- The first is your ID proof. This could be your Aadhar card, passport, or driver’s license.
- You will also need to submit your proof of income (only for large amounts). This could be your latest pay stub or bank statement.
- Finally, you will need to submit proof of residence. This could be a utility bill or lease agreement.
- You also need to submit your PAN.
Once you have all of these documents ready, you can apply for an online loan in India.
Conclusion
There are many personal loan apps available in India, and it can be difficult to choose the right one. We hope that our list of the top online personal loan apps in India has helped you narrow down your options and find the best app for your needs. Whether you’re looking for a low interest rate, a flexible repayment plan, or a fast and easy application process, there’s an app on this list that will suit your needs.