The ordinary banks take a long time to process Instant loan applications and high-interest charge rates. In the world of technology, We can get an instant loan in minutes through Mobile Apps.
Instant loan approval is all online process you need not to visit anywhere. I have researched and picked the best Instant loan apps in India.
Important (Must Read)
Instant loan apps offer you a loan to make money. They make money by charging you interest rates on the repayment duration you choose. So, be smart and only use Instant loans in any financial emergency.
Here we go to the list of the best Instant loan apps in India.
Best Instant Loan App in India (2024)
1. MoneyTap – Best Instant Loan App
MoneyTap is one of the best app in India that provides instant loans. MoneyTap offers Instant loan as little as ₹3,000 up to ₹5 lakh.
You have to pay interest only on the amount used. It can be as low as 1.25% per month, depending on the partner bank and your credit profile.
Approval of applications are in minutes which makes MoneyTap as one of the best Instant loan app.
Interest Charges | Starts at 1.25% |
Age Criteria | 23 years & above |
Loan Amount | ₹3,000 upto ₹5 lakh |
Occupation | Salaried employees and self-employed |
Pros
- Get loan upto ₹5 lakh
- Low interest rates starts 1.25%
- 100% Paperless
Cons
- ₹499 + Service Tax as Annual Line Setup Fee
- 2% + Service Tax as Processing Fee
2. KreditBee – Best Instant Loan App for Salaried
KreditBee is one of the best Instant loan app out there in the market. KreditBee offers instant loan as little as ₹1,000 upto ₹2 lakh.
If you are salaried or have monthly source of income you can apply for Instant loan. You have to pay interest rate of 0%-29.95% per annum depending on the risk profile of customer and product availed.
This is the best instant loan app for self-employed and salaried.
Interest Charges | 0%-29.95% per annum |
Age Criteria | 21 years & above |
Loan Amount | ₹1,000 upto ₹2 lakh |
Occupation | Salaried or has a monthly source of income |
Pros
- Get loan upto ₹2 lakh
- Low interest rates starts 0%
- 100% Paperless
Cons
- Maximum loan tenure is only 15 months
- Processing fee ₹85 up to ₹1,250
Also Read: Best Savings Account of 2024
3. PaySense – Best Instant Loan App for Self-Employed
PaySense is another best instant loan app for self-employed. PaySense offers instant loan ranges from ₹5,000 to ₹5 lakh.
If you salaried or self-employed, you may apply for Instant loan. Pass charges Annual Percentage Rate (APR) on loans between 16% to 36% (on a reducing balance basis)
Annual Percentage Rate | 16% to 36% (on a reducing balance basis) |
Age Criteria | 21-years to 60-years |
Loan Amount | ₹5,000 upto ₹5 lakh |
Occupation | Salaried or self-employed |
Pros
- Get loan upto ₹5 lakh
- Doorstep collection of documents
- Loan duration 3 to 48 months.
Cons
- Processing fee is 2%
- Interest rates are high
4. Money View – Best Personal Loan App
Money View is another one of the best personal loan app out there into the market. Money view offers instant loan ranges from ₹10,000 to ₹5 lakh with repayment terms of up to 5 years.
If you are salaried or self-employed you can apply for loan. Money View charges Interest rates starts from 1.33% per month.
Money View checks your cibil score which must be minimum 650. They charge processing fees from 2% to 4%.
Interest Charges | Starts 1.33% per month |
Age Criteria | 21-years to 57-years |
Loan Amount | ₹1,000 upto ₹2 lakh |
Occupation | Salaried or has a monthly source of income |
Pros
- Get loan upto ₹5 lakh
- 100% paperless
- Flexible repayment terms up to 5 years
Cons
- Processing fee is 2% – 4%
5. mPokket – Best Instant loan for Students
mPokket is one of the best instant loan app for students. mPokket offers an instant loan that ranges between ₹500 to ₹20,000.
The repayment duration in mPokket is 3-months. You’ll need a college ID as an additional document to avail the loan. mPokket charges interest rates start from 3.5% per month.
Apply only if you are in urgent need of money and you have potential to repay the loan on time.
Interest Charges | Starts 3.5% per month |
Age Criteria | 18-years & above |
Loan Amount | ₹500 upto ₹20,000 |
Occupation | Student / Salaried |
Pros
- You need college ID to apply for student loan
- 100% paperless
- No Collateral Needed
Cons
- Interest rates are bit high
- Account approval might take time
Things to Consider before taking Instant Loan
1. Repayment Potential
You must check your potential of repayment of the loan before applying for it. If you can manage to pay the loan, you can move ahead for applying for instant loan.
Do not consider these loan’s as a free source of money, or else you may end up spending more than your repayment potential.
2. Repayment Duration
The shorter the duration of the loan payment, the less interest you have to pay. Few apps offer a short period of repayment, which might be difficult for you to pay the loan in time.
Apply for a loan only when you are comfortable to pay the loan in time.
3. Interest Rate
Always look for the interest rates before applying for loan and it should not affect your monthly finance. Interest rates should be #1 consideration before applying for loan.
4. Processing and other charges
The processing charge is 1-5% of the loan amount. Always apply for a loan that offers less processing & other charges.
So, that’s it from my side.
I hope this list of best instant loan apps helps you get the loan in your expectations. Instant loan apps are helpful in urgent needs of money.
Manish Sharma
https://financex.inI'm tech-savvy, loves to write about saving, investing and proper financial planning. Also, I am a blogger, share everything with 100% transparency and the best of my knowledge.
Hey Manish Sharma ,
Awesome post with fabulous work. Glad to say that you have provided the best instant loan apps to use. I really like & appreciate the way you have introduced each app including all the necessary & vital information that are true enough to understand. Yes i completely agree with your words that instant loan apps are very useful and offers a loan to get money, whereas these apps provide money by charging an interest rate on repayment duration depending upon the user choice. Instant loan approval is an online process and easier than visiting a bank, hence using an instant loan apps smartly in any financial emergency is a dam good idea. These apps must be used by a person who are having an urgent need of money and also have potential to repay the loan on time. I truly liked your points in things to consider before taking instant loan section. You have used good points and elaborated them nicely that are really making a good concept. Yes it is true that having a repayment potential, knowing the repayment duration, interest rate, processing & other charges are so vital and must be considered while applying for an instant loan.
After going through this complete guide i really gain ideas and am sure that this post is surely going to help lots of people, readers and especially those who are looking for an instant loan app to fulfill their requirements. Good work and keep sharing more similar post.
Eventually thanks for sharing your knowledge and such a valuable post.
Regards
-Aadarsh
Thank you Aadarsh