List of Top 10 Instant Loan Apps in India [2022]

Yash Gupta Yash Gupta Indumathi B Indumathi B
Jun 27, 2022 12 min read
List of Top 10 Instant Loan Apps in India [2022]

At many points in our lives, we require loans to meet our needs. As per a CIC report published in June 2021, around half of India's working population has taken loans in some form. Among all types, a personal loan is quite convenient as it can be taken without any collateral. But traditional banks take a long time to approve personal loan applications and often it gets tough to get one if you do not have a CIBIL score or say a clean credit history. This is where Instant loan apps come into the picture. Instant loan apps give their users really quick access to loans. These apps do not focus much on credit history and save on time as they do not involve lengthy paperwork and approval processes. However, not all Instant loan apps are credible. There are reports of unauthorized instant loan apps causing much nuisance to the customers. Thus it is important for all of us to know what are the Top instant loan apps in India so that we can safely take loans from these apps without getting into any trouble.

Here goes our list of top 10 Instant loan apps in India, so that you can choose the one that fits you best.

You can also have a look at the chart below to compare these instant loan apps-

App Monthly Interest Loan Amount Tenure Processing fee
Paysense 1.4% - 2.3% 5000- 5 L 3-60 months upto 2.5% of the loan amount
CASHe 2.25%-3% 9000-4L 15-540 days Rs85-3% of the loan amount depending on amount and tenure
Dhani 1.09% 1000-15L 3-24 months upto 5% of the loan amount
MoneyTap 1.08% 3000-5lakh 2-36 months Rs199-2%of the amount transferred to the borrower's bank account
Home Credit 1.4%- 3.34% 25000-5lakh 6-36months 0-5%
IDFC First starting from 0.87% 20000-40 lakhs 12-60months Upto 3.5% of the loan amount
PayMe 1.38- 2.96% 2000-2 lakh 3-24months Rs300/application
India Lends starting from 0.89% per month Upto 50 laks 12-60months differs from bank to bank
Money View starting from 1.33% per month 5000-5 lakhs 3-60 months 2-8%
mPokket 1-6% 500-30000 61-90 days Rs34-Rs 203

Paysense
CASHe
Dhani
Money Tap
Home Credit
Capital First
PayMe
India Lends
Money View
mPokket
Frequently Asked Questions


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Paysense

Top 10 Instant Loan Apps in India - Paysense
Top 10 Instant Loan Apps in India - Paysense

Founded by Sayali Karanjkar and Prashanth Ranganathan in 2015

Paysense has both an app and a website, where salaried professionals and self-employed individuals can apply for an instant personal loan. They provide a quick personal loan of up to 5 lakhs. It is one of the best instant loan apps in India without salary slips. It is available in more than 40 Indian cities.

Salaried professionals who earn at least Rs. 12000 per month and self-employed individuals who earn a minimum of Rs. 15000 per month are eligible to borrow from PaySense. Besides being the best instant loan app without salary slips, PaySense also offers a simple EMI calculator to calculate EMI. After installation of the cash loan app, all you need to do is to check your eligibility and upload the necessary documents. They also have other loans on their website like vehicles loan, Consumer loans, etc.

Borrowers are allowed to choose their preferred tenure to pay back the loan, which ranges from 3 months to 60 months. The minimum loan amount in this online loan app is Rs. 5000 and the maximum loan amount is Rs. 5,00,000. Paysense's USPs are Quick approvals & disbursals, paperless documentation, affordable emi, multiple personal loans with one time documentation and eligibility to get loan even with no credit history.

CASHe

Top 10 Instant Loan Apps in India - CASHe
Top 10 Instant Loan Apps in India - CASHe

Founded by Raman Kumar in 2016.

CASHe is also one of the easy ways of making a loan and is another best instant loan app without salary slips. All you need to download the CASHe app on your phone, and upload the necessary documents on the app. Once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your Paytm account. The minimum loan amount is Rs. 9000 and the maximum loan amount is Rs. 400,000. CASHe's USPs are interesting features like loyalty offers and loan insurance. You do not require a CIBIL score or credit history to avail loan from CASHe

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Dhani

Top 10 Instant Loan Apps in India - dhani
Top 10 Instant Loan Apps in India - dhani

Founded by Sameer Gehlaut in 1995, as Indiabulls Ventures Limited.

Dhani first originated as a drug store and then started its own money lending services. With Dhani, you can apply for a loan anytime for any reason. All you have to do is to download the app and provide your pan number, Aadhar number, and address for verification. It is an instant cash loan in 1 hour without documents, once Aadhar and address are verified.

Once approved, the loan amount is disbursed to the bank account within minutes. The company claims that the loan amount reaches the borrower's account within just 3 minutes once the eligibility criteria are met. The minimum loan amount is Rs. 1000 and the maximum loan amount is Rs. 15,000,00. The loan tenure is 3-24 months. Dhani Loan's USPs are - zero interest when repaid timely, offers when you shop on Dhani store. However, a good CIBIL score of above 750 is preferred for availing of loans.

Money Tap

Top 10 Instant Loan Apps in India - MoneyTap
Top 10 Instant Loan Apps in India - MoneyTap

Founded by Bala Parthasarathy, Kunal Verma, and Anuj Kacker in 2015.

Money Tap is another best instant loan app without salary slips and it is making its own specialty in lending money. MoneyTap has a unique feature called "no usage no money", which helps it catch the attention of the people, standing out from the rest of the instant loan apps. This solely means that you are charged interest only on the amount of money used.

All you have to do here is to download the online loan app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs. This is one of the most trusted instant loan apps in India, as Money Tap has partnered with leading NBFCs in India. The company currently serves Bangalore, Mumbai, NCR, Hyderabad, and many more cities in India.

However, you need to earn a minimum of Rs. 20000 per month to be eligible for a loan. The minimum loan amount is Rs. 3000 and the maximum loan amount is Rs. 5,00,000. MoneyTap is on its way to becoming one of the best instant loan apps in India. A High CIBIL Score is not a must for getting MoneyTap's line of credit.


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Home Credit

Top 10 Instant Loan Apps in India - Home Credit

Home Credit was founded in 1997 in the Czech Republic. PPF Group N.V and Emma Capital are the owners of Home Credit.

Home Credit is one of the oldest loan apps in India and is currently among the best online loan apps and personal loan apps in India. A part of the International Home Credit Group, this cash loan app has a presence in over ten countries in Asia and Europe. In India, it operates in over 20 states and 150 cities. It provides a loan amount of up to Rs. 5 lakhs and allows you to repay it in easy EMIs within a period of 6-36 months. ย Facility to pay online or offline with easy options, instant approval, zero credit history required, and no hidden charges are some USPs of Home Credit.

IDFC First

Top 10 Instant Loan Apps in India - IDFC First
Top 10 Instant Loan Apps in India - IDFC First

IDFC First Bank was founded in 2015. IDFC First earlier known as Capital First is another popular and trusted option when it comes to Instant personal loans. IDFC First offers personal loans starting from Rs 20,000. The maximum loan amount is Rs 40 lakhs for salaried individuals and Rs 9 Lakhs for self-employed. The annual interest rates start at 10.49%. A balance transfer facility is also available, whereby users can switch their personal loans from one bank to another. The users can repay the loan in a flexible tenure of up to 60 months. One of the drawbacks is that IDFC First may ask for a decent CIBIL score before approving your loan, unlike many other apps listed here. IDFC First App also ensures Quick online approval and disbursal of loans.


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PayMe

Top 10 Instant Loan Apps in India - PayMe
Top 10 Instant Loan Apps in India - PayMe

PayMe India was founded by Mahesh Shukla and Sandeep Singh in 2015. PayMe India is one of the top instant loan apps in India as it has an extensive range of benefits. This Fintech Company offers short-term financial support to salaried employees designed to meet urgent financial needs. Compared to other loan apps in India, this platform has numerous loan options for all processes and has also integrated both traditional and modern lending techniques to access different customers. Through this instant cash loan app, you can get yourself registered on the platform by just uploading the necessary documents.

PayMe is the best for short-term financial needs such as payday loans, advance salary, and short-term cash loans, among others. Unlike other apps, PayMe offers an interest-free period of 45 days, while it also comes with many offers like earning a cash benefit of Rs. 100 for every successful referral. PayMe offers an interest rate per month of 1.38- 2.96%, and a maximum loan of Rs. 2,00,000. A CIBIL Score of 650 and above is preffered.

India Lends

Top 10 Instant Loan Apps in India - India Lends
Top 10 Instant Loan Apps in India - India Lends

Founded by Gaurav Chopra, and Mayank Kachhwaha in 2015.

India Lends is another well-known instant cash loan app and one of the top lending platforms in India. The platform is so far associated with over 50 personal loan lenders and credit card providers. It is also the best instant loan app without salary slips as it currently offers its services to a million customers in more than 400 cities. Besides instant loans, it also offers gold loans with some offers which is why it is in the top 10 instant loan apps in India.

India Lends is also good at providing its user's credit cards, as it offers over 40 plus schemes and cards. The best part about this instant loan app is that it offers instant personal loans online with the best interest rate and disburses the loan in just under 48 hours. It offers an interest rate per month of 0.9% to 3%, and a maximum loan of Rs. 50,00,000. A good credit score and credit history are preferred. India Lends offers personalized loan options, and some pre-approved loan offers as well.

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Money View

Top 10 Instant Loan Apps in India - Money View
Top 10 Instant Loan Apps in India - Money View

Founded: ย Puneet Agarwal and Sanjay Agarwal in 2014

Money View is known for its credit rating model which makes it one of the best loan apps for unemployment in India. Its headquarters is based in Bengaluru, Karnataka. Money View is the best loan app in India as it tracks and organizes expenses, bills, and account balances and allows its customers to set and follow budgets, and view their bank account balances, among others.

It is also one of the best online loan apps that offer loans up to Rs 5,00,000 within 24 hours. It is good for taking loans such as student loans, personal loans, and home loans with an interface that helps customers take loans quickly. It is said to be the best online loan app, as it has unique services that allow its customers to obtain reminders about bills, check the balance of their bank account, get reminders for paying bills, etc. A minimum CIBIL score of 600 or a minimum Experian score of 650 is preffered.

mPokket

Top 10 Instant Loan Apps in India - mPokket
Top 10 Instant Loan Apps in India - mPokket

Founded: Mr. Gaurav Jalan in 2016

mPokket is one of the top instant loan apps in India designed especially for college students and salaried individuals. mPokket provides instant personal loans to college students and recent graduates from college and works on the concept of pocket money, making it the best instant loan app in India without salary slips. The interest rate on this platform is 3.5%, while the initial amount approved is Rs. 500.

It is also the best instant loan app in India, as the students can repay loans back within 1 to 3 months. Salaried employees can get up to Rs 30,000 in loans in short-term loans. The students require minimum documentation. Salaried employees only need to give just proof of employment and salary credits for documentation. On this instant small loan app, users can start by borrowing small amounts and the borrowing limit will keep increasing over time depending on their usage. mPokket is an RBI registered NBFC. No Credit Score is required for Student loans.


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Frequently Asked Questions

What are the best instant loan apps in India?

The best loan apps in India are mPokket, Money View, India Lends, PayMe India, Capital First, Home Credit, Money Tap, Dhani, CASHe, and Paysense.

Which is the fastest loan app in India?

PaySense. This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field.

How can I get an immediate loan?

All you need to do is follow these steps:

  • Fill in the online application form with your personal, employment, and financial details.
  • Choose your loan amount and repayment tenor to receive instant approval.

How can I get a loan without a salary slip?

You can validate your income by producing other financial documents like bank account statements, income certificates, Income tax returns, or Form 16. Or otherwise, you can jointly apply for the loan with another applicant, who could be your family member.

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