Top 10 Instant Loan Apps in India

Updated on : Dec 17, 2019 4:10 PM
Top 10 Instant Loan Apps in India

Whether it’s a financial emergency or times when one is running out of savings having insufficient funds to overcome a financial situation like your child’s fat Indian wedding that’s in the next 3 months or your daughter’s engineering college fees or even to pay for a medical emergency, instant loan is an optimal solution with instant cash disposal. Following are some of the benefits of availing an instant loan:

•Convenience with the digital application of instant loans through a lender’s website or mobile app that helps in saving time and apply for a loan sitting in your comfort.

•Minimal documentation since the entire application process can be done online upload the required documents.

•Easy comparison by looking for lenders that have a decent presence in the online marketplace so as to get the best deal.

•Privacy since the details are not shared with anyone with bank-level security. 

•EMI Calculation with online EMI calculator by just inserting your loan amount, income, and current EMIs.

•Easy Repayment Options with the automatic debit of EMI option.

Some more roundup of different loan types statistics:

•According to money tap, Personal loans grew at 20.4 per cent between February 17, 2017, and February 18, 2018.

•As per monthly credit data analyzed by EconomicTimes, the retail personal credit disbursement growth in the first half of 2019 between January and June was 7.3%.

•According to data from RBI, the total outstanding advances to the personal retail sector stood at Rs 22.5 lakh crore in June 2019. 

•Young millennials in the 20-29 age group formed about 19 per cent of the population that had accessed retail lending products with their share to total loan balances been much lower at 8 per cent

Here's the List of Top 10 Instant Loan Apps in India:

1. PaySense
2. MoneyTap
3. CashE
4. MoneyView
5. Cred
6. IndiaLends
7. FlexSalary
8. Dhani
9. Early Salary
10. Kredit Bee
Ratings and Reviews
1.82
986 Votes
Description

PaySense which was founded in 2015 is located in Mumbai and provides financial services to Indian consumers. The company has raised $ 18 million in its series B round of funding led by PayU. The startup handles loans for customers who might not have a credit card but does not lend from its own book and relies on non-banking finance company India Infoline. One can get a personal loan for medical emergencies, marriage expenses, buying a two-wheeler or any other requirements. It evaluates the loan amount and tenure are decided based on risk profile. The best part is that one can get a loan within 3-5 days. The rate of interest rate starts at 16.8% annum. PaySense is leveraging the IndiaStack platform very well to create additional capabilities such that emerging middle class of India can avail for easy access to formal credit. 

Ratings and Reviews
1.51
1,003 Votes
Description

MoneyTap which was founded in 2015 is located in Bengaluru started by three serial entrepreneurs Bala Parthasarathy, Kunal Verma, and Anuj Kacker. It is offered in partnership with leading banks and it is not just a personal loan, not just a credit card, but a personal credit line and provide flexible interest rates offering services in Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai. One can pay interest only on the withdrawn amount. People can also avail an instant personal loan online with zero collateral and interest rates starting from as low as 13-24.3% per annum for 2 to 36 months duration using this app. It has won ‘Best Innovative Lending Product/Service' in the Payment & Fintech category at the 8th India Digital Awards. MoneyTap was also awarded as the leading FinTech Company, in the lending category, at PICUP Fintech 2017. The app allows you to evaluate the pre-approved loan amount before applying. It allows the maximum loan amount to be 5 Lakhs.

3.
CASHe
Ratings and Reviews
1.95
1,173 Votes
Description

CashE which was founded in 2016 is located in Mumbai and is an app-only lending company that provides immediate short-term personal loans to young professionals on the basis of their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform. CASHe's main competitors are LoanTap, EarlySalary and CrediFiable. The startup offers Social Loan Quotient where users can get approved without a prior credit history. In 2016, it has crossed Rs 1,000 crore in loan disbursements since its inception. Since November 2018, it has turned operationally profitable on a month-on-month basis. It has cumulatively disbursed 380,000 loans to over 200,000 customers. This accounts for an average daily disbursal of Rs 3 crore. Of the total Rs 1,000 crore of unsecured loans, 85 per cent of the share comes from the top 8 metros. Users can avail loan from Rs.5000 to Rs.2 Lakh using this app. The interest rate applicable on loan is 1.5% per month.

Ratings and Reviews
1.67
3 Votes
Description

MoneyView that was founded by Puneet Agarwal and Sanjay Aggarwal in March 2014 aims to simplify financial management for users. It is located in Bangalore, Karnataka and provides the ability to track and organize expenses, bills, and account balances. One of their unique aspects is that they can derive finance information from SMSs. It enables users to set and follow budgets, view their bank account balance, obtain reminders about bills, and spit bills with the other users. Their main competitors are Paybook, CashControl and VEZMA. It gives the user a simple way to manage expenses by building on tools to track income and expenses. The users will be able to receive single view access to all the inflow and outflow from his bank accounts and the app uses information from SMSes sent from banks, merchants and other billers, and then auto tracks, monitors and analyses the income and spends of users.

Ratings and Reviews
1.95
595 Votes
Description

Early Salary which was founded in October 2015 is located in Pune and the App was launched in February 2016, it is an Instant Personal Loan App also projected as salary advance App where the individual can get a loan ranging from Rs.15000 to Rs.2 Lakh. The company has entered into partnerships with over 200 large companies in the country to offer salary advances to their employees. The start-up is currently disbursing Rs 80 crore a month and in this financial year, it should be able to disburse nearly Rs 1,200 crore. It has tied up with Amazon, Flipkart and Big Bazaar to offer customers the chance to buy products on EMI and has also entered into partnerships with over 200 large companies in the country to offer salary advances to their employees. The start-up offers instant short-term loans of 7 days to 51 days and also offers EMI-based 3-month to 12-month personal loans on the platform. Their EarlySalary 2.0 got flagged off eight weeks back with a new mobile platform. The interest rate applicable on loan amount is 2-2.5% per month.

Ratings and Reviews
3
3 Votes
Description

Cred which is based out of Bangalore is a technology-driven online financing company that helps the users to get financing solutions as per their needs such as emergency loan, advance in their salary, loans for education, funds for refinancing your credit card bills etc. It offers users a fast and hassle-free loan with the paperless process. The best part is that the maximum loan amount offered by Cred is 1 Lakh and the interest rate applicable on loan amount via this app is 1-1.5% per month. They offer 4 loan options that include Instant personal loans, CredT Refinancing, Loans for an emergency, CrEducate. Some of the key benefits include Instant approvals, competitive rates, and tailor-made services and one can apply online or through the app. The best part is that they offer unsecured loans and one does not have to worry about providing collateral or a guarantor. The best part is to get a loan even with a low CIBIL score. There is no interest charged for education loans at partner institutes. The loan renewal process is also easy and the Terms are customized based on your financial capabilities. 

Ratings and Reviews
1
1 Vote
Description

IndiaLends which was founded in 2013 is located in New Delhi and is a digital lending and borrowing marketplace that offers different types of loans like personal loans, unsecured loans, instalment loans with the benefit of not requiring a guarantor. They envision to make financial products affordable and easily accessible to the common man. They connect borrowers with lenders to help them get the best deal possible. They associate consumers and small businesses with the financial institutions and provides data analytics and risk scoring services along with a loan management platform to financial institutions. They won the SKOCH 'Order-of-Merit' Award in recognition of its contribution to the growth of the FinTech sector and its efforts to leverage technology to provide unsecured credit to a wide range of borrowers across consumer segments at the 58th SKOCH Summit held in New Delhi.

Ratings and Reviews
2.15
1,828 Votes
Description

Indiabulls Dhani which is a first-of-its-kind personal loan application which provides personal loan and two-wheeler loan disbursements from ? 1,000 to ? 15 lakh. It gives customers an opportunity to earn direct cash daily. Users can also earn Dhani points with which customers can earn money and use it for shopping, paying bills, purchasing gift vouchers and can even be transferred to the bank account. It has been awarded 'Innovation of the Year' in the Fintech Space at the Inflection Summit and Awards organized by NASSCOM. Users can get a personal loan up to 15 Lakh using this app. Their interest rates are very low rate of interest at 11.99% with no physical documentation required. The best part is that the processing fee of loan is 5%. 

Ratings and Reviews
0
0 Votes
Description

FlexSalary which also goes by the name of salary advance and instant cash loans app was launched in August 2017 and in one year, the company is doing a monthly run rate of 25,000 applications. The company operates a personal line of credit and offer personal loans under the brand LoanGranted. It is a branded loan product of Vivifi India Finance Private Limited that got the Certificate of Registration as an NBFC-non-deposit-taking Loan Company on March 31, 2017. They offer a variety of convenient, easily-accessible financial and loan services in a safe, efficient and professional environment to all desiring customers without any prejudices or biases based only on the customer's ability to repay. Some of the benefits include easy and simple one-time application with instant approval, instant disbursals and the ability to access credit anytime with no fixed EMI payment and providing the customer continuous access to cash from their available credit limit. It offers loan to salaried people up to 2 Lakh and the users need to sign up or login via social account.