10 Best Online Loan Apps | Instant Personal Loan Apps

10 Best Online Loan Apps | Instant Personal Loan Apps

Digital lending, also known as Fintech, is now the preferred choice for people in India. With the advancement of digitization and the increasing use of smartphones and internet access across all parts of the nation, more people are discovering it is easy to download and use personal loan apps to satisfy their short-term credit needs.

It is a fact that personal loans are beneficial for most salaried and self-employed professionals, helping them meet instant credit requirements and fulfill varied aspirations while repaying the amount conveniently through monthly EMIs. At the same time, they are no longer daunted by a tedious and intimidating personal loan application procedure with lots of paperwork and documentation.

[Read More: Is A Personal Loan Tax Deductible?]

How do Online Loan Apps Work?

Most online loan apps work similarly. After downloading the app, you will be asked to create an account and provide basic information about yourself. Once you have completed this process, you can apply for a loan.

To apply for a loan, you will typically be required to provide basic information about your financial situation, such as your income, debts, and assets. You will also be asked to provide some information about your credit history. Once you have submitted this information, the online loan app will review your application and provide you with a decision. If you get approval for a loan, you will get money into your account within a few days.

Benefits of Online Loan Apps

  • Zero paperwork: You don’t need to go through lengthy paperwork or be physically present to avail of the personal loan. You can get it after completing certain requirements on the internet.
  • Security: If you opt for a trusted personal loan app in India, you don’t have to worry about your privacy or security. These apps are 100% secure and come equipped with encryption technologies.
  • Quick and convenient: You can get a loan disbursal anytime and anywhere. The whole process takes a few minutes to complete, from application to disbursal.
  • No physical documentation: A personal financial app, like an online lending website, seldom requires you to present actual documentation. It helps you save time and effort by easily uploading your documents on the app.

Are Online Personal Loan Apps Safe?

Digital platforms such as instant loan apps and loan lending portals have been widely accepted due to their ease of application and quick turnaround. However, most people hesitate to use these apps for security and data confidentiality issues. But here’s a lesser-known fact about personal loan apps – like Dhani, they all work in partnership with RBI-registered NBFCs and take utmost precautions to keep your data safe.

However, here are a few things to keep in mind that will help you to make choices and identify fraudulent instant loan apps.

  • Relevant information regarding loans.
  • Loans are fully disclosed, with no hidden objectives.
  • Company address and contact information.
  • Published material from other sources.

Best Online Loan Apps

Here is the list of the best personal loan apps to help you quickly get that personal loan.

1. Nira Finance

Nira is one of the best apps for instant personal loans. After installing the app, in just 3 minutes, you will know whether you will get this loan. You may get a fast loan from Rs 5000 to Rs 1 lakh with this app. You can easily download the NIRA fastest instant loan app from the Google play store. 

  • The rate of Interest is 1.5 to 2.5 % per month.
  • The highest Loan Amount is Rs. 5,00,000.
  • The lowest Loan Amount is Rs. 3,000.

2. Cashe

Like other personal loan apps, Cashe has the same registration process wherein you submit your documents online and wait for the personal loan amount to get approved based on your credit scores and the documents you submitted. 

The most appealing aspect of this application is that there aren’t fees for pre-closure, which is, the charges that are imposed at the time of closing of a loan. That will ultimately be paid for by the loan, which includes the principal loaned and interest due at the time of closing.

  • A minimum monthly income of Rs 15,000 is necessary.
  • You can get a loan from Rs 1000 to Rs 4 lakh.
  • The loan term might vary between 90 days and 1.5 years.
  • The applicant’s age should be 18-57 years.

3. MoneyTap

MoneyTap is one of India’s top fast loan applications. People with or without a credit history can also get loans. The best part is that you pay interest only on the loan amount you use and not the entire sanctioned amount.

  • The loan amount ranges from Rs 35,000 to Rs 5 lakh.
  • Interest rates: 13% to 24.03% p.a.
  • Loan tenure: 2 to 36 months.
  • Age of applicant: 23-55 years.
  • Minimum monthly income: Rs 20,000.

4. Dhani

The Dhani app is commonly known as a phone loan app. This app claims a loan provided to you in just 3 minutes. You must download the app and upload your PAN, Aadhaar number, and address for verification.

  • You can take an instant loan from Rs 10,000 to Rs 15 lakh.
  • Annual interest 13.99% onwards.
  • Applicant’s age must be above 18 years.
  • You have 3 to 24 months to repay the loan.

5. KreditBee

KreditBee is a one-stop shop for anyone searching for a quick personal loan.It offers three types of loans: Flexi Personal loans, Personal loans for salaried people, and online Purchase loans. 

  • User-friendly application.
  • Quick and easy process.
  • All-in-one secure credit solution. 
  • Loans are available at an interest rate of just 1.02% per month.

[Read More: CreditStrong Review – Build Credit While You Save]

6. Early Salary

The purpose of Early Salary is to give personal loans to low-salary earners. There are several options for obtaining a personal loan with a poor CIBIL score. If your salary and credit score are low, then EarlySalary is the best online loan app.

  • You can borrow between Rs 5000 and Rs 5 lakh.
  • The loan tenure can range from 90 days to 24 months.
  • The interest rates range from 0% to 36%.
  • Applicant’s age must be between 21-55 years. 

7. LazyPay

With quick approvals & secure online processing, LazyPay successfully disburses 1 million+ loans every month by ensuring convenience to the consumer through our key offerings, including pocket-friendly EMIs, Personal Loans, and the option to Pay Later across 100+ of your favorite apps & websites. 

  • No Bank visits, LazyPay’s approval process is 100% paperless.
  • Get 24X7 access to credit anytime, anywhere.
  • Convert your large purchases into manageable EMI installments.
  • With only one tab, you may transfer your credit limit to the bank.

8. FlexSalary

FlexSalary is a loan from Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI)*. It offers cash loans, instant loans, personal loans, early salary advance loans, etc., for salaried professionals with attractive interest rates, flexible EMI, and zero collateral.

  • You can pay the minimum amount if you cannot pay the total monthly amount of EMI.
  • Pay interest only on the withdrawn amount and not the total borrowed amount.
  • No need to submit any of your assets as a security deposit to avail of a loan.
  • You are still eligible to get loans with your low credit score.

9. Bajaj Finserv

A personal loan from Bajaj Fiserv is a multipurpose and unsecured loan. It does not require any collateral or guarantor to avail of the loan. If you meet the eligibility criteria and your flawless documents, you will easily get approval on the loan application.

  • Pay up to 45% Lower EMI
  • Minimal Documentation
  • Flexible Loan Tenure
  • Pre-approved Loans

10. PaySense

PaySense is a great app that only asks for your salary slips after handing out loans. It is lately incorporated with LazyPay, and this app can offer you personal loans ranging from Rs.5,000 to Rs.5,00,000 without much waiting. 

  • Monthly income should be at least Rs18,000.
  • The interest rate ranges from 16% to 36%.
  • The loan term might vary between 3 and 60 months.
  • The candidate should be between the ages of 21 to 60.

[Read More: Alto IRA Review: Features, Pros and Cons, Fees and Charges]


In this blog, We covered the list of the top 10 instant loan apps available in India for 2022. Apart from the top 10 applications listed previously, there are many different loan applications in India that provide instant personal loans in only a few minutes. With increasing consumer awareness and acceptance of loans have increased in the last few years and have welcomed a number of new players.

Arjun Kumar

I’m a writer specializing in finance content. I have 5-plus years of experience in the content marketing world. I’ve worked with various companies in a variety of industries, from news articles to technical articles. I have gained the skills to present helpful content to all precious audiences of the site. My only moto is to build trust, maintain worth and provide interesting content to the people