Best Instant Personal Loan Apps
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The process of getting a loan from conventional banks can be lengthy owing to heightened regulations, but instant personal loan apps have changed the lending ecosystem forever.
Applicants can just download the application from Google App stores and after filling in the basic details, one can immediately generate an OTP and get instant cash. This process facilitates those who want to escape taking loans from local moneylenders who may otherwise charge heavy interest from applicants.
Majority of the instant personal loan apps provide the loan for a one-year duration and the interest charged by them differs from case to case. While they do provide the maximum and the minimum interest rates chargeable for a loan, the exact interest rate depends on the credit score of that applicant.
Forbes Advisor India analyzed 60 instant loan apps available on Google App Store and created a list of the top ones to consider when taking a loan.
- Featured Partners
- Best Instant Personal Loan Apps In 2023
- Tata Capital
- RapidRupee
- Avail Finance
- Loan Tap
- Money Tap
- Money View
- Kreditzy
- FairMoney Loan App
- Forbes Advisor Ratings
- Methodology
- Features and Benefits of Instant Personal Loan App
- How to Apply for a Personal Loan Through an App?
- Documents Required for Instant Personal Loan Apps
- Featured Partners
Featured Partners
1
Aditya Birla Personal Loan
Loan tenure
1 to 7 years
Processing Fee starting
2% + GST
Features
Minimum Documentation, Easy Online Application and Low Interest Rates
Best Instant Personal Loan Apps In 2023
- Tata Capital: Best overall
- RapidRupee: Best for small loan
- Avail Finance: Best instant loan fixed RoI
- Loan Tap: Best instant loan with minimum RoI
- Money Tap: Best instant loan with quick processing
- Money View: Best for maximum loan amount
- Kreditzy: Best instant loan with minimal documentation
- FairMoney Loan App: Best instant loan with minimal sum
BEST OVERALL
Tata Capital
Lowest Interest Rate
0.92% per month
Highest Interest Rate
Up to 3% per month
Disbursal of Loan
1 day
Lowest Interest Rate
0.92% per month
Highest Interest Rate
Up to 3% per month
Disbursal of Loan
1 day
Tata Capital launched its own loan application on both Google App Store and Apple App Store. One can borrow any sum between INR 40,000 and INR 25 lakh. Interest rate charged is 0.92% to 3% per month, or 10.99% to 35% per annum. There is a processing fee of up to 5.5%. It has a play store rating of 4.2%.
- Interest rate is quite low.
- Time required for the disbursal of a loan is just 5 minutes.
- This loan app is not available for very small amounts as the minimum amount is 20,000.
BEST FOR SMALL LOAN
RapidRupee
Lowest Interest Rate
1% per month
Highest Interest Rate
1% per month
Disbursal of Loan
30 minutes
Lowest Interest Rate
1% per month
Highest Interest Rate
1% per month
Disbursal of Loan
30 minutes
The RapidRupee App provides personal loan at 1% and this is the minimum as well as maximum interest rate charged. The application is available on Google Play Store and the loan is approved within 30 minutes. One can borrow any amount between INR 1,000 to INR 60,000. The rating of this app is 4.3 on playstore. There is a one time service fee of INR 349 on the loan.
- Competitive rate of interest.
- The loan amount is disbursed in 30 minutes.
- The maximum loan amount available is just INR 60,000.
BEST INSTANT LOAN WITH FIXED ROI
Avail Finance
Lowest Interest Rate
2% per month (fixed)
Highest Interest Rate
2% per month (fixed)
Disbursal of Loan
1 day
Lowest Interest Rate
2% per month (fixed)
Highest Interest Rate
2% per month (fixed)
Disbursal of Loan
1 day
The Avail Finance App provides loans at a reasonable rate of interest in comparison to other financial institutions. Loans are disbursed in a single day just by using the application. This application can be downloaded from the Google Play Store and has a rating of 4.2. Users can borrow a minimum of INR 5,000 to INR 40,000. There is a one time processing fee of INR 400, which is charged just for the first loan that one takes from Avail Finance and no processing fee thereafter.
- Competitive interest rates.
- Disbursal in just one day.
- Maximum amount available is just INR 40,000.
BEST INSTANT LOAN WITH MINIMUM ROI
Loan Tap
Lowest Interest Rate
0.92% per month
Highest Interest Rate
2% per month
Disbursal of Loan
30 minutes
Lowest Interest Rate
0.92% per month
Highest Interest Rate
2% per month
Disbursal of Loan
30 minutes
Loan Tap’s instant personal loan starts at an interest rate of 0.92% and can go maximum up to 2% per month. There is a processing fee of 2% of the loan amount. It takes just 30 minutes for the loan to be disbursed. The minimum amount available as loan is INR 3000 and the maximum amount is INR 5 lakh.
- Very small amounts available as loans.
- Maximum interest rate has been increased from 1.84% to 2%.
- Minimum interest rate has been increased from 1.08 to 1.5%.
BEST INSTANT LOAN WITH QUICK PROCESSING
Money Tap
Lowest Interest Rate
1.8 % per month
Highest Interest Rate
2.3 % per month
Disbursal of Loan
1 day
Lowest Interest Rate
1.8 % per month
Highest Interest Rate
2.3 % per month
Disbursal of Loan
1 day
Money Tap loan application is available both on Google App Store and Apple App Store. Loans are available between Interest rate charged from 1.8 % to 2.3 %. It has a play store rating of 4.2%. There is a processing fee of 2%.
- Interest rate is competitive.
- Time required for the disbursal of a loan is just 5 minutes.
- This loan app is not available for very small amounts as the minimum amount is 3,000.
BEST FOR MAXIMUM LOAN AMOUNT
Money View
Lowest Interest Rate
1.33% per month
Highest Interest Rate
2% per month
Disbursal of Loan
1 day
Lowest Interest Rate
1.33% per month
Highest Interest Rate
2% per month
Disbursal of Loan
1 day
Money View’s mobile app is available on Google App Store with a rating of 4.5. It is offering loans at an interest rate between 1% to 2%. The amount available is between INR 5,000 to INR 10 lakh. Processing fee can be anything between 2.50 to 4%.
- Interest rate is competitive.
- Time required for the disbursal of a loan is one day.
- This loan app is not available for very small amounts as the minimum amount is INR 10,000.
BEST INSTANT LOAN WITH MINIMAL DOCUMENTATION
Kreditzy
Lowest Interest Rate
1% per month
Highest Interest Rate
2.50 % per month
Disbursal of Loan
4 to 7 days.
Lowest Interest Rate
1% per month
Highest Interest Rate
2.50 % per month
Disbursal of Loan
4 to 7 days.
The Kreditzy Loan App provides loans at a minimum 1% and maximum 2.5%. Applicants can apply for it by downloading the app from the Google App Play Store but the loan is approved in four to seven days. One can borrow a minimum INR 1,000 to INR 1 lakh. The rating of this application is 1.9 (probably because it is a new app in there) on the Playstore. There is a one- time service fee, which differs from case to case but there is no ball point figure to it.
- Interest rate is competitive.
- The company takes four to seven days to disburse the loan.
- Low rating instills trust issues.
BEST INSTANT LOAN FOR MINIMAL SUM
FairMoney Loan App
Lowest Interest Rate
1% per month
Highest Interest Rate
3% per month
Disbursal of Loan
1 day
Lowest Interest Rate
1% per month
Highest Interest Rate
3% per month
Disbursal of Loan
1 day
The FairMoney Loan App provides instant loans at a competitive interest rate starting with just 1% at an extraordinarily fast speed of five minutes5 mts. This application is available on Google Play Store and has a rating of 3.8. Users can borrow a minimum INR 1,000 to INR 60,000. The processing fee on this loan is 3%.
- Interest rate is competitive.
- Time required for the disbursal of a loan is just 5 minutes.
- High processing fee of 3%.
Forbes Advisor Ratings
Methodology
We have ranked the best instant personal loan apps companies on the basis of the following factors:
1) Minimum Interest Rate: We have taken the companies providing loans at an interest rate of around 1%.
2) Processing Fee: Companies with low processing fee are the once taken and with even less processing fee have been ranked better.
3) Time of Approval: Approval of the loan is an important factor and as the name suggests sooner the approval better the ranking.
4) Rating on Playstore: Play Store rating of these applications have been taken into consideration while ranking them.
5) Hidden Charges: Hidden charges other than the usual processing fee have been taken into consideration
Features and Benefits of Instant Personal Loan App
Personal loan apps have made the procedure of taking loans easy for common people, following are the features of instant personal loans:
Instant Approval: In the old banking system it takes weeks and even months to approve loans. This includes multiple visits to the bank, but instant loan apps approve loans within no time. Generally within half-an-hour.
Instant Disbarsal of the Loan Amount: There is an instant disbursement of the loan amount immediately after approval, and the whole process does not take more than an hour.
No Visit to the Bank Required: Procedure of getting the loan from an instant personal loan app is completely online and there is no need to go to the bank.
Minimal Paperwork: One has to go through the KYC procedure online and there is no need for the hard copies of the documents.
Interest Charged Only On The Used Corpus: Some of the instant loan apps charge interest only on the used sum and not on the entire sum allotted to the borrower, unlike traditional banks, making it cheaper.
How to Apply for a Personal Loan Through an App?
There are many personal loan apps available in the market, one can select the suitable app and follow the procedure given below:
Download the App: and download the app for the suitable company from the Google Play Store or Apple Play Store. All the registered apps are available in both or one play store, rather all the apps are available in the Google Play Store. There are a few missing from the Apple Play Store.
KYC: One will have to go through the KYC procedure by uploading the pictures of the KYC documents and in some rare cases get on a quick video call. This will also require basic information like address, bank account number and a few other details.
Approval: Provider will very quickly provide you with the interest rates and other details. The interest rates offered to you will depend on your credit score, better the credit rating, lower the interest rate. After reading the terms and conditions, and agreeing on the interest rate one can proceed with it by selecting the option to proceed. As soon as you give a go ahead to the provider it will approve the loan.
Disbursal: Disbrsal of the loan amount will be done to the account of the applicant immediately after the approval.
Documents Required for Instant Personal Loan Apps
Following are the documents required for the KYC procedures.
- PAN card photocopy
- Form 60
One of the following as the proof of income
- Latest payslip
- Form 16
- IT return copy as proof of income
One of the following the proof of residence
- Passport
- Ration Card
- Electricity bill
- Landline telephone bill
One of the following for Identity proof
- Passport
- Driving license
- PAN card
- Aadhaar card
As per the latest Government of India guidelines, the applicant will be required to give their PAN Card details or Aadhar card details for a loan. It is not mandatory to give your Aadhar Card details, but in its absence, PAN card is mandatory.
Featured Partners
1
Aditya Birla Personal Loan
Loan tenure
1 to 7 years
Processing Fee starting
2% + GST
Features
Minimum Documentation, Easy Online Application and Low Interest Rates
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