The number of apps offering instant loans has been increasing over several years. These apps offer loans at competitive interest rates. Leveraging on modern technologies, these apps offer better services in terms of documentation and, speed of approval and disbursal. You can get instant loans for several unplanned and planned needs like medical emergency, purchase of gifts and other miscellaneous requirements.
Unlike conventional lenders, instant loan apps offer small-ticket loans within hours or 1-2 days. As instant loan apps use technology like data science and artificial intelligence, disbursal time is very short. Eligibility criteria, rate of interest, processing fees, prepayment charges and loan amount vary from app to app. Borrowers can choose the best instant personal loan app based on their requirements and eligibility criteria.
Before finalising an instant loan app, you must compare the rates and other terms to find the best instant personal loan app. While dozens of apps offer instant personal loans, here are the most popular apps like PaySense, Indiabulls, CASHe, MoneyTap and EarlySalary:
Quick look at best instant personal loan apps
|App||Monthly interest rate||Loan amount||Loan tenure|
|Indiabulls||13.99% p.a.||Rs. 1,000 to 15 lakh||3 to 36 months|
|PaySense||1.4% to 2.33%||Rs. 5,000 to 2 lakh||Up to 5 years|
|CASHe||1.7% to 2.50%||Rs. 10,000 to 3 lakh||15 to 360 days|
|MoneyTap||1.25%||Rs. 3,000 to 5 lakh||2 to 36 months|
|EarlySalary||2% to 2.5%||Rs. 5,000 to 2 lakh||3 to 12 months|
Indiabulls Dhani instant personal loan
Indiabulls Dhani is backed by Indiabulls venture. Exciting features of Indiabulls instant personal loan:
- Completely online process
- Attractive interest rate starting from as low as 13.99%
- Loan disbursed directly into the borrower’s account
- Zero prepayment charges on loan amount up to Rs. 20,000
PaySense personal loan
PaySense has an association with top NBFC like Fullerton India and IIFL to offer credit to borrowers. PaySense personal loan is one of the best credit options in a financial emergency. Features of PaySense personal loan:
- Higher loan amount up to Rs. 5 lakh
- PaySense personal loan is available for individuals with a low score or even no credit history
- Doorstep document pickup facility
- Top-up loan without documentation
- Easy EMI payment with reminder and auto-debit features
CASHe instant personal loan
CASHe is a next-gen personal loan app for short term financial needs. Key features of CASHe personal loan:
- Personal loan within minutes through smartphones
- Credit score is not compulsory for CASHe personal loan
- Instant approval with less documentation
- Flexible loan tenure ranging from 60, 90, 180 days to 1 year.
MoneyTap instant personal loan
In association with multiple banks and NBFC, MoneyTap personal loans are available in real time. Key features of MoneyTap personal loan are as under:
- Flexible loan amount from Rs. 3,000 up to Rs. 5 lakh for the specific need of different customers
- Instant loan can be withdrawn multiple times as per borrowers’ requirement
- Top-up loan is available for eligible customers
- Interest rates are not applicable on the unused amount
- Loan can be availed for a flexible tenure ranging from 2 months to 36 months
EarlySalary instant loan
EarlySalary is one of the best instant personal loan apps in India. Salaried employees can get instant personal loans using EarlySalary app. Key features of EarlySalary instant loan are as under:
- Flexible loan amount ranging from Rs. 15,000 up to Rs. 2 lakh.
- The loan amount can be used to shop on partner merchants like Flipkart, Amazon and Big Bazaar.
- Social score of borrowers is considered to decide loan approval and amount.
- Interest is applicable only on the accessed amount.
- No prepayment charge, hence you foreclose the loan account any time during the loan tenure.
- Apply for and access personal loans online at anytime from anywhere.
Young professionals and underserved borrowers can get an instant personal loan from any of the above apps for multiple financing expenses such as credit card payment, holiday expenses, purchase of gifts etc.
You should compare instant loans from multiple lenders like if you need financial help for only a couple of days, CASHe personal loan would meet your expectations best. But if you are looking for a big amount for a longer tenure, you can select between MoneyTap and Indiabulls as per your requirement.
Biggest benefits of getting an instant loan using apps is the interest is charged only on the used amount. MoneyTap, for example, charges an interest only on the withdrawn amount. Whereas, EarlySalary doesn’t charge prepayment fees.
Documents required to get instant personal loans
Documentation may vary from lender to lender. However, here is the list of basic documents you will need to submit to get instant personal loans:
- Identity proof: Driving licence/ Voter’s ID card/ Passport/ Aadhaar card etc.
- Address proof: Voter’s ID card/ Passport/ Utility bills latest/ Sale agreement/ Bank statement
- PAN Card
- Passport size photos and sometimes a selfie
- Bank statements of salary account for the past 3 months