Loan App

Top 10 Best Loan App

In the fast-paced world we live in, financial emergencies can arise unexpectedly, and having quick access to funds becomes crucial. The best loan app in India has revolutionized the way people manage their finances by providing instant, hassle-free loans. This article delves into who needs these apps, the required documentation, eligibility criteria, benefits, the application process, and tips for making the best choice.



  • Loan amount Rs 1,000 to Rs 3 lakh
  • Interest rate Up to 29.95% p.a.
  • Tenure Range 2 - 24 months


  • Loan amount Rs 10,000 - Rs 20 Lakhs
  • Interest rate 9.9% p.a.
  • Tenure Range 3 - 72 months


  • Loan amount Up to Rs 25L
  • Interest rate 11.99% - 25.00% p.a.
  • Tenure Range 1 - 5 years


  • Loan amount Rs 3,000 - Rs 5 lakh
  • Interest rate 1.08% p.m. or 36% p.a.
  • Tenure Range 2 - 36 months


  • Loan amount Rs 1,000 - Rs 40,000
  • Interest rate 1,4% - 2,3% a month
  • Tenure Range 3 - 18 months


  • Loan amount Rs 1,500 - Rs 60,000
  • Interest rate 25.55% p.a. onwards
  • Tenure Range 3 - 6 months


  • Loan amount Rs1,000 - Rs25,000
  • Interest rate 10 – 15%
  • Tenure Range 1 – 6 months


  • Loan amount Up to Rs 25 lakh
  • Interest rate 11 - 18 % p.a.
  • Tenure Range Up to 5 - 7 years


  • Loan amount Up to Rs 1 lakh
  • Interest rate 18% - 25%
  • Tenure Range 3 - 24 months


  • Loan amount Rs15,000 - Rs50 lakhs
  • Interest rate 10,75%- 25%
  • Tenure Range 12 – 60 months


  • Loan amount Rs 1 lakh - Rs 15 lakh
  • Interest rate 10,50%
  • Tenure Range 1 – 7 years


  • Loan amount Rs. 5,000 to Rs. 1 Lakh
  • Interest rate 24% to 36% p.a.
  • Tenure Range 3 months to 12 months


  • Loan amount Rs 10,000 - Rs50 lakhs
  • Interest rate -
  • Tenure Range 2 - 36 months


  • Loan amount Rs 500 - Rs 20,000
  • Interest rate 1% to 6% per month
  • Tenure Range 2 - 3 months


  • Loan amount Up to Rs 7.5 lakh
  • Interest rate 18.00% p.a.
  • Tenure Range 1 - 4 years

Top 10 Instant Loan Apps in India in 2024

Don’t waste time scrolling through endless app descriptions to find the best loan app in India. We’ve done the research for you, providing details on the top online loan apps, including their interest rates, loan amounts, and tenures.

We’ve compiled a list of India’s best, most convenient, and flexible loan apps that live up to their promises. Check out the highest-rated instant loan apps for 2024!

Sl. no Loan App Interest Rate Loan Amount Repayment Tenure Play Store Rating



10% p.a. onwards

Rs.5,000 – Rs.10 Lakh 

6 – 60 months




13% p.a. onwards

Up to Rs.5 Lakh

3 – 36 months




15% – 29.95% p.a. 

Rs.1,000 – Rs.4 Lakh

3 – 24 months




1.4% – 2.3% p.m.

Rs.5,000 – Rs.5 Lakh

3 – 60 months




2.50% p.m. onwards

Rs.1,000 – Rs.4 Lakh

3 – 18 months



Nira Finance

2% p.m. onwards

Up to Rs.1 Lakh

Up to 12 months




9.9% p.a. onwards

Up to Rs.20 Lakh

Up to 72 months




14% p.a. onwards

Rs.5,000 – Rs.5 Lakh

Up to 24 months




11% – 24% p.a.

Rs.50,000 – Rs.10 Lakh

6 – 60 months




Up to 4%

Rs.500 – Rs.30,000

Up to 3 months


Features and Benefits of the Best Instant Loan Apps in India

Here are the features and benefits of the 10 best loan apps in India:


Moneyview is one of the most popular and best-rated personal loan apps in India. It offers unparalleled benefits and features to its customers:

  • Quick Disbursement: Loan amount disbursed within 24 hours in most cases.
  • Fast Eligibility Check: Determine your eligibility in just 2 minutes from anywhere in the country.
  • Minimal Documentation: Only three documents required – address, identity, and income proof.
  • Flexible Loan Amounts: Borrow between Rs. 5,000 to Rs. 10 lakh.
  • Competitive Interest Rates: Starting at 10% per annum with repayment tenures up to 60 months.
  • No Collateral Needed: Repay through auto-debit EMIs.
  • Credit Rating Model: Allows applicants with low credit scores to avail of a loan.


MoneyTap is a personal loan app that provides a line of credit, functioning as an instant loan or a credit card:

  • Interest Only on Usage: Pay interest only on the amount used, not the entire approved amount.
  • Flexible Amounts: Borrow up to Rs. 5 lakh with interest rates starting at 1.08% per month.
  • Convenient Borrowing: Withdraw any amount up to the approved credit limit as needed.
  • Flexible Repayment: Tenures from 3 to 36 months.
  • Additional Benefits: Free MasterCard credit card and full credit limit as cash.
  • Eligibility: Applicants must be over 23 years old with a minimum monthly income of Rs. 30,000.


KreditBee offers various types of personal loans, suitable for different needs:

  • Loan Range: Borrow between Rs. 1,000 to Rs. 4 lakh.
  • Fast Disbursement: Loan amount disbursed in just 10 minutes.
  • Interest Rates: Ranging from 5% to 29.95% per annum, depending on credit history and other factors.
  • Flexible Repayment: Tenures from 3 to 10 months for flexi loans and up to 24 months for personal loans.
  • Online Application: Entire process completed online.


PaySense is known for its quick loan approval and disbursement:

  • No Credit History Required: Offers loans to applicants new to borrowing.
  • Flexible Amounts: Borrow between Rs. 5,000 to Rs. 5 lakh instantly.
  • Competitive Rates: Interest rates range from 1.4% to 2.3% per month with tenures from 3 to 60 months.
  • Eligibility: Available to both salaried and self-employed applicants.
  • Convenient Features: Reminders and auto-debit options for EMI payments.


CASHe offers loans with a unique SLQ (Social Loan Quotient) model:

  • Loan Range: Borrow between Rs. 1,000 to Rs. 4 lakh.
  • Flexible Repayment: Terms from 3 to 18 months.
  • Convenient Application: Entirely online process.
  • Eligibility: Minimum salary of Rs. 12,000 per month and applicants aged between 23 and 58.
  • Loyalty Program: Benefits like lower interest rates or higher loan amounts.

Nira Finance

Nira Finance provides quick and easy personal loans:

  • Line of Credit: Up to Rs. 1 lakh.
  • Fast Approval: Credit limit determined in just 3 minutes.
  • First-time Borrowers: Offers credit even to those without a credit history.
  • Flexible Repayment: Tenure up to 12 months.
  • Interest Rates: Starting from 2% per month.
  • Paperless Process: One-time submission of hard copies for KYC purposes.

Navi is a top digital lending app in the market:

  • High Loan Amounts: Borrow up to Rs. 20 lakh.
  • Flexible Repayment: EMIs up to 72 months.
  • Competitive Rates: Interest starting at 9.9% per annum.
  • Digital Process: Entirely online application and approval.
  • Quick Disbursement: Funds credited within minutes of approval.

Fibe (Formerly EarlySalary)

Fibe offers inclusive and flexible personal loans:

  • Loan Range: Borrow between Rs. 5,000 to Rs. 5 lakh.
  • Fast Process: Loans disbursed in just 10 minutes.
  • Multiple Loans: Apply for multiple loans in a single day.
  • 24/7 Availability: Apply anytime and get instant disbursal.
  • Salary Advance: Interest rates starting from 14% per annum.
  • Flexible Repayment: Tenures up to 24 months.


LoanTap offers customized loans with flexible repayment plans:

  • Flexible Amounts: Borrow between Rs. 25,000 to Rs. 10 lakh.
  • Quick Disbursement: Loan credited within 24-36 hours.
  • Eligibility: Indian citizens aged 21-60 with a monthly income of at least Rs. 30,000.
  • Flexible Repayment: Plans from 3 to 60 months.
  • Transparency: No hidden charges or pre-payment fees.
  • EMI Options: Switch to EMI-free or accelerated repayment after 6 months.


mPokket provides instant loans for students and salaried individuals:

  • Small Loans: Borrow between Rs. 500 to Rs. 30,000.
  • Fast Disbursement: Funds disbursed within hours.
  • Student Loans: Available with college enrollment, student ID, mark sheet, or admission letter.
  • Flexible Repayment: Tenures up to 120 days.
  • Low Interest: Rates up to 4% per month.

Who Needs Loan Apps?

Loan apps are designed for individuals who need immediate financial assistance. This includes:

  • Salaried employees: To cover unexpected expenses or manage cash flow gaps between paychecks.
  • Students: For paying tuition fees, buying study materials, or covering living expenses.
  • Small business owners: For managing operational costs, expanding business, or purchasing inventory.
  • Individuals with urgent medical needs: To cover medical bills and related expenses.

Required Documentation

Applying for a loan through an app is a streamlined process, but it still requires some essential documentation to ensure credibility and compliance. Typically, you will need:

  • Proof of Identity: Aadhaar card, PAN card, passport, or driver’s license.
  • Proof of Address: Utility bills, rental agreement, or Aadhaar card.
  • Proof of Income: Salary slips, bank statements, or income tax returns.
  • Bank Details: To facilitate the transfer of funds.

Eligibility Criteria

The eligibility criteria for obtaining a loan from an app in India may vary from one provider to another, but generally include:

  • Age: Applicants must be between 21 and 60 years old.
  • Employment: Regular source of income (either salaried or self-employed).
  • Credit Score: A good credit score improves chances of approval and may lead to better interest rates.
  • Resident Status: Must be an Indian resident.

Advantages of Using Loan Apps

Using the best personal loan app offers several benefits:

  • Convenience: Apply for a loan anytime, anywhere using your smartphone.
  • Speed: Quick approval and disbursement of funds, often within a few hours.
  • Minimal Documentation: Fewer documents required compared to traditional loans.
  • User-Friendly Interface: Easy-to-navigate apps make the application process straightforward.
  • Flexible Repayment Options: Choose from various repayment tenures that suit your financial situation.
  • Transparency: Clear information on interest rates, fees, and terms and conditions.

How to Apply for a Loan Online

Applying for a loan through the best online loan app is simple and can be completed in a few steps:

  1. Download the App: Install the best loan app in India from Google Play Store or Apple App Store.
  2. Register: Create an account by providing your mobile number and basic details.
  3. Fill in the Application: Enter personal, employment, and financial information.
  4. Upload Documents: Submit the required documents for verification.
  5. Select Loan Amount and Tenure: Choose the desired loan amount and repayment period.
  6. Submit Application: Review the details and submit your application.
  7. Approval and Disbursement: Once approved, the loan amount will be credited to your bank account.

Tips for Making the Best Choice

With numerous loan apps available, making the right choice can be overwhelming. Here are some tips to help you select the best instant loan app:

  • Compare Interest Rates: Look for apps that offer competitive interest rates.
  • Check Reviews: Read user reviews and ratings to gauge the app’s reliability and customer service.
  • Evaluate Fees and Charges: Be aware of processing fees, late payment charges, and prepayment penalties.
  • Assess Customer Support: Ensure the app provides efficient customer support to resolve queries and issues.
  • Verify Security Measures: Choose apps that use robust security protocols to protect your data.

Consequences of Missing a Repayment

Late Payment Fees

If you miss a repayment, you will incur a late payment fee. The exact amount can vary depending on the lender.

Impact on Credit Score

Your credit score will take a hit. Each missed payment will negatively affect your credit rating, causing it to drop.

Persistent missed payments may lead to the lender pursuing legal action against you.

Repossession of Collateral

If your loan was secured with collateral, the lender has the right to repossess the pledged asset.

The best loan app in India has made accessing funds easier than ever. By understanding the requirements, benefits, and how to apply, you can make informed decisions and choose the best personal loan app that meets your financial needs. Remember to compare various options, read reviews, and be mindful of the terms and conditions to ensure a smooth borrowing experience.

TOP 7 Top 10 Best Loan App July 2024
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