Top 10 Instant Loan Apps in India 2024

Why do you need Instant Loan Apps (and Platforms) in India?

If you are living in a metro city like Delhi, Mumbai, Bangalore or Chennai you must be aware of the sudden need for Money in an emergency.

This can be due to Rent Payments, Health Issues, Car Breakdowns, Instant travel plans and many other requirements.

In such cases, you can’t wait to get loan approval from the banks as it can take the time of up to 7 days. Here the Instant loan apps come and help you.

These Fast Loan apps and Platforms can help you with instant money.

In today’s digital age, instant loan apps and online lending platforms have emerged as popular solutions for immediate cash needs.

These platforms offer a convenient and paperless way to borrow money, often with minimal documentation and faster approvals compared to traditional banks and NBFCs.

However, thousands of fake loan apps are also available, which can result in financial loss. With many options available, choosing the right lender can be a challenge.

In this article we have shared the 10 best instant loan apps and online lending platforms in India, providing details on eligibility, loan amounts, and interest rates to help you find the one that best suits your requirements.

Important factors to consider before using an Instant Loan App or Platform:

Loan Amount: Identify how much money you need. Most instant loan apps and platforms offer amounts ranging from Rs. 1,000 to Rs. 5 Lakhs.
Interest Rates: Instant loan apps and platforms typically have higher interest rates compared to traditional banks. Carefully compare interest rates across various lenders before making a decision.
Repayment Tenure: Consider how long you need to repay the loan. Shorter repayment tenures generally translate to higher monthly instalments.
Processing Fees: Some lenders charge processing fees for loan applications. Factor this into your overall cost of borrowing.
Eligibility Criteria: Ensure you meet the eligibility criteria set by the lender, such as minimum age, income requirements, and credit score.

Top 10 Instant Loan Apps and Platforms in India (2024)

MoneyPortal

Moneyortal is a leading digital lending platform in India. It offers Instant Loans to the applicants whenever they need it.

You can get Fast loan approval and disbursal and can get the loan amount in just 2 hours. You can apply for instant personal loan between Rs. 10,000 to Rs. 1 Lakh with minimum documentation.

Eligibility – Every salaried Individual with a minimum monthly income of above 25K can apply for an Instant Loan with MoneyPortal. You can also apply for an instant loan even with a low credit score of 650.

Apply for an Instant loan With the Money Portal 

MoneyTap

MoneyTap is a popular choice for its flexible repayment options and focus on young professionals.

It offers pre-approved credit lines ranging from Rs. 3,000 to Rs. 5 Lakhs with competitive interest rates starting from 10% per annum.

Eligibility: Salaried individuals with a minimum monthly income of Rs. 15,000 and a good credit score of above 740.

EarlySalary

This app caters to salaried individuals, offering quick loans ranging from Rs. 5,000 to Rs. 2 Lakhs with a user-friendly app interface. Interest rates typically range from 12% to 24% per annum.

Eligibility: Salaried individuals with a minimum monthly income of Rs. 18,000 and employed with their current company for at least 3 months.

PaySense

A popular option for those with no credit history, PaySense provides instant loans from Rs. 5,000 to Rs. 5 Lakhs with a completely digital application process.

Interest rates on PaySense loans can vary depending on your creditworthiness but generally fall between 16% and 36% per annum.

Eligibility: Indian residents aged 21-60 years with a minimum monthly income of Rs. 18,000 (salaried) or Rs. 20,000 (self-employed).

KreditBee

Known for its fast approvals, KreditBee offers loans ranging from Rs. 1,000 to Rs. 2 Lakhs.

Interest rates can vary from 16% to 29.95% per annum based on your credit profile. Eligibility: Indian citizens aged between 21 and 56 years with a minimum monthly income of Rs. 15,000.

mPokket

This app caters to students and low-income earners, offering small instant loans from Rs. 500 to Rs. 30,000 for short durations. Interest rates on mPokket loans are typically on the higher side, ranging from 24% to 56% per annum.

However, small loan amounts and short repayment terms can be helpful for managing urgent expenses.

Eligibility: Indian residents aged 18 and above with a valid PAN card and bank account.

Dhani Loans

Dhani Loans provides instant personal loans with attractive interest rates starting from 13.99% per annum. Loan amounts can range from Rs. 1,000 to Rs. 15 Lakhs.

Eligibility: Indian citizens aged between 21 and 60 years.
Minimum monthly income requirements may vary depending on your employment type (salaried vs. self-employed). A good credit score is recommended for securing the best interest rates.
You’ll need a valid PAN card, address proof, and bank statement for verification.

Slice

This app is known for its focus on millennials and Gen Z, offering instant credit lines for online shopping and bill payments. Loan limits typically range from Rs. 1,000 to Rs. 1 Lakh, with interest rates starting from 16% per annum.

Eligibility: Indian residents aged 18 and above with a valid PAN card and bank account. However, Slice often targets students and young professionals and may have additional eligibility criteria.

Lendingkart

This NBFC (Non-Banking Financial Company) offers personalized loan options with flexible repayment tenures. Loan amounts can vary from Rs. 50,000 to Rs. 5 Lakhs, with interest rates starting from 10% per annum.

Lendingkart typically caters to salaried individuals and small businesses.

Eligibility: Salaried individuals with a minimum monthly income of Rs. 25,000 or businesses with a valid GST registration.

Capital Float

A versatile platform, Capital Float caters to both individuals and businesses, providing instant loan solutions for various needs.

Loan amounts can range from Rs. 1 Lakh to Rs. 20 Lakhs, with interest rates starting from 12% per annum.

Eligibility: Eligibility criteria can vary depending on the loan type (personal or business loan). For personal loans, salaried individuals with a minimum monthly income of Rs. 25,000 and a good credit score are typically eligible.

ZestMoney

Primarily a buy-now-pay-later service, ZestMoney also offers instant microloans for online purchases.

Loan amounts typically range from Rs. 1,000 to Rs. 30,000, with interest-free repayment options for purchases within a specific timeframe.

However, traditional loan options with interest rates are also available.

Eligibility: Indian residents aged 18 and above with a valid PAN card and bank account.

Always remember Instant loan apps and platforms can be a convenient option for immediate financial needs. However, you should use them responsibly.

Borrow only what you need: Avoid impulse borrowing and only borrow the amount you can comfortably repay within the stipulated timeframe.

And timely repayments on instant loans can help improve your credit score, making it easier to secure loans with better terms in the future.

Instant loan apps and online lending platforms can be helpful tools for managing unexpected financial situations.

Apply for Instant Loan with MoneyPortal