Without a doubt, technology has revolutionized the personal finance industry in the last decade. Most financial institutions are now offering their services and products through digital mediums, removing the need for the customers to visit any branch office personally.

It takes a few taps or clicks on the screen to avail of a financial product/ service in the present times. This development has made financial services easily accessible for the customers.

Most reliable Instant Personal Loan Apps in India

One of the most significant changes has been witnessed in the personal loan market. Earlier, Personal Loan applications used to take many weeks to be processed, but now lenders are able to offer an instant Personal Loan within a few working hours. Existing lenders are striving to make their mobile apps more user-friendly, and many new lenders are in the process of developing their own Personal Loan apps for iOS and Android platforms. 

If you are also contemplating using these mobile apps, then here are the most reliable instant Personal Loan apps in India: 

  • KreditBee Personal Loan: KreditBee is one of the most popular instant Personal Loan apps in the market presently. The app is available for Android OS only and has been downloaded more than 20 million times. You can avail of a KreditBee Loan ranging between Rs. 1,000 to Rs. 2 Lakhs through the app.
  • Moreover, you can also opt for KreditBee EMIs for shopping on leading e-commerce apps. Interest rates start from 1.02% per annum. After approvals, the money is credited to the account within 15 minutes. In order to be eligible for a KreditBee Personal Loan, the company requires the borrower to be at least 21 years old, with a valid bank account and a salary of Rs. 10,000 or more. The company follows a 100% online process with minimal documentation requirements.  
  • Indiabulls Dhani: Indiabulls is a leading NBFC of India offering different types of loans for its customers. You can now avail instant Personal Loans of up to Rs. 15 Lakhs through the Indiabulls Dhani App. The interest rates levied by the company range between 1% to 3.17% per month. The repayment tenor available ranges between 3 months and 36 months, with the processing fees going up to 6% of the loan amount plus GST. The company offers quick disbursals for Personal Loans and has minimum documentation requirements. The Indiabulls Dhani App also comes bundled with Dhani Pay, which is an online wallet for easy digital transactions. The company also does not levy any foreclosure charges on Personal Loans up to Rs. 20,000. 
  • MoneyTap: MoneyTap is a popular app-based lender in India offering instant Personal Loans of up to Rs. 5 Lakhs. The unique aspect of MoneyTap Loans is that they are offered in the form of a line of credit. This entitles you to pay interest only on the amount utilized and not on the entire loan amount. This reduces your interest cost significantly. You can withdraw amounts starting from Rs. 3,000 from your sanctioned limit. The credit limit comes with lifetime validity and is restored as you make the repayments. The repayment period available ranges between 2-36 months. As it is an unsecured offering, you can use the money for any purpose that you might have. 
  • Pay Sense: PaySense is another popular instant Personal Loan app in India. You can avail instant unsecured loans ranging between Rs. 5,000 to Rs. 5 Lakhs through the secure app. The maximum repayment tenor ranges between 3 months to 60 months. PaySense offers Personal Loans for salaried as well as self-employed applicants. The minimum income requirement is Rs. 12,000 per month for salaried employees and Rs. 15,000 per month for self-employed individuals. Individuals with no credit history can also apply for an instant Personal Loan. The company offers instant approvals and disbursals for pre-approved customers. 
  • Credy App: Credy is a leading Personal Loan app in India that offers instant Personal Loans up to Rs. 1 Lakh for its customers. The repayment period offered by the company ranges between 3 months to 12 months, and the interest rates start from 1% per month.  Credy also offers Personal Loans for individuals with a low credit score or no credit history. After all the documents have been submitted, and the application has been approved, the money is transferred to the account of the borrower in less than 24 hours. Credy also levies a processing fee of 3% of the loan amount plus GST, subject to a minimum of Rs. 500. If you wish to make a pre-payment, then the company levies pre-payment charges of 2% of the outstanding principal plus GST.
  • CASHe App: Cashe is a popular mobile app known for offering Personal Loans with some unique benefits. You can apply for an instant Personal Loan ranging between Rs. 9,000 to Rs. 3 Lakhs for any financial emergency. The company offers a repayment period ranging between 62 days to 360 days. The repayment tenor available ranges according to your salary, i.e., in order to avail of a repayment tenor of 360 days, the company requires a minimum salary of Rs. 40,000 per month while an individual with a  monthly salary of Rs. 22,000 can get a repayment tenor of up to 90 days only. The company also offers income protection cover and health cover to offer you protection in case of a job loss or ill-health, respectively.
  • FlexSalary: Flex Salary is a leading online lender in India, offering instant Personal Loans ranging from Rs. 4,000 to Rs. 2 Lakhs for different financial requirements of the customers. The company offers same-day approvals and does not levy any hidden charges for its Personal Loans. The maximum repayment tenure for a FlexSalary Personal Loan is 36 months, while the minimum income requirement is Rs. 8,000 per month. The company also offers flexible repayments where you can pay the minimum amount due until you can afford to pay the full EMI amount.

These are the leading and most reliable instant Personal Loan apps in India in 2020. While the companies claim to offer various benefits with their Personal Loans, as a diligent borrower, always undertake comparative analysis to select the best deal and use the money responsibly. You can consider using the online service of a loan aggregator for the same. 

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