Best Instant Loan Apps in India: 2020
Your parents have sent you money for the month but your bank balance starts to dwindle within a few days. You still have a few days to go and there are expenses you need to take care. For example, college organizes a trip and you need cash urgently for the contribution, a project needs extra materials to buy, or you have to treat your friends.
Do you fall into the same trap every month no matter how careful you are? You know one thing for sure, you don't want to ask your parents for money when your account is lean. So what do you do? Luckily, there is no need to panic as you can apply for through an instant loan app.
7 Factors for Assessment
Before you take an instant personal loan through apps, you need to look for the following factors that make an app great:
Loan Amount: This has to be one of the first things you need to check before taking an instant loan from the app. Check how much amount they are offering and if that works for you or not.
Interest Rate: Consider the interest rates offered by the app. This factor will impact the length of your repayment period and even the installment amount. The top instant loan apps offer low or flexible interest rates.
Repayment Period: This is the duration you have to pay back the loan. Good loan apps usually offer a flexible tenure. You can choose a repayment period based on your convenience.
EMI: Equated Monthly Instalments or EMIs is another factor that you need to keep in mind when you apply for an online personal loan. This is a cumulation of the loan amount, repayment period, and interest rate. Make sure you choose an amount that you can comfortably pay off each month.
Loan Disbursal Time: How soon will your instant loan be released? This is another factor that sets apart a good online loan app from another. There is no point in applying for an instant loan if you cannot get it ‘instantly'.
Loan Application Process: Next, check if the application process is simple or difficult. Is it an instant loan without documents or what sort of documentation do you need to submit to start the process?
Lender's Credibility: Finally, you need to make sure that the lender or the app is legit. You don't want to get duped or face issues later on because you didn't take the time to check the credibility of the lender. So, ensure that the app is a reputable one before your personal loan application.
Top 25 Instant Loan Apps in India
This instant personal loan app offers small loans to professionals as well as students as well as young working professionals, which sets it apart from every other instant loan online app. The loan is available PAN-India to all college students provided they are 18 years and above in addition to working professionals and meet the other eligibility requirements. The entire process is very quick and paperless. The app credits the loan amount into the bank account or Paytm wallet instantly making it easy for the students to carry out their payments.
This app provides a personal line of credit to full-time students who are above the age of 18. The process is paperless and easy. You have to pay interest only on the amount used and the line of credit can be repaid in flexible instalments.
They offer short-term and interest-free loans to college students above the age of 18 years. The registration and verification process is fast and seamless, and you can repay anytime within 30 days
You can avail instant personal loans from Rs. 1,000 to Rs. 60,000 using this instant cash loan app. If you meet the eligibility criteria, your loan will be sanctioned in just 30 minutes. The tenure ranges from 3 to 12 months.
If you are a student and looking for instant cash without collateral, download Pocketly. This app offers small loans, starting from Rs. 500 to Rs. 10,000 for a tenure of 30 days. They have tied up with universities to make loan applications a seamless experience for its students.
ZestMoney offers consumer durable loans without requiring a credit card or CIBIL score. You can avail a loan from Rs. 1,000 to Rs. 10 lakh. The process is paperless and the loan approval and disbursal is instant.
They offer the best education loans for students. You just need to fill out a form, take an assessment, and you will get fast approval for your loan.
8. Extra Mudra
This personal loan app offers a pre-processed loan of Rs. 500 to Rs. 2000 based on the details you provide. You can choose a tenure of your choice and pay back the loan in 1-3 months.
They offer easy and fast loans to salaried people who need instant cash. Credime offers paperless documentation and the money is transferred to the bank account as soon as the loan is approved. They offer loans starting from Rs. 2,000 to Rs. 20,000.
They offer instant loans to students as well as salaried professionals which range from Rs. 1,000 to Rs. 25,000. The interest rates are low and you can pay back the loan in 61 days.
They offer short-term loans at good interest rates. The loan application process is easy and quick and the loan disbursal is done 30 minutes after it is approved.
Amongst the best personal loan apps in India, it lets you apply with no physical documents to get an unsecured loan within minutes. You can repay the loan within 3 to 72 months.
It's one the best loan giving apps for applying customised loans which include home loans, lifestyle loans, or personal loans. The documentation is minimal and simple and has flexible repayment options.
With MoneyTap, you get the dual benefit of a loan and a credit card which you can use from a tenure ranging from 2 months to 3 years. You don't have to pay interest on the loan amount that you don't use, just on the amount withdrawn.
This student lending platform's unique offering is that college students can ‘buy now and pay later'. It has a flexible monthly payment plan. They have easy EMI options for students who can make online purchases.
This online instant loan app offers small loans to college students to meet their financial needs. They can take a loan of anywhere between Rs. 500 and Rs. 5,000 which is credited to either their Paytm wallet or bank account.
You can borrow an amount varying from Rs. 1,000 to Rs. 1 lakh. The app doesn't need a physical verification of the documents for online loan application and the app is highly rated.
18. Capital First
It is the oldest online loan app in India and has a stellar reputation. You can get a loan within minutes and the repayment is flexible.
Credy doesn't require collateral. If you meet their eligibility requirements, the loan amount gets disbursed quickly. The tenure and repayment conditions are flexible.
20. PayMe India
They provide quick small loans, instant payday loans, short-term cash loans, and advanced salary loans to salaried professionals. The interest rates are low and the verification is entirely done via the app.
The differentiating factor of this app is that it offers loans to salaried as well as non-salaried people. This is a perfect option for a short-term loan.
You can avail a personal loan from Rs. 20,000 to up to Rs. 2 lakh. The loan amount gets disbursed within 24 hours of applying.
23. Anytime Loans
It's a peer-to-peer lending app that offers loans to both salaried and self-employed individuals. It doesn't need documentation or collateral.
24. Olly Credit
This microcredit app enables you to borrow money to buy online. It also offers an Olly card that you can use for offline shopping.
They have a three-minute application process and a quick disbursal system. They offer short-term loans for any kind of financial emergencies.
What Sets mPokket Apart?
mPokket is one of the few student loan apps in India that caters specifically to college students. If you are running low on cash or need to suddenly pay for some college trip or activity, you can apply for a short loan on mPokket.
FeaturesmPokketOther AppsLoan AmountRs. 500-20,000Starting at Rs. 5,000Interest Rate12% to 72% per annumVariesLoan Repayment Duration61 to 90 daysVariesDocumentation RequiredCollege ID proof, PAN/Aadhar, address proof, salary slipsIdentity, address proof, income proofDisbursal TimeAs little as 30 mins30 mins to 24 hoursProcessPaperlessMostly PaperlessCollateral NeededNoVariesProcessing FeeVariesVariesPlatform handling feesNoneVaries