Top 10 Instant Loan Apps in India in 2024
Fulfilling financial needs often requires access to loans, with personal loans being the most practical as they don’t require collateral. However, traditional banks can be time-consuming in approving personal loan applications. In such situations, instant loan apps in India come to the rescue, providing quick access to credit without lengthy approval processes or stringent credit history checks.
To assist you in making informed choices, here is a list of the top 10 instant loan apps in India:
- Paysense
- Maximum Loan: ₹5,00,000
- Minimum Loan: ₹5,000
- Annual Interest Rate: 16% – 36%
- Rating: 4 stars
- CASHe
- Maximum Loan: ₹4,00,000
- Minimum Loan: ₹9,000
- Annual Interest Rate: 27% – 33%
- Rating: 6 stars
- Dhani
- Maximum Loan: ₹15,00,000
- Minimum Loan: ₹1,000
- Annual Interest Rate: Starting at 13.99%
- Rating: 4 stars
- MoneyTap
- Maximum Loan: ₹5,00,000
- Minimum Loan: ₹3,000
- Annual Interest Rate: 13% – 36%
- Rating: 1 star
- Home Credit
- Maximum Loan: ₹5,00,000
- Minimum Loan: ₹10,000
- Annual Interest Rate: 19% – 56%
- Rating: 3 stars
- IDFC First Bank
- Maximum Loan: ₹40,00,000 (Salaried), ₹9,00,000 (Self-employed)
- Minimum Loan: ₹20,000
- Annual Interest Rate: Starting at 10.49%
- Rating: 9 stars
- PayMe India
- Maximum Loan: ₹2,00,000
- Minimum Loan: ₹2,000
- Annual Interest Rate: 18% – 42%
- Rating: 2 stars
- India Lends
- Maximum Loan: ₹50,00,000
- Annual Interest Rate: Starting at 10.75%
- Rating: 4 stars
- Money View
- Maximum Loan: ₹5,00,000
- Minimum Loan: ₹10,000
- Annual Interest Rate: 16% – 39%
- Rating: 5 stars
- mPokket
- Maximum Loan: ₹30,000
- Minimum Loan: ₹500
- Annual Interest Rate: Starting at 52%
- Rating: 2 stars
Conclusion:
While these instant loan apps provide convenient access to credit, it’s essential to thoroughly understand the terms and conditions before proceeding. Carefully reviewing agreements will ensure a clear understanding of the loan and repayment processes. The popularity of these apps has significantly increased access to formal credit for millions of Indians, offering a quicker and more efficient alternative to traditional lending avenues.
