Money lending apps in India have become popular due to the platform/app-based benefits and offerings ranging from customized loans, low-interest rate loans, and online credit cards to the simple application process, and 24X7 tracking.
In this blog, we have listed 25 of the best loan apps in India that have taken the Indian financial space by storm and are changing the way young Indians borrow! We have also made a loan app comparison table for you to make an informed choice.
1. PaySense
PaySense, one of the best instant personal loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant loans. The minimum salary to get a personal loan is ₹18,000 per month. Also, self-employed individuals who earn a minimum of ₹20,000 per month can borrow from the PaySense instant loan app.
The interest rate of the trusted loan app is from 16% to 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, and marriage loan, among others.
Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with the RBI such as Fullerton, IIFL, Credit Saison India, Northern Arc, and PayU Finance for the disbursal of loans. PaySense has raised a total of $25.6M over three rounds of funding.
You can download the PaySense App from the Google Play Store. Upon installation, all you need to do is check your loan eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to repay the loan. PaySense also offers an EMI calculator to help you calculate the EMI you shall pay every month, making for a great user experience.
The win-win takeaway is that you are not required to submit any collaterals or securities, nor are you required to have a high credit score to avail of a loan from PaySense.
2. LazyPay
Powered by PayU, the same company that acquired PaySense, LazyPay is one of the Top Finance apps offering Fast loans in India. It offers quick approvals and safe online loan application processing. You just need your mobile number to know your loan eligibility with LazyPay App. LazyPay has also launched a credit card service wherein you can get assured 1% cashback on your transactions.
The key offerings of LazyPay include an instant personal of up to ₹1,00,000 with minimal documentation and an easy digital process.
Founded in: 2015
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
Documents Required:
- PAN Card
- Identity proof & address proof (Aadhar Card)
- Bank details for repayment setup
Eligibility Criteria:
- Resident of India
- At least 18 years of age
- Monthly income should be a minimum of INR 30,000
Repayment Tenure: You can choose to repay your personal loan anywhere between 3 and 60 months
Other Fees or Charges: A late fee of Rs. 17.7 (inc. 18% GST) per day is charged after the due date till the EMI is paid.
3. Bajaj Finserv
One of the most prominent brands in personal financing, Bajaj Finserv, has been present in the country for over a decade. With a great range of offerings, Bajaj Finserv is one of the best instant loan apps in India. You can use their zero-interest EMI card to finance your purchases and also pay your monthly bills via their loan app.
You can borrow personal loans of up to ₹25 lakhs with Bajaj Finserv without pledging any collateral.
Founded in: 2007
Minimum Loan Amount: ₹30,000
Maximum Loan Amount: ₹25,00,000
Documents Required:
- PAN Card/Passport/ Aadhar Card/Driving License/Voter’s ID
- Employee ID Card
- Salary slips of last 3 months
- Bank details for repayment setup
- Bank statements of the last three months
- Passport-sized photographs
Eligibility Criteria:
- Applicant must be a resident of India
- 21-80 years of age
- Monthly income should be a minimum of INR 25,001
- Should have a CIBIL score of 685 or higher
Repayment Tenure: Up to 96 months
Other Fees or Charges: Processing fee of up to 3.93% of the loan will be charged. In case of default in repayment, a fee between INR 700 – INR 1,200 will be charged
4. IDFC FIRST Bank
If you are looking for a good significant amount of cash to buy a car or a two-wheeler loan, this is the loan app you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years.
The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, and payment dates, and also for raising service requests.
Founded in: 2018
Minimum Loan Amount: ₹20,000
Maximum Loan Amount: ₹40,00,000
Documents Required:
- PAN Card/Passport/ Aadhar Card/Driving License/Voter’s ID
- Salary slips of last 3 months
- Bank statements of the last three months
Eligibility Criteria:
- Applicant must be a resident of India
- 23-60 years of age
- Only salaried or self-employed individuals can apply for the personal loan
Repayment Tenure: 6 months to 60 months
Other Fees or Charges: Up to 3.5% of the loan amount will be charged as a processing fee.
5. ZestMoney
ZestMoney offers a quick way to get an instant loan. It does not need you to have a credit score. It takes just a few minutes to apply for a loan on the app. You can pay back your loan digitally in EMIs and earn a cashback of 100% on your EMIs.
Founded in: 2015
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹10,00,000
Documents Required:
- PAN Card/Passport/ Aadhar Card/Driving License/Voter’s ID
- Bank details for repayment setup
Eligibility Criteria:
- Applicant must be a resident of India
- 18-65 years of age
Repayment Tenure: 3 months to 36 months
Other Fees or Charges: No pre-closure fee is charged
6. Dhani
Backed by Indiabulls Ventures, this is also one of the top personal loan app in India. Dhani lets you apply for a personal loan anytime, anywhere, and for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification.
Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 to 36 months.
Founded in: 2000 (Indiabulls); 2017 (launch of the app)
Minimum Loan Amount: ₹1,000
Maximum Loan Amount: ₹15,00,000
Documents Required:
- PAN Card/Passport/ Aadhar Card/Driving License/Voter’s ID
- Bank details for repayment setup
- Bank statements of the last three months
Eligibility Criteria:
- Applicant must be a resident of India
- 21-60 years of age
- Only for salaried and self-employed individuals
Repayment Tenure: 3 months to 2 years
Other Fees or Charges: Minimum 3% of the loan amount will be charged as processing fees.
7. HomeCredit
This is one of the oldest money-lending apps in India. A part of the international Home Credit Group, this company has a presence in over ten countries in Asia and Europe.
The loan app works seamlessly to provide you with the required loan amount to help you fix your financial woes like education loans or medical emergencies etc. It provides a loan amount of up to ₹2,40,000 and allows you to repay it in easy EMIs within a period of 6 to 51 months.
Founded in: 2011
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹2,40,000
Documents Required:
- PAN Card/Form 60
- Passport/ Aadhar Card/Driving License/Voter’s ID
- Bank details for repayment
Eligibility Criteria:
- Applicant must be a resident of India
- 19-68 years of age
- Only for salaried and self-employed individuals