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10 Best Personal Loan Apps in India (2022) Looking for the best personal loan apps in India?

10 Best Personal Loan Apps in India (2022) Looking for the best personal loan apps in India? Read through this article!

10 Best Personal Loan Apps in India (2022) Looking for the best personal loan apps in India?

This article is related to an affiliate advertising program and journalists of The New Indian Express were not involved in the creation of this article.

Our top picks

Best Overall - Buddy Loan

All your wishes and personal needs which you may not be able to fulfill due to financial constraints can be availed through friend loan personal loan. Whether you're looking for money to pay for your wedding, renovate your home, take a vacation abroad or pay your medical bills, you can spend up to Rs. 15 lakh without any hassle. You can complete the straightforward process in the comfort of your home. Buddy Loans are available in multiple cities.

Best Customer Friendly - NAVI

Navi is one of the best customer-friendly loan provider apps in India that lets you get a loan to meet your financial emergencies. If you need a loan for a wedding, to pay medical bills, to rent a place, to travel abroad, etc., you can spend up to Rs. 20,00,000. Also, the most outstanding part of taking a loan through this app is that very little paperwork is involved, and the interest rates range from 9.99 percent to 45 percent.

Best Budget - PaySense

PaySense Instant Personal Loan is for all your wishes and dreams which you cannot fulfill due to financial constraints. PaySense gives you Rs. Provides instant personal loans up to Rs. 5 lakh without any hassle, be it for a wedding, a holiday abroad, paying medical bills, acquiring consumer durables or home improvement. The process is simple and can be performed in the privacy of your own home. PaySense is available in over 40 Indian cities.

Best Instant - PaySense

As mentioned above, PaySense is the best application when it comes to instant personal loan approval. Getting credit through PaySense is quick and easy, and includes the following benefits:

  • Availability of personal loans up to Rs. 5 lakh immediately.
  • Fully digital process.
  • Reasonable interest rates.
  • Economical EMIs with auto-debit and reminders.

Find 10 Best Personal Loan Applications in India in 2022

A personal loan is similar to emergency funds that borrowers can use when they are short on cash. Such loans have no end-use restrictions, so the money can be spent on anything, including weddings, vacations and medical expenses. For borrowers, it is like the most comfortable financial cushion.

Advances in technology have made the application and disbursement of personal loans easier. Nowadays not only conventional banks and NBFCs provide loans, many mobile applications provide instant personal loans to users On one hand, traditional banks take a long time to process personal loan applications and charge high interest rates, on the other hand, personal loan applications in India offer secure and hassle-free instant cash loans in less than an hour.

So, the next time you're pinched for cash, check out one of the personal loan application possibilities in your mobile app store. Going forward, we will present a comprehensive list of top personal loan applications in India and various important features and information that you must understand before applying for all these applications in this article.

Summary of 10 Best Personal Loan Applications in India 2022

Going to a regular bank can be time-consuming if you need a quick cash loan because it requires a lot of documentation. A credit card is another option, but the interest rate is very expensive. Asking your friends or relatives can be awkward. Payday advance loans are not available for everyone in India. In such cases, applying for a personal loan is the best option. Below is a ranking of the best personal loan apps in India, which can make the process of getting a personal loan easier and more convenient. Keep scrolling to know more about them.

  • Application Name-Buddy Loan | App Store Rating-4.8/5 | Playstore rating- 4.5/5
  • Application Name-Navi Loan   | App Store Rating-4.5/5 | Playstore rating- 4.2/5
  • Application Name-PaySense      | App Store Rating-N/A  Playstore rating- 4.1/5
  • Application Name-Money Tap   App Store Rating-4.3/5 Playstore rating- 4.2/5
  • Application Name-Dhani            App Store Rating-4.0/5 Playstore rating- 4.0/5
  • Application Name-Nira              | App Store Rating-N/A   | Playstore rating- 4.5/5
  • Application Name-CASHe         | App Store Rating-N/A   Playstore rating- 3.7/5  
  • Application Name-Home Credit | App Store Rating-4.8/5 Playstore rating- 4.3/5
  • Application Name-PayMe India | App Store Rating-3.6/5 Playstore rating- 4.5
  • Application Name- India Lends  | App Store Rating-N/A  Playstore rating- 3.8/5

Complete List of 10 Best Personal Loan Applications in India 2022

Without further ado, let's take a look at these 10 personal loan application features, pros and cons, reviews and more to help you make a better decision.

1. Buddy Loan

This is one of the best instant loan app where you can get fast personal loan from Rs 10,000 to Rs 15,00,000 without waiting long for approval. The biggest downside is that this platform is famous for accepting requests quickly, so you don't have to worry about timeouts.

Why is it the best personal loan application platform? Because digital copy requires courier or scan.

No need to run as papers can be collected immediately from your residence. Additionally, they offer several affordable EMI options that make loan repayments easier No hassle. Since the paperwork is already filed, getting a second loan is as easy as clicking a button

  • Interest rate per month - 11.99 percent
  • Maximum Loan Amount - Rs. 15,00,000
  • Minimum Loan Amount – Rs. 10,000
  • Documents – Proof of identity (Aadhaar card/PAN card), proof of address (Aadhaar card, utility bill, or rent agreement), proof of income (bank account details), and a photograph
  • Features - Flexible end user, easy documentation, fast approval and delivery

  • Pros

  1. The documentation process is straightforward and instant
  2. It offers loans with an approval rate of 80%
  3. Loans can be fast tracked and easily approved
  4. EMI plans are affordable based on credit score

  • Cons

  1. Higher interest rates compared to competitors
  2. You must have good credit to get loan approval

2. Navi

Navi is an instant lending platform offering interest rates starting from 9.99 percent per annum and loans up to Rs.20 lakh for a tenure of up to 6 years. With Navi app, you can get a digital personal loan without any processing fee to meet financial emergencies like wedding expenses, medical expenses etc.

The best thing about this app is that it is completely paperless as PAN and Aadhaar numbers are used in the loan application process. The loan can be approved within ten minutes and deposited into the applicant's bank account immediately. Moreover, this digital app offers simple, affordable and easily accessible financial products and services.

    • Pros

    1. It requires less paperwork and documentation
    2. A simple and convenient process
    3. Offers loans from 9.99% to 45%.
    4. From Navi, you get Rs. You can get loan up to 20,00,000

    • Cons

    1. It takes time to correct changes related to bank details

    3. PaySense

    It is one of the best instant loan apps without pay slip, and it recently integrated with LazyPay to become one of the best platforms in the sector. For any purpose, you can get fast personal loans between Rs 5,000 to Rs 5,00,000 and you won't have to wait long for approval. The best part is that you don't have to worry about timeouts as this platform is known to accept requests very quickly. What makes this platform the best personal loan application? This is because documents can be collected instantly from your home, eliminating the need for couriers or scans for digital copies. They also offer a variety of low EMI plans that make loan payments easy and hassle-free. If you need another loan, you can get it done with just one click, as the documentation is already filed.

    • Interest rate per month - 1.08 to 2.33 percent
    • Maximum Loan Amount - Rs. 5,00,000
    • Minimum Loan Amount – Rs. 5,000
    • Documents – Proof of identity (Aadhaar card/PAN card), proof of address (Aadhaar card, utility bill, or rent agreement), proof of income (bank account details), and a photograph
    • Features – Flexible end-users, low interest rates, no collateral required, no credit score required, easy documentation, fast approval and disbursal

      • Pros

      1. The documentation process of this application is very simple and instant
      2. It provides loans to first time borrowers and people with zero credit history
      3. Loans can be fast tracked and easily approved
      4. EMI plans are affordable and depend on credit score

        • Cons

        1. You have to verify some documents, which takes a lot of time
        2. If you have a bad credit rating, you cannot take a huge loan.

        4. MoneyTap

        It is one of the fastest instant loan apps in India. You can get a quick loan only through MoneyTap, and all you need to do is download the mobile app. So how does it work? To start, you first need to download the application and register on the same website. After you register, you need to fill the KYC documents and wait for the final approval. After that, depending on your credit score, you can get instant credit up to an approved amount of INR 5,00,000, which you can use to buy daily necessities, indulgences, travel and more. The best part is that you don't have to go through a lot of paperwork or wait for a long time. This makes it one of the best personal loan apps in India and people do not hesitate to use it

        • Interest rate per month - 1.08 to 2.3 percent
        • Maximum Loan Amount - Rs. 5,00,000
        • Minimum Loan Amount – Rs. 3,000
        • Documentation – Selfie, PAN Card, Current Address Proof (Electricity Bill/Ration Card/Gas Bill or Postpaid Mobile Bill/Telephone Bill/Broadband Bill), Photo ID Proof (Passport/Driving License/Voter ID/Aadhaar Card), Bank Statement, Rental agreement, credit card statement
        • Features - 100% Paperless Process with Online Approval of Loan Rs 100/-, Pay Interest Only on Borrowed Amount, Flexible EMI Tenure from 2 to 36 Months, Collateral Free Loan, 4 Minutes Approval, Secure API and Interface, Variable Interest Rate Loan amount to pay

          • Pros

          1. This mobile application is very well designed and customers do not face any kind of delay while using it
          2. With easy KYC, you can easily create a profile
          3. Credit lines are easily offered and can be used as a wallet
          4. Once the instant loan is approved, you don't have to think much about the credit score

          • Cons

          1. The credit period varies and is up to a maximum of 36 months depending on the amount
          2. Initial KYC will take time

          5. Dhani

          It started as a drug store, but has now expanded to include money lending services. Dhani is one of the best personal loan apps without documents, and many foreign students rely on it to meet their needs while working part-time. You can easily get a quick loan of up to INR 5,00,000, with interest rates that are both easy and affordable. You also get 2% cashback on every transaction, which you can spend on future redemptions and services. No bank order is required, and you can easily get a lifetime cashback card with Dhani, that's why it's the best instant loan app without pay slip. Also, you get a virtually interest-free credit line up to INR 5,00,000 and you can easily get a 90-day payback plan.

          • Interest rate per month - 1 to 3.17 percent
          • Maximum Loan Amount - Rs. 5,00,000
          • Minimum Loan Amount – Rs. 1,000
          • Documentation – PAN Card, Address Proof (Passport, Voter ID, Driving License, Aadhaar Card), Bank Details
          • Features – 5,00,000 with minimum interest up to Rs. 5,00,000, Easy EMI, Unlimited access to doctors, No processing fees and other charges, Exciting cashback, Free Dhani Rup card, 100% online processing, 24*7 customer support

            • Pros
            1. Dhani's own pharmacy and financial services platform combined into one platform.
            2. With Dhani, users can get fast loans with low EMIs and low interest rates
            3. Dhani helps all types of loans and credit rating facilities for quick approval
            4. It has the best range of cashback services
            • Cons

            1. You cannot use it on all types of e-commerce platforms
            2. Initial documentation takes time during registration

            6. Nira

            Neera Finance is known for its instant approval, and that is why it is one of the best instant personal loan apps. You can easily get high amount of loan with a simple registration and they boast of their instant loan limits. You can set up auto-debit and credit through this platform and don't need to worry about fees or charges for your transactions. You just need to download instant loan app, register yourself, upload documents and link bank account. It will automatically evaluate your credit score and provide you with an instant loan at no charge. You can get up to INR 500,000 and the interest rate can be 1.5 to 2.5% (monthly) depending on your score. You can also extend your credit term, which makes it the fastest instant loan app.

            • Interest rate per month - 1.5 to 2.5 percent
            • Maximum Loan Amount - Rs. 5,00,000
            • Minimum Loan Amount – Rs. 3,000
            • Documentation – Recent Payment Slip, Last 3 Months Bank Details, PAN Card, Photo, Identity Proof, Address Proof
            • Features - Fast delivery, low interest rate, easy repayment, flexible schedule, helpful customer service

            • Pros

            1. It provides 100% paperless documentation for loans
            2. You can get the fastest instant loan up to INR 5,00,000 in 3 minutes
            3. You only pay interest on the money used
            4. You do not need a credit score to apply

            • Cons

            1. Approval takes a long time
            2. You must have a bank account with proper documents and KYC

            7. CasHe

            Cashe has established itself as the best personal loan app, and the UI/UX ensures that its app offers. You can easily log in and register on the app and the dashboard has all the information you need to get a quick loan. You can choose from a variety of loans with a maximum amount of INR 500,000 and different interest rates and repayment terms. You can also direct deposit into the respective bank account. You can set up direct auto-debit for loan interest payments, eliminating the need to visit the platform each time. Buy Now Pay Later also has partnerships with Flipkart, Amazon, Big Basket and others and you can choose to guarantee your loan with insurance policies.

            • Interest rate per month - starting from 1.75 percent
            • Maximum Loan Amount - Rs. 5,00,000
            • Minimum Loan Amount – Rs. 5,000
            • Documents – Proof of income (pay slip), proof of identity (passport, Aadhaar card, driving license, or voter ID), proof of address (bills like electricity, gas, telephone or maintenance), PAN card
            • Features - AW Online Payment Processing, User-Friendly, Privacy & Security, 24/7 Service, Low Interest Rates, Basic Documentation

            • Pros

            1. In this application, users get the facility to set their credit limit from approved credit lines
            2. It is a platform like Flipkart, Amazon, etc A highly compatible application with Toform.
            3. Users can transfer money directly to their friends.
            4. Only one time registration is required

              • Cons

              1. Time is required to verify all the documents
              2. Users need to have an excellent credit score to get money from here

              8. Home Credit

              It is one of the easiest portals for any Indian citizen aged 19 to 65 to get short term loans in India. Depending on your credit rating, you can easily get a loan of up to Rs 2,00,000 with just two documents, a PAN card and any other proof of identity or address. It makes the approval process short and hence it has made the list of best personal loan apps. You are eligible for a credit period of up to 26 months and the loan approval is fully digital. It can be directly linked to your bank account or any other digital wallet and the money will be deposited directly into the same account. This platform is also available for senior citizens who are pensioners and have basic monthly income and also valid for those who are studying and not earning.

              • Interest rate per month - 2.4 to 3.3 percent
              • Maximum Loan Amount - Rs. 10,000
              • Minimum Loan Amount – Rs. 2,00,000
              • Documentation – PAN card, identity/address proof
              • Features - Generates best offers after 'Best Fit' eligibility assessment, Easy loan application and approval, Clear loan details, Fast EMI payment, 100% private and secure online process

                • Pros

                1. They have a variety of products in loans, insurance, finance etc.
                2. You need only two documents for approval – PAN card and identity/address proof
                3. It does not consider your credit history
                4. EMI plans are flexible

                • Cons

                1. Interest rates vary on different products
                2. You may need to go through all their offers and terms and conditions before applying

                9. PayMe India

                PayMe India is a great platform with a wide range of features, making it one of the best personal loan apps in India There are loans for PayMe India. All processes. This makes it one of the most versatile platforms for securing loans. You can easily register yourself on the platform, and all you have to do is upload documents, do KYC etc., as well as select a scheme and you will be eligible for instant loans. If you have a business, you can also take a corporate loan. However, you will need proper documentation for this type of loan and your credit period can always be long.

                • Interest rate per month - 2 to 6 percent
                • Maximum Loan Amount - Rs. 1,00,000
                • Minimum Loan Amount – Rs. 1,000
                • Documentation – Bank Statement, Salary Slip, PAN Card, Photo ID Proof, Address Proof
                • Features - Easy Login, Accurate Appraisal, Fast Disbursement, Instant Cash, Different Types of Loans, Loan Advice, Safe Process, Private and Secure

                • Pros

                1. You can get instant loan up to INR 1,00,000 in one day
                2. Documentation considers KYC, credit rating etc.
                3. You will get the best and most accurate assessment from this portal
                4. You can also get instant cash offers

                • Cons

                1. Interest rates are usually higher for short-term instant loans.
                2. You have to repay in just 2 years

                10. India lends

                It is one of the most premium and preferred lending platforms for Indians, as they have a wide variety of loans available for different categories of loans. They also help in getting the lowest interest rates from most banks and NBFCs, making it the low interest loan app most people look for. Apart from instant loans, you can also get gold loans at low interest rates, asset-backed loans, etc. The platform is also known for offering credit cards, and you can choose from over 40 plans and cards. What makes it the best loan application for students? You can check your credit score by simply uploading your PAN document, and this, in turn, helps you select an instant loan plan. It is undoubtedly a goldmine of financial services, and every major information is widely available on their portal.

                • Interest rate per month - 0.9 to 3 percent
                • Maximum Loan Amount - Rs. 50,00,000
                • Minimum Loan Amount – Rs. 15,000
                • Documentation – This application has various document requirements which you can scroll through this website.
                • Features - Easy Approval, Fast Delivery, 100% Online Process, Helpful Customer Service, High Max Price, Low Interest Rate
                • Pros

                  1. This app is known to compare all types of loans before finding the best one
                  2. Users can benefit from its lower interest rate margins
                  3. You will need a secure bank account for all transactions
                  4. You can get your credit score in 1 minute

                    • Cons

                    1. You need to register yourself first
                    2. You need proper KYC and a good score to get fast approval

                    How do we choose the best personal loan applications for you?

                    In 2022, there will be more than 15-20 applications and finance platforms that provide quick loans by completing all digital documentation and verification. However, deciding which one to use becomes a challenge as all these platforms have similar terms and conditions and most of the functions are comparable. So, in this section, we have mentioned some factors that our experts considered while choosing the best personal loan application.

                    1. Eligibility Requirements

                    Our experts recommend that you apply for any instant personal loan application that has extensive eligibility requirements. Age, geography, credit score, employment status, source of income and other factors play a role in eligibility.

                    2. Document processing

                    This is important to consider when choosing a platform. The speed at which your paperwork is processed will determine how quickly you can get a personal loan. While some platforms favor completely paperless transactions and paperwork, others require in-person KYC verification. Consequently, it is a personal decision, as the urgency of your loan will affect the platform you choose.

                    3. Maximum rate of interest

                    Interest rates are especially important in the case of short-term personal loans because you have to repay the money immediately. Because if you miss a single payment it will carry a large sum, most applications offer interest rates per month. As a result, our experts exclusively check apps that charge the lowest interest rates

                    4. Payment schedule

                    The payment schedule must be flexible, or you could lose a significant amount of money. Our analysts look for applications that offer a grace period during which you can repay the loan without negatively affecting your credit rating or history.

                    5. Freedom of use of loan amount

                    Many platforms offer instant loans for specific transactions. This means that if the money is only used to pay for utilities, you can only use it for rent, power, phone bills, etc. To prevent this situation, our experts recommend programs that provide you with a loan that can be used for various purposes.

                    6. Linking to Digital Wallets

                    Digital cash has advanced significantly since the introduction of digital wallets like Paytm, PhonePe, GooglePay and others and most of these platforms allow direct access to such digital wallets. It facilitates transactions along with other features like auto-pay, monthly subscription deduction etc.

                    7. Application interface

                    The speed of the app, as well as its ease of use, determine whether the mobile app is suitable for use. The more user-friendly the interface, the faster one can register and apply for a loan. Therefore, make sure that the application interface is good and bug-free.

                    8. Third-Party Integration

                    Integration with platforms like Flipkart, Big Basket, Myntra, Nykaa, Amazon, Cleartrip, and MakeMyTrip has become essential. You can use the Buy Now Pay Letter function on these fast personal loan apps to secure your wish lists and dream trips at low interest rates.

                    9. Additional Costs and Terms

                    Choose a quick personal loan application with no hidden terms from our experts. They conduct extensive research on processing rates as well as other innuendos. This is where most people fail to be careful and they lose a significant amount of money.

                    10. Application Customer Service

                    While deciding which personal loan to avail and withdraw from, the customer service of the application is very important. Some platforms have an excellent customer support team that answers all inquiries 24 hours a day, seven days a week, and these programs help with payments, processing, failures, and returns. Usually it's a good idea to have an app like this if it's easy to get payments and credit.

                    Frequently Asked Questions About A Personal Loan Application

                    Here are answers to some of the most frequently asked questions about personal loan applications in India.

                    1. Which is the best application for personal loan?

                    The best application to apply for a personal loan is PaySense because it offers multiple benefits and features, as mentioned above in this article.

                    2. Which application gives you instant loans?

                    All the 10 applications listed above are famous for providing personal loans to their users as well. Based on your requirements, you can choose any of the above

                    3. How can we borrow money immediately?

                    The best way to borrow money instantly without any hassle is through a personal loan application. The top 10 apps are listed above according to their ranking.

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