Best instant loan apps in India | Instant loan in 1 hour in India

Getting a personal loan has never been easier with tons and tons of instant loan apps providing customers with instantly approved loans in a matter of minutes. With the number of available apps in the market, it is difficult to choose the one that fits your needs. Instant loan app provides instant approval of the personal loan and helps customers secure a loan almost instantly.

Using an instant loan app you can apply for a personal loan or check the status of your loan. Most instant loan app will have an easy to use interface that will help customers to apply for a loan without much hassle. An instant loan app also cuts down the time required and paperwork involved in a loan approval process. We have compiled a list of best instant loan apps in no particular order that helps in securing a personal loan. This list will help you choose the instant loan app that requires minimum approval time as well as affordable for most.

You should keep in mind that its approval time is different from disbursal time. Your application can be approved within minutes however the funds may take some time to credit in your bank account. As the process is online you are not required to you physically visit all send hard copy documents for the loan approval process. Using the instant loan apps you can upload the necessary documents required for a personal loan. You can also track your due date for EMI so that you do not default or delay in the payment of the EMI. You can have full control over your personal loan using instant loan apps. The instant loan apps thus help in applying and managing a personal loan using just a smartphone app. It provides full control to the customer to manage their loans effectively.

Best instant loan app in India – 2020

These are the top instant loan apps that you can choose to secure an instant personal loan in India.

  1. Credy: instant approval within a minute is what makes Credy one of the fastest loan approval instant loan apps currently available in the market. Credy also boasts quick disbursal of loan within 48 hours in the bank account of the customer. using the Credy App you can send a loan application in a few simple steps and get approval within a minute if you are eligible. you can check your eligibility on the buddy app and ensure that your application meets the basic criteria. Benefits and features of Credy App
    • You can borrow up to 1 lakh instantly using the app.
    • Apply for instant loans online in 5 minutes
    • Salary verification is done directly on the app using your bank statement that needs to be submitted on the app.
    • Get a real-time decision of loan terms.
    • Digitally sign an agreement on the app.
    • Cash disbursal directly to your bank account.
    • Payback in easy equal monthly installments directly from the app.
    • Repay on time, to get top-up loans and improve your credit score.
    • Credy has one of the best customer support.
    • You can earn extra benefits as referral bonuses.
    • No hidden charges.
    • Flexible interest rates and loan tenure.
  2. MoneyTap: MoneyTap is one of the popular instant loan apps currently available in India. you can take a loan ranging from 3000 rupees to 5 lakhs. The process is completely paperless and you can transfer the required amount directly to your bank instantly. Using the app with the fastest way to secure a personal loan from MoneyTap.Features and Benefits of MoneyTap App
    • 100% paperless process with online approval of a loan without a bank visit.
    • Pay interest only for the borrowed amount and not the whole amount.
    • Flexible EMI tenure ranging from 2 to 36 months.
    • Collateral free loan.
    • Get emergency cash instantly online.
    • You can get approved for a personal loan within 4 minutes using the app.
    • You can choose any amount from the pre-approved loan amount that’s based on your salary and credit score.
    • MoneyTap App has secured API and interface to protect your sensitive documents.
    • You also get added benefits like getting 0% Interest rate EMI for shopping on for 3 months.
    • You also get a variable interest rate for the borrowed loan amount.
  3. KreditBee: This app is targeted towards young professionals with a stable monthly salary and needs quick cash without any collateral. You can take up to 2 lacs as personal loan form KreditBee directly transfer to your bank account. There are three types of loans provided by KKreditbee which include Flexi personal loan, Personal loan for salaried people, and Online purchase loan. Features and benefits of KreditBee App
    • A paperless online loan approval process.
    • Minimum documentation required the approval of the loan application.
    • Get the fund transferred immediately into your bank account.
    • Get extra benefits and a higher loan amount for the timely repayment of EMI.
    • Choose a flexible tenure ranging from 62 days to 15 months.
    • Flexible interest rates ranging from 0% to 2.49% per month.
    • You can get a Flexi personal loan ranging from 1000 to 50000 rupees approved in 10 minutes with just your pan card and KYC details for a tenure of 62 days to 6 months.
    • The app is secured with 128 bit SSL encryption to safeguard your important data.
    • You can also use the app to shop on partner websites Like Flipkart, Amazon, Myntra MakeMyTrip, etc using e-voucher from Kreditbee and later paying it in equal installments.
  4. MoneyView: MoneyView is a money management app that tracks your expenses and helps you Security personal loan up to rupees 5 lacs instantly using the app. The app can automatically read your bank SMS to help you manage your budget and keep track of your expenses. You can also avail a personal loan using the same app with a flexible interest rate of 1.33 % to 2.5 % per month. You can also choose a flexible tenure from 3 months to 60 months. Features and benefits of MoneyView app
    • Get a personal loan up to 5 lacs within 2 business hours credited directly to your bank account.
    • You can use the built-in expense tracker system to track all the expenses through text messages.
    • You can set and keep track of your budget to help you manage your expenses better.
    • The app will send out bill payment reminders so that you never miss a bill again.
    • You can also track balances of third party payment apps like Paytm on Freecharge using the app directly.
    • The loan amount ranges from 10000 rupees to 5 lacs.
    • The processing fee charged is nominal at 2.5 % to 4%.
    • Money view has state of the art security system which does not read your bank OTP are account numbers to keep the information safe and secure
  5. PaySense: Paysense offers personal loans to salaried as well as self-employed personal. Get a personal loan ranging from 5000 to 5 lakh rupees without any collateral and flexible interest rates. The application process for a personal loan on the app is easy and quick. The app allows you to choose an auto-debit option for your EMI which makes it easier to secure a personal loan. Features and benefits of PaySense app
    • Designed to make the loan application procedure simple and quick.
    • PaySense offers a 2-minute loan application process.
    • The whole process is paperless and online.
    • Automatic deduction of EMI from your bank account.
    • Choose for a tenure of 3 months to 60 months.
    • Interest rates at an affordable rate of 13% per annum.
    • Even a self-employed can apply for a personal loan from PaySense having a monthly income of 15000 rupees.
    • After approval, the loan amount is credited within a few days directly in your bank account.
  6. CASHe: CASHe uses a proprietary algorithm to determine the credit profile of a customer. It is very different from the traditional method of credit score used by most banks and lenders. They call it social loan quotient(SQL) that uses multiple unique data to determine the creditworthiness of a customer. The whole process is automatic and requires no physical intervention which makes it easier and quicker for loan disbursal. If you have proper documents you can expect the loan amount to be credited in your account within 10 minutes.Features and benefits of CASHe app
    • Use your smartphone to apply for a personal loan quick and easy steps.
    • Upload only a few documents to get a loan approval instantly.
    • You can apply for a personal loan ranging from 9000 to 80000 rupees for a tenure of 62 days or Rupees 19000 to 1 lakh rupees for a tenure of 90 days and 25000 to 2 lakhs rupees for 180 days.
    • Complete digital process cutting down any physical intervention or requirement of physical documentation.
    • Fast approval process without visiting banks.
    • Affordable rate of interest.
    • Flexible repayment methods.
    • Flexible loan options you can choose from as per your need.
    • Targeted at young professionals looking for short term personal loans without Collateral and flexible loan options having a salary account.
  7. EarlySalary: This app is targeted towards applicants having no credit history. Anyone with a monthly salary of 18000 rupees and above can avail of a loan up to rupees 2 lakhs from EarlySalary. EarlySalary uses a proprietary method to determine the creditworthiness of an applicant. It is called Social Worth (SW) score it helps in quick disbursal of a loan in emergency situations. Get the amount credited into your bank account within 10 minutes subject to proper documentation. Features and benefits of EarlySalary app
    • Get an instant loan up to 200000 rupees disbursed within 10 minutes.
    • Get advance salary up to rupees 2 lacs at only rupees 9 per day.
    • Apply for a loan in simple steps on the app and get it transferred to your bank account within 10 minutes.
    • You can use the EarlySalary limit to shop on Amazon, Flipkart, BigBasket, and pay in Easy EMI at a 0% interest rate.
    • You can also use the early salary limit to plan your vacation and pay later in easy installments at 0% interest rate for 3 EMIs and an affordable rate for 6 EMIs.
  8. mPokket: Targeted at college students and newly employed this app allows users to take a personal loan starting for rupees 500 without any collateral or Salary Account documentation. The student loan app has approval time and has flexible repayment options for students to manage their credit better. It also offers loans to recently graduated with a job offer at the time of applying for a loan. Features and benefits of mPokket app
    • Apply for student personal loans using your student ID card directly from the app.
    • The whole process is online making it easier for students to take a loan for the rainy days.
    • Minimum documentation required makes it easier for students to acquire a personal loan from mPokket.
    • The application is approved within 24 hours and you can get the money credited into your bank account or PayTM wallet as per your choice.
    • Repayment of the loan is easy using the app as you have various options like Paytm wallet, UPI, or your bank account.
    • A good credit behavior will help you to get a higher credit limit.
    • If you have a job offer and wish to get a higher amount you can provide your Employment Letter or offer letter for a higher approved credit limit
  9. LazyPay: Lazypay provides credit from 10000 rupees to 100000 rupees instantly approved on the app with minimum documentation. You can also use lazy pay for shopping on websites like Amazon, Flipkart, Zomato Swiggy, etc, and pay later flexible EMI options. Features and benefits of MoneyView app
    • Check your eligibility directly on the app.
    • Apply for a personal loan in 3 simple steps.
    • Get the fund transfer it to your bank account and choose auto-debit options for deduction of EMIs is on time.
    • You can also avail LazyPay’s 15 days of free credit benefit while shopping on popular apps without the need for any documentation.
    • You can get a higher credit limit by timely repayment of your loan and using LazyPay app for shopping on your favorite shopping apps.

We hope this compiled list will help you in choosing the best instant loan app for securing a personal loan in 2020. This is not a complete list, so keep an eye for future updates and new apps being added to the list

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