Instant Personal Loan Apps in India for 2024

Instant Personal Loan Apps in India for 2024

Article ImageNavigating the financial landscape in India has become more seamless with the evolution of digital lending platforms, spotlighting the best online loan app in India for 2024 1. With a plethora of options available, individuals can now access instant personal loans tailored to their unique financial needs, incorporating features such as flexible repayment and quick loan processing times. The article embarks on an exploratory journey through 37 top loan apps in India, offering a comparative analysis deeply rooted in user reviews, lender credibility, and the versatility of personal loan apps 1.

This comparison extends to a myriad of critical factors including loan amount, tenure, interest rates, repayment options, and digital lending innovations that enhance the borrowing experience 1. Highlighting the shift towards instant loan online services, the analysis also delves into the specifics of eligibility criteria, pre-approved loan offers, and the impact of one’s credit score on loan accessibility. By providing a comprehensive overview of instant loan apps in India, this guide aims to equip readers with the knowledge to choose a financial solution that best aligns with their needs 1.

Tata Capital

Tata Capital stands out as a reliable choice for those seeking instant personal loans in India. With competitive interest rates starting at 10.99% per annum, this platform caters to a wide range of borrowing needs 1.

Key Features

  1. Interest Rates: Competitive starting at 10.99% p.a., making it an attractive option for borrowers looking for cost-effective loan solutions 1.
  2. Loan Amount and Tenure: Offers a broad range of loan amounts from INR 75,000 to INR 35,00,000 with flexible repayment terms up to 6 years, accommodating various financial requirements 1.
  3. Flexible Repayment Options: Provides borrowers with multiple repayment strategies, which can ease the financial burden during the loan tenure 1.
  4. Online Application Process: Streamlined digital application process allowing for quick and hassle-free loan applications directly from a smartphone 1.
  5. Additional Services: Includes overdraft facilities, zero charges on part payment, and no requirement for collateral or security, enhancing the accessibility and affordability of loans 1.

Loan Products Offered

  • Personal Loan: Starting at 10.99% p.a. with minimum monthly income requirement of INR 15,000 1.
  • Home Loan: Competitive rates starting at 6.85% p.a. with various eligibility requirements including income and age proof 1.
  • Business Loan: Customized EMI options available with collateral-free loan opportunities 1.
  • Vehicle Loan: Offers flexible tenures and competitive rates, making it easier to own a vehicle 1.
  • Loan Against Property and Securities: Quick access to finance with zero foreclosure charges and competitive interest rates 1.

Additional Financial Tools and Services

  • Calculators: A range of calculators such as Personal Loan EMI, Home Loan EMI, and more, helping users plan their finances effectively 1.
  • Credit Score Services: Offers services to check and monitor credit scores, providing insights on improving creditworthiness 1.
  • Wealth and Insurance Services: Includes personalized wealth management services and a variety of insurance options covering life, health, and property 1.

Customer Support and Accessibility

  • 24/7 Customer Care: Robust customer support available round-the-clock to assist with any queries or issues 1.
  • Branch Locator and Online Services: Easy access to physical branches and seamless online services for loan and credit card applications 1.

Tata Capital not only provides a variety of loan products but also integrates useful financial management tools and customer-centric services, making it a top contender in the instant personal loan market in India.



PaySense, a prominent digital lending platform in India, offers a comprehensive range of financial services including personal loans and credit cards 2. The platform is designed to cater to the needs of diverse borrowers through its user-friendly instant loan app.

Key Features

  1. Loan Range and Terms: Users can apply for loans varying from INR 5,000 to INR 5,00,000 with flexible repayment terms ranging from 6 months to 5 years 2.
  2. AI-Driven Credit Assessment: Utilizes advanced AI algorithms to quickly assess an applicant’s creditworthiness, speeding up the loan approval process 2.
  3. Customer Support: Provides 24/7 customer service, ensuring assistance is always available. Additionally, users can track their loan application status in real-time 2.
  4. Multiple Payment Options: Supports various payment methods including UPI, debit cards, and net banking, making transactions convenient and accessible 2.

Interest Rates and Loan Terms

  • Interest Rates: Offers competitive interest rates ranging from 16.8% to 27.6% per annum 1.
  • Loan Amount and Tenure: Maximum loan amount offered is up to INR 5 lakhs with repayment tenure options from 3 to 60 months 1.

User Experience and Ratings

  • App Downloads and Ratings: As of April 2024, PaySense has been downloaded over 1 crore times and holds a user rating of 3.7 out of 5 based on 1.56 lakh reviews 1.
  • Customer Feedback: Users often highlight the quick loan disbursal, sometimes within 6 hours of application, and commend the responsive customer support 1. However, some users have expressed concerns over high-interest rates and experiences of poor customer service 3.


  • Documentation and Verification: It is crucial for potential borrowers to thoroughly verify all provided information and understand the terms and conditions before proceeding with a loan application through PaySense 3.

PaySense stands out as an instant online personal loan app that offers a variety of loan amounts and flexible repayment options, tailored to meet the needs of a broad user base 1.


5oFin distinguishes itself in the competitive landscape of instant personal loan apps in India by offering a unique blend of flexibility and accessibility. Catering to a broad spectrum of financial needs, this platform provides loans against mutual funds, making it a valuable resource for those seeking quick financial solutions.

Key Features and Loan Terms

  1. Loan Amount and Tenure: Offers loans ranging from INR 25,000 to INR 5,00,00,000 with flexible tenures between 3 months and 12 months, accommodating both short-term and medium-term financial needs 1.
  2. Interest Rates: Competitive interest rates at 1% per month or 11% per annum, which aligns with the industry standards for personal loans 1.
  3. Processing and Additional Fees: A processing fee of 2% to 3% of the loan amount is applied, capped at INR 2,500, ensuring transparency in costs associated with the loan processing 1. Additionally, unpledging charges without availing of a loan are INR 400, and INR 1,200 bounce charges may apply, which are crucial for borrowers to consider 1.
  4. Late Payment Penalties: Implements a late payment fee of 2% per month on the outstanding amount, encouraging timely repayments 1.

Digital Lending Innovations

  • Paperless Process: 5oFin simplifies the application process with a completely paperless approach, leading to quicker loan approvals 1.
  • Instant Approval: Known for its quick approval and disbursal, it offers instant approval in principle, which is a significant advantage for users needing immediate financial assistance 1.
  • Flexi Repayments: One of the standout features is the Flexi repayment option, which provides borrowers with the flexibility to manage their repayments according to their financial situation 1.

Loans Against Mutual Funds

  • 5oFin specializes in providing digital solutions for loans against mutual funds, which is a relatively niche but highly valuable service for investors looking to leverage their investments without liquidating them 1.
  • This feature is complemented by the platform’s competitive interest rates and substantial loan amounts, making it an attractive option for a wide range of borrowers 1.

5oFin’s approach to digital lending emphasizes convenience, speed, and flexibility, making it a noteworthy option for those exploring instant loan apps in India. Its unique selling proposition of loans against mutual funds positions it distinctively in the market, catering especially to borrowers who have invested in mutual funds and are looking for quick liquidity solutions.

INDIE by IndusInd Bank

INDIE by IndusInd Bank emerges as a robust digital banking solution, particularly for salaried individuals looking for instant personal loans. With competitive interest rates ranging from 10.49% to 22% per annum, INDIE caters to a diverse clientele, offering loans up to ₹5,00,000 with flexible tenure options from 3 to 36 months 1.

Key Features and Financial Products

  • Interest Rates and Loan Terms: Loans available up to ₹5,00,000 with interest rates between 10.49% and 22% annually. Customers can choose from loan tenures between 3 and 36 months, providing flexibility to meet different financial needs 1.
  • Credit Line Features: INDIE offers a credit line up to ₹5 lakh, which customers can draw upon as needed, paying interest only on the amount utilized. This flexible feature allows multiple withdrawals, making it ideal for continuous financial needs without the burden of a fixed loan amount 4.
  • Savings and Investment Options: Beyond loans, INDIE provides a plethora of services including savings accounts with attractive interest rates, fixed deposits with returns up to 7.85%, and stock broking services in partnership with Paytm Money offering low brokerage charges 456.
  • Advanced Security Measures: The platform ensures high security with features like a numberless debit card, single-use virtual card, dynamic ATM PIN, and Super OTP, enhancing the safety of online transactions 5.

User Experience and Accessibility

  • Digital Banking App: INDIE’s app is designed to offer a personalized banking experience, focusing on user-centric features that allow customization according to individual financial needs. The app is highly rated for its intuitive interface and has garnered over 3 million customers shortly after its launch 56.
  • Customer Support: INDIE can be reached via multiple channels including phone, email, and video KYC, ensuring that assistance is readily available for users from 9 am to 7 pm daily 4.

Additional Benefits

  • Rewards and Incentives: Users enjoy up to 3% rewards on debit card transactions with additional benefits across various categories such as shopping, dining, and travel. INDIE also offers a unique rewards program where actions on the app earn ‘INDIE Gems’, which can be redeemed for various perks 6.
  • No-Fee Banking: INDIE provides an online savings account with no maintenance fees and includes free transactions like IMPS, NEFT, RTGS, and UPI. Customers also benefit from unlimited free cash withdrawals at IndusInd Bank ATMs 6.

INDIE by IndusInd Bank stands out not only for its financial products but also for its commitment to providing a tailored and secure digital banking experience.


Nira emerges as a notable player in the realm of digital lending in India, specializing in providing instant personal loans through its user-friendly app. This financial technology company offers a flexible line of credit up to Rs. 1 Lakh, catering to various personal and emergency needs of consumers 78.

Key Features and Loan Terms

  1. Credit Line: Up to Rs. 1 Lakh with a flexible repayment tenure of up to 12 months 78.
  2. Interest Rates: Starting from 2% per month, translating to an annual percentage rate (APR) of 24% to 36% 9.
  3. Loan Usage: Funds can be utilized for diverse purposes including holiday planning, wedding expenses, medical emergencies, and more 9.

Application and Approval Process

  • Digital Application: The loan application process is entirely digital, ensuring a seamless user experience from registration to approval 89.
  • Quick Approval: Decisions on loan approvals are made instantly, sometimes in as little as 3 minutes, allowing for rapid access to funds 9.

Fees and Charges

  • Processing Fees: A processing fee of up to 2% of the loan amount is charged, with a minimum of Rs. 500 plus applicable GST 9.
  • Late Payment Fees: Charges for late payment start at Rs. 500, increasing to a maximum of Rs. 1000 for overdue periods exceeding 90 days 8.

Partnerships and Technology

Nira has collaborated with several leading financial institutions like Muthoot Finance and PayU, enhancing its reach and reliability in the financial sector 8. This network of partnerships supports Nira’s commitment to responsible lending and financial inclusion.

User Eligibility and Requirements

  • Minimum Salary: Applicants need to have a minimum monthly income of Rs. 12,000 to qualify for a loan 9.
  • KYC Documentation: Mandatory Aadhaar Card for completing KYC and verification processes, ensuring secure and compliant transactions 9.

Nira’s approach to personal lending focuses on accessibility and convenience, making it a viable choice for individuals seeking quick financial solutions without the need for a high credit score.


Moneyview stands out in the digital lending landscape with its comprehensive suite of loan products and user-friendly features 11. Offering a diverse range of loan types including personal, education, vehicle, and business loans, Moneyview caters to a wide spectrum of financial needs [50][52][53][54][55][56].

Key Features and Loan Terms

  1. Loan Amount and Tenure: Provides loans from Rs.5,000 to Rs.10 lakh with flexible repayment periods ranging from 6 to 60 months 11.
  2. Interest Rates: Competitive rates starting at 1.33% per month, ensuring affordability [50][52][53][54][55].
  3. Flexible Repayment Options: Includes features like overdraft facilities and zero charges on part payment, enhancing flexibility for borrowers 7.
  4. Collateral-Free Loans: No collateral or security required, making it accessible for a broader audience [50][52][53][54][55].
  5. Rapid Disbursal: Promises loan disbursal within 24 hours, catering to urgent financial needs [50][52][53][54][55].

Digital Lending Innovations

  • Completely Paperless Process: Simplifies the application process, making it quick and hassle-free [50][52][53][54][55].
  • AI-Driven Decision Making: Utilizes advanced algorithms for a quick eligibility check and loan approval, often within minutes [50][52][53][54][55].

Fees and Charges

Fee TypeDetails
Interest RateStarting from 1.33% per month
Loan Processing ChargesStarts at 2% of the approved loan amount
Penal Charges on Overdue24% per annum plus applicable taxes on overdue EMI
NACH BounceRs.500 each occurrence
ForeclosureNo charges, but only after a minimum number of EMIs paid
Part-PrepaymentNot allowed

Eligibility and Application Process

  • Eligibility Criteria: Requires a minimum monthly income of Rs. 13,500 for salaried and Rs. 15,000 for self-employed individuals. The applicant should have a credit score of at least 650 [49][52][53][54][55][56].
  • Application Methodology: Entirely digital application process from eligibility check to loan disbursal, ensuring a streamlined user experience [49][52][53][54][55][56].

Moneyview’s approach to personal lending emphasizes flexibility, speed, and accessibility, making it a strong contender for anyone looking for quick financial solutions in India.

Bajaj Finserv

Bajaj Finserv distinguishes itself in the competitive landscape of instant personal loan apps in India by providing substantial loan amounts and a variety of financial services tailored to diverse consumer needs.

Key Features and Loan Terms

  1. Loan Amount and Tenure: Offers loans up to Rs. 40 Lakh with flexible repayment periods ranging from 12 to 72 months, catering to both short-term and long-term financial requirements 12.
  2. Interest Rates: Interest rates start at 10.49% per annum, with options ranging up to 38%, depending on various borrower-specific factors 12131417.
  3. Flexible Repayment Methods: Borrowers can repay through multiple channels including ECS (Electronic Clearing Service) and cheques, providing convenience in managing finances 12.

Additional Charges and Fees

Charge TypeDetails
Processing FeesUp to 3.93% of the loan amount, inclusive of applicable taxes 1316
Bounce ChargesRs. 700 – Rs. 1,200 per instance of repayment default 13
Full Prepayment ChargesUp to 4.72% on the outstanding loan amount 1316
Part-prepayment ChargesNot applicable for certain loan types like Flexi Term Loan and Flexi Hybrid 13
Penal ChargesUp to Rs. 12 per day per installment after the due date 13
Stamp DutyApplicable as per state laws and deducted from the loan amount 13
Mandate Rejection ChargesRs. 450 per month until the registration of a new mandate 13

Interest Rate Determinants

The interest rate offered to a borrower by Bajaj Finserv is influenced by several factors which ensure a tailored financial solution:

  • Credit Score: A higher credit score can significantly lower interest rates 14.
  • Income Level and Employment Stability: Reflects the borrower’s capacity to repay the loan, affecting the interest rates offered 14.
  • Debt-to-Income Ratio: A lower ratio is preferable and can lead to more favorable rates 14.
  • Loan Amount and Tenure: Larger loans or extended repayment periods may attract higher interest rates 14.
  • Relationship with the Lender and Market Conditions: Long-term customers and prevailing economic conditions also play a role in determining the rates 14.

Bajaj Finserv’s approach to personal lending emphasizes flexibility, transparency, and a broad spectrum of financial products, making it a prominent choice for borrowers seeking instant personal loans in India.


KreditBee emerges as a significant player in the instant personal loan app market in India, offering a range of financial solutions tailored to meet diverse needs.

Key Features and Loan Terms

  1. Loan Amount and Tenure: Provides loans ranging from ₹3,000 to ₹5 Lakhs with repayment periods from 4 to 36 months, catering to various financial requirements 1920.
  2. Interest Rates: Interest rates start at 16% per annum and can go up to 29.95% per annum, depending on the loan amount and the borrower’s credit profile 20.
  3. Eligibility Criteria: Applicants must be Indian citizens, aged between 21 and 60 years, and have a minimum monthly income of ₹10,000 1920.
  4. Required Documents: The application process requires a photograph (selfie), Identity Proof (PAN), and Address Proof (Aadhaar, Passport) 1920.
  5. Processing Fees: Charges range from ₹150 to ₹13,750, varying with the loan amount and other factors 1920.

Application Process and Loan Usage

  • Digital Application: The process is entirely digital, starting from signing up with a mobile number, entering basic information, uploading KYC documents, to selecting the desired loan amount and tenure 1920.
  • Versatile Loan Usage: Loans can be utilized for multiple purposes including travel, education, emergencies, shopping, weddings, and home renovation, providing flexibility for users 1920.

Additional Features and Benefits

  • EMI Calculator: KreditBee offers an EMI calculator for various loans like Personal, Business, Home, Bike, Car, Education, Gold, and Bank EMI, helping users plan their finances efficiently 20.
  • Flexible Repayments and Instant Approval: The platform provides flexible repayment options and boasts an instant approval process, enhancing user convenience 7.
  • Accessibility for Low CIBIL Scores: Even applicants with low CIBIL scores can avail loans, making it accessible to a wider audience 21.

Fees and Charges Table

Fee TypeAmount Range
Processing Fees₹150 to ₹13,750
Interest Rate16% to 29.95% per annum
Loan Amount₹3,000 to ₹5 Lakhs
Loan Tenure4 to 36 months

KreditBee’s approach to digital lending focuses on accessibility, flexibility, and rapid service, positioning it as a preferred choice for instant personal loans in India.

Olyv (SmartCoin)


Olyv, powered by SmartCoin Financials Pvt. Ltd., operates from Bengaluru, Karnataka, and has become a prominent name in the digital lending space in India. The Olyv SmartCoin App offers instant personal loans up to ₹5 lakh without requiring any collateral or extensive paperwork, making it an accessible financial solution for a wide range of borrowers 1.

Key Features and Loan Terms

  1. Loan Amount and Tenure: Borrowers can access instant personal loans up to ₹5 lakh with flexible repayment periods ranging from 2 to 24 months, accommodating various financial needs 1.
  2. Interest Rates: The interest rates on loans start from 1.5% per month, translating to annual rates between 20% and 29.88%, which aligns with competitive market standards 1.
  3. No Hidden Charges: Olyv ensures transparency in its fee structure, clearly stating all costs upfront, including a processing fee of 3% of the loan amount plus 18% GST 1.

Digital Innovations and Customer Benefits

  • Quick Credit Assessments: Utilizes technology to offer a free credit score check with a 60-second refresh rate, helping users stay informed about their financial health 1.
  • Rewards and Savings: Provides exciting rewards and personalized financial tips, along with an innovative digital gold savings product, allowing regular savings starting as low as ₹10 1.
  • Safety and Security: Guaranteed safety with no storage charges and 24×7 options for redeeming digital gold; the platform is ISO 27001 Certified and registered with the RBI, ensuring high standards of data security and regulatory compliance 1.

Application Process

The loan application process is streamlined for user convenience:

  1. Open the Olyv app and select the “loan” button 1.
  2. Enter employment details and choose the desired loan amount and tenure 1.
  3. Provide bank details, complete eKYC, and register for autopay 1.
  4. Sign the loan agreement to finalize the borrowing process 1.

Additional Services

  • 24/7 Customer Support: Olyv offers round-the-clock customer support, ensuring that users can get assistance whenever needed 1.
  • Contact Information: Customers can reach out via phone at +91-9148 380504 or email at for any queries or support related to their loans 1.

Olyv’s commitment to providing a seamless and secure lending experience, coupled with its innovative financial products, positions it as a reliable choice for instant personal loans in India.


Key Features and Financial Products

Fibe, previously known as EarlySalary, is renowned for its versatile financial offerings, particularly in the personal loan sector. Here are some of the notable features:

  1. Loan Amounts and Terms: Fibe provides instant personal loans ranging from ₹8,000 to ₹5,00,000, with repayment tenures from 3 to 36 months, catering to various financial needs 26.
  2. Interest Rates: The platform offers competitive interest rates starting at 16% per annum, calculated on a reducing balance basis, making it a cost-effective option for borrowers 26.
  3. Instant Cash Loan: One of Fibe’s standout features is the ability to disburse up to ₹5 lakhs within just 2 minutes, highlighting its commitment to providing quick financial solutions 282726252423.

Eligibility and Documentation

To apply for a loan with Fibe, applicants must meet certain criteria and provide specific documents:

  • Age Limit: Applicants should be aged between 21 and 55 years 26.
  • Income Requirements: A minimum monthly income of ₹18,000 for metro cities and ₹15,000 for non-metro cities is required 26.
  • Documentation: Necessary documents include a selfie or passport-size photograph, identity proof (Passport/Aadhar card/PAN Card/Driver’s License), proof of address (Passport/rental agreement/Utility bills/Voter’s ID), and proof of income (Bank statements and salary stubs for the previous 3 to 6 months) 26.

Application Process

The application process at Fibe is designed to be swift and user-friendly:

  1. Register yourself on the Fibe app.
  2. Get instant approval for your loan.
  3. Upload the necessary KYC documents.
  4. Once approved, the loan amount is ready to be transferred to your account 26.

Additional Loan Options and Services

Fibe also offers a variety of specialized loans and services to cater to different needs:

  • Emergency Cash Loans: For urgent financial requirements 27.
  • No Pre-closure Charges: Borrowers can close their loans early without any extra charges, providing more flexibility in loan management 26.
  • 24X7 Availability: Services are available round the clock, ensuring that financial assistance is just a few taps away 26.
  • Customer Support: For any inquiries or issues, customers can contact Fibe’s customer care at 020-67639797 or via email at 26.

Feedback and Ratings

Despite its many features, user feedback on the Fibe app indicates some areas of concern:

  • App Performance: Users have reported encountering errors while using the app, which could affect the overall user experience 26.
  • Customer Satisfaction: There have been instances where customers were not satisfied with the service provided, as reflected in the mixed reviews online 26.

Fibe’s commitment to providing flexible and instant financial solutions is evident through its broad range of loan products, eligibility criteria tailored for the Indian market, and a straightforward application process. However, potential users should consider both the benefits and the reported user experiences when choosing Fibe as their loan provider.


Through the exploration of 37 top instant personal loan apps in India for 2024, we’ve navigated a diverse landscape of digital lending platforms, showcasing their unique features, competitive interest rates, and flexible repayment terms. These platforms, from Tata Capital’s comprehensive loan services to Fibe’s innovative and swift financial solutions, highlight the evolving digital lending ecosystem in India. Each platform offers distinct advantages, whether it’s the convenience of paperless applications, the accessibility for individuals with varying credit scores, or the quick disbursal of funds, catering to a wide spectrum of financial needs and circumstances.

This comparative analysis underscores the significance of digital lending platforms in providing financial flexibility and addressing the immediate monetary needs of individuals. By meticulously evaluating user reviews, lender credibility, and loan terms, potential borrowers are better positioned to make informed decisions that align with their financial goals. As the digital lending space continues to evolve, it remains imperative for borrowers to remain cognizant of the terms and conditions associated with these financial instruments, ensuring their decisions contribute positively to their financial wellbeing.


Q: What app can provide me with an instant loan? A: There are several apps that offer instant loans. To find out the most reliable ones, you can refer to the list of 37 top instant personal loan apps in India for 2024.

Q: How can I identify loan apps that are not legitimate? A: Be cautious of fake loan apps by checking their reviews, verifying their company registration, and looking for any red flags in their lending practices.

Q: Which bank in India approves loans the quickest? A: HDFC Bank is known for its rapid loan approval process, offering pre-approved loans to its customers in just 10 seconds. Non-HDFC Bank customers can also receive loans within 4 hours.

Q: What is the quickest app for a small, instant loan of ₹5000? A: Zype is an app that provides a speedy and simple process for obtaining an urgent ₹5000 loan. It ensures quick approval and disburses funds directly to your bank account.


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