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A personal loan app is a financial tool that is specially designed to fulfil financial needs. There are lots of banks and financial institutions in India that are providing instant personal loans through mobile apps. In this post, you’ll learn about the best loan apps in India, exploring their features and benefits. There are 10 best personal loan apps mentioned in this article based on trust, transparency, and affordability of interest rates.
As we all know, money is one of the most important aspects of human life. Most human needs can be fulfilled through money, as life is full of ups and downs. There are lots of circumstances in life when you need money to deal with financial crises. Personal loan apps are specially designed to deal with financial crises such as medical emergencies, debt consolidation, home renovation, education expenses, wedding expenses, and so on.
India has become one of the most populated country with more than 1.43 billion people, and China has become the 2nd largest country. The demand for personal loans in India is rapidly growing. According to a survey, 67% of Indians take personal loans to fulfil their requirements. The number of NBFCs in India has also grown very fast in the last few years due to the high demand for unsecured personal loans. The increasing number of financial institutions is contributing to the rise of online personal loan apps in India.
In this digital world, mobile apps, search engines, and social media are the best friends of people. According to a report published in The Times of India, Indian users spent 4.9 hours daily on their mobile phones. Everyone is habitually using a mobile phone. It is easy to forget your wallet at home, but you can’t forget your mobile. You can use mobile apps to make payments; there is no need for a physical wallet to keep cash. This indicates that people heavily rely on mobile devices, prompting personal loan lenders to shift their focus to mobile apps. These are the main reasons why private institutions have incorporated numerous features into their loan apps, offering instant loans for customers' convenience.
Here are some features and benefits of instant personal loan apps.
1. User-Friendly Interface: Mobile apps are known for their user-friendly interface that helps users access applications easily. Users can navigate through the applications and manage their loan account.
2. Quick Application Process: Personal loan apps have quick options to share location, take selfies, and easily upload digital documents. The quick application process helps in faster submission of loan applications.
3. Minimal Documentation: Loan apps have option to upload documents. Borrowers do not need to provide hard copies, as in traditional bank loans. Digital documents and e-signatures are commonly used to simplify the process.
4. Online Eligibility Check: Borrowers can check their eligibility through the personal loan apps, such as their credit score and required documents. Borrowers can quickly assess whether they meet the basic eligibility criteria before applying for a loan.
5. Interest Rate Calculators: Personal loan lenders integrate interest rate calculators into their apps that help users check interest rates, principal amounts, monthly EMIs, etc.
6. Transparent Terms and Conditions: Reputable lenders are always transparent with their loan terms and conditions. They maintain transparency in their loan application, including interest rates, processing fees, tenure, late fees, and other charges. Users can easily check all these things in a personal loan app.
7. Security Measures: To ensure the safety of user data and transactions, personal loan apps implement robust security measures, such as encryption technologies and secure data storage.
8. Notifications and Alerts: Users receive notifications and alerts about their loan application status, upcoming repayments, and other relevant information. This keeps borrowers informed throughout the loan lifecycle.
9. Customer Support: Personal loan apps integrate customer support through their mobile apps, where users can access chat support, helpline numbers, and email their queries and concerns.
Finding a loan app that meets your needs can feel overwhelming with so many options available today. The right best personal loan app should make borrowing simple while keeping your information secure and offering fair terms that work for your budget.
Look for apps that clearly show their interest rates before you apply for loans. Lower rates mean you pay back less money over time. Compare several apps to find the most affordable option for your financial situation.
Different apps have different lending limits that may affect your choice. If you need a small amount like ₹10,000, the best instant personal loan app should offer this without forcing you to borrow more than necessary.
When unexpected expenses hit, waiting days for loan approval isn't helpful. The best online personal loan app should feature quick eligibility checks and fast approval times. Look for apps that promise same-day processing and fund transfers within hours of approval.
Your loan should fit your payment ability, not force you into a tight spot. Good apps offer various repayment periods ranging from 3 to 24 months.
The app should make applying for loans simple even if you're not tech-savvy. Straightforward application forms and helpful guidance throughout the process matter greatly.
| Sr. No. | Lender Name | Interest Rates | Loan Amount | Repayment Tenure | Ratings (Jan 2025) |
|---|---|---|---|---|---|
| 1 | lendingplate | 12% – 36% p.a | ₹10000 – ₹2,50,000 | 3 – 15 Months | 4.3 |
| 2 | MoneyTap | 12% – 36% p.a | ₹3,000 – ₹5,00,000 | 2 – 36 Months | 4.0 |
| 3 | Moneyview | 16% – 39%* p.a | ₹5,000 – ₹10,00,000 | 3 – 60 months | 4.7 |
| 4 | Aditya Birla Capital | 13% – 28% p.a | ₹1,00,000 – ₹50,00,000 | 12 – 84 months | 3.4 |
| 5 | Tata Capital | 10.99% – 35% p.a | ₹40,000 – ₹35,00,000 | 6 – 84 months | 3.9 |
| 6 | Bajaj Finserv | 11% – 37% p.a | ₹20,000 – ₹40,00,000 | 12 – 96 months | 4.6 |
| 7 | KreditBee | 16% – 29.95% p.a | ₹1,000 – ₹5,00,000 | 3 – 24 Months | 4.6 |
| 8 | PaySense | 16 % – 36% p.a | ₹5,000 – ₹5,00,000 | 3 – 60 Months | 3.6 |
| 9 | IIFl Finance | 12.75% – 44% p.a | ₹ 5,000 – ₹ 5,00,000 | 3 – 42 months | 4.3 |
| 10 | IDFC FIRST Bank | starting at 10.75% | ₹20,000 – ₹40,00,000 | 12 – 84 months | 4.3 |
Here is a quick video to apply for online personal loan through lendingplate Android app:
| Lender Name | Documentation | Eligibility |
|---|---|---|
| lendingplate | Proof of Identity: Aadhaar, PAN Proof of Address: Aadhaar, Utility Bill, Bank/ Credit Card/ Home Loan Statement, Rent Agreement Proof of Income: Bank Statement, Payslip, Work Email | Citizenship: Indian Age: 21 or Above Monthly Income: ₹ 20,000 Credit Score: 650 or above Profession: Salaried |
| MoneyTap | Pan Card Number Professional Selfie Address Proof: Valid Driving License / Valid Passport / Aadhar Card) ID Proof: Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card | Citizenship: Indian Age: 21 – 60 years Monthly Income: ₹ 20,000 Work Experience: 3 years and above Credit Score: 650 and above Profession: Salaried or Self-Employed |
| Moneyview | PAN number Clear Selfie Registered Mobile Number to Aadhar & Bank Account | Citizenship: Indian Age: 21 years to 57 years Monthly Income: ₹ 13,500/- or more Work Experience: 3 years and above Credit Score: 650 and above |
| Aditya Birla Capital | KYC Documents PAN Number Address & ID Proof Income Proof, Bank Statement (last 6 months) Salary Slip (last 3 months) | Citizenship: Indian Age: 23 years to 60 years Monthly Income: ₹ 45,000/- or more Work Experience: 2 years and above Credit Score: 700 and above |
| Tata Capital | ID & Address Proof: Voter ID / Passport / Driving License / Aadhaar Card Salary Slip (last 2 months) Account Statement (last 6 months) Employment Certificate | Citizenship: Indian Age: 22 years to 58 years Monthly Income: ₹ 15,000/- or more Work Experience: 1 years and above Credit Score: 750 and above |
| Bajaj Finserv | KYC Documents: Aadahar/Passport/Voter ID/DL PAN Card Employee ID Salary Slip (last 3 months) Bank Account Statement (last 3 months) Electricity Bill/Piped Gas | Citizenship: Indian Age: 21 years to 80 years Monthly Income: ₹ 15,001/- or more Work Experience: 1 years and above Credit Score: 685 and above |
| KreditBee | Photograph (Selfie) Identity Proof (PAN) Address Proof (Aadhaar, Passport) Employment Proof Salary Statement (Last 3 Months) | Citizenship: Indian Age: 21 years to 60 years Monthly Income: ₹ 15,000/- or more Minimum Family Income: ₹25,000/ Work Experience: Minimum 3 months. Credit Score: 685 and above |
| PaySense | Proof of Identity: PAN Card & Selfie Proof of Address: Aadhaar card, Voter ID, Passport or Driving License Proof of Income: Bank e-statements (last 3 months) | Monthly Income: ₹ 15,000/PM Citizenship: Indian Age: 21 years to 60 years Employment Type: Salaried and Self-employed Work Experience: Minimum 3 months. |
| IIFl Finance | KYC Documents: PAN Card, Aadhar Card, and Driving Licence along with a selfie. Income Proof: Bank Statement (last 3 months) E-mandate: Debit Card or Net Banking details for setting up e-mandate E-sign: eSign or eStamp for quick personal loan disbursal | Monthly Income: ₹ 20,000/PM Citizenship: Indian Age: 21 years to 60 years Employment Type: Salaried and Self-employed Work Experience: 5 Years Credit Score: 700 and above |
| IDFC FIRST Bank | Selfie, Address Proof (Aadhar Card/Driving License) ID Proof (PAN Card) 6-12 months bank statement for current account and savings account | Monthly Income: ₹ 15,000/PM Citizenship: Indian Age: 23 years to 60 years Employment Type: Salaried and Self-employed Work Experience: 3 Years Credit Score: 700 and above |
Your financial information needs strong protection when you apply for loans online. Many people worry about sharing personal details through mobile apps. Responsible lenders use several layers of protection to keep your information safe from potential threats.
Reputable loan apps encrypt your personal information using advanced technology similar to what banks use. Your Aadhaar, PAN details, or bank information remain unreadable to unauthorised people. Look for apps that mention bank-level security in their policy to ensure your data stays protected.
Before downloading any personal loan app, read their privacy policy carefully to understand how they use your information. Reliable lenders explain what data they collect. They can help you understand why they need it and who they share it with.
Pay attention to what permissions the app requests on your phone. Legitimate instant personal loan apps only need access to specific features like a camera for document scanning and location verification.
Create strong, unique passwords for your loan app accounts and never share them with anyone. Decent apps offer security features such as fingerprint login or OTP verification.
Lending has changed dramatically with mobile technology putting loans at your fingertips. Loan apps as well as traditional banks serve similar purposes. They nonetheless differ in their approaches. Understanding these differences helps you choose what works best for your situation.
Instant personal loan apps process applications within minutes. On the contrary, traditional banks often require visits and manual verification. It may extend the timeline significantly. Loan apps can offer speedier access to funds when you need them most when you face urgent expenses like medical bills or repairs.
Banks frequently ask for multiple physical documents including income proof, address verification, and employment certificates. Most personal loan app services simplify this process by accepting digital copies and using electronic verification systems.
Traditional banks sometimes offer lower starting interest rates for personal loans compared to mobile apps. However, these rates typically require excellent credit scores and long banking relationships.
| Factor | Traditional Bank | Personal Loan Apps |
| Approval Time | 3 to 7 days | Minutes to hours |
| Documentation | Extensive physical paperwork | Digital uploads |
| Interest Rates | 10-18% (for prime borrowers) | 12-36% (varies) |
| Convenience | Branch visits often required | Complete the process on the phone |
| Loan Amounts | ₹50,000 to ₹40,00,000 | ₹10,000 to ₹5,00,000 |
| Customer Support | Branch and phone support | In-app chat and phone support |
There are hundreds of personal loan apps in India that provide instant personal loans, but every lender may have a slight difference in their eligibility criteria to avail of a personal loan. You may check all the listed apps and analyze their eligibility criteria, processing fees, loan tenure, and other important factors. You can choose the best personal loan app based on interest rates, document requirements, loan tenure, and other important factors.
All the above loan apps are known for their reputation, transparency, and flexibility in their mobile apps. You can choose the app that suits you the most. lendingplate is also known for its transparent terms and affordability. You can apply for a personal loan through the lendingplate personal loan app.
Personal loan apps connect borrowers directly with lenders through mobile platforms. You download the app, register with basic details, and complete a quick application by uploading your ID proof, address proof, and income documents. The app verifies your information digitally, checks your credit score, and shows your eligible loan offers. Once you accept an offer, the money reaches your bank account within hours through direct transfer.
Reputable personal loan apps licensed by the RBI follow strict security protocols to protect your information. They use data encryption, secure payment gateways, and privacy policies that limit data sharing. Stick with established lenders like lendingplate that display their NBFC license numbers prominently. Avoid apps that request unusual permissions or promise loans without any verification, as these could pose security risks to your personal data.
Loan amounts vary widely across different apps in India. Maximum instant personal loan app services are offered from ₹10,000 to ₹5,00,000. New borrowers qualify for smaller amounts. Someone with a good repayment history may access higher limits over time as they build trust with the lender.
Yes, most loan apps charge processing fees ranging from 1% - 5% of your loan amount. This fee covers the cost of your application, running credit checks, processing your documents, etc. Always check the processing fee percentage before applying, as this affects the actual amount you receive.
Transparent lenders clearly disclose all charges upfront, but you should watch for potential additional costs. These might include late payment penalties (typically ₹500-1000 per incident), mandate return fees if your EMI payment fails, foreclosure charges for early repayment (around 5% of the outstanding balance), and GST on all service fees. The best personal loan app will provide a complete fee schedule before you sign your loan agreement.
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
