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Best Personal Loan Apps in India 2024

Best Personal Loan Apps in India 2024

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 top instant 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.

Rise of Online Personal Loan Apps:

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.

Features & Benefits of Best Personal Loan Apps:

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.

List of 10 Best Personal Loan Apps 2024:

Sr. No.Lender NameInterest RatesLoan AmountRepayment TenureRatings (Jan 2024)
1lendingplate12% – 36% p.a₹10000 – ₹2,50,0003 – 15 Months4.3
2MoneyTap12% – 36% p.a₹3,000 – ₹5,00,0002 – 36 Months4.0
3Moneyview16% – 39%* p.a₹5,000 – ₹10,00,0003 – 60 months4.7
4Aditya Birla Capital13% – 28% p.a₹1,00,000 – ₹50,00,00012 – 84 months3.4
5Tata Capital10.99% – 35% p.a₹40,000 – ₹35,00,0006 – 84 months3.9
6Bajaj Finserv11% – 37% p.a₹20,000 – ₹40,00,00012 – 96 months4.6
7KreditBee16% – 29.95% p.a₹1,000 – ₹5,00,0003 – 24 Months4.6
8PaySense16 % – 36% p.a₹5,000 – ₹5,00,0003 – 60 Months3.6
9IIFl Finance12.75% – 44% p.a₹ 5,000 – ₹ 5,00,0003 – 42 months4.3
10IDFC FIRST Bankstarting at 10.75%₹20,000 – ₹40,00,00012 – 84 months4.3

Here you can see a quick review of lendinglate’s Android app:

Eligibility Criteria to Avail Personal Loan Through Mobile Apps:

Lender NameDocumentationEligibility
lendingplateProof 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 EmailCitizenship: Indian Age: 21 or Above Monthly Income: ₹ 20,000 Credit Score: 650 or above Profession: Salaried
MoneyTapPan 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 CardCitizenship: 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
MoneyviewPAN number Clear Selfie Registered Mobile Number to Aadhar & Bank AccountCitizenship: 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 CapitalKYC 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 CapitalID & Address Proof: Voter ID / Passport / Driving License / Aadhaar Card Salary Slip (last 2 months) Account Statement (last 6 months) Employment CertificateCitizenship: 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 FinservKYC Documents: Aadahar/Passport/Voter ID/DL PAN Card Employee ID Salary Slip (last 3 months) Bank Account Statement (last 3 months) Electricity Bill/Piped GasCitizenship: Indian Age: 21 years to 80 years Monthly Income: ₹ 15,001/- or more Work Experience: 1 years and above Credit Score: 685 and above
KreditBeePhotograph (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
PaySenseProof 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 FinanceKYC 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 disbursalMonthly 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 BankSelfie, Address Proof (Aadhar Card/Driving License) ID Proof (PAN Card) 6-12 months bank statement for current account and savings accountMonthly 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


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.

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