Top 10 Best Personal Loan App [2022]

In this post you will learn about Top 10 Best Personal Loan App in India, India is changing and along with it mindset, behavior, norms and habits are also changing. For example, taking loans is no longer a taboo today. Young Indians have been taking loans for a variety of purposes – such as studying abroad, financing vacations, renovating their home, buying a car and even for their wedding! To meet this growing demand, many organizations have started offering funds to fulfill the dreams of today’s aspiring population.

Money lending apps have gradually become popular in India, as they offer several benefits – customized loans, low interest rates, online credit cards, simple application process and 24X7 tracking. Today, many instant loan apps in India in 2021 offer a fast, paperless and hassle-free way to get instant access to funds to fulfill a dream or during a financial emergency.

In this post, we have listed some of the best loan apps in India that have taken the market by storm and are changing the way Indians borrow.

10 Best Personal Loan App

1. PaySense

PaySense is at the first place in this list of Top 10 Best Personal Loan App in India. PaySense, one of the best instant loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant personal loans. Salaried professionals who earn at least INR 12,000 per month and self-employed individuals who earn a minimum of INR 15,000 per month are eligible to borrow from PaySense. Founded in Mumbai by Sayali Karanjkar and Prashant Ranganathan, the company has partnered with Fullerton and IIFIL for disbursement of loans.

PaySense provides a simple EMI calculator to help borrowers calculate the EMI to be paid every month. After installing the app, all you need to do is check your eligibility and upload the required documents. Borrowers are allowed to choose their preferred tenure to pay off the loan ranging from 3 months to 60 months. The best part is that you do not need to deposit any collateral or securities, nor do you need a high credit score. Last year the company raised $18 million in Series B funding.

2. Cache

Cash is a great way to secure money during an emergency or financial crisis. All you have to do is download the Cash app on your phone (Google Play Store for Android users and Apple Store for iPhone users), upload the required documents to the app; Once approved, the loan amount is credited to your account within a few minutes.

You can also transfer a part of your loan amount directly to your Paytm Wallet. Note that CashEasy approves loans based on the borrower’s social profile, eligibility and earning potential using a proprietary algorithm based machine learning platform.

3. Dhani

Dhani is at third place in this list of Top 10 Best Personal Loan App in India. Backed by Indiabulls Ventures, this is also one of the top loan apps in India. Dhani lets you apply for a personal loan anytime, anywhere and for any reason. Without any physical documents, you can get an unsecured loan in no time.

All you have to do is download the app and provide your PAN number, Aadhaar number and address for verification. Once verified, the loan amount is disbursed to the bank account within minutes, or as the app claims, within three minutes. The loan can be repaid within three to 72 months and if you want to foreclose the loan, and your amount is less than INR 20,000, you are not charged additional foreclosure charges.

4. Early Salary

Do you often run out of cash in the middle of the month and are worried about how to meet the rest of the month’s expenses? Starting pay has you covered when the next payday is away. An exclusive personal loan app for salaried professionals, this app offers loan amounts up to INR 1, 00,000 for all your needs.

The Pune based fin-tech start-up allows you to repay the loan in easy EMIs within 50 days. Slowly gaining popularity among the younger generation, Early Salary raised Rs 100 crore in Series B funding in January last year led by Eight Roads Ventures and IDG Ventures India.

5. Nira

Neera is one of the newest money lending apps in India. After downloading the app, you can find out whether you are eligible for the loan or not in just 3 minutes. If you are eligible, you are given a credit line of Rs 1,00,000.

You can withdraw Rs 5000 or more whenever you need the money and pay it back in easy installments between three to 12 months. The best part is that you do not need a high credit score to apply. So, if you need some money urgently, Neera is a good option. The app also raised $1 million in seed funding last year.

6. Money Tap

Money Tap is at the sixth place in this list of Top 10 Best Personal Loan App in India. Money Tap has a unique feature called “no-use-no-interest”, which makes it different from the rest of the apps. It simply means that you are charged interest only on the amount used. All you have to do is download the app and upload the required documents.

Once approved, you are given a credit line, which you can use as per your needs. MoneyTap has recently partnered with leading NBFCs in India, and the company currently serves Bangalore, Mumbai, NCR, Hyderabad and other cities in India. However, to be eligible for the loan, you need to earn at least Rs 20,000 per month.

7. Flex Pay

Flexsalary is an instant loan app in India specially designed for salaried individuals. Based in Hyderabad, this online loan lending platform is a great help for the salaried individuals who are in need of instant cash in times of crisis. Apart from the one-time approval process, FlexSalary has instant disbursement and gives its borrowers the option to access their credit at any time.

Borrowers are also allowed to decide the loan tenure and repay the amount flexibly. It works as an advanced salary app with no fixed EMI for the borrowers. All you have to do is signup on the app, upload the required documents, and upon approval the loan is transferred to your account.

8. MoneyView

MoneyView is at the eighth place in this list of Top 10 Best Personal Loan App in India. If you need a large amount of cash for an emergency or any other expenditure, this is probably the best instant loan app that you can download. It is a great app that allows you to borrow an amount ranging from Rs 10,000 to Rs 5 lakh and also lets you pay comfortable EMIs within three months to 3 years.

The entire process is done through the app, which is quite easy and completely paperless. You get access to your desired loan amount once your documents are approved. Moneyview has been expanding rapidly over the years and is now present in many Indian cities.

9. PayMe India

Based in Noida, Uttar Pradesh, PayMe is a fin-tech company that provides short-term loans to corporate employees who are in need of instant cash. They offer short-term cash loans, instant payday loans and advance salary loans at low interest rates to salaried corporate employees to help them meet their financial needs.

Their loan application process is completely done through the app. The lending process is reliable and quick too. PayMe has a strong customer support team which is known to be very responsive and helpful for new borrowers. The company also raised $2 million from investors in Singapore last year.

10. Credit Bee

In this list of Top 10 Best Personal Loan App in India, Kredit Be is at tenth place. Among the many loan apps designed to help young professionals, CreditBee is one of the best online loan apps in India. You can borrow an amount up to INR 1000 or INR 1 Lakh. Anyone above 18 years of age and earning Rs 15,000 per month can download the app and apply for the loan.

The entire process happens on the app, and there is no need for physical verification. After uploading the required documents, you have to wait for verification and approval. Once approved, the loan amount is directly credited to your bank account. This app is highly rated and a favorite among young professionals.

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