Loan apps have been a great help for people with bad credit. The best part is that they are easy to use and can be accessed from the comfort of your home without having to go through an extensive application process at a bank.
In this post, we will review 5 out of the top loan apps in India that you should try out today!
Top 5 Instant Loan App In India
Here is the top 5 instant loan app in India to consider trying out.
- Navi- Instant Loan
- MoneyTap Loan
- Kreditbee Loan
- Cashe Personal Loan
- Truecaller Loan
1. Navi- Instant Loan
Navi is a personal loan app that you can use to get instant access to money. You need not be worried about credit history or income tax returns when applying for this loan because the company only requires your Aadhar card, bank account number, and PAN card information.
The best part of Navi is that they will approve loans in just 60 seconds, and you can even get a loan as low as Rs. 1000 to 5 lakh.
Interest Rate & Charges
| Interest rate | 12% to 30% per year |
| Processing fee | 2.5 % of the loan amount (minimum Rs 500+GST and maximum Rs 5,000+GST) |
| Minimum Loan Tenure | 3 month |
| Maximum Loan Tenure | 60 month |
Also Read: Flipkart Pay Later EMI
Documents Required
- Pan Card
- Aadhaar Card
- Bank Account
- Selfie
2. MoneyTap Loan
MoneyTap is a personal loan app that works in association with several Indian banks. You can easily apply for loans through this company and get access to money within 24 hours of applying.
To apply, all you need is to fill out an online form on their website and provide information such as your name, bank account number, and Aadhar card number.
The maximum amount available via Money Tap is Rs 5 lakh, which can be accessed quickly because the entire process takes about 20 minutes!
Interest Rate & Charges
| Interest rate | 13% to 18% per annum |
| Processing fee | 3,000 – 199 + GST 5, 000 – 399+ GST 10,000 – 499 + GST 25,000 and above – 2% of borrowed amount + GST |
| Minimum Loan Tenure | 2 month |
| Maximum Loan Tenure | 36 month |
| Late payment fee | 15% which can be between Rs.350 to 1000. |
Documents Required
- Pan Card
- ID Proof: Driving License/ Valid Passport/ Voter ID/ Aadhaar Card.
- Address Proof: Driving License/ Valid Passport/ Aadhaar Card.
- Selfe Picture: The picture will be taken from the MoneyTap app.
- Company name, Salary slip & Email address for a salaried employee.
- Trade License, IT file for Self Employed.
3. Kreditbee Loan
Kreditbee is an online personal loan company that works with several banks to offer you loans at very competitive rates.
The best part of this app is that it will take just 15 minutes for your application to be approved, and the money can then be transferred into your account.
You are required to fill out a short form on their website which asks about basic details such as name, age, email address, and bank account number so they can easily match you with existing offers from various lenders in their network!
Kredtibee is offering up to 2 lakh instant loans.
Interest Rate & Charges
| Interest rate | 12.24% to 29.95% p.a. |
| Processing fee | Up to 6% of Loan Amount |
| Late Payment Charges | Up to Rs. 500/- |
Also Read: Amazon Pay Later Instant Loan
Documents Required
- Aadhaar Card
- Pan Card Number
- Income Proof
- 6 Month Bank Statement
- Recent 3-month Salary Slip
- Trade License for Self Employed
- IT File for Self Employed
Cashe Personal Loan
Cashe is another personal loan app that you can use to get easy access to money. This company works with several banks in India and offers very competitive interest rates on loans ranging from Rs. 9,000-Rs. 4 lakhs via their Cashe app platform.
You have the required minimum documents when applying for a loan through this company because everything happens online!
Interest Rate & Charges
| Tenure | Processing fee |
| 90 days | For loan amounts ranging from 0 to 33333, there is a flat fee of Rs.500, and for loan amounts ranging from 33334 to 99999, there is a 1.50% fee. |
| 180 days | 1200 rupees, or 2% of the loan |
| 270 days | 1200 rupees, or 2% of the loan |
| 360 days | 1200 rupees, or 2% of the loan |
| 540 days | whichever is larger: Rs.1000 or 3% of the loan |
Documents Required
- Pan Card Number
- Aadhaar Card
- Latest Salary Slip
- Bank Account
- Address Proof (Aadhaar Card, Voter Card, Electricity bill, Gas bill)
- Latest bank statement of the salary account.
- Selfie Photo identity
Truecaller Loan
Truecaller is a personal loan company that works with several banks in India to offer loans at competitive rates.
You can apply for a personal loan through their mobile app, which you can download from the Google Play Store or Apple App store by searching “truecaller.”
The best part about Truecaller is that they allow you to pre-approve your credit limit, so all you have to do when applying via their platform is select how much money you would like and then pay it back on time!
Truecaller provides up to 5 lakh loans.
Interest Rate & Charges
| Interest rate | 16% per annum |
| Late Payment Charges | Nil |
| Processing fee | Charged Dynamically |
| Pre-closure Charges | Nil |
| Minimum Loan Tenure | 3 months |
| Maximum Loan Tenure | 36 months |
Also Read: Paytm Postpaid Loan
Documents Required
- Pan Card
- Aadhaar Card
- Recent 3-month Salary Slip
- Bank Account Statement
- Gas Bill/ Electricity Bill/ Rent Agreement
So these are the top loan apps in India that you should try right now! All of them work with several banks and offer very competitive rates for loans ranging from Rs. 1,000-Rs. 5 lakhs, so get started today by downloading one of their mobile applications to your phone!
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