Top 10 Fastest Instant Loan App in India | Personal Loan without Income Proof (Student)

Do you require immediate cash? Instant lending apps may be the answer to your short-term monetary needs. To obtain a personal loan, you must first download these applications from the Playstore and then complete a simple procedure and document verification. After examining a number of rapid personal loan applications, we’ve compiled a list of the best instant loan app in India so you can figure out which app will get you an instant personal loan with minimal effort.

What are Instant Loan Apps and How Do They Work?

Instant lending applications are mobile applications that provide instant loan services. Obtaining a loan through these mobile apps is a simple one-click process that takes only a few minutes. Furthermore, securing a loan does not require going to a typical bank.

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Documents Required for App-Based Instant Loans

To apply for a personal loan through these applications, you’ll need the following documents:

1. Identity Proof

2. Proof of Address

3. A passport-sized photo

4. Account information and a statement

5. Wage slips

We’ve compiled a list of the finest instant personal loan apps available in India.

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Top 10 Best Instant Loan App in India for 2021

KreditBeeKreditBee

KreditBeeKreditBee is one of the best instant loan apps for both self-employed and salaried individuals in India. You must fill out and submit an application online after downloading the app, and the money will be deposited directly into your account following approval.

Best Instant Loan App in India
Important Characteristics

1. You can borrow between Rs.1000 and Rs.2 lakhs depending on your credit score.

2. The loan’s term varies from 62 days to 15 months.

3. The monthly interest rate ranges from 0% to 2.49 percent.

4. The loan processing cost ranges from Rs.130 to Rs.850.

By using the EMI calculator on the official website, you can see how your KreditBee loan will be repaid.

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Pay Sense

PaySense, the finest app for getting a rapid loan, also offers a variety of personal loan options. You can get a loan from this app even if you have no credit history.

Best Instant Loan App
Important Characteristics

1. Depending on your approved credit, you can get a loan ranging from Rs.5000 to Rs.5 lakhs.

2. The average monthly interest rate is 1.33 percent.

3. The loan’s processing charge is 2.5 percent of the loan amount plus relevant taxes, or Rs.500 plus GST (whichever is greater).

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CashBean 

CashBean is one of the most popular Best Instant Loan App for both self-employed and salaried individuals. This app is one of the greatest loan apps online because it requires minimal documents. It promises to deliver fast loan approval and money disbursement immediately into your bank account.

CashBean
Important Characteristics

1. You can get a personal loan ranging from Rs.1500 to Rs.60000.

2. Loans have an average interest rate of 2.75 percent.

3. Depending on the loan amount, it charges a processing fee of up to Rs.3000.

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CASHe

CASHe, which was founded in 2016, is the greatest rapid loan app for salaried people. It is one of the most dependable rapid loan approval applications because it offers secured and instant loans.

CASHe
Important Characteristics

1. Depending on your approved credit, you can borrow between Rs.9000 and Rs.4 lakhs.

2. The loan’s duration varies from 62 days to 1.5 years.

3. The monthly interest rate is Rs.2.75 percent.

4. The amount of the loan is determined by your take-home pay.

5. The loan’s processing charge is as follows:

Tenure of Loan (in Days)Processing Fee (Whichever is higher)
62 daysRs.750 or 1.25% of the loan amount
90 daysRs.1000 or 1.5% of the loan amount
180 daysRs.1200 or 2% of the loan amount
270 daysRs.1200 or 2% of the loan amount
365 days / 1 yearRs.1200 or 2% of the principle amount
1.5 yearsRs.1000 or 3% of the principle amount

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mPokket 

mPokket is one of India’s top instant loan apps for students, offering quick and easy personal loans with minimal paperwork. You’re bound to stumble across mPokket if you’re seeking rapid loan apps that don’t require a wage slip.

mPokket- Best Instant Loan App
Important Characteristics

1. You can get a personal loan ranging from Rs.500 to Rs.20,000.

2. Loans have an average interest rate of 3.5 percent.

Despite the modest borrowing limit, this rapid loan app online is great for students who can borrow without having to show proof of income. It is the greatest instant loan app without salary slip, for example, if you have been thinking, “How can I get a 5000 instant loan?”

MoneyTap 

MoneyTap has grown in popularity as a result of its effective advertising and marketing strategies. It would be an injustice if we do not include it on our list of the best rapid loan apps.

MoneyTap- Best Instant Loan App
Important Characteristics

1. Depending on your approved credit, you may be eligible for a loan ranging from Rs.35000 to Rs.5 lakhs.

2. Loan terms range from three months to three years.

3. The interest rate begins at a rate of 13% per year.

4. The loan’s processing cost is 2% of the loan amount plus GST.

5. Because this is a quick cash lending app, the amount withdrawn will be subject to a 15% annual interest rate.

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LoanTap 

LoanTap is the greatest rapid loan app since it meets all of your personal loan needs, such as a party, a bike, and so on. It offers a variety of personal loan options from which to pick.

LoanTap
Important Characteristics

1. Depending on your approved credit, you may be eligible for a loan ranging from Rs.50000 to Rs.10 lakhs.

2. The average annual interest rate is 15 percent.

3. The loan processing fee is 2% of the loan amount plus applicable taxes.

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EarlySalary 

EarlySalary is an instant loan app that deserves to be among India’s top ten rapid loan apps.

EarlySalary
Important Characteristics

1. Depending on your approved credit, you can get a loan ranging from Rs.5000 to Rs.5 lakhs.

2. The monthly interest rate is on average 2%.

3. The loan’s processing charge is Rs.399.

The Money View

Money View is a must-have addition to any list of rapid lending apps.

The Money View- Best Instant Loan App
Important Characteristics

1. Depending on your approved credit, you can get a loan ranging from Rs.5000 to Rs.5 lakhs.

2. The average yearly interest rate is between 16 and 19 percent.

3. The loan processing cost ranges from 2% to 8% of the total loan amount.

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Credy 

Credy is the finest app for rapid loans, just like its contemporary name suggests. Thousands of rapid loan apps for education, low CIBIL loans, refinancing, and other personal requirements have already been downloaded.

Credy- Best Instant Loan App
Important Characteristics

1. A loan of up to Rs.1 lakh is available to you.

2. The typical monthly interest rate is 1% to 1.5 percent. Annually, no more than 30%.

3. The loan processing cost is 3% of the total loan amount.

Bonus: Here are a few more Instant Loan Apps.

Here are some additional immediate personal loan apps to select from if you need a quick cash loan in India.

1. Dhani

2. IndiaLends

3. NIRA

4. Capital First Limited

5. SmartCoin

6. Home Credit

7. LazyPay

8. AnyTime Loans

9. Flexsalary

10. Bajaj Finserv

11. Rupeelend

12. PayMeIndia

13. StashFin

14. Mobikwik

15. ZestMoney

#Loan AppAnnual Interest Rate or APRLoan AmountApp Rating/5
1PaySense16% – 36% (APR)₹5,000 to ₹5 lakh4
2CASHe27% – 33%₹7,000 to ₹4 lakh3.6
3EarlySalary0% – 30%₹3,000 to ₹5 lakh4.3
4Nira24% – 36% (APR)₹5,000 to ₹1 lakh4.2
5KreditBee0% – 29.95%₹1,000 to ₹2 lakh4.1
6Credy12% – 18%Up to ₹1 lakh4.1
7mPokketStarting at 52%₹500 to ₹30,0004.2
8DhaniStarting at 13.99%₹1,000 to ₹15 lakh4
9Bajaj Finserv12% – 34% (APR)₹30,000 to ₹25 lakh4
10MoneyTap13% – 36%₹3,000 to ₹5 lakh4.1
11FlexSalaryUp to 36% (APR)₹4,000 to ₹2 lakh3.7
12MoneyView16% – 39% (APR)₹10,000 to ₹5 lakh4.5
13PayMe India18% to 42% (APR)₹2,000 to ₹2 lakh3.2
14SmartCoin0% – 30%₹4,000 to ₹1 lakh3.9
15StashFin9.99% – 35.99% (APR)₹1,000 to ₹5 lakh4
16HomeCredit19% – 56% (APR)₹10,000 to ₹2,40,0004.3
17ZestMoneyUp to 36% (APR)₹1,000 to ₹10 lakh4.6
18IDFC First BankStarting at 10.49%Up to ₹40 lakh3.9
19LoanTap18% – 30%₹25,000 to ₹10 lakh3.7
20Fullerton IndiaStarting at 11.99%₹50,000 to ₹25 lakh3
21LazyPay15% – 32%₹10,000 to ₹1 lakh4.4
22IndiaLendsStarting at 10.75%Up to ₹50 lakh3.8
23CashBeanUp to 26%₹1,500 to ₹60,0004.3
24RupeeLend365% (APR)₹10,000 to ₹1 lakh2.6
25AnyTimeLoan18% – 54%Up to ₹50 lakh1.9

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FAQ’s

Which app should you use to apply for a loan?

PaySense is a popular loan application software in India.

Which app provides loans without the need for pay stubs?

PaySense is a personal loan app that provides loans without the need for pay stubs.

During the lockout, which apps are offering loans?

During the lockout, PaySense and a number of other lenders are offering loans.

Which loan app in India is the best?

PaySense is one of India’s top rapid personal loan apps, providing personal loans ranging from $5,000 to $5,00,000 for terms ranging from 3 to 60 months and an annual percentage rate (APR) ranging from 16 to 36 percent on a declining balance basis.

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