10 Best Personal Loan Apps in India 2024
In today’s fast-paced world, personal loans have become a lifeline for many people who need quick access to funds for various reasons—be it for medical emergencies, travel, education, or any unexpected financial requirement. The traditional method of borrowing money from banks or financial institutions can be time-consuming and cumbersome, especially when you need quick access to cash. However, with the rise of digital lending platforms, personal loan apps have revolutionized the way we borrow money.
These apps offer an easy and convenient way to apply for personal loans from the comfort of your home or office. The best part? Most of them come with minimal paperwork, fast approval processes, and flexible repayment options. But with so many options available in the market, how do you choose the right one for you? Well, we’ve got you covered!
In this comprehensive guide, we will explore the 10 best personal loan apps in India in 2024. Whether you’re looking for low-interest rates, flexible loan amounts, or quick disbursement, this list will help you make an informed decision.
Best Personal Loan Apps in India 2024
| Sl. No. | Loan App | Interest Rate | Loan Amount | Repayment Tenure | Play Store Rating |
|---|---|---|---|---|---|
| 1 | Moneyview | 16% p.a. onwards | Rs. 5,000 – Rs. 10 Lakh | 6 – 60 months | 4.8 |
| 2 | MoneyTap | 13% p.a. onwards | Up to Rs. 5 Lakh | 3 – 36 months | 4.0 |
| 3 | KreditBee | 17% – 29.95% p.a. | Rs. 1,000 – Rs. 5 Lakh | 3 – 36 months | 4.5 |
| 4 | PaySense | 1.4% – 2.3% p.m. | Rs. 5,000 – Rs. 5 Lakh | 3 – 60 months | 3.1 |
| 5 | CASHe | 2.50% p.m. onwards | Rs. 1,000 – Rs. 4 Lakh | 3 – 18 months | 4.5 |
| 6 | Nira Finance | 2% p.m. onwards | Rs. 5,000 – Rs. 1.5 Lakh | 3 – 24 months | 4.2 |
| 7 | Navi | 9.9% p.a. onwards | Up to Rs. 20 Lakh | Up to 6 years | 4.3 |
| 8 | Fibe (Formerly EarlySalary) | 12% p.a. onwards | Rs. 5,000 – Rs. 5 Lakh | 3 – 24 months | 4.5 |
| 9 | LoanTap | 12% – 24% p.a. | Rs. 50,000 – Rs. 10 Lakh | 6 – 60 months | 3.4 |
| 10 | mPokket | Up to 48% p.a. | Up to Rs. 45,000 | 61 days – 12 months | 4.4 |
| 11 | Bajaj Finserv | 1% – 32% p.a. | Rs. 20,000 – Rs. 40 Lakh | Up to 96 months | 4.8 |
10 Best Personal Loan Apps in India 2024
1. Moneyview: The Most Trusted Personal Loan App
Moneyview is one of the most popular personal loan apps in India, offering an easy-to-use interface and quick approval process. The app provides loans starting at 16% per annum, with amounts ranging from Rs. 5,000 to Rs. 10 Lakh.
Why Choose Moneyview?
Moneyview is known for its transparency and high approval rates, which makes it a go-to for many individuals. The loan application process is hassle-free, and the disbursal is fast, often within 24 hours. Whether you need a small amount for personal expenses or a larger sum for major needs, Moneyview has flexible loan tenures ranging from 6 months to 5 years.
Key Features:
- Quick loan disbursal
- Flexible repayment options
- High customer rating (4.8)
- Instant eligibility check
Interest Rates and Loan Amounts
- Interest Rate: 16% p.a. onwards
- Loan Amount: Rs. 5,000 to Rs. 10 Lakh
- Repayment Tenure: 6 to 60 months
2. MoneyTap: A Convenient Way to Access Credit
MoneyTap is another excellent app for personal loans in India. With interest rates starting from 13% per annum, this app provides an efficient way to apply for loans up to Rs. 5 Lakh. The loan approval process is quick, and you can get funds within a few hours.
Why Choose MoneyTap?
MoneyTap offers an attractive feature known as the “credit line” where you can borrow funds as needed, rather than receiving the entire loan amount upfront. This makes it an ideal choice for those who need flexible borrowing options.
Key Features:
- Credit line facility
- Instant approval and disbursal
- Flexible repayment terms
- Rated 4.0 on the Play Store
Interest Rates and Loan Amounts
- Interest Rate: 13% p.a. onwards
- Loan Amount: Up to Rs. 5 Lakh
- Repayment Tenure: 3 to 36 months
3. KreditBee: Quick Loans for Immediate Needs
KreditBee is a well-known app in the personal loan space, offering loans at interest rates ranging from 17% to 29.95% per annum. It caters to borrowers who need small, short-term loans for urgent financial needs.
Why Choose KreditBee?
KreditBee is a great option for people who need a quick loan with minimal paperwork. The app is known for its easy approval process and quick disbursal. It’s perfect for emergencies or small, unexpected expenses.
Key Features:
- Easy approval process
- Fast disbursal
- Loan amount up to Rs. 5 Lakh
- Rated 4.5 on Play Store
Interest Rates and Loan Amounts
- Interest Rate: 17% to 29.95% p.a.
- Loan Amount: Rs. 1,000 to Rs. 5 Lakh
- Repayment Tenure: 3 to 36 months
4. PaySense: Flexible Loan Terms for All Needs
PaySense offers a wide range of loan options, with interest rates ranging from 1.4% to 2.3% per month. The loan amounts can go up to Rs. 5 Lakh, and the repayment terms are highly flexible, ranging from 3 to 60 months.
Why Choose PaySense?
PaySense is ideal for people who need a personal loan with flexible terms and competitive interest rates. The app’s user-friendly interface ensures that you can apply for a loan quickly and easily.
Key Features:
- Flexible repayment options
- Wide range of loan amounts
- Transparent pricing
- Play Store rating of 3.1
Interest Rates and Loan Amounts
- Interest Rate: 1.4% to 2.3% p.m.
- Loan Amount: Rs. 5,000 to Rs. 5 Lakh
- Repayment Tenure: 3 to 60 months
5. CASHe: Quick Loans for Young Professionals
CASHe is an innovative loan app designed for young professionals in India. It offers instant personal loans with interest rates starting at 2.5% per month, which is great for those who need a short-term loan for various purposes.
Why Choose CASHe?
CASHe is tailored for salaried employees and professionals, particularly those in their 20s and 30s. It provides quick loans with minimal documentation. The app has a smooth and easy application process, and you can receive funds quickly, often within a few hours.
Key Features:
- Instant loan approval and disbursal
- Designed for young professionals
- Offers flexible repayment tenure
- High Play Store rating of 4.5
Interest Rates and Loan Amounts
- Interest Rate: 2.5% p.m. onwards
- Loan Amount: Rs. 1,000 to Rs. 4 Lakh
- Repayment Tenure: 3 to 18 months
6. Nira Finance: Affordable Loans with Flexible Terms
Nira Finance is an emerging personal loan app in India that provides quick, hassle-free loans at interest rates starting at 2% per month. It is especially ideal for individuals who need smaller loans for personal expenses.
Why Choose Nira Finance?
Nira Finance’s easy-to-use platform offers fast approval and disbursal of loans. The app’s low-interest rates make it an affordable option for people looking for smaller loan amounts. It also allows for loan repayments in multiple easy installments.
Key Features:
- Low-interest rates
- Loan amounts up to Rs. 1.5 Lakh
- Quick loan disbursal
- Play Store rating of 4.2
Interest Rates and Loan Amounts
- Interest Rate: 2% p.m. onwards
- Loan Amount: Rs. 5,000 to Rs. 1.5 Lakh
- Repayment Tenure: 3 to 24 months
7. Navi: Large Loan Amounts and Flexible Terms
Navi, a popular app backed by Sachin Bansal, offers personal loans starting at 9.9% per annum. Navi provides personal loans up to Rs. 20 Lakh with flexible repayment options.
Why Choose Navi?
Navi is ideal for individuals who need larger loan amounts, as it offers loans of up to Rs. 20 Lakh. The app offers fast processing, minimal documentation, and flexible repayment terms of up to 6 years. It is highly rated for its ease of use and quick loan disbursal.
Key Features:
- Loan amounts up to Rs. 20 Lakh
- Flexible repayment options (up to 6 years)
- Quick approval process
- Play Store rating of 4.3
Interest Rates and Loan Amounts
- Interest Rate: 9.9% p.a. onwards
- Loan Amount: Up to Rs. 20 Lakh
- Repayment Tenure: Up to 6 years
8. Fibe (Formerly EarlySalary): Fast Loans with Quick Disbursal
Fibe, previously known as EarlySalary, offers personal loans with interest rates starting at 12% per annum. It provides loans for urgent expenses, with loan amounts ranging from Rs. 5,000 to Rs. 5 Lakh.
Why Choose Fibe?
Fibe is perfect for anyone who needs quick cash for immediate needs like medical emergencies or other personal expenses. The app allows you to borrow funds at competitive interest rates, and the approval process is extremely fast. Fibe is one of the top choices for salaried professionals looking for short-term loans.
Key Features:
- Fast approval and disbursal
- Competitive interest rates starting at 12% p.a.
- Flexible loan amounts
- High Play Store rating of 4.5
Interest Rates and Loan Amounts
- Interest Rate: 12% p.a. onwards
- Loan Amount: Rs. 5,000 to Rs. 5 Lakh
- Repayment Tenure: 3 to 24 months
9. LoanTap: Personal Loans for Various Financial Needs
LoanTap offers personal loans with interest rates starting at 12% per annum, suitable for a variety of personal expenses. The loan amounts range from Rs. 50,000 to Rs. 10 Lakh, and repayment terms vary from 6 to 60 months.
Why Choose LoanTap?
LoanTap is a great choice for people looking for personal loans with flexible repayment options. The app offers customized loan plans, and the loan approval process is fast and straightforward. It’s ideal for people with varied financial needs, from debt consolidation to big-ticket personal expenses.
Key Features:
- Flexible repayment terms
- Customizable loan plans
- Fast loan disbursal
- Play Store rating of 3.4
Interest Rates and Loan Amounts
- Interest Rate: 12% – 24% p.a.
- Loan Amount: Rs. 50,000 to Rs. 10 Lakh
- Repayment Tenure: 6 to 60 months
10. mPokket: Quick Loans for Students and Young Professionals
mPokket is an ideal loan app for students and young professionals. It offers loans with interest rates up to 48% per annum, which are perfect for short-term financial requirements.
Why Choose mPokket?
mPokket is one of the go-to apps for students looking to borrow small amounts of money quickly. The app offers short repayment periods, making it easy for students and professionals to pay off their loans in a short time. While the interest rates are high, the loan amounts are generally lower, making it a good option for minor, urgent financial needs.
Key Features:
- Loan amounts up to Rs. 45,000
- Short repayment terms (61 days to 12 months)
- Quick approval and disbursal
- Play Store rating of 4.4
Interest Rates and Loan Amounts
- Interest Rate: Up to 48% p.a.
- Loan Amount: Up to Rs. 45,000
- Repayment Tenure: 61 days to 12 months
11. Bajaj Finserv: Large Loans with Flexible Terms
Bajaj Finserv is one of the leading financial service providers in India. It offers personal loans with interest rates starting at 1% per annum and loan amounts ranging from Rs. 20,000 to Rs. 40 Lakh.
Why Choose Bajaj Finserv?
Bajaj Finserv is ideal for those who need larger loans and longer repayment terms. The app offers flexible loan options with interest rates that are competitive in the market. Whether you need a personal loan for medical expenses, home renovation, or a wedding, Bajaj Finserv is a trusted provider.
Key Features:
- Large loan amounts (up to Rs. 40 Lakh)
- Flexible loan tenures (up to 96 months)
- Easy application process
- Play Store rating of 4.8
Interest Rates and Loan Amounts
- Interest Rate: 1% – 32% p.a.
- Loan Amount: Rs. 20,000 to Rs. 40 Lakh
- Repayment Tenure: Up to 96 months
Conclusion
Choosing the right personal loan app in India is a crucial decision, as it can impact your financial health in the long run. Whether you need a quick loan for an emergency or a larger sum for a major life event, there are several apps available that offer competitive interest rates, flexible repayment terms, and fast loan disbursal. Each of the apps listed above has its unique features, so make sure to pick the one that best suits your needs.
Before making your decision, consider your borrowing requirements, loan tenure, interest rates, and the app’s reputation. Always read the terms and conditions carefully and ensure that the loan provider is reliable and trustworthy.
Frequently Asked Questions (FAQs)
- What is the interest rate for personal loans in India? The interest rate for personal loans in India varies between 9% and 48% per annum, depending on the lender and loan amount.
- How much loan can I get from a personal loan app? Loan amounts typically range from Rs. 5,000 to Rs. 20 Lakh, depending on the app and your eligibility.
- How quickly can I get a personal loan? Many personal loan apps provide quick disbursal within 24 hours of approval.
- What documents are required to apply for a personal loan? Most apps require basic documents such as ID proof, address proof, income proof, and bank details.
- Can I prepay my loan? Yes, most apps allow prepayment of loans.