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Top 10 Best Personal Loan Apps

Usually, at the time of need, people prefer to take help from friends and family but it becomes awkward. If you talk about the credit card option, it charges huge interest, and also not every institution provides salary advance loans. In this situation, people prefer to opt for personal loans but you already know how hard it is to get a loan from any institution offline.

Thanks to the best online loan apps which have made it easier for us to get a personal loan at the time of need. There are endless numbers of best apps for personal loans available but you must choose the most reliable and the best App. In this context, we have listed down the top 10 best personal loan apps that provide the best services.

10 Best Online Personal Loan Apps in India

Here are the top 10 best Personal loan apps in 2022. 

S.no   Personal Loan App Rating         Features
1 PaySense   4.1
  • Without salary slip
  • INR 5000 to 5,00,000
  • Flexible
  • Low Interest
2 Money Tap   4.2
  • 100% paperless
  • Collateral free loan
  • Secured API and Interface
3 Dhani   4.0
  • paperless
  • No interest
  • No processing fees
  • Online process
4 Home Credit 4.3
  • Quick EMI
  • 100% secure and private
  • Easy application
5 PayMe India 3.6
  • Easy Login
  • Swift Disbursal
  • Safe process
6 India Leads 3.8
  • Quick disbursal
  •  High Maximum value
  •  Lower interest rate
7 mPokket 4.3
  • Need only an ID card
  • Easy repayments
  • Good credit score
8 CASHe 3.7
  • User-friendliness
  • Privacy & Security
  • 24/7 services
9 Nira 4.3
  • Low-interest rates
  • Easy repayments
  • Flexible
10 Money View 4.5
  • Built-in expense tracker
  • Bill payment reminder
  • 2.5 % to 4% processing fees

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Details of Top 10 Best Personal Loan Apps

There are many best online loan apps in India. Let’s talk about the 10 best personal loan apps in Detail. This will make it for you to choose the best online loan app for yourself according to your requirement.

1. PaySense

This is one of the best online loan apps providing easy and instant personal loans. Many other loan apps require salary slips for loan approval but PaySense provides loans without salary slips.  You can apply for any type of personal loan from this app.

Features of personal loan at PaySense

Interest rate (per month) 1.08 % – 2.33%
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 5000
Documents required
  • ID proof
  • Address proof
  • Income proof
  • Photograph

2. Money Tap

Money tap is one of the best apps for personal loan in India. You can apply for any type of personal loan by simply downloading the app on your mobile phone.

Features of personal loan form Money Tap

Interest rate (per month) 1.08 % – 2.33%
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 3000
Documents required
  • Selfie
  • Pan card
  • Aadhar Card
  • Address proof

3. Dhani

Dhani is also one of the best apps for personal loans in India. This is considered the best personal loan app as it processes the applications very quickly without any documentation and allows all types of personal loans. This is the best online loan app as it is completely digital and you can also opt for a 90 days payback scheme.

Features of Personal loan from Dhani

Interest rate (per month) 1.0% to 3.17%
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 1000
Documents required
  • PAN Card
  • Address proof
  • Bank Details

 4. Home Credit

This is one of the easiest and the best online loan apps for Indians providing all types of personal loans to people between 19 to 65 years of age. The simple and fastest loan approval process makes it the best personal loan app and the loan process is completely digital. The loan amount is directly credited to your bank account and the EMI is also automatically deducted.

Features of Personal loan from Home Credit

Interest rate (per month) 2.4% to 3.3%
Maximum Loan Amount Rs. 2,00,000
Minimum Loan Amount Rs. 10,000
Documents required
  • PAN Card
  •  Address proof

 5. PayMe India

PayMe India is among the top 10 best online loan apps in India as it provides many benefits to the borrowers like instant cash, swift disbursal, different types of personal loans, loan advisory, and many more.

Features of Personal loan from PayMe India

Interest rate (per month) 2% to 6%
Maximum Loan Amount Rs. 1,00,000
Minimum Loan Amount Rs. 1000
Documents required
  • PAN Card
  • Address proof
  • Bank Details
  • Photo ID
  • Bank statement
  • Salary Slip

 6. India Lends

India lends is also the most preferred and the best online loan app in India as it provides its borrowers a quick disbursal and 100% online process with minimal interest rates. They allow you to choose from the 40+ plans and many different types of personal loans. They provide almost all the information on their online portal which is why they are considered as one of the best personal loan apps.

Features of Personal loan from India Lends

Interest rate (per month) 0.9% to 3%
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 15,000
Documents required
  • PAN Card
  • Address proof
  • Bank Details

 7. mPokket

mPokket is the best personal loan app for all types of personal loans for the short term especially for students and salaried people. The amazing thing about this best online loan app is that it allows you to transfer the amount to digital wallets.  This is the fastest, easiest, and best app for personal loans in India.

Features of Personal loan from mPokket

Interest rate (per month) 3.5% +
Maximum Loan Amount Unlimited
Minimum Loan Amount Rs. 500
Documents required For students:

  • ID Proof

For Salaried person:

  • ID proof
  • Address proof
  • Bank Details
  • PAN Card
  • Company ID

8. CASHe

CASHe has maintained the best UI/UX for its application which makes it the best online loan app in India. They also have Buy Now pay later partnerships with Amazon, Flipkart, and many other major online shopping sites.

Features of Personal loan from CASHe

Interest rate (per month) 1% +
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 5000
Documents required
  • PAN Card
  • Address proof
  • Income Proof

 9. Nira

Almost all Indian borrowers know this best online loan app in India due to its excellent services. You can also set auto-debit and credit with this app and the loan approval is instantaneous. The interest rate is very low and provides easy EMI options. This app provides all types of personal loans and also provides the facility to extend your credit period.

Features of Personal loan from Nira

Interest rate (per month) 1.5% to 2.5%
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 3000
Documents required
  • Photograph
  • Recent payslip
  • PAN Card
  • Address proof
  • Income Proof

 10. Money View

This best online loan app is famous for its credit rating model which allows people to get instant loans. They follow the 100% cashless and paperless procedure and the loan is approved within 24 hours. The extraordinary services and the fact that you can get any type of personal loan here makes this app the best personal loan app.

Features of Personal loan from Money View

Interest rate (per month) 2% +
Maximum Loan Amount Rs. 5,00,000
Minimum Loan Amount Rs. 5000
Documents required
  • PAN Card
  • Address proof
  • Income Proof

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Types of Personal Loans

Here are some different types of personal loans are:

  • Wedding loan – Borrowers take these loans to meet the wedding expenses as weddings are a huge expenditure in Indian rituals.
  • Travel Loan – The personal loan example of a travel loan is holiday plans, vacation, etc. People borrow money for holiday travel plans and are also called holiday loans.
  • Home renovation loan – A home renovation loan is used to manage the cost of house maintenance. The personal loan example for this type is repairing, buying new furniture, etc.
  • Pension Loan – These loans are for retired personnel to meet their needs. These personal loan examples are medical expenses, daily expenditure, etc.
  • Education Loan – This is a highly sought personal loan by students. These personal loan examples include fees payments, book expenditures, etc.
  • Computer and mobile phone loans – These are also some of the most applied personal loans. These personal loan examples include buying laptops, mobiles, etc. 

Personal Loan Apps in India – FAQs

Q1. What is a personal loan example?

Ans. A personal loan is the amount of money that you can borrow for your personal use and fulfill a variety of purposes and repay it with some interest within the given period. A personal loan example is: you get INR 10,000 personal loan with an interest rate of 7.5% with 24-month repayment tenure. Your monthly repayment will be INR 450 and the total interest paid will be INR 799.90.

Q2. Which best online loan app provides instant loans?

Ans. All the above-listed apps are the best personal loan apps and provide instant loans.

Q3. How to choose the best apps for personal loans in India?

Ans. The above-listed apps are the best apps for personal loans in India and also you can compare the interest rate, approval time, and many other criteria to choose the best apps for personal loans in India.

Q4. Are there other best apps for personal loans along with the above-listed apps?

Ans. Yes, there are many more options for the best apps for personal loans like KreditBee, Early Salary, Smartcoin, etc. You can conduct the research online to find many more best apps for personal loans.

Marketvein Staff
Marketvein Staffhttps://www.marketvein.com/
Born libra, likes to lead from the front. Digital Marketing & Technology is his strength. He has pursued engineering. Travelling to new places & writing is his idea of fun. In his free time (if he gets some that is), he is seen donning the chef's hat at home.
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