Loan & Insurance

10 Best RBI Approved Personal Loan Apps in India

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Best Overall – Buddy Loan

All of your desires and personal needs that you might not be able to fulfil because of financial limitations can be achieved with Buddy Loans Personal Loan. Whether you are looking for funds to meet your wedding expenses, to renovate your house, a foreign holiday, or to pay off your medical bills, you can get a personal loan of up to Rs. 15 Lakh without any fuss. You may complete the straightforward process in the comfort of your own home. Buddy Loan is accessible in several cities.

Best Customer Friendly – NAVI

Navi is one of the best customer-friendly loan-providing apps in India that allows you to avail of loans to meet your financial emergencies. In case you need a loan for a wedding, to pay for medical bills, rent a venue, travel overseas, etc., you can acquire up to Rs. 20,00,000. Moreover, the most excellent part about taking out a loan through this app is that there is little paperwork involved, and interest rates range from 9.99 per cent to 45 per cent.

Best Budget – PaySense

PaySense Instant Personal Loan is for all of your wants and dreams that you may not be able to fulfil due to financial constraints. PaySense provides you with a quick personal loan of up to Rs. 5 lakh without any hassle, whether it’s for a wedding, a foreign vacation, paying medical bills, acquiring consumer durables, or home improvement. The procedure is simple and can be conducted in the privacy of your own home. PaySense is available in more than 40 Indian cities.

Best Instant – PaySense

As stated above, PaySense is the best application when it comes to instant personal loan approvals. Getting credit through PaySense is quick and simple, and it includes the following benefits:

(i) Availment of personal Loans up to Rs. 5 lakhs instantly.

(ii) A completely digital process.

(iii) Reasonable interest rates.

(iv) Affordable EMIs with auto-debit and reminders.

10 Best Personal Loan Applications In India 

A personal loan is similar to emergency finance that a borrower can use when he or she is short on cash. Such loans have no end-use restrictions, so the money can be spent on anything, including weddings, vacations, and medical expenses. For borrowers, it’s like the most comfortable financial cushion. The application and disbursement of personal loans have gotten easier thanks to technological advancements. Not only do traditional banks and NBFCs provide loans nowadays, but several mobile applications provide users with immediate personal loans. On the one hand, traditional banks take a long time to process personal loan applications and charge high interest rates, whereas personal loan applications give safe and hassle-free instant cash loans in India in under an hour. So, the next time you’re in a pinch for cash, check out one of the personal loan application possibilities on your mobile app store. Moving forward, we will present an extensive list of the top personal loan applications in India, as well as the different critical features and facts that you must understand before applying for any of these applications in this article.

Summary Of The 10 Best Personal Loan Applications In India

Going to a regular bank when you need a quick cash loan might be time-consuming because it needs a lot of documentation. A credit card is another alternative, but the interest rates are exceedingly expensive. It can be awkward to ask your friends or relatives. Salary advance loans are not available to everyone in India. In such instances, the best choice is to apply for a personal loan. Below is a ranking of the finest personal loan applications in India, which may make the process of getting a personal loan a lot easier and more convenient. To learn more about them, keep scrolling.

S No.Application NameApp Store RatingPlay Store Rating
1Buddy Loan4.8/54.5/5
3PaySense NA4.1/5
4Money Tap4.3/54.2/5
8Home Credit NA4.3/5
9PayMe India3.6/54.5/5
10India LendsNA3.8/5

A Complete List Of The 10 Best Personal Loan Applications In India

Without any further delay, let us have a look at the specifications of these 10 personal loan applications, their pros and cons, reviews, and much more to help you make a better decision. 

1. Buddy Loan

This is one of the best instant loan apps where you can acquire rapid personal loans ranging from INR 10,000 to INR 15,00,000, and you won’t have to wait long for approval. The greatest aspect is that this platform is renowned for promptly accepting requests, so you won’t have to worry about running out of time. Why is this the finest personal loan application platform? It’s because there’s no need to courier or scan for digital copies because the documents may be picked up right away from your residence. Additionally, they provide a number of cheap EMI options that make it easy and hassle-free to make loan payments. Since the paperwork was already recorded, getting another loan is as easy as clicking one button.

Interest Rate Per Month – 11.99 percent

Maximum Loan Amount – Rs. 15,00,000

Minimum Loan Amount – Rs. 10,000 

Documentation – Proof of Identity (Aadhar card/PAN card), Proof of Address (Aadhar card, utility bills, or rental agreement), Proof of Income (bank account statement), and a Photograph

Features – Flexible end-user, Easy documentation, Quick approvals & disbursals



(i) The documentation process is straightforward and instantaneous

(ii) The interest rate is on the higher side as compared to the competitors

(iii) It provides loans with 80% approval rate

(iv) You must have good creditworthiness to get a loan approval

(v) The loans can be fast-tracked and easily approved

(vi) The EMI plans are affordable depending on the credit score

2. Navi

Navi is an instant loan-providing platform that provides loans with interest rates starting at 9.99 percent p.a. for terms up to 6 years and loan amounts up to Rs 20 lakh. Through the Navi app, you can obtain a digital personal loan with no processing fees to meet financial emergencies like wedding expenses, medical expenses, etc. The best thing about this app is that it is entirely paperless since PAN and Aadhaar numbers are used in the loan application process. The loan can be authorised in under ten minutes and can be credited right away to the applicant’s bank account. Furthermore, this digital app offers simple, reasonably priced, and easily accessible financial products and services.


(i) It requires less paperwork and documentation

(ii) Takes time to correct the changes related to the bank details

(iii) Is an easy and convenient process

(iv) Offers loans starting from 9.99% to 45%.

(v) From Navi, you can avail of loan up to Rs. 20,00,000

3. PaySense

This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field. For any work, you can acquire rapid personal loans ranging from INR 5,000 to INR 5,00,000, and you won’t have to wait long for approval. The best part is that you won’t have to worry about running out of time because this platform is known for approving requests quickly. What makes this platform the best personal loan app? It’s because the documents can be picked up immediately from your house, eliminating the need to courier or scan for digital copies. They also provide a variety of low EMI plans that make loan payments simple and hassle-free. If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.

Interest Rate Per Month – 1.08 to 2.33 percent

Maximum Loan Amount – Rs. 5,00,000

Minimum Loan Amount – Rs. 5,000 

Documentation – Proof of Identity (Aadhar card/PAN card), Proof of Address (Aadhar card, utility bills, or rental agreement), Proof of Income (bank account statement), and a Photograph

Features – Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals


(i) The documentation process on this application is very easy and instantaneous

(ii) You will need certain documents verified, which takes a lot of time

(iii) It provides loans to first-time loanees and people with zero credit history

(iv) You cannot take heavy loans if you have a bad credit rating

(v) The loans can be fast-tracked and easily approved

(vi) The EMI plans are affordable and depend on the credit score

4. MoneyTap

This is one of the fastest instant loan apps in India. You may simply acquire a fast loan with MoneyTap, and all you have to do is download the mobile app. So, how does it function? To get started, you must first download the application and register on the same website. After you’ve registered, you’ll need to fill out the KYC paperwork and wait for final approval. After that, based on your credit score, you can acquire an instant credit up to an approved amount of INR 5,00,000, which you can use to buy everyday essentials, indulgences, travel, and other things. The best aspect is that you won’t have to go through a lot of paperwork or wait long periods. This makes this one of the best personal loan apps in India, and people do not hesitate to use it, as well.

Interest Rate Per Month – 1.08 to 2.3 percent

Maximum Loan Amount – Rs. 5,00,000

Minimum Loan Amount – Rs. 3,000

Documentation – Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement

Features – 100% paperless process with online approval of a loan, pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount


(i) This mobile application is very well-built and customers do not face any lag while using it

(ii) The credit period differs and is maximum up to 36 months, depending on the amount

(iii) You can easily create profiles with easy KYC

(iv) The initial KYC will take time

(v) The credit line is easily offered and can be used as a wallet

(vi) Once the instant loans are approved, you do not need to think a lot about the credit score

5. Dhani

It began as a drugstore but has now expanded to include money lending services. Dhani is one of the best personal loan apps without documents, and many outstation students rely on it to make ends meet while working part-time. You can easily obtain a quick loan of up to INR 5,00,000, with interest rates that are both handy and affordable. Every transaction will also earn you 2% cashback, which you may spend for future redemptions and services. There are no bank mandates necessary, and you can easily receive a lifetime cashback card with the help of Dhani, which is why this is the best instant loan app without salary slips. Also, you get a virtually interest-free credit line up to INR 5,00,000 and can easily choose to get a 90-day payback scheme.

Interest Rate Per Month – 1 to 3.17 percent

Maximum Loan Amount – Rs. 5,00,000

Minimum Loan Amount – Rs. 1,000

Documentation – PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details

Features – Instant money up to Rs. 5,00,000 at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support


(i) Dhani has its pharmacy and money services platform integrated into one platform.

(ii) You cannot use it on all kinds of e-Commerce platforms

(iii) With Dhani, users can get faster loans with lesser EMIs and low-interest rates

(iv) The initial documentation while registration takes time

(v) Dhani also helps with all kinds of loans and credit rating facilities for faster approval

(vi) It has the best range of cashback services 

6. Nira

Nira finance is known for its instant approvals, and that is the reason why this happens to be one of the best instant personal loan apps. You can easily get higher amount loans with a simple registration, and they boast about their instantaneous loan sanctions. You can also set up auto-debits and credits through this platform, and you do not need to think about the finances or the charges against your transactions. You just need to download the instant loan app, register yourself, upload the documents and link a bank account. It will automatically assess your credit score and will grant you an instant loan without any charges. You can get up to INR 500,000 and the interest rate ranges up to 1.5 to 2.5% (monthly) depending on your score. You can also extend your credit period, which makes it the fastest instant loan app. 

Interest Rate Per Month – 1.5 to 2.5 percent

Maximum Loan Amount – Rs. 5,00,000

Minimum Loan Amount – Rs. 3,000

Documentation – Recent payslip, Last 3 months bank statement, PAN card, Photograph, Identity proof, Address proof

Features – Quick disbursal, Low-interest rates, Easy repayment, Flexible schedule, Supportive customer service


(i) It provides 100% paperless documentation for loans

(ii) The higher amount of approvals takes time

(iii) You can get the fastest instant loans up to INR 5,00,000 in 3 minutes

(iv) You need to have proper documentation and a bank account with KYC

(v) You only pay interest on the money utilised 

(vi) You do not need a credit score to apply

7. CASHe

CASHe has established itself as the best personal loan app, and the UI/UX it has to offer for its application confirms this. You can easily log in and register on the app, and the dashboard contains all of the information you’ll need to get a fast loan. You can choose from a variety of loans with a maximum amount of INR 500,000 and various interest rates and repayment terms. You can also make a direct deposit into the associated bank account. You can also set up direct auto-debit for loan interest payments, which eliminates the need to visit the platform each time. There are also Buy Now Pay Later partnerships with Flipkart, Amazon, Big Basket, and others, and you may choose to guarantee your debts with insurance policies.

Interest Rate Per Month – Starts from 1.75 percent

Maximum Loan Amount – Rs. 5,00,000

Minimum Loan Amount – Rs. 5,000

Documentation – Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card

Features – Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation


(i) In this application, users get to set their credit limits from the approved credit line

(ii) It requires time to verify all the documents

(iii) It is a highly compatible application with platforms like Flipkart, Amazon, etc.

(iv) Users would need a great credit score to avail money from here

(v) Users can directly transfer money to their friends.

(vi) Single time registration is only required

8. Home Credit

This is one of the easiest portals for any Indian citizen from the age group of  19 to 65 to get short-term loans in India. Depending on your credit rating, you can easily avail of loans up to INR 2,00,000 with two documents only, a PAN card, and any other proof of identity or address. This makes the approval process short and hence it has made the list of the best personal loan apps. You are eligible for a credit period of up to 26 months, and the loan approval is completely digital. It can be directly linked to your bank account or any other digital wallet, and the money will be directly credited to the same account. This platform is also available to senior citizens, who are pensioners and have a basic monthly income and is also valid for students who are studying and not earning.

Interest Rate Per Month – 2.4 to 3.3 percent

Maximum Loan Amount – Rs. 10,000

Minimum Loan Amount – Rs. 2,00,000

Documentation – PAN card, Identity/Address proof

Features – Generates best offers after evaluating ‘best fit’ eligibility, Provides easy loan application and approval, Extends clear view of loan details, Facilitates quick EMI payments, 100% private and secure online process


(i) They have different kinds of products on loans, insurance, finance, etc.

(ii) The rate of interest differs on different products

(iii) You need only two documents for approval – PAN Card and Identity/Address proof

(iv) You may need to go through all their offers and terms and conditions before applying

(v) It does not take into account your credit history

(vi) The EMI plans are flexible

9. PayMe India

PayMe India is a great platform with an extensive range of benefits, which helps it to become one of the best personal loan apps in India. Whether it is last-minute rent payment, utility bills or an impromptu vacation, even a flash sale online, or any kind of necessity in terms of medical emergencies, loss of work and salary, deductions, etc., PayMe India has a loan for all processes. This makes it one of the most versatile platforms to secure loans. You can easily get yourself registered on the platform, and you will have to select a plan, along with uploading documents, getting KYC done, etc., and you will be eligible for an instant loan. You can also take corporate loans if you have a business. However, you will need the right documentation for such loans, and you can always have a long credit period.

Interest Rate Per Month – 2 to 6 percent

Maximum Loan Amount – Rs. 1,00,000

Minimum Loan Amount – Rs. 1,000

Documentation – Bank statement, Salary slip, PAN card, Photo ID proof, Address proof

Features – Easy login, Accurate assessment, Swift disbursal, Instant cash, Different loan types, Loan advisory, Safe process, Private & secure


(i) You can get an instant loan of up to INR 1,00,000 within a day

(ii) The interest rate is usually higher for short-term instant loans

(iii) The documentation takes into account KYC, credit rating, etc

(iv) You need to repay in 2 years, only

(v) You will get the best and most accurate assessment from this portal

(vi) You can also get an instant cash proposition

10. India Lends

This is one of the most premium and favourite lending platforms for Indians, as they have different kinds of loans available for different classes of loans. They also help in getting the lowest rate of interest from most banks and NBFCs, which makes it the low-interest loan app which most people tend to look for. Apart from instant loans, you can also avail of gold loans at lesser interest rates, property-backed loans, etc. This platform is also known to provide credit cards, and you can choose from more than 40+ schemes and cards. What makes this the best loan app for students? You can also check your credit score by just uploading your PAN documents, and this, in turn, helps you to select your scheme of instant loan. This is undoubtedly the gold mine of financial services, and every major piece of information is widely available on their portal.

Interest Rate Per Month – 0.9 to 3 per cent

Maximum Loan Amount – Rs. 50,00,000

Minimum Loan Amount – Rs. 15,000

Documentation – There are various document requirements on this application which you can scroll through via this website.

Features – Easy approval, Quick disbursal, 100% online process, Supportive customer service, High maximum value, Lower interest rates


(i) This application is known to compare all kinds of loans before finding the best

(ii) You will need to get yourself registered first

(iii) Users can benefit from its low interest rate margins

(iv) You will need the right KYC and a good score to get the faster approval

(v) You will need a secure bank account for all transactions

(vi) You can get your credit score in 1 minute

How Do We Pick The Best Personal Loan Applications For You?

In 2022, there will be more than 15-20 applications and finance platforms that offer quick loans, with all digital documentation and verification completed. However, deciding which one to use has become a challenge because all of these platforms have similar terms and conditions, and most of the functions are comparable. So, in this section, we have mentioned some of the factors that our experts took into consideration while choosing the best personal loan application. 

1. Eligibility Requirements

Our specialists recommend that you apply for any of the immediate personal loan applications that have a wide range of eligibility requirements. Age, geography, credit score, employment status, source of income, and other factors all play a role in eligibility.

2. Processing Of Documents

This is important to consider while selecting a platform. The speed with which your paperwork is processed will determine how quickly you can obtain a personal loan. While some platforms favour completely paperless transactions and paperwork, others require KYC verification in person. As a result, this is a personal decision, as the urgency of your loan will influence the platform you select.

3. Maximum Rate Of Interest

The rate of interest is particularly important in the case of short-term personal loans because you will be required to repay the money immediately. Because if you miss a single payment, it will be carried over to a larger sum, most applications offer interest rates every month. As a result, our experts exclusively check for apps that charge the lowest interest rates.

4. Payment Schedules

Payment schedules must be flexible, or you may lose a significant amount of money. Our analysts seek applications that give a grace period during which you may return the loans without negatively impacting your credit rating or history.

5. Freedom Of Usage Of Loan Amount

Many of the platforms offer immediate loans for certain transactions. This means that if the money is only used to pay for utilities, you can only use it to pay for rent, power, phone bills, and so on. To prevent this situation, our specialists recommend programs that provide you with a loan that can be utilised for a variety of purposes.

6. Linking With Digital Wallets

Digital cash has advanced significantly since the introduction of digital wallets such as Paytm, PhonePe, GooglePay, and others, and most of these platforms allow direct access to such digital wallets. This facilitates transactions as well as other features such as auto-pay, monthly subscription deductions, and so on.

7. Interface Of The Application

The speed of the app, as well as its ease of use, determine whether or not the mobile app is suitable for use. The more user-friendly the interface, the faster one can register and apply for loans. Hence, ensure that the application interface is good and devoid of bugs.

8. Third-Party Integrations 

Integration with platforms such as Flipkart, Big Basket, Myntra, Nykaa, Amazon, Cleartrip, and MakeMyTrip, among others, has become a must. You can use the Buy Now Pay Later function on these rapid personal loan apps to secure your wish list and dream trips at a lower interest rate.

9. Additional Costs And Conditions

Our experts select a quick personal loan application with no hidden terms and conditions. They also conduct extensive research into processing rates as well as other innuendos. This is where the majority of people fail to be vigilant, and they end up losing a significant amount of money.

10. Customer Service Of The Application

When deciding which personal loan to utilise and withdraw from, the application’s customer service is crucial. Some platforms have a fantastic customer support team that responds to all inquiries 24 hours a day, seven days a week, and these programs also assist with payments, processing, failures, and refunds. It’s usually a good idea to have such apps only when payments and credit are easy to get by.

FAQ About An Personal Loan Application 

Here are our answers to some of the most commonly asked questions about a personal loan application in India.

1. Which is the best application for a personal loan?

The best application to apply for a personal loan is PaySense because of the multiple benefits and features that it provides, as stated above in this article.

2. Which application gives you an instant loan?

All the 10 applications listed above are renowned for providing a personal loan instantly to their users. Based on your requirements, you can pick any one of the above.

3. How can we borrow money immediately?

The best way to borrow money immediately without any hassle is through a personal loan application. The best 10 applications are listed above as per their ranking.

With so many personal loan apps on the market, the number of possibilities for quick cash loans has grown, making it easier for you to get a loan quickly. An internet search for quick cash loans in India and a quick comparison of the many cash loan applications in India yields a plethora of possibilities ranging from payday loans in India and immediate loans in India to salary advance loans in India. The times are changing, and personal loan apps are making quick and cheap cash loans in India a reality! It’s never been easier to get a personal loan, and the rapid personal loan app download makes it even easier.

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