Best Personal Loan Apps in India

In today’s world anyone can face a critical emergency and cannot approach an NBFC or Bank for a short-term personal loan each time for various reasons like many lenders offer a short-term personal loan to applicants having a high credit score. And, also banks usually disburse the loan amount in 6-7 working days. This is where Wishfin helps you to compare and identify the best personal loan apps in India.

There are applications in the market that are willing to offer loans in the lowest time possible without any lengthy documentation formalities. This sounds like a perfect opportunity for an individual who is in need of cash urgently and cannot approach a Bank or NBFC for that matter.

So, if you’re looking for a short-term personal loan but don’t know which app to use, don’t worry. This blog article will take you through some of the most popular digital lending applications so you can compare them and select the one that is best for you.

List of Instant Loan Apps in India

Here is a list of the fastest instant loan apps in India.

Lending ApplicationsInterest Rate (In %)Loan Amount (In INR)Loan Tenure
Upwards14% - 15%20,000 - 2 lakh12 months-60 months
Early Salary24% - 30%Upto 5 lakh6 months-36 months
PaySense16% - 36%5,000 - 5 lakh3 months - 60 months
CASHe3% per month1,000 - 4 lakh90 days - 1.5 year
MoneyTap13% - 24.03%Upto 5 lakh2 months - 36 months
DhaniStarts @ 13.99%1,000 - 15 lakh3 months - 24 months
Freecharge2.5% - 20%10,000 - 25 lakh1 month - 10 years

Types of Online Loan Apps in India


Among various other apps Upwards is considered as one of the best personal loan apps in India as it offers Personal Loans for tenure of up to 60 months at low interest rates starting @ 14%. With this type of unsecured loan, the lender does not require any collateral. Instead, the loan is offered based on your credit eligibility and credit score. Upwards has a minimal documentation process and it provides the applicant with flexible payment tenures.

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Step by Step Process to Apply for a loan from Upwards:-

  • Enter your loan requirement and some basic information in the application.
  • Upload your KYC documents.
  • Fill an application.
  • Application for personal loan gets approved in 24 hours.
  • Digital Signature


EarlySalary’s online loan app may offer you a personal loan of up to INR 5,00,000 directly from your smartphone if you match their loan qualifying requirements. You just need to meet four primary eligibility criteria’s:
Age – The applicant should be between 21 – 55 years of age
Income – The applicant must have a minimum salary of INR 18,000 in metro cities and INR 15,000 in non-metro cities.
Citizenship – Must be an Indian citizen
KYC – Must have all the required KYC documents

Step by Step Process for EarlySalary

  • Download the EarlySalary mobile app and verify your mobile number.
  • Submit basic documents and details.
  • Pick the loan amount after your profile has been authorised.
  • The funds are deposited into your bank account.


PaySense is an online loan app that provides short-term personal loans to working professionals. This app can help you receive funds in less than 5 hours to pay for a number of personal needs. PaySense offers instant personal loans to both salaried professionals and self-employed individuals PaySense is popular among  other  online money lending apps due to its low loan rates, flexible terms, simple EMI payments, low documentation, quick processing, and quick disbursal.

Process to Apply for a Loan at PaySense

  • Download the PaySense app on your smartphone.
  • Get your loan approved in less than a minute.
  • Submit KYC documents and select your EMI.
  • E-sign your application after uploading your documents.
  • You’ll receive money in your account in less than 5 hours.
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CASHe is a fin-tech product from Aeries Financial Technologies Pvt. Ltd. which enables short-term personal loans to young salaried professionals over a simple yet powerful app. Powered by The Social Loan Quotient (SLQ), an unique forecasting algorithm that produces a detailed credit profile of customers that is not available to regular banks and credit agencies.

Step by Step Process for CASHe

  • Download the app and sign in using any of your existing Facebook, LinkedIn, or Google accounts.
  • Upload a few simple documents.
  • You will be notified of your eligibility within 2 hours.
  • If eligible, simply log in and choose an amount. 
  • Within minutes, the money will be deposited into your bank account.


MoneyTap is India’s first instant loan app that provides full-time salaried professionals and self-employed professionals with instant cash on demand.  Anyone who is 23 years old and earns a minimum of 20,000 per month can apply for a loan on Moneytap.

Process for MoneyTap

  • Download the MoneyTap Credit Line App and Sign Up
  • Submit Your KYC Documentation
  • You may begin using the App as cash or a credit card.
  • One tab is used to convert to flexible EMIs.
  • Maintain a record of all your transactions.

Dhani Personal Loan App

Dhani is first of its kind of personal loan apps from Dhani Loans and Services Limited (Formerly Known as Indiabulls Consumer Finance Limited), and was designed to make personal financial requirements easier than before.

Process to Apply at Dhani

  • Download their application
  • Register your mobile number via OTP verification
  • Enter your Loan amount
  • Provide some basic details like your PAN number, type of employment – salaried or self-employed, mode of salary, your address proof.
  • Once your details are verified you will receive the requested amount in your bank account within minutes.
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Freecharge is one of the best personal loan apps in India which offers pre-qualified instant personal loans to its users. A Pre-qualified loan is one that requires minimal documentation with instant application processing and provides the best interest rates possible. All the loans offered by Freecharge are actually disbursed by Axis Bank, but you don’t need to have an account in Axis Bank to avail the loan.

Process to Apply at Freecharge

  • Download the freecharge application
  • Authenticate yourself with OTP and instant KYC
  • Select your loan amount and tenure
  • Set up your monthly instalment
  • E-sign your loan agreement
  • The money will be reflected in your bank account.

Documents Required for Fastest Instant Loan Apps

On any of the apps via which you want to apply for a loan, you will be required to upload the following KYC documents:

  • Aadhaar card
  • Bank statement
  • Address proof
  • Selfie

Advantage and Features of Applying Through these Applications

There are although various advantages when applying for a loan through any of these apps like:

  • Transparent Process
  • Instant Loan Approval
  • Earliest possible disbursal
  • Flexible Loan/EMI Plans
  • No Security/Collateral Required

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  • Personal Loan Interest Rates September 2023
    Fullerton India12.00% - 24.00%
    HDFC Bank10.75% - 14.50%
    ICICI Bank10.75% - 19.00%
    IndusInd Bank10.25% - 26.00%
    Kotak Bank10.99%
    RBL14.00% - 23.00%
    Standard Chartered Bank11.49%
    Tata Capital10.50% - 24.00%
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