Nowadays people in India are very passionate about their goals. They are working hard for their dreams 24/7. They are doing whatever is required to get close to their goals. But hard work and clear goals are not the only things to consider for achieving goals; other factors like money, environment, family support, passion, etc. You have to consider these things for the sake of your goals.
Money is one of the crucial parts of achieving your goals, as quality education is expensive. Some people can’t achieve their dreams just because they don’t have enough money for them. Many come from poor or middle-class families; they cannot get the best education because of the lack of funds.
Middle-class people have to go through tough times to meet their needs. So it is challenging for them to spend their money on necessary things for their goals. Because of this, many of them have to give up on their dreams.
The problem of money can be solved for sure if people consider some things.
They can take a loan to fund their goals requirements. In India, there are many ways to get a loan. One of them is getting a loan by an App as it is hassle-free, paperless, easy, and straightforward. You don’t have to look for information on personal loan apps in India anywhere, as this article contains all the information related to it. So without further idea, let’s get to the topic of Top 10 Personal loan Apps in India 2022. So here are some of the best personal loan Apps in India 2022.
Top 10 Personal Loan Apps in India 2022
| Sr. no | Loan App | Annual Interest Rate | Loan Amount | App rating | Download Link for App |
| 1 | PaySense | 16% – 36% (APR) | ₹5,000 to ₹5 lakh | 4 | Download Link |
| 2 | CASHe | 27% – 33% | ₹7,000 to ₹4 lakh | 3.6 | Download Link |
| 3 | Nira | 24% – 36% (APR) | ₹5,000 to ₹1 lakh | 4.2 | Download Link |
| 4 | mPokket | Starting at 52% | ₹500 to ₹30,000 | 4.2 | Download Link |
| 5 | Dhani | Starting at 13.99% | ₹1,000 to ₹15 lakh | 4 | Download Link |
| 6 | MoneyTap | 13% – 36% | ₹3,000 to ₹5 lakh | 4.1 | Download Link |
| 7 | MoneyView | 16% – 39% (APR) | ₹10,000 to ₹5 lakh | 4.5 | Download Link |
| 8 | PayMe India | 18% to 42% (APR) | ₹2,000 to ₹2 lakh | 3.2 | Download Link |
| 9 | HomeCredit | 19% – 56% (APR) | ₹10,000 to ₹2,40,000 | 4.3 | Download Link |
| 10 | IndiaLends | Starting at 10.75% | Up to ₹50 lakh | 3.8 | Download Link |
1. PaySense
PaySense is one of the most known personal loan apps in India. It has both an app and a website. Both salaried people and self-employed can get a loan from this App. The self-employed income has to be Rs.20,000 per month at least to apply for the loan. For a salaried person, it has to be Rs.18,000 per month at least for the eligibility of applying for a loan.
The interest rate is very low so that people can get the loan easily without much trouble. This application was founded in 2015 by Sayali Kanjka and Prashanth in Mumbai. And it is one growing very fast for the last few years.
You can check your eligibility after downloading the App. After approval, you have to submit the details.
Then the amount of the loan will be credited to your account. The repayment is three months to 60 months. To calculate the EMI for every month, an EMI calculator is provided. A high credit score is not required, and securities and collateral are not required also.
- Monthly Interest Rate – Around 1.08 to 2.33 percent
- 5,00,000 rupees is the maximum loan amount that can be sanctioned with this App.
- Rs 5000 is the minimum loan amount that is required to borrow.
- Documents: The Proof of Identities such as (Aadhar card/ PAN card), Proof of Address (Aadhar card, utility bills, or rental agreement), Proof of Income (bank account statement), and a Photograph are all required for the purpose of documentation.
- Features: user friendly, no collateral required, low-interest rate, no credit score required Quick approvals and transfer, as well as simple documentation, is required
2. CASHe
CASHe is one of the best loan apps founded in 2016. Many people prefer it because of the easy procedure. You have to download the App from Play Store. Then you have to read the conditions and upload the requirements of the loan App. After you get approved, the amount of the loan will be transferred to your account directly in just a few minutes without any problem.
You can also directly transfer a chunk of the loan amount to your Paytm wallet. And you can use the money as you want.
- Monthly Interest Rate – The monthly interest rate starts at 1.75 percent.
- 5, 00,000 rupees is the maximum loan amount that can be sanctioned.
- Rs 5,000 is the minimum loan amount that is required to borrow
- Documents: Proof of Income, Proof of address, Proof of identity (passport, Aadhar card, driver’s license, or voter ID), PAN card
- Features: User-friendly, privacy and security, 24/7 support, low-interest rates, and basic documentation are required for applying
Related Article: What If Bank Does Not Approve Home Loan?
3. Nira
Nira is a good app, preferred by many, especially by those who need money urgently. Because of its simple procedure, it is convenient to use. In just 3 minutes, you can know if you are qualified for the loan or not. Credit line Rs.1,00000 is given to you.
You can withdraw Rs.5000 or more anytime you want. 3-24 months is given for the payback in installment.
This App was founded in 2018. For this, no high credit score is required for applying. It is one of the best choices when you need money urgently.
- Interest Rate – The interest rate is of 1.5 to 2.5 percent per month
- 5, 00,000 rupees is the maximum loan amount that can be sanctioned.
- Rs 3,000 is the minimum loan amount that you have to borrow.
- Documents: Recent payslip, PAN card, photograph, last three months bank statement, identity verification, and Proof of address
- Features: Quick disbursement, low loan rates, helpful customer service, simple repayment, and flexible schedule.
4. mPokket
This App is specially designed for college students was founded in 2018 as college students are in need of money for their studies, books, and other things. It is basically a pocket money app for students. Because of this, many students don’t have to ask for money from their parents or friends regularly.
You can get the money easily; you have to download the App and fill in the details. Once you are approved for the loan, the loan amount will be credited to your account. The initial amount is Rs.500, but it keeps on increasing according to timely payment and regular usage. The payback time is 2-4 months.
- Monthly Interest Rate – The interest rate starts at 3.5 %.
- Maximum Loan Amount – There is no limit on the loan amount which will be sanctioned through this App.
- 500 rupees is the minimum loan amount that is required to borrow
- Documents: The documents that are required are Identity proof which can be your (voter card/ passport/ Aadhar card), College ID card, PAN card; Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Firm’s ID card, Salary slip of the bank account where your salary is credited by your company;
- Features: You can directly apply with an ID card, full online process with few documents, and in just 24 hours, your application will be approved if you are eligible for the loan, and the funds will be transferred into your bank account or Paytm wallet. Repayment is simple and easy. The credit scores provided are good.
5. Dhani
Dhani is one of the best loan apps in 2022. It is backed by Indiabulls, which was founded in 2000. The App was launched in 2017 by Indiabulls. It is for personal loans, which can be approved easily without any physical documents, though then it will be an unsecured loan. It is preferred by many people as it is easy to get a loan.
You just have to download the App from the play store; you have to fill in the PAN number, Aadhar number, and residential address for verification. Once the money is transferred to the account or Paytm wallet in just a few minutes, the repayment time is 3-36 months, depending on the amount of money.
Monthly Interest Rate – This App has a monthly interest rate of 1 to 3.17 percent.
- 5, 00,000 rupees is the maximum loan amount.
- 1,000 rupees is the minimum loan amount.
- Documents: PAN card, address proof (driver’s license, Voter ID, Aadhar card, passport), required bank account information
- Features: Instant money up to Rs. 5, 00,000 at a low-interest rate, Easy EMI payment. There are no additional payments or processing fees. Dhani RuPay card free cashback, full online process, and 24 hours a day, seven days a week customer service available for you.
6. MoneyTap
Money Tap is the Best loan app that was founded in 2015. It is slightly different from other apps because of its special feature- no usage- no interest. You just have to pay the interest on the amount of money you will use.
No extra interest will be required. You are applying for the loan; you have to download the App first and fill in the details. After approval, you will be given the credit line. It is for the people who don’t want to pay extra interest. However, for applying for a loan in this App, your income must be at least. 30,000, then only you will be qualified for the loan.
- Monthly Interest Rate – The interest rate of 1.08 to 2.3 percent
- 5, 00,000 rupees is the maximum loan amount that can be sanctioned.
- Rs 3,000 is the minimum loan amount which is required to borrow.
- Documents: pic and selfie, Proof of current address (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/broadband bill), PAN card, Photo ID proof (passport/Voter ID/Aadhar Card/driving license), Bank statements, Rental agreement, Credit card statement.
- Features: The Features of this App include a paperless application process and online loan approval, as well as simply paying interest on the amount borrowed. 2 to 36 months for repayment.No collateral is required, approval in just a few minutes. The various interest rate for the loan amount is available.
7. MoneyView
This App is used when you need money for an emergency. It proved to be the best App for urgent requirements. So it is preferred by many people in India. It is straightforward to use, so many people prefer this. This instant loan app can borrow from Rs.10,000 to 5 lakh.
The repayment time is three months to 5 years. This is a hassle-free way to take a loan without paperwork. You can get the money when you get approved after submitting the required documents. It is present in many Indian cities now; it has been expanding very fast over the last few years. It was founded in 2014.
- The monthly interest rate is 2%.
- 5, 00,000 rupees is the maximum loan amount.
- Rs.5,000 is the minimum loan amount.
- Documents: Income evidence, PAN card, Address proof (Aadhar card, utility bill, driver’s license, passport, voter’s ID), and Identity proof (Aadhar card, utility bill, driver’s license, passport, voter’s ID) are all the documents required.
- Features: Features include a built-in cost tracker, Reminders to pay bills. Integration with third-party payment apps is also possible. The fee range is 2.5 percent to 4% for nominal processing. The security system is good and safe.
8. PayMe
PayMe is one of the personal instant loans which have many varieties. This App has loans for many occasions like rent payment, electricity bills, utility bills, online sale or an unplanned trip, medical emergencies, salary deduction, and many more.
So you just have to download the App, choose the plan according to your need, submit the documents and complete the KYC and other requirements of the App. Then if you get approved, you can get the money and use it according to your need. Because of the adaptability of the App, it is used by many people in India.
- Monthly Interest Rate applied of PayMe App – 2 to 6 percent
- The maximum loan amount that you can sanction with this App is Rs.1,00,000
- 1,000 rupees is the minimum loan amount that you have to borrow with this App.
- Documents: The documents that are required for sanctioning are Bank statement, salary slip, PAN card, photo ID evidence, and Proof of address
- Features: Easyregister, accurate assessment, fast transfer, instant cash, various loan types, loan advisory, and so on. It is a safe, private, and secure process.
9. Home credit
One of the best personal loan apps because of its user-friendly feature. People of age 19 to 65 can use this App to take a short-term loan in India. This can be used by old people who have pensions and students who are not working. This App can provide up to Rs.200000.
You just have to give to documents, one is PAN card or Aadhar card or voter ID card and proof of address, depending on your credit score. The amount will be credited to your account after approval. This whole process is digital, so it saves time. It is one of the preferable loan apps in India.
- Monthly Interest Rate – 2.4 to 3.3 percent
- a maximum loan amount of Rs. 10,000 is a maximum loan amount.
- 2, 00,000 rupees is the minimum loan amount.
- Documentation: PAN card, Proof of identity and address Proof
- Features – After examining the eligibility, it give the best offers. Applying for a loan and getting it approved is very simple. It gives a clear view of loan details. A completely private and secure online process and easy and simple EMI repayments.
10. India lends
It is one of the preferable loan apps as it provides a variety of loans with various features. They assist In getting low-interest rates from most banks. It not only provides instant loans but property-based loans, gold loans with a low-interest rate. This also gives credit cards with over 40 different schemes and cards, you can choose according to your need. You just have to submit the details required. After approval, you will get the credit in your account directly.
- The monthly interest rate ranges from 0.9 to 3%.
- The maximum loan amount is Rs.50,000
- The minimum loan amount is 15,000
- Documentation – This application requires documents that you can check after downloading the App.
- Features: Quick transfer, easy approval, total online process, helpful customer service, high maximum value, and lower interest rates for loans
Conclusion
Hope you are now aware of the best personal loans App in India and the various documents that are required for getting a loan from these apps. Hope this article solves your queries regarding choosing the Best Loan app in 2022 for a personal loan.
