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Are you in a financial emergency? Check the options for instant loans and apply to get money within a few hours or days, avoiding time-consuming procedures.
Instant loans help borrowers avail money within a few hours or days. Options for instant loans vary based on the financial institution’s terms and conditions.
While certain lenders mandate a good credit score, others might provide instant loans to borrowers with lower credit scores.
In this blog, we will provide a comprehensive list of the top instant loan providers in India for different types of borrowers.
Best Instant Loan App for Beginners (No Credit Score)
Here are some of the beginner-friendly options for instant loans you can avail of without having a credit score:
mPokket
mPokket offers instant loans without the need for a credit score. This application ensures a 100% online process to approve instant loans in 10 minutes.
You can choose a convenient EMI (Equated Monthly Installment) option for loan repayment. Direct bank transfer on loan disbursal further makes the process hassle-free.
MoneyTap
Another personal credit app, this platform offers instant loans up to ₹5 lakh to borrowers without a credit score.
Individuals need to pay interest only on the funds they use, making it an added benefit for borrowers. The interest rate can be as low as 1.25% per month, based on the borrower’s profile.
Best Instant Loan App for People with a Credit Score
To be eligible for instant loans, one must have a good credit score. The following options for instant loans help borrowers with a good credit score during financial emergencies:
Jar
Jar offers instant personal loans of up to ₹5 lakh for a tenure of 3 to 60 months. Instant money transfers to the borrower's bank account and a paperless application make the procedure seamless.
It allows borrowers to apply for instant loans multiple times based on their financial needs.
Some of Jar's prominent lending partners include Aditya Birla Capital, Credit Saison, Lenden, Apollo Finvest, KreditBee, Fibe, and others.
You can consider Jar app as one of the options for instant loans if you need a sum within the mentioned amount they offer.
Moneyview
Out of 650 lakh app users, over 2 lakh individuals trust Moneyview for their services.
Spread across more than 18,400 pin codes in India, they provide several loan products, including instant personal loans.
Navi
Navi offers instant loans of up to ₹20 lakh based on the borrower's profile. Instant disbursal and a 100% paperless procedure make Navi instant loans seamless.
You can choose repayment tenure of up to 84 months with zero processing fees and foreclosure charges.
Hero FinCorp
Eligibility for instant loans for Hero FinCorp customers within 2 minutes makes it hassle-free for borrowers.
The platform has effectively disbursed over 60 lakh loans to over 9 lakh happy customers.
Best Instant Loan Apps for Salaried Individuals
The following are the best instant loan apps tailored for salaried individuals:
IIFL Loan
IIFL provides loans to salaried individuals with a minimum salary of ₹15,000 for a tenure of 3 to 42 months.
The interest rate in 2024–25 ranges approximately between 12.75% and 44% per annum. You can take a loan amounting to a minimum of ₹5,000 to a maximum of ₹5 lakh.
Bajaj Finserv
If you are a salaried individual with a monthly salary of a minimum ₹25,001, you may apply for loans from Bajaj Finserv. While the minimum loan amount is ₹20,000, the maximum loan amount is ₹40 lakh.
The loan tenure varies between 6 months and 96 months with an approximate interest rate between 11% and 38% per annum.
Tata Capital
Tata Capital provides loans to individuals with a salary of a minimum ₹15,000 for a maximum tenure of 6 years.
The minimum loan amount is ₹75,000 while the maximum loan amount is ₹35 lakh with an approximate interest rate of 10.99% to 35% per annum.
Best Instant Loan Apps for Self-Employed Individuals
As a self-employed individual, if you are looking for hassle-free financing, then check out the following instant loan apps:
Buddy Loan
Buddy Loan is one of India’s trusted marketplaces that offers instant loans to self-employed individuals and small business owners.
The minimum and maximum loan amounts that this platform offers are ₹1,000 and ₹15 lakh, with an approximate interest rate of 11.99% per annum.
Borrowers can choose loan tenure between 6 months to 5 years for repayment.
CASHe
CASHe is a fintech company that provides instant loans at 2.25% interest per month with a repayment tenure ranging between 62 days and 1.5 years.
The minimum loan amount is ₹1,000 while the maximum loan amount is ₹4 lakh.
Best NBFCs Offering Instant Loans
Here is a list of prominent NBFCs that offer small instant loans to borrowers:
FlexSalary
FlexSalary provides quick loans on the same day within 1 hour. This NBFC offers a maximum amount of ₹2 lakh as a loan to borrowers aged 21 years and above.
Further, it does not charge any prepayment penalty on the loan amount. As a result, borrowers can easily make payments before the scheduled date.
LazyPay
LazyPay offers up to ₹5 lakh instant loans to its customers. Individuals between the ages of 22 and 55 are eligible for instant loans from this NBFC.
In addition, you need to be a salaried individual, residing in Tier I and Tier II cities in India. This NBFC provides loans at approximately 18% per annum.
Fibe
Fibe grants instant loans to individuals residing in metro cities with a minimum salary of ₹18,000 per month (₹15,000 for non-metro cities).
To qualify for an instant loan through Fibe, applicants must be Indian residents aged between 21 and 55 years.
Best Instant Loan Apps with Low-Interest Rates
Here are some of the instant loan apps with low interest rates:
Credy
Credy provides loans to individuals from Bengaluru, Chennai, Pune, Mumbai, and Hyderabad.
The interest rate applicable ranges between 1% and 1.5% per annum, wherein borrowers can get loans up to ₹1 lakh.
PaySense
PaySense provides loans to customers between the age range of 21 years to 60 years.
The eligibility criteria for instant loans include salaried and self-employed individuals seeking loans between ₹5,000 and ₹5 lakh.
The Bottom Line
As there are multiple options for instant loans, including NBFCs and fintech companies, it is suggested that you check them before applying.
These are usually pre-approved loans to help borrowers with minimal paperwork and fast disbursal. For instance, Jar provides instant loans up to ₹5 lakh to eligible borrowers.
