Top Personal Loan Apps You Must Be Aware of

Instant loan processing, usage flexibility and minimal documentation are behind the increasing popularity of many personal loan apps. If you require an instant loan – may it be for sudden medical expenses, weddings, travel, educational needs, debt consolidation or purchase of a laptop, vehicle, consumer durables or high-end smartphone – you can find out a solution in just a matter of few clicks.

Thanks to the availability of loan apps!

There are a few requirements, of course, that must be met as per your loan application. These include the applicant must be between the age group of 21 years and 65 years; must have a steady income source, either via self-employment or salary and hold a good credit score of generally 750 and above. However, note that after you decide on any personal loan lender, ensure to use an online personal loan EMI calculator to understand the EMI you would be comfortable repaying within the preferred loan repayment tenure. For instance, suppose you received approval for an ICICI personal loan at an ICICI personal loan interest rate of 12 per cent per annum. Now, before you begin with your repayment, ensure the calculator using an ICICI personal loan EMI calculator to understand the suitable personal loan EMI that you would easily bear as per your repayment capacity. In case you are unable to avail of a personal loan from banks, you can route for personal loan apps or digital lenders.

Top ten personal loan apps you must be aware of – 

Your credit profile plays a crucial role in determining if you can benefit from a low rate of interest. Many such personal loan apps come with their own online personal loan EMI calculator, which assists you in designing your loan repayment plan better.


PaySense levies a monthly rate of interest of 1.4 per cent – 2.3 per cent on the personal loan on a reducing balance basis at 16 per cent – 36 per cent APR (annual percentage rate). A lowering balance basis infers that your interest periodically will be computed just on the outstanding amount and not the whole amount borrowed buxic initially.

Play store rating – 4.4

Navi loans and health insurance

You can avail instant loan of up to Rs 20 lakh through Navi personal loan at a rate of 9.9 per cent p.a. onwards, with zero processing charges. Crucial parameters that will assist you in getting your loan at the beginning low rates are – steady employment history, a good credit score, and a low debt-to-income ratio. Moreover, the higher your monthly income is, the higher will be the loan quantum available.

Play store rating – 4.3

Money view

With a good rating of 4.6 stars on the play store, Money view’s rate of interest for a personal loan begins from an affordable rate of 1.33 per cent every month and changes as per the loan proceeds you avail, your credit score, repayment history and other parameters. Processing charges are 2 per cent of the loan proceeds.

Rating on the play store – 4.6

Also Check: ICICI Personal Loan EMI Calculator


It is an app which is made in India and offers simple and easy short-term loans to salaried. You can simply borrow a proceed ranging between Rs 9,000 and Rs 4 lakh at a monthly rate of interest of 2 per cent. The document submission procedure is straightforward and instant – taking merely just 20 minutes. Post completing your application, you can simply track your request status via the app.

Rating on the play store – 4.4


You can get a personal loan with a credit limit of up to Rs 5 lakh, beginning at a monthly rate of interest of 1.08 per cent, i.e., 13 per cent per annum. The interest begins accruing just once the approved amount gets transferred to your account. And there is zero need to transfer the whole proceeds to your bank. You can borrow just as per your need. Repayment can be performed in a flexible EMI route between 2 to 36 months.

Rating on the play store – 4.3


In India, mPokket is a quick loan app for salaried and college students. Loan proceeds provided are as low as Rs 500 to Rs 10,000 to college students, and for the salaried class, the loan proceeds available are between Rs 10,000 and Rs 20,000. Personal loan processing charges are not much as it ranges anywhere between Rs 34 and 203. This range in processing charges is based on the loan amount you borrow. However, the repayment tenure can range anywhere between 61 and 90 days. Once the loan application gets approved, the approved loan amount is transferred to your bank account. The borrowing threshold increased with timely and full repayment of the borrowed EMI.

Rating on the play store – 4.4

NIRA personal loan app

NIRA provides online loans at monthly rates that range anywhere between 1.67 per cent and 2.25 per cent. Healthy repayment of the borrowed amount and a good credit score can bring your interest rate down over time.

Rating on the play store – 4.5


KreditBee provides 100 per cent low-interest rate personal loans that start from Rs 1,000 to as high as Rs 3 lakh for salaried individuals. The beginning rate may be as low as 10 per cent as well as uploading the documents takes nearly 15 minutes. Once your details get verified, and you get a green signal, the loan amount gets credited to your account. The loan repayment tenure ranges anywhere between 30 days and 90 days, based on the amount.

Rating on the play store – 4.5

Early Salary

It is a Pune based Fintech company that offers loans of up to Rs 2 lakh at a monthly rate of interest ranging between 12 per cent and 30 per cent based on different parameters, including the applicant’s credit profile. The application procedure is quick and once your KYC is done, just select the amount that you want to transfer to your account. You are allowed to borrow an amount ranging between Rs 5,000 and Rs 5 lakh.

Rating on the play store – 4.5

Loan Tap

Through its own loan EMI calculator, Loan Tap provides a variety of loans to both professional and salaried individuals. A strong credit score can assist you in getting a personal loan at an attractive APR of 11 per cent.

Rating on the play store – 3.7

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