Business Finance

Best Instant Personal Loan Apps In India

Instant Personal Loan Apps

April 7th, 2021   |   Updated on June 29th, 2022

Personal loans are all the rage now in the market, and with so many options to choose from, it can get confusing to choose the perfect lender who not only meets your financial needs but is also borrower-centric.

Thus in today’s article, we will share with you a list of the best instant personal loan apps in India and help you make the right decision.

What Is A Personal Loan?

The first and most important thing we need to understand is the meaning of a personal loan. In simple terms, a personal loan can be understood as a lending instrument through which you can borrow a certain amount of money and use it to meet your urgent financial needs.

While the concept of a personal loan is not exactly new to India, it has been gaining significant popularity in the past couple of years, mainly due to the fact that it comes with certain benefits and features which are often missing from traditional lending instruments.

One of the most significant features of a personal loan is the fact that as a borrower, you are given the freedom to spend the loan amount in any avenue of your choice, be it to pay for urgent medical expenses or the downpayment of your favorite two-wheeler.

Best Personal Loan Apps In India

Now that you understand the basics of a personal loan let us take a quick look at the various apps you can rely on to avail the benefits of a personal loan when you require it the most.

1. Money View Loans

By far, the most favorite lending application among both Gen Z as well as Millennials is Money View, a private lender based out of Bangalore. Known for its intuitive features and borrower-friendly lending options, the Money View application is available both on the Playstore as well as AppStore.

Money View gives out personal loans starting all the way from ₹5,000 to ₹500,000, and the best part is, their lending options are available to both salaried as well as self-employed professionals.

In order to avail of a personal loan from Money View, you need to have a minimum credit score of 600 on a scale of 900, have a minimum monthly income of ₹13,500 in case of salaried, and ₹20,000 in case of self-employed professionals.

Along with this, it is also advisable that you keep both your latest ITR returns as well as bank statements handy to get your application approved quickly.

Additionally, the best part of Money View is the fact that they have their own credit model in place, meaning even those who have low credit scores can file a request for a personal loan.

2. MoneyTap

The first application on our list is the fairly recent MoneyTap. If you have been looking into personal loans for some time now, chances are that you have definitely come across MoneyTap’s name.

What distinguishes it from the other apps on our list is the fact that instead of giving you a personal loan, it extends you a credit line, and you have the freedom to withdraw money from the credit line and use it to meet your urgent expenses.

The best part of availing of a credit line is the fact that you can choose to withdraw only as much as you need, and you pay a small interest amount on that sum and not the whole approved amount.

This feature not only equips you with a greater degree of freedom but also ensures that you have greater control over your personal finances.

Similar to other lending institutions, MoneyTap also accesses both your CIBIL as well as Experian scores to assess your creditworthiness and accordingly extends you a credit line.

3. Bajaj Finserv

Probably one of the oldest financial institutions on our list, Bajaj Finserv is easily one of the most recognizable names in the Indian lending space.

Primarily known for their traditional and consumer durable loans, Bajaj Finserv recently launched its mobile application, which caters to first-time borrowers looking for personal loans.

A borrower can borrow up to ₹25 lakhs from the Bajaj Finserv application depending on their eligibility and similar to other lenders; in this regard, also both your CIBIL and Experian scores will be considered.

Along with this, the lender also provides a completely online application process, zero hidden charges, 24 hours guaranteed disbursement, and most importantly, a flexible repayment tenure that extends up to 60 months.

4. Dhani by IndiaBulls

Last but not least is Dhani by IndiaBulls. A new offering by IndiaBulls, Dhani is quickly catching pace among borrowers for their consumer-friendly lending options packaged with features such as constant availability of doctors, discounts, cashback, and much more.

Similar to other private lenders, if you want to avail of a loan from Dhani, you need to download their official application either from the Playstore or the AppStore and start the application process by sharing your eKYC information.

In order to become eligible for their offerings, you need to have a minimum credit score of 750 on a scale of 900 and preferably be a salaried employee at either a public or private sector company.

How to Get a Personal Loan Instantly?

Now that you know what a personal loan is and the best apps to avail of one in India let us discuss how you can avail of one right from your smartphone. Mentioned below are some of the most significant steps you will need to follow:

  1. Login to Google PlayStore/App Store and search for the term “personal loan.” You will come across a list of various personal loan lending apps which offer their services.
  2. Select any of the apps you like and download them on your smartphone.
  3. Once installed, open the app and start the application process by first sharing your Aadhar linked mobile number.
  4. Share the OTP you just received with the lender and proceed with the application by sharing your personal information, which includes your full name, email address, Aadhar Card Number, PAN Card Number, etc.
  5. Share your income information with the lender, as in salaried or self-employed, followed shortly by uploading your income certificates as proof.
  6. Enter the loan amount you require, fine-tune the repayment cycle and complete your application.

Once you have successfully submitted your application and if it gets approved, you will have the money in your account in under 48 hours.


Securing a personal loan in India today has become easier than ever before, thanks to the many lenders who now specialize in rendering this service. Now that you know of all the steps you need to take, go ahead and apply for the personal loan you require.