The 5 Best Instant Personal Loan Apps in India 2021

5 years back, if you wanted to take out a loan in India to meet any of your financial obligations, you would have very few options present in front of you, and most of them would be banks. However, in the last five years, a lot has changed in the Indian lending space, and today, there are multiple companies and NBFCs who specialize in rendering personal loans to everyday borrowers, and in today’s article, we will share with you a list of the top 5 you should check out.

Without further ado, let’s get started.

What Is a Personal Loan?

Before we dive into the extensive list of the best instant loan apps in India, let us first understand the meaning of a personal loan.

In simple terms, a personal loan can be understood as being a financial lending instrument through which you can borrow a certain amount of money and use it to meet any of your pre-existing financial obligations while enjoying a competitive rate of interest and long tenures.

The concept of a personal loan has steadily been getting traction in India among borrowers, mainly due to the fact that, as compared to a traditional loan, they arrive with a host of features which are generally absent from the former.

Features such as instant approval, long tenures, and a completely online application process have contributed to their rapid popularity, and the instant loan apps we are sharing in today’s article have contributed further.

1. Money View Loans

The first application on our list and our favorite is Money View. Not to brag, but Money View’s personal loan offerings are truly one of the best in India. Starting all the way from instant approvals and assured disbursements within 24 to 48 business hours to approving loans even for those with low credit scores, Money View bags the prize as our favorite instant personal loan app in India.

Shared below are some salient features of MoneyView’s offerings.

  • Loan amounts from ₹5,000 to ₹500,000
  • Completely paperless and 100% online application process
  • Competitive rate of interest starting at just 1.13% per month
  • Applicants can apply even with a low CIBIL score of 600 or Experian score of 650.
  • Instant approval and assured disbursement in 24 hours.

2. Credy

If you have been looking around for the best personal loan apps in India for sometime now, chances are that you have definitely come across Credy’s name. Based out of Bangalore, Credy too specializes in financial inclusivity and offers loans to those with low or moderate credit scores. Applying for a personal loan with Credy is simple and straightforward on their official website, and you can easily pay off your EMIs on the companion Credy buddy app, which arrives with an intuitive and user-friendly design.

Some of the salient features of Credy include the following.

  • You can borrow upto ₹100,000 from their website or smartphone application even with a low or moderate credit score.
  • Flexible interest rates and loan tenures
  • Completely online application process with the option of digitally signing the loan agreement
  • Get real-time approval of your loan application in 5 minutes or less.
  • The company actively encourages you to pay back your EMIs on time and assists you in increasing your credit score.

3. MoneyTap

Although not an instant loan application in the truest sense of the term, MoneyTap does have a similar offering, and it is known as a credit line. What is different here is the continued fact that once you submit your application, you are instantly approved for a predefined credit line, and you can withdraw as much or as little you want from this credit line moving forward, and you only need to pay interest on this amount.

Once approved, you can borrow any amount from ₹3000 to ₹500,000 from your credit line, and you will need to only pay interest on the amount you withdraw and not the whole credit line. One of the clear advantages of MoneyTap’s offering is the fact that you just need to put in your application once, and you will find out how much you will be able to borrow, saving you time and money in the long run.

Some of the salient features of MoneyTap’s offering are as follows

  • Instant assessment and credit line approval within 1 hour
  • Borrow any amount between ₹3000 and ₹500,000 and only pay interest on the withdrawn amount
  • Flexible EMIs ranging all the way from 2 months to 36 months
  • Variable-rate of interest depending on the loan amount you borrow
  • Collateral free loans for all your emergencies

4. 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 upto ₹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 upto 60 months.

5. 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, cashbacks, 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.


Getting a personal loan when you are in urgent need of one is a true blessing, however if you do not know how to navigate the pathway it can be a challenging process. However with these 5 days by your side, getting an instant personal loan has become easier than ever before.

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