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If you need urgent cash and if you are thinking about Instant personal loan then this post will be helpful for you because in this article we are talking about How You can Get a personal Loan through Instant Loan App. At times, your bank balance does not match with the irregular expenses. You do not want to discuss your financial problems with friends and relatives. An easy way to overcome this problem is to apply for a personal loan online via Afinoz. 

About Personal Loan

A personal loan can be taken for any personal need say medical emergency, wedding expenses, vacation, home renovation, studies, buying a car, etc.

Why should you take a Personal Loan?

• Easy to Avail 
• Finance for home remodeling
• Easy traveling
• Quick disbursal
• No need for collateral
• Fixed-Rate of Interest 
• Choose the loan tenure
• Tax benefit 

Read more: Why Should You Take a Personal Loan?

*Note: The personal loan eligibility criteria vary from one lender to another.

Best Instant Personal Loan Apps 2021

There are so many online lenders in the market today that you may get confused as to where apply for a personal loan. To help you a little we have provided some of the best instant personal loan apps.

1. Afinoz Instant Personal Loan App 

• Simple and end-to-end digitalized loan application process
• There are additional benefits like cashback up to Rs 5000 on disbursal 
• With a single application, you can compare and apply for the most suitable loan. 
• There will be complete security of your financial data.
• You get real-time updates about different financial products.
• You can enjoy access to all your records anytime, anywhere

2.  StashFin

StashFin is a digital lending app that was founded by professionals who are using their experience in finance, banking and technology in various multinational firms to lend money online.

• They offer loans from Rs. 500/- to Rs. 5,00,000/. 
• These loans can be repaid in equated monthly installments only electronically. 
• The interest rates start from 11.99% per annum 
• Tenure of the loan can be from three months to thirty-six months.
• Apart from a processing fee, there are no other hidden charges.

3.  ZestMoney App for Personal Loan

ZestMoney is a fast way to get an Instant loan. You can digitally pay back the loan in equated monthly installments (EMIs).

There is no need for a credit card. 

• Zestmoney does not require you to have a credit score. 
• The loan process is so streamlined that it takes only five minutes online. 
• Loans up to one lakh are sanctioned instantly. 
• You can earn 100% cashback on your EMIs 
• You get a gift card from online partners such as Amazon, Flipkart, Makemytrip and Myntra.

4. Smartcoin Loans App for Personal Loan

• Smartcoin gives Instant personal loans starting from Rs. 1000 and going up to Rs. 50,000. 
• Loans are given to professionals, executives and businessmen. 
• Tenure of the loan varies from fifteen days to four months. 
• This is an easy to use the app. 
• The processing of the loan is quick.  
• The money is credited into your account within two working days.

5. Indiabulls Dhani Loan App

• Indiabulls app grants personal loans within minutes up to Rs. 15 lakh.
• You can also avail of a loan for a sum as small as Rs. 1000/. 
• This app is supported by Indiabulls ventures. 
• Loans have tenure beginning from three months and going up to twenty months. 
• These are unsecured loans. 
• You get the money in your account instantly. 
• The online process takes only five minutes. 
• A loan up to Rs. 15,000 is available online. 
• The interest rate is 11.99%. 
• The processing fee is 5% of the loan amount.

7. MoneyTap

Self-employed and professionals can both avail instant loans on this app. You need to have a monthly salary of Rs. 22,000 and above. You need to create your profile on this app and upload your documents. 

• The Moneytap app will also tell you about the pre-approved loan amounts available to you.
• There is a very low rejection rate of loan applications. 
• In case you do not withdraw the entire amount sanctioned, you will be charged interest only on the amount you have withdrawn. 
• The maximum loan amount offered is Rs. 5 lakhs.

8. KreditBee

Kreditbee app that helps young professionals reach out to their dreams. It has the facility of direct money transfer to your bank account. 

• This offers you a loan up to Rs. 1 lakh. 
• The entire process is online, starting from applying to cash being disbursed and is so efficient that it takes only fifteen minutes. 
• Loans are available from Rs. 1,500 to Rs. 1 lakh. 
• The monthly interest rate is 3% of the principal. 
• Funds are transferred immediately to the seeker’s bank account.

9. LazyPay

This is a unique app. Even before you enter all your details, you can access your loan limit by entering your mobile number. 

• LazyPay sanctions more than a million loans a month. 
• Personal loans up to Rs. 1 lakh are disbursed quickly. 
• This app is very safe. 
• There is a fourteen-day-interest-free window for repayment.  
• The loan comes with borrower-friendly equated monthly installments.

10. mPokket

• mPokket app designed especially for students. 
• It is easy to use and offers loans to students at competitive rates. 
• Very few documents needed for sanctioning the loan and money is quickly disbursed to the account.

11. Flex Salary

flex salary app offers loans to even those people who do not live or work in metropolitan cities. They offer loans to professionals in salaried jobs in tier one and tier two cities. 

• Borrowers can get loans up to Rs. 2 lakhs from Flex Salary. 
• Loans are disbursed in a hassle-free environment. 
• You can download this easy to use app from play store.

12. PaySense 

It is a digital platform to get an online Instant personal loan. PaySense has partnered with IIFL and Fullerton for the disbursal of personal loans.

• With this app, you can avail of a maximum loan amount of Rs 2 lakh.
• The rate of interest starts at 16.8% p.a.
• Based on your risk profile, the loan amount and tenure are decided.
• Salaried individuals having a salary of Rs 12,000 per month and self-employed individuals earning Rs 15,000 per month are eligible to apply for the loan.
• The KYC documents and bank statements are required to establish your eligibility for the loan.
• Post submission of the documents, if you are eligible, the loan will be approved within 5 hours.
• It takes 3-5 days to get the funds, by using this app.

13. CASHe 

CASHe is a digital platform powered by an RBI registered NBFC known as Bhanix Finance and Investment Limited. This is a unique app, which considers Social Loan Quotient (SQL) of the applicant, to process the loan application.

• Register in the app with either of your social media profiles-Facebook/LinkedIn/Google+ accounts.
• You can also transfer a part of your loan amount directly to your Paytm wallet.
• With the CAShe app, you can get instant loans for a short tenure of 15,30, 90, and 180 days.
• The Social Loan Quotient (SQL) feature of the app, assists in making your unique credit profile. This feature differentiates it from other users.
• You will have to enter your name, age, mobile number, income details, address etc. at the Social Loan Quotient Calculator, to find out your eligibility.

14. Bajaj Finserv 

This app has 12,000+ partner outlets in over 150 cities with Croma, Vijaya Sales, Hometown, Home Centre, Urban Ladder, Helios, and more, which allow consumers to shop around in any of them. You can get your loan amount disbursed within just 24 hours with this app.

• This app lets you to login using the Aadhar Card, and social media profiles.
• You can edit the personal details easily on the app.
• You can share the first 6 digits of your Credit Card to increase the chances of getting an approval. This will also make you eligible for higher loan amounts.
• The app ensures not to use your Credit Card details for any banking purpose. And no money will be deducted from the card.
• After disbursal of the loan amount, you can shop across any of the partnered outlets like, HomeTown, HomeStore, Helios, etc.

15. Early Salary

This app can be used to avail loans at specific cities. Early salary is gaining popularity among the young generation, with its easy payback option in easy EMIs within 50 days.

• To avail of the loan using this app, no credit history is required.
• Loan ranging from Rs 15,000 to Rs 2 lakh can be availed using this app.
• For EMI purchase, this app can be utilized at Amazon, Flipkart, and Big Bazaar. 
• You will have to pay a 2% processing fee for availing the loan through this app.

16. PayMe India

This Fin-tech company is based out of Noida, which has raised $2 million from Singapore-based investors. To provide quick cash to salaried corporate employees, this app offers short term loans. 

• The minimum loan amount offered is Rs 1,000, and the maximum you can avail is Rs 1,00,000.
• The lending process is fast and reliable.
• It has a strong customer support team, which is very responsive.

17. MoneyView

MoneyView has been expanding rapidly over the last few years and is now present in several Indian cities.

• The minimum loan amount approval can be availed using this app is Rs 10,000.
• The repayment period with Money View ranges from 3 months to 5 years.
• Once you upload the required documents, based on your eligibility, the loan amount will be disbursed to your bank account very soon.

19. RupeeLend

Having its base in Gurgaon, RupeeLend is now operational in major cities of India. It is part of the Casinity Group that provides short term credit to its users.

• You can get the loan amount using this app within two hours.
• Existing customers have the benefit of availing the loan amount within 10 minutes. 
• The loan customization feature helps customers select the loan amount quickly. 
• If you wish to foreclose the loan, you can do so without any extra charges.
• Rupeelend follows the disbursal of the loan amount, which is quick and reduces excessive paperwork. 
• The company currently operates in Bangalore, Mumbai, and NCR.

20. Loan Tap

Loan Tap offers customized loans to borrowers. With the tagline “Bringing Dreams to Life,” this app is one of the popular ones in the market.

• Loan Tap provides loans in the category of two-wheeler loans, flexible personal loans, lifestyle and celebration loans, home loans, and lower instalment loans.
• Repayment options of the app include accelerated payment options and bullet repayment to the principal outstanding. Depending on your preference, you can choose either of them.
• The minimum loan amount that can be availed by using this app is Rs 50,000, and the maximum is Rs 10,00,000.
• The process of applying for the loan is simple and requires minimal documentation.

21. Credy

Currently operational in Bangalore, Chennai, Pune, Mumbai, and Hyderabad Credy is a new but strong entrant in the market. 

• Applicants having a minimum salary of Rs 15,000 can apply for the loan.
• Tenure for applying for the loan can be chosen between 3 to 12 months. 
• The minimum loan amount that can be availed from the app is Rs 10,000, and the maximum is Rs 1,00,000. 
• The loan application process is simple and requires minimal documentation.

22. RealmePaySa

This digital lending app is made by the smartphone maker Realme. In a partnership with EarlySalary, the app provides instant personal loans to salaried individuals.

•  an individual can avail up to Rs 10 lakh.
• The maximum tenure to avail the personal loan from RealmePaySa is 5 years.
• The loans are offered at a steady interest rate starting from 2% per month.
• Apart from personal loans, the app provides business loans, free credit reports, and mobile screen insurance.

23. MI Credit

This personal loan app is built by the largest smartphone maker in India, Xiaomi. The company has tie-ups with several NBFCs to provide personal loan to its users.

• The users can avail up to Rs 1 lakh.
• The interest rates for MI credit personal loans start from 16% per annum.
• Complete digital application helps consumers secure personal loans in no time.
• It provides you free credit reports and timely advice to keep you financially strong.

Read More: Instant Cash Loan In 1 Hour In India

Features and benefits of the instant loan app 

Instant Loan applications allow you to obtain large sums of money in only a few clicks and with little or no documentation. All you need is an internet connection to apply for a loan, and the funds will be transferred to your account in no time. Some of the features and advantages of rapid loan applications are as follows: 

• Instant Cash Credit: As previously said, you can get money from these programs in a matter of hours. 
• Paperless: When you apply for a personal loan online, you must upload your documentation online, which eliminates the need for physical paperwork. 
• Collateral-Free Financing: These apps offer funds without requiring any kind of security or collateral. 
• Digital Process for tracking: One of the most significant advantages of rapid loan apps is the ability to track your loan application online, including the application, verification, and release of cash. 
• No End-Use Restrictions: The monies you have obtained through the rapid lending apps have no end-use restrictions. 
• There is no requirement for credit history: Finally, to provide a personal loan, most of these applications do not demand any credit history or verification. 

How to apply for a personal loan through the app?  

The approval process for a personal loan using instant personal loan apps is simple and takes only a few seconds. To receive a loan through these applications, you must complete the procedures below. 

• Step 1: Sign up for immediate personal loan apps like MoneyTap, Paysense, and Early Salary, among others. 
• Step 2: Complete the required personal and banking information. 
• Step 3: An amount will be approved based on your eligibility. 
• Step 4: Submit your KYC documentation and bank statements. 
• Step 5: Following verification, the loan money will be paid to your bank account immediately. 

Personal Loan Eligibility Criteria

Age limit	21 – 68 years
Type of Employment	Salaried, Business owner, Self-employed professional, Retired, Student & Home maker
Employment Status	Employed/In-business for at least 2 – 5 years
Minimum Net Monthly Income	Rs.5,000 and above
Work Experience	1 to 3 years & Above
Credit Score	CIBIL score of 750 or more
Maximum EMI	Up to 65% of Income

Documents required for instant loans

The following are the most common documents required for an online personal loan approval:

Individuals with a Salary

1. Identification and proof of age

2. A fully completed personal loan application with a photo

3. PAN Card

4. Proof of residency - passport, driver's licence, voter identification, postpaid/landline bill, utility bills (electricity/water/gas)

5. Last three months' bank statements (preferably your salary account)

6. Pay stubs from the last three months

7. Form 16 or three years' worth of tax returns

Individuals who work for themselves

1. Identification and proof of age

2. A fully completed personal loan application with a photo

3. Identification Card (PAN)

4. Proof of residency - passport, driver's licence, voter identification card, postpaid/landline bill, utility bills (electricity, water, gas)

5. Last three months' bank statements (preferably your salary account)

6. Pay stubs from the last three months

7. Income Tax Returns for the last three years, including Income Calculation

8. Balance Sheet and Profit & Loss Account over the last three years, certified by a CA and audited

Tips to Choose the Best Instant Personal Loan App in India 2021

Now you know the best instant loan apps, the only problem you face now is finding a personal loan that is ideal for you. Here are four things to keep in mind so that you may choose the best personal loan for you.

• Look for a lender with easy eligibility criteria: When looking for the best immediate personal loan on the market, search for a lender that has clear, simple eligibility standards, as this reduces the amount of effort required to acquire funds and speeds up the verification and approval process.
• Examine and evaluate lenders based on their interest rates: When looking for a personal loan, the interest rate is an important consideration. It has a direct impact on the interest rate you pay and, as a result, the loan's affordability. The lender determines personal loan interest rates based on factors such as credit score and willingness to repay.
• Inquire about any additional fees or charges:It is critical to check the payments as well as the interest rate before agreeing to a loan. This may be high, depending on the lender, and you may end up paying more than you anticipated. So, don't choose a personal loan option only based on its low interest rate. Consider transaction expenses, bounce charges, penal interest, and stable fees, among other things.
• Ensure repayment consistency: Make sure you have a flexible repayment term to get the most out of your borrowing experience. This allows you to spread out your EMIs over a longer period, allowing you to repay the loan according to your ability to pay, lowering the risk of default. These checks are likely to assist you in obtaining the best personal loan for your financial situation. These checks are likely to assist you in obtaining the best personal loan for your financial situation.

Conclusion:

To conclude, the term “best” is subjective as it completely depends on an individual needs. We have provided some of the major instant loan lenders to help you a little.