25 Best Instant Personal Loan Apps in India [August 2022] (2023) (2023)

India is changing, and with it, the mindsets, practices, norms, and habits of Indians are also changing. For instance, taking a loan is no longer taboo today. Young individuals have been taking loans from the best loan apps in India for various purposes like studying overseas, financing a holiday, renovating their house, buying a car, and even for their wedding.

To fuel the dreams of today’s ambitious population, many organizations have started offering funds. Money lending apps in India have become popular owing to the many benefits – customized loans, low-interest rates, online credit cards, the simple application process, and 24X7 tracking.

Multiple instant loan apps in India in 2022offer a fast, paperless, and hassle-free way of getting quick access to funds to fulfil your dreams or help you during a financial emergency.

In this blog, we have listed some of the best loan apps in India that have taken the market by storm and are changing the way Indians borrow! We have also made a loan app comparison table for your perusal. Get information about the best instant personal loan apps in India in 2022by giving this a read.

Best Instant Personal Loan Apps in India [August 2022]

Below is the list of the top 25 best loan apps in India:

  1. PaySense
  2. CASHe
  3. EarlySalary
  4. Nira
  5. KreditBee
  6. Credy
  7. mPokket
  8. Dhani
  9. Bajaj Finserv
  10. MoneyTap
  11. FlexSalary
  12. MoneyView
  13. PayMe India
  14. SmartCoin
  15. StashFin
  16. HomeCredit
  17. ZestMoney
  18. IDFC First Bank
  19. LoanTap
  20. Fullerton India
  21. LazyPay
  22. IndiaLends
  23. CashBean
  24. RupeeLend
  25. AnyTimeLoan

The Comparison Table of Best Loan Apps in India in 2022

The following table compares the best loan apps in India in 2022. It compares different loan apps based on their annual interest rate, loan amount, and app rating on Google Play Store. The table will help you find the best loan app in India suitable to you:

#Loan AppAnnual Interest Rate or APRLoan AmountApp Rating/5
1PaySense16% – 36% (APR)5,000 to 5 lakh4
2CASHe27% – 33%7,000 to 4 lakh3.6
3EarlySalary0% – 30%3,000 to 5 lakh4.3
4Nira24% – 36% (APR)5,000 to 1 lakh4.2
5KreditBee0% – 29.95%1,000 to 2 lakh4.1
6Credy12% – 18%Up to 1 lakh4.1
7mPokketStarting at 52%500 to 30,0004.2
8DhaniStarting at 13.99%1,000 to 15 lakh4
9Bajaj Finserv12% – 34% (APR)30,000 to 25 lakh4
10MoneyTap13% – 36%3,000 to 5 lakh4.1
11FlexSalaryUp to 36% (APR)4,000 to 2 lakh3.7
12MoneyView16% – 39% (APR)10,000 to 5 lakh4.5
13PayMe India18% to 42% (APR)2,000 to 2 lakh3.2
14SmartCoin0% – 30%4,000 to 1 lakh3.9
15StashFin9.99% – 35.99% (APR)1,000 to 5 lakh4
16HomeCredit19% – 56% (APR)10,000 to 2,40,0004.3
17ZestMoneyUp to 36% (APR)1,000 to 10 lakh4.6
18IDFC First BankStarting at 10.49%Up to 40 lakh3.9
19LoanTap18% – 30%25,000 to 10 lakh3.7
20Fullerton IndiaStarting at 11.99%50,000 to 25 lakh3
21LazyPay15% – 32%10,000 to 1 lakh4.4
22IndiaLendsStarting at 10.75%Up to 50 lakh3.8
23CashBeanUp to 26%1,500 to 60,0004.3
24RupeeLend365% (APR)10,000 to 1 lakh2.6
25AnyTimeLoan18% – 54%Up to 50 lakh1.9

Learn more about the best instant loan apps in India below. Get to know about each of the loan apps in brief.

1. PaySense

PaySense, one of the best instant loan apps in India, has both an app and a website where salaried professionals and self-employed individuals can apply for instant loans.The minimum salary to get a personal loan is 18,000 per month. Also, self-employed individuals who earn a minimum of 20,000 per month can borrow from PaySense.

The interest rate of the loan app is from 16% to 36% (APR) on a reducing balance basis. You can use the instant personal loan from PaySense as a home renovation loan, laptop loan, and marriage loan, among others.

Founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, the company has partnered with NBFCs/Banks registered with RBI such as Fullerton, IIFL, and Credit Saison India, Northern Arc, and PayU Finance for the disbursal of loans. PaySensehas raiseda total of$25.6Mover three rounds of funding.

The PaySense App is available for download on the Google Play Store. After installing the app, all you need to do is check your eligibility and upload the necessary documents. You are allowed to choose a tenure from 3 months to 60 months to pay back the loan. PaySense offers an EMI calculator to help you calculate the EMI you shall pay every month.

The best part is that you are not required to submit any collaterals or securities, nor are you required to have a high credit score to avail of a loan from PaySense.

Founded in: 2015

Minimum Loan Amount: 5,000

Maximum Loan Amount: 5,00,000

2. CASHe

CASHe is a great way to secure funds during an emergency or financial crisis. All you need to do is download the CASHe App on your phone. You can find it on Google Play Store as well as Apple Store. Upload the necessary documents on the app; once approved, the loan amount is credited to your account in just a few minutes. You can also transfer a part of your loan amount directly to your Paytm Wallet.

Do note that CASHe approves loans based on the social profile, merit, and earning potential of the borrower by using a proprietary algorithm-based machine learning platform.

Founded in: 2016

Minimum Loan Amount: 7,000

Maximum Loan Amount: 4,00,000

3. EarlySalary

Do you often get out of cash in the middle of the month? And are worried about meeting the expenses for the rest of the month? EarlySalary gets you covered when the next payday is far away. A unique personal loan app for salaried professionals, this app provides a loan amount up to 5,00,000 for all your needs.

The Pune-based fin-tech start-up also allows you to pay back the loan in easy EMIs within 24 months. Gaining popularity among the young generation, EarlySalary raised 100 crores in series B funding led by Eight Roads Ventures and IDG Ventures India.

Founded in: 2015

Minimum Loan Amount: ₹3,000

Maximum Loan Amount: 5,00,000

4. Nira

Nira is also one great money lending app in India. After you download the app, you can determine if you qualify for the loan in just 3 minutes. If you are eligible, you are given a credit line of 1,00,000. You can withdraw about 5000, or more anytime you need the money and payback in easy installments in 3 to 24 months.

The best part is that you don’t need to have a high credit score to apply. So, if you need some money urgently, Nira is a good option. The app had picked up $1 million in seed funding.

Founded in: 2018

Minimum Loan Amount: 5,000

Maximum Loan Amount: 1,00,000

5. KreditBee

Amongst the many loan apps built to help young professionals, KreditBee is one of the best online loan apps in India. You can borrow an amount as little as 1000 and as much as ₹2 lakh. Anyone above 18 years and earning at least 10,000 per month can download the app and apply for the loan.


The entire process happens on the app, and there is no need for physical verification. After uploading the necessary documents, you need to wait for verification and approval. Once approved, the loan amount is directly credited to your bank account. This app is highly rated and a favourite among young professionals.

Founded in: 2015

Minimum Loan Amount: 1,000

Maximum Loan Amount: 2,00,000

6. Credy

Credy is a fantastic instant loan app in India that can help you meet your financial needs like furnishing your home, paying your credit card bill, etc. Credy has no hidden charges and you do not need a guarantor or collateral to apply for a loan.

To take a loan from Credy, all you need to do is download the app, meet their eligibility requirements, upload the documents they ask for, and you are good to go! The loan repayment schedule is also flexible because it allows borrowers to choose tenure between three to 12 months. They offer loans to salaried employees earning at least 15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.

Founded in: 2016

Minimum Loan Amount: 10,000

Maximum Loan Amount: 1,00,000

7. mPokket

It is not uncommon for college students to run out of money. And so, the makers of mPokket came up with a special app to ensure that no college student has to borrow from friends anymore. This personal loan app is specially designed for college students and provides pocket money to students.

You need to download the app, fill in all the necessary details, and once your application is approved, the money is credited directly to your bank account or Paytm Wallet. The initial amount that is approved is 500, and the credit line keeps on increasing with regular usage and timely payments. The repayment tenure is from 2 to 4 months.

Founded in: 2016

Minimum Loan Amount: 500

Maximum Loan Amount: 30,000

8. Dhani

Backed by Indiabulls Ventures, this is also one of the top loan apps in 2022 in India. Dhani lets you apply for a personal loan anytime, anywhere, and for any reason. With no physical documentation, you can get an unsecured loan in no time. All you are required to do is download the app and provide your PAN, Aadhar number, and address for verification.

Once verified, the loan amount is disbursed to the bank account within minutes, or as per the app’s claim, three minutes. You can repay the loan within 3 to 36 months.

Founded in: 2000 (Indiabulls); 2017 (launch of the app)

Minimum Loan Amount: 1,000

Maximum Loan Amount: 15,00,000

9. Bajaj Finserv

One of the most prominent brands in personal financing, Bajaj Finserv, has been present in the country for over a decade. With a great range of offerings, Bajaj Finserv is one of the best loan apps in India. You can use their zero interest EMI card to finance your purchases.

You can borrow personal loans of up to 25 lakhs with Bajaj Finserv without pledging any collateral.

Founded in: 2007

Minimum Loan Amount: 30,000

Maximum Loan Amount: 25,00,000

10. MoneyTap

MoneyTap has a unique feature called “no-usage-no-interest,” which makes it stand out from other apps. This simply means that you are charged interest only on the amount of money used. All you need to do is download the app and upload the necessary documents. Once you get the approval, you are given a credit line, which you can use according to your needs.

MoneyTap has partnered with the leading NBFCs in the country, and it currently serves Bangalore, NCR, Mumbai, Hyderabad, etc. cities in India. However, you need to earn a minimum of 30,000 a month to qualify for a loan.

Founded in: 2015

Minimum Loan Amount: 3,000

Maximum Loan Amount: 5,00,000


11. FlexSalary

FlexSalary is an instant loan app in India that has been designed especially for salaried individuals. Based in Hyderabad, this online loan lending platform is an excellent help to salaried individuals who need urgent cash during times of crisis.

In addition to a one-time approval process, FlexSalary has instant disbursals and gives its borrowers the option to access their credit anytime. Borrowers are also allowed to decide the loan tenure and repay the amount flexibly. It works as an advanced salary app with no fixed EMI for borrowers. All you need to do is sign up on the app, upload the required documents, and the loan is transferred to your account upon approval.

Founded in: 2016

Minimum Loan Amount: 4,000

Maximum Loan Amount: 2,00,000

12. MoneyView

If you require a significant amount of cash for an emergency or some other expense, this is probably the best instant loan app in India that you can download. It is a great app that allows you to borrow an amount starting from 10,000 up to 5 lakh and lets you pay in comfortable EMIs within 3 months to 5 years.

The entire process takes place through the app, which is relatively easy and completely paperless. You get access to your desired loan amount once your documents are approved. MoneyView has been expanding rapidly over the last few years and is now present in several Indian cities.

Founded in: 2014

Minimum Loan Amount: 10,000

Maximum Loan Amount: 5,00,000

13. PayMe India

Based out of Noida in Uttar Pradesh, PayMe is a fin-tech company that offers short-term loans to corporate employees who require instant cash. They provide short-term cash loans, instant payday loans, and advance salary loans to salaried corporate employees at low-interest rates to help them meet their financial needs.

Their loan application process takes place entirely through the app. The lending process is reliable and quick. PayMe has a strong customer support team known to be very responsive and helpful to new borrowers. The company had raised $2 million from Singapore-based investors.

Founded in: 2016

Minimum Loan Amount: 2,000

Maximum Loan Amount: 2,00,000

14. SmartCoin

This is a great loan app for people looking for some quick cash or short-term loan for a financial emergency. Unlike most other loan apps, SmartCoin offers loans to people from all walks of life like salaried individuals, stay-at-home parents, support staff, business owners, etc.

The app is pretty easy to operate, and the lending platform is completely hassle-free. You can do all the documentation online, and your application is approved within minutes. Once approved, you can apply for a loan of up to 1,00,000. There is no minimum limit on the salary you earn in SmartCoin, and hence, anyone can apply for a loan.

Founded in: 2015

Minimum Loan Amount: 4,000

Maximum Loan Amount: 1,00,000

15. StashFin

StashFinwas founded by a group of professionals experienced in finance, banking, and technology. It is a digital money lending app that offers loans from 1,000 to 5,00,000. You can only repay the loans electronically.The tenure of the loan can range from 3 to 36 months. There are no hidden charges on loans from StashFin.

Founded in: 2016

Minimum Loan Amount: 1,000

Maximum Loan Amount: 5,00,000

16. HomeCredit

This is one of the oldest money lending apps in India. A part of the international Home Credit Group, this company has a presence in over ten countries in Asia and Europe.

The loan app works seamlessly to provide you with the required loan amount to help you fix your financial woes. It provides a loan amount of up to 2,40,000 and allows you to repay it in easy EMIs within a period of 6 to 51 months.

Founded in: 2011

Minimum Loan Amount: 10,000

Maximum Loan Amount: 2,40,000


17. ZestMoney

ZestMoneyoffers a quick way to get an instant loan. ZestMoney does not need you to have a credit score.It takes just a few minutes to apply for a loan on ZestMoney. You can pay back your loan digitally in EMIs and earn a cashback of 100% on your EMIs.

Founded in: 2015

Minimum Loan Amount: 1,000

Maximum Loan Amount: 10,00,000


If you are looking for a good significant amount of cash, this is the loan app you should download and use. The process is relatively simple to follow, and you can get your loan amount approved within a few minutes. The repayment process is also flexible, and you are allowed to pay off the loan in easy EMIs within 1 to 5 years.

The company also offers a few benefits to their existing customers by letting them have access to loan account details, statement details, outstanding balance, payment dates, and also for raising service requests.

Founded in: 2018

Minimum Loan Amount: N/A

Maximum Loan Amount: 40,00,000

19. LoanTap

Among the manyinstant loan apps in India, this is one of the popular ones in the market. With the tagline “Bringing Dreams to Life,” LoanTap offers customized loans to their borrowers.

Their products include lifestyle and celebration loans, two-wheeler loans, home loans, flexible personal loans, and lower installment loans. The documentation process is simple and requires minimal documents. The repayment options are also many – they offer accelerated payment options and bullet repayment to principal outstanding.

Founded in: 2015

Minimum Loan Amount: 25, 000

Maximum Loan Amount: 10,00,000

20. Fullerton India

Fullerton India InstaLoan offers a quick and convenient way to apply for a personal loan for salaried and self-employed professionals.It is one of the best loan apps for the self-employed. The personal loan appclaims to disburse a loan within 30 minutes of loan approval.

The app features a hassle-free documentation process where only your basic information is required. Also, you can dynamically track the status of your loan.

Founded in: 1994; 2021 (launch of the app)

Minimum Loan Amount: 50,000

Maximum Loan Amount: 25,00,000

21. LazyPay

Powered by PayU, the same company that acquired PaySense, LazyPay is one of the fastest loan apps in India. It offers quick approvals and safe online loan application processing. You just need your mobile number to know your loan eligibility with LazyPay App.

The key offerings of LazyPay include an instant personal of up to 1,00,000 with minimal documentation and an easy digital process.

Founded in: 2015

Minimum Loan Amount: 10,000

Maximum Loan Amount: 1,00,000

22. IndiaLends

One of the most premium lending platforms in India, IndiaLends is a low-interest loan app. You can avail of instant loans from the app. You can check your credit score on the app by uploading your PAN, which helps you select your instant loan.

Founded in: 2016

Minimum Loan Amount: N/A

Maximum Loan Amount: 50,00,000

23. CashBean

CashBean is present on mobile as well as the web. It is a cutting-edge product aimed to make your financing needs easier. You can apply for a loan online on their tech-driven mobile app. You can quickly get loans without any paperwork and hurdles and within minutes. The loan application to sanction and disbursal is all wholly digitized.

(Video) Best Instant Personal Loan Apps for Low Cibil score|No Bank Statement| No Salary Slip |Only Aadhar

Founded in: 2018

Minimum Loan Amount: 1,500

Maximum Loan Amount: 60,000

24. RupeeLend

A part of the Casinity group, RupeeLend is a digital finance company that provides short-term credit to its users. Based in Gurgaon, RupeeLend functions in most of the major cities of India. The app follows a new method of disbursing loans that is simple, quick, and reduces excessive paperwork and meetings over phone calls. It understands that sometimes, customers are in urgent need of money and cannot wait too long to get it.

Moreover, RupeeLend disburses loans within two hours to new customers and within 10 minutes to a returning customer. This makes it one of the fastest instant loan apps in the country. It also has a loan customization feature that helps customers select the loan amount quickly. Moreover, should you wish to foreclose the loan, you can do so without any extra charges.

Founded in: 2015

Minimum Loan Amount: 10,000

Maximum Loan Amount: 1,00,000

25. AnyTimeLoan

If you are not a salaried individual and are worried about not getting a loan, it is time to put your woes to rest! AnyTimeLoan might just be the solution for you. It offers short term loans to both salaried and self-employed individuals by connecting them with lending partners. Their entire process is paperless: you need to download the app and follow the process. Once approved, the loan is instantly disbursed to your bank account.

The kind of loans offered by AnyTimeLoan is K12 education loans, personal loans, and business loans. It does not require any collateral or guarantor.

Founded in: 2014

Minimum Loan Amount: N/A

Maximum Loan Amount: 50,00,000

Bottom Line

So, this was the list of the best instant loan apps in India in 2022. Besides the apps mentioned above, several other loan apps in India offer instant personal loans within a few minutes. With increasing consumer awareness and adoption, the market has proliferated over the past few years and welcomed several new players.

However, while these money lending apps in India have made borrowing more accessible, you must always read the terms and conditions carefully before signing up to ensure that you fully understand the borrowing and repayment structures. Also, when it comes to making payments, you must be highly careful.

As per the industry experts, you must only make payments to the official accounts registered under NBFC, bank, or partner platform. You must not make any payments under the name of loan executives. However, note that online payments are considered safe as they are traceable and can be tracked.

The advent of several instant loan apps has ensured that official credit has become more accessible to millions of Indians, and that is an achievement worth celebrating!

So, compare various loan apps present in the market along with the above-listed best instant loan apps in India, and read up on them to find out the best online loan app in India that perfectly meets your requirements.


Which app is best for applying for a loan?

PaySense is one best loan app in India to apply for a loan.

Which app gives loans without salary slips?

The PaySense personal loan app gives loans without salary slips.

Which apps are providing loans during the lockdown?

PaySense and many other lenders are providing loans during the lockdown.

Which is the best loan app in India?

PaySense is one of the best instant personal loan apps in India, offering personal loans from 5,000 to 5,00,000 for a tenure ranging from 3 months to 60 months with an Annual Percentage Rate (APR) between 16% and 36% on a reducing balance basis.

25 Best Instant Personal Loan Apps in India [August 2022] (2023) (1)

Shivam Abrol

Shivam is a passionate content writer with Masters in journalism. A mutiple-award-winning writer, he brings over a decade of experience as a BFSI writer. In fact, he himself is known in his circle for sound financial advice. A writer by day and a reader by night, Shivam enjoys researching and writing on various financial topics, including credit, stock market, crypto, taxes etc. When he is not spending his time penning down an informative article or opinion, he can be found playing with his kids or collecting stamps.

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25 Best Instant Personal Loan Apps in India [August 2022] (2023)? ›

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.

Which app gives loan immediately in India? ›

Forbes Advisor Ratings
Policy NameForbes Advisor India RatingLowest Interest Rate
RapidRupee5.01% per month
Avail Finance4.51.25% per month
Loan Tap4.01.5% per month
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Which site is best for personal loan? ›

  1. IndusInd Bank. This is one of the best instant loan platforms where you can quickly apply for personal loans between INR 30,000 and INR 5,00,000 and receive quick approval. ...
  2. PaySense. ...
  3. CASHe. ...
  4. Early Salary. ...
  5. Kredit Bee. ...
  6. Credy. ...
  7. mPokket. ...
  8. Dhani.

Which bank has the easiest personal loan approval in India? ›

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.

Which app is best for urgent loan? ›

  • Dhani. Dhani popularly marketed as phone se loan app, instantly disburses the loan amount to your bank account. ...
  • India Lends. ...
  • KreditBee. ...
  • NIRA. ...
  • CASHe. ...
  • Money View. ...
  • Fibe. ...
  • SmartCoin.

How can I get money urgently in India? ›

Need Money Urgently? 9 Ways You Can Get Fast Cash
  1. Get a personal loan.
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  3. Sell your unwanted possessions.
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  6. Sell your stocks.
  7. Borrow money from friends/family.
  8. Get a loan against your PPF account.
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What is the easiest site to get a loan from? ›

Easiest Online Loans to Get
  • Oportun. Loan amounts of $300 - $15,400. APRs of 10.07% - 35.95%. ...
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What type of personal loan is easiest to get approved for? ›

Secured Personal Loan

The reason secured personal loans are easy to get approved for is that you will have to put up collateral that the lender can keep if you don't pay the loan back. This minimizes the lender's risk, so the approval criteria are relatively easy to meet.

Where is the easiest place to get a loan? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

Which bank gives loan without collateral in India? ›

HDFC Bank offers loans up to Rs 40 lakh. Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan.

Which loan is easier to get banks or online loans? ›

Since the process of getting a bank loan is more rigorous, banks are typically able to offer lower interest rates and sometimes provide perks for existing customers. Online lenders are less regulated than banks, allowing faster application processes and more lenient eligibility requirements.

Which type of loan is cheapest in India? ›

The cheapest loans in India are secured loans like home loans. They come with low interest rates but the usage is restricted. For example, you can take a home loan only when you're buying a home.

What is quick cash loan app? ›

With quick cash loan apps, all you need to do is download the app on your phone, search for the type of personal loan that you wish to procure (marriage loan, medical loan, consumer durable goods loan, etc.), upload documents, and easily apply for a loan from the comforts of your home.

How can I receive money from USA to India instantly? ›

To transfer money from USA to India online, you can avail of the telephonic or wire transfer facility. The Indian bank will have correspondent banks through which such a transfer takes place. If your bank is part of the SWIFT network, the money can also be transferred through SWIFT.

How to earn 500 per day in India? ›

Blogging can earn you 500 rupees per day. You can start a blog and post articles on a variety of subjects to it. This work can also be done from your phone. Even if you don't have any money, you can start a blog for nothing.

How to earn $1,000 per day without investment in India? ›

6 Referral Earning Apps (earn 1000 rupees daily)
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What is the easiest instant loan to get? ›

Best Instant Loans Online Guaranteed Approval:
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  • CashUSA: Excellent same day loan for high loan amounts.
  • BadCreditLoans: Best payday bad credit loans.
  • PersonalLoans: Best for fast personal loans.
  • Funds Joy: Best for quick payday loans.
Mar 8, 2023

How can I get money right now? ›

7 Ways to Get Money Right Now
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  2. Personal loans. ...
  3. Credit card cash advance. ...
  4. Home equity loan or HELOC. ...
  5. Gig economy/freelancing. ...
  6. 401(k) loans. ...
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Mar 29, 2023

Do you get personal loans instantly? ›

Few major personal loan providers offer same-day approval and funding, as most take at least 2 business days, but there are some worthwhile exceptions. The best same-day personal loans offer low APRs and fees, in addition to nearly instant access to money.

What is the lowest credit score you can have to get a personal loan? ›

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.

What is a quick way to get a loan? ›

Fastest ways to borrow money
  1. Personal loan from an online lender. Compared to traditional lenders like banks or credit unions, online lenders boast convenience and speed given their fully online application and funding process. ...
  2. Loan apps. ...
  3. Cash advance from a credit card. ...
  4. Loan from family or friends. ...
  5. Pawnshop loan.
Nov 28, 2022

Which loan is guaranteed with collateral? ›

Secured personal loans are backed by collateral, such as a savings account, certificate of deposit or vehicle. They're often easier to qualify for than unsecured personal loans because the lender has the right to keep your collateral if you're unable to make your payments.

Which banks provide personal loans in India? ›

Top Personal Loan Plans of 2023: Brief Analysis
  • 1) HDFC Bank Personal Loan.
  • 2) ICICI Bank Personal Loan.
  • 3) Bajaj Finserv Personal Loan.
  • 4) Fullerton India Personal Loan.
  • 5) IndusInd Bank Personal Loan.
  • 6) Kotak Personal Loan.
  • 7) Standard Chartered Personal Loan.
  • 8) Cent Personal Loan (Central Bank of India)
May 9, 2023

Which banks are best for no collateral loans? ›

Top Lenders to Apply for Education Loan without Collateral

Some prominent lenders include: Public banks like SBI, Bank of Baroda, etc offer applicants with a loan of upto 7.5 Lakhs without collateral. Private banks like Axis Bank, ICICI Bank, HDFC, etc offer students a loan amount upto 40 lakhs without collateral.

What is the hardest type of loan to get? ›

Unsecured loans are harder to obtain and interest rates can be higher, as lenders rely heavily on your credit and other financial information to determine your loan eligibility. The better your credit score, the better the interest rate you're likely to get.

Which loan is better than personal loan? ›

Gold loans are secured loans and, therefore, attract a lower interest rate.

What makes it easier to get a loan? ›

Typically the higher your credit score is, the more low-interest personal loan opportunities you'll be able to explore. If you have what is considered a good or excellent credit score—usually 670 or above—you'll be more likely to get a competitive interest rate and favorable terms on your loan.

Which Indian bank has lowest interest rate on personal loan? ›

10 Lowest And Cheapest Personal Loans In India
BankRate of Interest (p.a.)Loan Amount (Rs.)
UCO BankStarts from 8.45%Up to 10 lakhs
Central Bank of IndiaStarts from 8.45%Up to 20 lakhs
Union Bank of IndiaStarts from 8.90%Up to 15 lakhs
Punjab National BankStarts from 8.95%25,000 to 15 lakhs
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How to get 1 crore loan in India? ›

Credit Rating

A Rs 1 crore home loan can easily be obtained by borrowers with credit scores of 750 and above. Many banks and HFCs also provide house loans to individuals with stronger credit scores at reduced interest rates.

What is the current loan on India in rupees? ›

What was India's Total Loans in Dec 2022?
1,637,534.628 Dec 20221,608,042.094 Sep 2022Dec 1998 - Dec 2022

Which bank loan is easiest to get? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640).

What is the minimum credit score for personal loan in India? ›

Minimum CIBIL score for a personal loan

Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.

Who can get 5 lakhs personal loan? ›

Eligibility Criteria for Personal Loan of Rs 5 lakh

Minimum income required is Rs 15,000 p.m. for salaried borrowers. CIBIL score of 750 and above usually increases the possibility of availing personal loan of Rs 5 lakh. It might also help in availing personal loan at lower interest rates.

Which bank is best for pre approved loan? ›

Pre-approved Personal Loan Interest Rates
Banks/NBFCsInterest Rates (p.a.)
EarlySalary (Fibe)24.00% – 30.00%Apply Now
Federal Bank11.49% – 14.49%Apply Now
IDFC First Bank10.49% onwardsApply Now
L&T Finance13.00% onwardsApply Now
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May 22, 2023

Can I get a loan with a 450 credit score in India? ›

No, a CIBIL score of 450 is considered extremely low. The chances of your loan application being rejected are very high at this score. Reputed lenders such as Fullerton India require a CIBIL score of at least 750 to consider your loan application.

Can I get loan with 600 credit score in India? ›

If you have a score between 600 to 750, you can approach banks or financial institutions for a personal loan. However, since the score is neither good or bad, lenders will be cautious and may carry out additional credit checks before sanctioning a loan to you. They may also charge you a higher rate of interest.

How much credit score is required for HDFC personal loan? ›

FAQs on CIBIL Score Required for HDFC Personal Loan

The minimum credit score required to apply for a personal loan is 720. If my credit score is below 320, will I be able to apply for a loan? No, a credit score below 320 will be considered a bad credit score. Hence, you won't be able to apply for a loan.

How much personal loan can I get India? ›

3. How Much Personal Loan Can I get In India?
NameInterest Rate (p.a.)Loan Amount (Rs.)
PaySense16.80% onwards5000 to 5 lakh
Bajaj Finserv11.49% onwardsUp to 15 lakh
StashFin11.99% onwards1000 to 5 lakh
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How much can I borrow from personal loan in India? ›

How Much Personal Loan Can I Get Based on My Salary. Banks and NBFCs usually offer personal loans for amounts ranging from Rs 10,000 to Rs 40 lakh. However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity.

How many personal loan can I take in India? ›

Yes, you can take more than one personal loan at a time. But, often it is advised to not take multiple loans due to some reasons. One of the major reasons is the impact it can have on your credit score in case you miss repayments of any loan. Usually, lenders do not allow multiple personal loans at once.

What lenders are known for quick approval? ›

Best Quick Loans Comparison
LenderAPRScore Required
Upgrade8.49% - 35.99%620
OppLoans59% - 160%None
FreedomPlus7.99% - 29.99%620
LendingPoint7.99% - 35.99%580
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What is quick money in HDFC? ›

QuickMoney - an instant disbursal product for top up car loan through Netbanking and wide range of ATMs. The eligible customers login through Netbanking / ATM's and get the loan disbursed to their HDFC bank a/c. The amount gets credited in a matter of seconds.

How to get a preapproved loan from bank? ›

Lenders check your credit score, credit history, bank balance, and income details. If you have a high credit score, a good credit history, excellent repayment record, stable income, and sound savings in your bank account, then you are eligible for a pre-approved loan.


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5. 7 Best Loan Apps in India ✅ | Instant Loan Apps India 2022 | Top Personal Loan Apps
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