Loan apps are a type of online lending platform that allows users to apply for and receive loans through their mobile phones. Loan apps allow users to apply for and receive loans online, without having to visit a bank or other financial institution. We are here to discuss the top 20 loan apps in India so that you can make a sound financial decision.
The top 20 loan apps in India offer a variety of loan terms and interest rates, so users can choose the option that best meets their needs. This flexibility is not always available with traditional bank loans. Considering that loan apps are available to people with a variety of credit scores, including those with bad credit, people who may not be able to get a loan from a traditional bank, may be able to get a loan from a loan app.
Given their features of convenience, accessibility, and flexibility, loan apps are becoming increasingly popular in India in 2023. So, here’s a list of the top 20 loan apps in India:
1. PaySense
PaySense is a loan app that offers personal loans to salaried individuals. It is one of the most popular loan apps in India, with over 10 million users. PaySense offers loans up to ₹5 lakhs with interest rates starting at 16%.
2. IndusInd Bank
IndusInd Bank is a leading private bank in India. It offers a personal loan app that allows users to apply for loans up to ₹50 lakhs. The interest rates on IndusInd Bank’s personal loan app start at 10.5%.
3. Aditya Birla Finance Limited
Aditya Birla Finance Limited is a non-banking financial company (NBFC) that offers a personal loan app. It offers loans up to ₹15 lakhs with interest rates starting at 14%.
4. Tata Capital
Tata Capital is a leading NBFC in India. It offers a personal loan app that allows users to apply for loans up to ₹35 lakhs. The interest rates on Tata Capital’s personal loan app start at 11%.
5. Moneyview
Moneyview is a financial planning app that offers an instant money lenders feature. It allows users to compare loan offers from different lenders and choose the one that best meets their needs. It offers personal loans starting from an interest rate of 17% and loan amount of up to Rs. 5 lakhs.
6. MoneyTap
MoneyTap is a personal loan app that offers loans up to ₹5 lakhs with interest rates starting at 13% pa. It is one of the most popular loan apps in India, with over 1 million users. MoneyTap allows users to get a loan in as little as 5 minutes.
7. KreditBee
KreditBee is a personal loan app that offers loans up to ₹5 lakhs with interest rates starting at 12%. It is one of the leading loan apps in India, with over 5 million users. KreditBee allows users to get a loan in as little as 30 minutes.
8. mPokket
mPokket is a personal loan app that offers loans up to ₹30,000 with interest rates starting at 24%. It is one of the leading loan apps in India, with over 5 million users. mPokket allows users to get a loan in as little as 15 minutes.
9. Finnable
Finnable is an instant personal loan app that offers loans of between ₹50,000 and 10 lakhs, with interest rates starting at 16%. It is one of the leading loan apps in India, with over 1 million downloads. Finnable allows users to get a loan in as little as 30 minutes.
10. RapidRupee
RapidRupee is a personal loan app that offers loans up to ₹60,000 with interest rates starting at 12%. It is one of the leading loan apps in India, with over 1 million users. RapidRupee allows users to get a loan in as little as 30 minutes.
11. Avail Finance
Avail Finance is a personal loan app that offers loans up to ₹40,000 with interest rates starting at24%. It is one of the leading loan apps in India, with over 1 million users. Avail Finance allows users to get a loan in as little as 30 minutes.
12. LoanTap
Loan Tap is a personal loan app that offers loans up to ₹50,000 with interest rates starting at 12%. It is one of the leading loan apps in India, with over 1 million users. Loan Tap allows users to get a loan in as little as 30 minutes.
13. Fibe
Fibe is a salary advance app that offers loans up to ₹5 lakhs with interest rates starting at 24%. It is one of the leading salary advance apps in India, with over 1 million users. EarlySalary allows users to get a loan in as little as two minutes.
14. CASHe
CASHe is a personal loan app that offers loans up to ₹4 lakhs with interest rates starting at 30%. It is one of the leading loan apps in India, with over 1 million users. CASHe allows users to get a loan in as little as 15 minutes.
15. FairMoney Loan App
FairMoney is a personal loan app that offers loans up to ₹60,000 with interest rates starting at 12%. It is one of the leading loan apps in India, with over 1 million users. FairMoney allows users to get a loan in as little as 15 minutes.
16. ZestMoney
ZestMoney is an app that offers instant personal loans up to ₹50,000. It also offers a rent-later option. It is one of the leading loan apps in India, with over 1 million users. ZestMoney allows you to make payments in as many as 150,000 online stores.
17. LazyPay
Pay me India is a personal loan app that offers loans up to ₹5 lakhs with interest rates starting at 18%. It is one of the leading loan apps in India, with over 50 lakh users. LazyPay allows users to get a loan in as little as 15 minutes.
18. IDFC First Bank: Instant Loans
IDFC First is a leading private bank in India. It offers a personal loan app that allows users to apply for loans up to ₹1 crore. The interest rates on IDFC First’s personal loan app start at 10.5%.
19. Home Credit
Home Credit is a non-banking financial company (NBFC) that offers a personal loan app. It offers loans up to ₹5 lakhs with interest rates starting at 24%.
20. Bajaj Finserv
Bajaj Finserv is a well-known NBFC that offers a variety of loans, including personal loans, car loans, and home loans. You can get a personal loan of up to Rs. 40 lakhs on the app and also avail of other services like credit card, FASTag and other recharge, bill payments, and more.
Considering the abundance of loan apps in the market, it is always advisable for borrowers to conduct thorough research regarding their preferences and the interest rates and loans available in the market so as to determine the best possible loan provider for their individual needs.
Conclusion
In 2023, the popularity of loan apps in India is at an all-time high, with numerous leading providers offering their services to millions of users. These apps continue to gain prominence due to their user-friendly interfaces, quick processing times, and transparency in terms of interest rates and loan details.
With the top 20 loan apps listed above, borrowers can explore a range of options and embark on their journey towards financial empowerment. Whether it’s for personal aspirations, emergencies, or bridging financial gaps, loan apps stand ready to support individuals in achieving their goals with greater convenience and accessibility than ever before.
