Synopsis: This article explains in detail 5 major short-term loan lending apps in India, along with the loan amount offered, interest rate charged, approval and disbursal time and documents necessary to apply for each.
According to the data by Fintech Association for Consumer Empowerment (FACE), fintech and digital lenders disbursed an aggregate of 10.9 crore personal loans worth 1.06 lakh crore in FY 2024-25.
This makes up about 74% of all personal loans by volume. This shows a string shift in consumer choices from traditional loans to faster, easier and short-term loans to satisfy personal funding needs.
1. Navi
The Navi app is ideal for individuals who need quick personal loans with really low upfront costs and flexibility in repayment.
- Loan Amount Offered: Up to ₹20 lakh
- Interest Rate: up to 29.96% p.a
- Loan Processing Charges: Nil
- Approval & Disbursal time: within 5 minutes of approval
- Documents Required: PAN Card, Aadhaar, Employee ID, Salary slips from the last 3 months.
2. KreditBee
By partnering with RBI-registered NBFCs, KreditBEE offers easy personal loans. This is a great choice for salaried or self-employed individuals with limited credit history for urgent needs.
- Loan Amount Offered: ₹6,000 to ₹10 lakh
- Interest Rate: 12% to 28.5% p.a
- Loan Processing Charges: 5.1% of the loan amount
- Approval & Disbursal time: 10-15 minutes
- Documents Required: PAN Card, Address Proof, Photograph, Employee ID, Salary slips from the last 3 months.
3. Finnable
This app is suitable for first-time lenders and individuals who want a simple, completely digital process to get a loan. It uses the reducing balance interest method which implies the effective cost would be less over time.
- Loan Amount Offered: ₹25,000 to ₹10 lakh
- Interest Rate: 16% to 30.99% p.a
- Loan Processing Charges: 5% of the loan amount
- Approval & Disbursal time: within minutes (digital lender)
- Documents Required: PAN Card, Aadhaar, Salary Slips, and Bank Statements from the last 3 months.
4. MoneyView
MoneyView is a great choice for people from tier-2 or tier-3 cities who want access to multiple lending partners while enjoying perks like free credit score checks and no foreclosure fees.
- Loan Amount Offered: ₹5,000 to ₹10 lakh
- Interest Rate:14% p.a onwards
- Loan Processing Charges: 2% of the loan amount
- Approval & Disbursal time: 24 hours
- Documents Required: PAN Card, Aadhaar, Income Proof
5. Bajaj Finserv
This app is best suited for individuals who want high loan limits and a trusted brand. Furthermore, they also offer regular as well as flexible loans known as “ Flexi” loans, where interest is only required to be paid for only on what you use.
- Loan Amount Offered: ₹40,000 to ₹55 lakh
- Interest Rate: 10% to 30% p.a
- Loan Processing Charges: 3.93% of the loan amount
- Approval & Disbursal time: 24 hours
- Documents Required: PAN Card, Aadhaar, Employee ID, Salary slips and Bank Account Statements from the last 3 months
Conclusion
Instant loan apps have made accessing short-term loans faster and easier. However, this speed should not be the only factor to consider to apply for one. Borrowers should check the lender’s credibility, interest rate, repayment terms, etc., before applying. When used responsibly, these instant loan apps can be a reliable solution for urgent financial needs.
Written by Nila Maria Jacob
