Deep Dive: The Top 5 Instant Loan Apps In India

Instant Cash Loan

7 February 2023

Deep Dive: The Top 5 Instant Loan Apps In India

It isn’t always easy to stick to your budget. Many unforeseen expenditures can occur before you receive your monthly salary. Instant loan apps are the perfect solution to out of budget expenses. There are no physical documents required or even any physical interaction. It takes only a few minutes to get approved, after which the loan is disbursed straight into your account. The time taken for loan amounts to get disbursed from app to app. There are a wide variety of apps that offer these services without the hassle and delay of private sector banks. This abundance of choices can get confusing for those wishing to make a safe and credible choice. Here are the top 5 instant loan apps in India-

#1 Dhani

Backed by Indiabulls ventures, Dhani provides unsecured loans ranging from ₹ 1,000 – 15 lacs. There is a 5 min approval procedure after which the money is disbursed into your account within 3 minutes, as stated by the app.

There is no physical documentation required. They have a low-interest rate of 11.99%. Loan tenures range from 3-20 months. The processing fee is 5% of the instant loan amount.

#2 Fibe

Fibe is gaining popularity amongst the new salaried generation due to its quick disbursal of loans and easy-to-use interface. It is perhaps the best option to avail of safe and credible online instant loans. Fibe offers loans to customers with no credit history, as long they earn a salary of above ₹ 18,000 per month. Those eligible can avail of loans from ₹ 15,000 up to ₹ 5 lacs, for rates as low as ₹ 7/day. This service has partnered with Amazon, Flipkart, etc., to enable purchases using EMIs directly at the time of the transaction.

#3 MoneyTap

MoneyTap is another popular instant loan app with a paperless process. One can avail of the loan through online approval without any bank visit. Its loans range from ₹  3,000 up to ₹ 5 lacs based on your credit score. However, the minimum salary requirement is somewhat higher, at ₹  22,000. The loan tenure ranges from 2-36 months, with interest rates going from 13-24.3% per annum.

# 4 KreditBee

KreditBee is an instant loan app targeted toward financially helping young professionals with a stable salary. Like the other apps, its process is online and does not take much time for disbursement. There are three types of loans provided – a Flexi Personal loan, a personal loan for salaried people, and an online purchase loan.

You have to be over 18 years of age and earning above ₹  15,000 to be eligible. The loan tenure ranges from 62 days to 15 months, which is shorter than other platforms. The loan amount is somewhat restricted, too – ranging from ₹  1,000 to 1 lac with an interest rate of 2.49- 3% per month.

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