10 Best Instant Loans in India

Your salary is delayed. You got bills to pay. You need money. Where do you go? Yes, instant loans are one way to find some money for the time being.

So, which are the best instant loan services in India? Which are the ones you can trust and which are the ones you should avoid? Let’s take a look in this article.

What is an “instant loan”?

Well, as the name suggests, instant loans are super-quick loans for small amounts that you can get with minimal paperwork.

Upload your KYC documents, show your income source, check eligibility, get approved and money is in your bank account! All in few hours!

They are super-fast loans, that get you money faster than traditional personal loan companies.

Technically, they are unsecured, personal loans gone online.

Which means..

  • You cannot get huge amounts. Maximum is probably 5 Lakhs.
  • You don’t have to pledge any collaterals (land, property etc)
  • Your eligibility depends on your creditworthiness.
  • Interest rates are usually high (ranges from 1.5% – 30+%)
  • Is usually available for salaried professionals.
  • Repayment is auto-debit from your salary bank account.

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How long will it take to get an instant loan?

Instant loans are generally super fast and takes only a few minutes – hours. It all depends on how fast you get approved. If you have your KYC documents ready, and meets the eligibility criteria, you could get the amount debited to your bank account pretty quick.

Instant loans usually charge you more interest rate than traditional loans. Faster cash, but bigger interest rates. You can’t have both together.

So, which are the trustworthy instant loan services in India that you can use to get quick cash?

Here are the best instant loan services in India. (Click to sort)

NameInt. RateMax. Amt (Lakhs)
India Lends3%50
Money Tap2.03%5
Early Salary2.5%2
Home Credit3.33%2
Bajaj Finserv13%25

So, as you can see, there are quite a lot of options for lending money quickly in India. If you’re short on cash, there are plenty of options to choose from.

Now, let’s check out each of these apps individually and see which one’s good and bad.

1. PaySense

PaySense Instant Loans

PaySense is a lending company and they offer instant loans to those who want quick cash for emergency purposes.

The loan application process is simple. Upload your KYC documents, check eligibility, get approved and get loan amount directly to your account.

You apply for a loan online by answering a few questions. This will calculate your eligibility and they will open a line of credit for you. This is nothing but the maximum amount of cash you can get.

Some of the questions asked are: First Name, Last Name, Date of Birth, Gender, Phone Number, Email Address, Employment Type, Salary/Income, PAN Number, Current Address etc.

Then, you choose how much cash you want, and upload your KYC documents (ID proof, Aadhaar, PAN card etc). Also, share your bank account details and sign the loan agreement if approved.

Once the loan is approved, the money will be deposited to your bank directly.

The Good Stuff

  • Fairly simple process, everything is done online.
  • The rate of interest isn’t that high as some other lenders.
  • Credit history is not an issue.

The Bad Stuff

  • The maximum amount possible is 5 Lakhs.
  • Available in selected cities only.

PaySense Eligibility Criteria

  • Should be 21 years or above.
  • Should be a resident of India.
  • Should be salaried or self-employed.
  • Minimum Rs.12,000 monthly income.

2. Dhani by IndiaBulls

10 Best Instant Loans in India

Dhani is an instant loan service in India from the popular IndiaBulls company.

They’re offering personal loans from Rs.1,000 to Rs.15 Lakhs for eligible individuals with an easy online process but the interest rates may not be the best.

Their loan application and approval process is simple. You apply for a loan online by uploading your KYC documents. On approval, your loan amount gets credited to your account immediately.

IndiaBulls Dhani Instant Loan – The Good Stuff

  • Easy online loan application process.
  • Flexible payment tenure (3 months to 36 months).
  • No pre-payment charges (pay off the loan early without any charges).

Dhani by IndiaBulls – The Bad Stuff

  • Comparably high-interest rates.
  • Loan disbursement approval and disbursement times are not quick.
  • Additional loan processing fee of 3% included.
  • Available in selected cities only.

Dhani Instant Loans Eligibility Criteria

  • Should be 21 years or above.
  • Should be a resident of India.
  • Should be salaried or self-employed.
  • Minimum Rs.12,000 monthly income.

3. IndiaLends

IndiaLends Instant Loans

IndiaLends is not a direct lender. They find banks that can lend you money if you are a qualified individual. Usually, this service is credit score based and available for selected individuals only.

By applying on their platform, you shall get offers from other banks and institutions willing to offer you a personal loan.

I’m personally not a great fan of these “aggregator” sites as they usually tend to share your information with multiple partners and you start getting spam. Also, since they are an additional intermediary between the bank and you, they might have their own commission cut-offs and you may not end up getting a good interest rate.

IndiaLends Instant Loan – The Good Stuff

  • Easy online loan application process.
  • Get multiple offers from banks that you can compare.

IndiaLends – The Bad Stuff

  • Not a direct lender.
  • Minimum credit history of 750 required.
  • Chances of your data getting shared is higher.

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4. KreditBee

KreditBee Instant Loans

KreditBee claims to be India’s fastest personal loan platform.

When applying for an instant personal loan, they check your credit score and based on your score, you get approved for the loan from Rs.1,000 to Rs. 2 Lakhs.

KreditBee has partnerships with select portals where you can purchase products with “KreditBee e-vouchers”.

KreditBee probably not a good choice if you’re looking for big amounts but a good choice if you want to purchase a gadget/mobile or products that are available on their partner platform.

KreditBee Instant Loan – The Good Stuff

  • Fast application and approval process.
  • Use KreditBee e-Vouchers that you can use on portals.

KreditBee – The Bad Stuff

  • High-interest rate.
  • Bad reputation.

5. MoneyTap

MoneyTap Instant Loans

MoneyTap is an instant loan app that offers you low-interest personal loans for small purposes.

Based on your profile, they give you a maximum line of credit of up to 5 lakhs and you can get money from it, in parts as and when you need.

MoneyTap claims that they have an approval process of 4 minutes or less. Their interest rates apply only to the money used (not your entire line of credit) and is low, starting at 1.08% monthly.

MoneyTap Instant Loan – The Good Stuff

  • Fast application and approval process.
  • Low-interest rates.
  • Line of credit.
  • Flexible repayment options.
  • Credit card option available.

MoneyTap – The Bad Stuff

  • The interest rate can go up for certain individuals.
  • Higher amounts may need more documentation and approvals.


NIRA Instant Loans

NIRA offers quick instant personal loans from Rs.5,000 to Rs. 1 Lakh through their app-based loan approval process.

You don’t necessarily need a credit score to get a loan. But they might check and you’ll need 681 or above.

NIRA instant loans have an interest percentage of 3% on the higher side and a processing fee as well. Ther is a pre-payment fee of 2% if paid within 3 months of loan disbursal.

NIRA Instant Loan – The Good Stuff

  • Quick approval rates.
  • Low processing fee.
  • No CIBIL score required.
  • Minimum work experience of 6 months required for applicants.

NIRA – The Bad Stuff

  • Comparatively higher interest rate.
  • Prepayment fee of 2% if paid before 3 months.
  • Maximum loan amount only 1 Lakh Rupees.

7. CASHe

CASHe Instant Loans

CASHe is an instant loan company with a difference. Instead of checking your eligibility using credit score, they use their own proprietary method of creditworthiness and use it as an eligibility score for a personal loan.

They look at factors like employment history, social media footprint, personal details like salary, bank information etc and create a score for you, based on which your eligibility is calculated.

They call it the “Social Loan Quotient”. Applying for an instant loan is super easy. Download the app and enter the details. Cash disbursement happens once you are approved. They have processing charges (flat and % based) and flexible payment options where interest rates change based on loan tenure.

CASHe Instant Loan – The Good Stuff

  • No CIBIL score required.
  • Easy and transparent approval process.

CASHe – The Bad Stuff

  • Comparatively higher interest rate.
  • Prepayment charges apply.
  • Their own credit rating system may not work for everyone.

8. Credy

Credy Instant Loans

Credy is yet another low interest instant personal loan app in India.

If you need a small loan for purposes like an emergency, credit card refinancing, purchases, etc, Credy can give you an instant loan.

Credy looks at your creditworthiness by asking you a few questions like what is your income source, where do you live, what is your current EMI status, the reason for the loan, etc. Based on your answers to these questions they shall check for your eligibility and loan amount. Once approved, the amount will be funded to your bank account directly.

CASHe Instant Loan – The Good Stuff

  • Very low interest rates of 1-1.5%.
  • Quick loan amount disbursal.
  • Easy and transparent approval process.

CASHe – The Bad Stuff

  • Credit score is used in the eligibility score.
  • Processing fee of 3%.
  • Late fee of 2% per week on EMIs chargeable.

9. MoneyView

MoneyView Instant Loans

MoneyView is a low interest, unsecured instant loan provider in India.

MoneyView works exactly on the same model as other instant loan providers. By checking your creditworthiness by their own means, doing a semi-automated underwriting/paperwork through their mobile app.

You gotta apply either online or via their mobile app. Check your eligibility, upload your KYC documents, choose your loan amount and you’re done.

MoneyView Instant Loan – The Good Stuff

  • Low interest rates of 2%.
  • Availability anywhere in India.
  • Quick loan amount disbursal.
  • Easy and transparent approval process.

MoneyView – The Bad Stuff

  • Eligibility criteria are a bit higher.
  • Minimum CIBIL score of 650 required.
  • Income should be received in bank (not in hand or by cash).

10. EarlySalary

EarlySalary Instant Loan

EarlySalary is yet another app that can give you some extra cash (early salary) instantly by uploading some KYC documents through your mobile phone. With low interest rates and a transparent process, they seem to be gaining in popularity.

EarlySalary focuses on providing help for impulse purchases, travel expenses, online shopping etc. So the maximum amount you can get is up to Rs. 2 Lakhs.

EarlySalary Instant Loan – The Good Stuff

  • Low interest rates.
  • No prepayment charges.
  • Optional Salary Debit Card.
  • Easy and transparent approval process.

EarlySalary – The Bad Stuff

  • Processing fees apply.
  • Limit of Rs.2 Lakhs.

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Let’s look at some of the frequently asked questions.

How to get instant loan?

You can get an instant loan by either applying online or using one of the instant loan apps of company’s mentioned in this article.

Where can I get a quick and easy instant loan online?

The quickest instant loan you can get is within 5 minutes with instant loan apps such as MoneyTap and NIRA.

How to get an instant loan online in India?

To get an instant loan online in India, sign up with one of the apps mentioned in this article, and apply with your KYC documents. If approved, you will get the loan amount in less than 5 minutes.

Which is the best instant approval personal loan in India?

NIRA, PaySense, MoneyTap etc are all great instant approval personal loans in India. It matters on your eligibility as well.

Where can I get fast personal loan in India?

You can get fast personal loans from online or mobile instant loan apps mentioned in this article.

How to apply online for an instant personal loan?

To apply for an instant personal loan, get your KYC documents ready and apply with any of the apps mentioned in this article. KYC Documents = Aadhaar card, PAN card, Address Proof, Photo ID, Bank Account Details etc.

Which is the best app to get a personal loan?

In my personal opinion, PaySense is a good app to get personal loan, but whether it is good for you depends on your eligibility.

What are quick loans?

Quick loans are instant approval unsecured loans for small amounts involving minimal paperwork. The idea is to get cash immediately, with no delays.

What are some instant loan options in India?

There are about 20+ instant loan options in India. Reviews of each are mentioned in this article. Please go through and figure out what is good for you.

How do instant loan apps work?

Instant loan apps semi-automate the underwriting and loan approval process based on KYC details provided by an applicant. So, they are able to verify how much loan an applicant is eligible for and disperse it quickly to their verified bank accounts.

How to get an online loan approval quickly?

To get an online loan approval quickly, make sure your KYC documents are available and ready to be verified. The approval process is what takes time and if you could get it right, the loan disbursals happens fast.

How much time will it take for my personal loan to get approved?

If your documents are verified and approved, personal loan can get approved in just couple of minutes. It depends on which app/service you are using because each of them have different approval times.

What is the best way to get an emergency loan in India?

The best way to get an emergency loan is to apply online or using any instant loan app mentioned in this article.

What’s the most user-friendly instant loan app in India?

PaySense and NIRA has the most user-friendly instant loan app in India.

How to get personal loans with a lower interest rate?

To get the lowest interest rate, make sure you have a good credit score and have all your KYC details in place. Having a good, regular monthly income also helps.

What is loan disbursement?

Loan disbursement is the process of depositing the loan amount, after approval to your bank account, by the loan provider (app or bank).

What KYC documents are required for instant loans?

The usual KYC documents are ID proof, Aadhaar Card, PAN Card, Passport if available, Address proof, Photo proof and latest bank statements.

What is the interest rate of instant loans in India?

Interest rates of instant loans range from 1.5% to 30% depending on which company/app you’re going with.

Is there a processing fee for instant loans?

Yes. Usually there is a one-time processing fee for instant loans. It is either a standard one time fee of Rs.500 – 1000 or 2-3% of the amount being disbursed. It depends on the company you’re going with.

When should you pay back instant loans?

You can choose when you’ll be paying back your EMIs when you finalise your loan tenure. It usually starts the very next month of loan disbursal.

What happens if I don’t pay back instant loans?

You will be considered a defaulter and the bank/app can charge you the penalty fees or more steps.

What is an unsecured instant personal loan?

An unsecured instant personal loan is one that is available to take without any collateral like land, house, property etc. It is usually calculated based on your repayment capacity.

What is creditworthiness?

Creditworthiness is a measure of your repayment capacity. Banks/lenders check this to see whether or not you’re able to pay back the money lent. It is the extent to which a person or company is considered suitable to receive financial credit.

Are there any late fees for instant loan EMIs?

Yes. There are heavy late fees usually for instant loans and can range from 2% – 10% per week.

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Mani Karthik

About the Author

Mani Karthik

Entrepreneur, Mentor & Blogger.
I help business grow & scale. Have helped 15+ companies scale in US, Middle East and India.
I share everything I learned on this blog, so that you benefit. Here’s more about me.

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