What are the Most User-friendly Instant Loan Apps in India?

The digital environment has grown leaps and bounds, backed by the use of the latest technology across various streams, including personal loans. Lack of jobs, salary cuts, businesses not earning profits, medical emergencies, paying pending bills/EMIs, etc. has led to the increase in loan applications via instant loan apps.

 

To meet the increasing demand for small cash loans, several new lenders have launched instant loan apps which can be accessed from the comfort of your home. This helps borrowers to meet their requirements for immediate finance in a user-friendly manner, involving paperless documentation.

 

What are the most user-friendly instant loans apps in India?

 

The top 5 User-Friendly Instant Loans apps in India during 2021 are listed below with their key features.

 

mPokket Personal Loan & Instant Student Loan App

 

Key Features

  • Instant personal loan for salaried individuals and students
  • Flexible and affordable rate of interest at a maximum rate of 24% (4 Months) 
  • Loans up to Rs.20,000 
  • Flexible Repayment options can be repaid within 4 months
  • Timely repayments carry rewards
  • The processing fee ranges between Rs.34 – Rs.203 plus applicable GST Tax
  • The maximum loan tenure is 120 days
  • Quick loan disbursal of the sanctioned loan amount within 2 minutes of approval

 

MayaCash Instant Personal Loan App

 

Key Features

  • Instant collateral-free loan available with real-time lender approval
  • Interest rate up to 33 % p.a.
  • Loan amount in the range between Rs.1,500 – Rs.60,000
  • The processing fee ranges from Rs.90 – Rs.2,000 as a onetime charge, depending on loan eligibility plus GST charges
  • Loan tenure between 62 days to 120 days

 

 

 

Cashbean Personal Loan App

 

Key Features

  • Instant loan app where approved loan gets credited within 24 hours
  • No requirement for any documents
  • Credit history not required
  • The age of the applicant should be between 18 – 56 years
  • The loan amount can be availed between Rs.1,500 – Rs.60,000
  • Interest rates 25.55% p.a.
  • Loan Tenure is between 62 to 120 days
  • Processing charge Rs.90 to ~ Rs.2,000

 

 

EarlySalary Personal Loan App

 

Key Features

  • Eligible for salaried individuals
  • Individuals with a minimum or above salary of Rs.15,000 are eligible
  • Age criteria of the applicant should be above 21
  • Loan amount between Rs.8,000 – Rs.5 lakhs
  • Maximum rate of interest rate is 30% p.a.
  • Maximum Loan Tenure is 24 months
  • Proper documentation can get you instant loan within 10 minutes of submitting a loan application

 

 

SimplyCash Instant Loan App

 

Key Features

  • Available to both salaried and self-employed individuals
  • Innovative instant loan app providing various personal loans 
  • Applicant age in the range between 21 – 58 years
  • The loan amount available from Rs.50,000 – Rs.1,50,000 lakhs
  • Interest rate ~25% per annum
  • Minimum monthly income/salary should be Rs.15,000 per month
  • No requirement of physical documentation
  • Online KYC verification 
  • Flexible repayment option 
  • Instant loan approved in few minutes after KYC verification & the loan disbursement might take ~24hrs 

Loan directly transferred to your bank account

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