Instant Personal Loan - Compare Top Banks & NBFCs

How to Apply for an Instant Loan?

There are multiple ways to apply for an instant personal loan:

1. Through BankBazaar.com - You can also choose to apply for an instant personal loan through a third-party financial services website like BankBazaar.com. The key benefit of applying for an instant loan through BankBazaar.com is that you can compare loans offered by different lenders and then choose which bank/financial institution to apply to. Once your loan application is verified and approved, it will be credited to your account promptly.
2. Through Lender’s Website - Several lenders allow users to apply for instant loans through their websites. You can directly contact a bank/financial institution through its website and check your personal loan eligibility, interest rate, and EMI payable, after which you will be able to apply for the loan online. Once the loan application is approved, the amount will be disbursed to your bank account immediately.

Eligibility Criteria for an Instant Loan

For your loan application to be approved, you should meet the eligibility criteria specified by the lender. Listed below is the general eligibility criteria that you will need to meet to apply for an instant personal loan:

1. Credit Score: It is important to have a good credit score to be offered an instant personal loan at an affordable interest rate. It is advisable to maintain a credit score of over 750.
2. Age: Prospective borrowers should meet the age requirements specified by the lender to be eligible to apply for an instant personal loan. The age limits may vary based on whether you are a salaried employee or self-employed individual. Thus, make sure to check the age requirements of various banks/financial institutions that offer instant loans.
3. Nature of Occupation: Instant loans are offered by most lenders to both salaried employees and self-employed individuals.

Documents Required for Instant Loan Application

Individuals who apply for instant loans will need to submit the following documents:

Apart from these, applicants may be required to submit a copy of their PAN card, passport-sized photographs, and bank statements of their salary accounts for the preceding 6 months

*Note: This is a general list of documents that you may be asked to submit when applying for an instant personal loan.

App-Based Instant Personal Loan Providers in India

PaySense: Instant Loan Provider Overview

Google Play Ratings:  4.0 | 38K reviews

PaySense provides you instant loans with affordable repayment options. The applicant is not required to submit any physical documents to apply for a loan.. The documentation can be uploaded online in the required format and the loan will be approved in the shortest possible time.

Key Features and Benefits of PaySense app

1. Borrowers can get loans between Rs.5,000 and Rs.5 lakh.
2. The loan application on the app can be completed in a few simple steps:
3. The user has to download and install the PaySense app. He/she is required to check eligibility for a loan. He/she can select the most suitable combination of tenure and EMIs from the plans available.
4. Once the loan is approved, the borrower must upload the relevant documents to complete the KYC.
5. When the application process is completed, the funds are transferred to the account of the borrower.
6. If an individual has already availed a loan from PaySense previously, the documentation process for a subsequent loan will be easier.
7. The lender offers easy repayment plans and auto-debit facility for EMIs.
8. The app caters to users who do not have a credit history at all. Such individuals may otherwise find it difficult to procure a personal loan from traditional lenders in India.

Eligibility Criteria to Apply for a PaySense Loan

1. The individual must be between the ages of 21 years and 60 years.
2. Only salaried employees and self-employed individuals can avail the loan.

2. CASHe: Short-Term Instant Loan Provider

Google Play Ratings:  4.0  | 61K reviews

CASHe provides short-term instant loans through a predictive algorithm referred to as the Social Loan Quotient (SLQ). The target customer base for the app is young salaried professionals. SLQ assesses the credit profile of individuals based on a system that is much different from the traditional methods used by leading banks and NBFCs.

Key Features and Benefits of CASHe app

1. Borrowers can get loans between Rs.1,000 to Rs.4 lakh.
2. Interest rate starting at 2.5% p.m.
3. The CASHe app makes the loan application process hassle-free. The steps for the same are as follows:

1. The user has to download the CASHe app and install it. The registration is done using the individual’s Facebook, Google+, or LinkedIn accounts.

1. The borrower has to fill the application form and upload some documents using his/her smartphone.

1. Based on the eligibility, he/she is required to choose the loan amount.

1. The loan will be disbursed into the account of the borrower in a few minutes.

Eligibility Criteria for a loan from CASHe

1. An individual above the age of 18 years and above can apply for a CASHe instant loan.
2. He/she should submit proof of current employment, bank account, valid identity proof, and address proof.

3. Money View: Instant Loan Services

Google Play Ratings:  4.0  | 163K reviews

Money View offers instant loans to customers from anywhere in India. The loans can be applied easily as the process is entirely paperless. The Money View Loans app enables people with low credit scores get loans, as the credit model it follows is different from the traditional methods.

Key Features and Benefits of Money View app

1. Borrowers can get loans between Rs.5,000 to Rs.10 lakh.
2. The loan application process is simple and convenient
3. The applicant has to check his/her eligibility and identify the maximum loan amount. This just takes up to 2 minutes!
4. The Money View Loans app needs to be downloaded and installed.
5. The required documents and personal details have to be updated on the app.
6. Within 24 hours of approval, the loan amount will be disbursed to the account of the borrower.
7. The only documents the applicant have to submit to apply for a loan are his/her ID proof (PAN/Aadhaar), address proof, and bank statement (PDF format).
8. The applicant can customise his/her loan tenure and loan amount through the app. In case he/she is facing any issue or has a query, there is an excellent customer support team to assist in this regard.
9. Interest rates at 16% p.a.

Eligibility Criteria for a Money View Loan

1. The applicant should be salaried or self-employed.
2. Salaried applicants should have a monthly in-hand salary of at least Rs.13,500.
3. The CIBIL score of the applicant should be at least 600; Experian score should be a minimum of 650.
4. He/she should be between 21 and 57 years of age and should receive his/her income in a valid bank account.

4. Credy: Advance Salary Loan Provider

Google Play Ratings:  4.0  | 2K reviews

Credy provides you instant loans wherein the money reaches your account within 48 hours. Instant approval in 30 seconds is the key highlight of the Credy loan. The efficient online process followed by the company reduces several costs when compared to traditional lenders.

Key Features and Benefits of Credy app

1. Borrowers can get loans up to Rs.1 lakh.
2. Interest rates at 1% p.m. and up to 1.5% p.m.
3. The app allows the borrower to repay the loan early after the first EMI is paid.
4. There are very minimal fees and charges associated with the loan.
5. The customer support offered by the company is noteworthy. Customers can contact the lender through the website, mobile app, or IVR channel.
6. Borrowers who repay in a timely manner are eligible for top-up loans.
7. Early payment bonuses, referral bonuses, and sharing bonuses are offered by the lender.
8. Customers with low CIBIL score can also avail Credy loans through the app.
9. EMIs can be paid through the payment gateway on the lender’s website. NACH slips are also collected from borrowers. After approval, the EMI will be auto-deducted from the bank account on the due date.

Eligibility Criteria for a Credy Loan

1. He/she should have a valid Aadhaar number as well.
2. Instant loan applications are taken only from the cities of Bengaluru, Pune, Chennai, Hyderabad, and Mumbai.

5. Fibe: Provider of Salary Advance Loans

Google Play Ratings: 4.0  | 57K reviews

The Fibe app puts an end to your month-end cash crunch woes. The app provides advance salary loans and the borrower needs to pay interest only for the number of days for which the money is used.

Key Features and Benefits of Fibe app

1. Borrowers can get loans of up to Rs.5 lakh.
2. Interest rates range between 12% p.a. and 30% p.a.
3. The repayments are auto-debited from the borrower’s salary account directly.
4. Prepayment can be done at no extra cost through the mobile app.
5. Customers can avail as many loans as needed through the app. However, the applicant has to wait for at least 5 days to apply for the second loan, post the complete repayment of the first loan.
6. The applicant can login to the app through his/her Facebook account. This helps build the individual’s “Social Worth Score”, and also determines his/her eligibility for a loan.

Eligibility Criteria for an Fibe Loan 

1. Salaried individuals above the age of 21 years and up to 55 years can get a loan sanctioned in minutes through the Fibe app.
2. The applicant must be a resident of India.
3. Applicant’s minimum in-hand salary must be Rs.18,000 if residing in a metro city and Rs.15,000 if residing in a non-metro city.

6. LazyPay: Instant Loan Features

Google Play Ratings:  4.0  | 44K reviews

Through the LazyPay app, you can get instant loans in a few simple steps. Applicants need to pay interest only on the amount of loan availed. Repayment options are flexible as well.

Key Features and Benefits of LazyPay app

1. Borrowers can get loans up to Rs.5 lakh.
2. The applicant can update some basic details in the app and get his/her unique credit limit.
3. The LazyPay app enables you to utilise your credit limit to shop on Amazon, Flipkart, and several other such websites. The purchases are consolidated into a single bill and repayments can be done on the 3rd and 18th of every month.
4. The app enables you to get regular reminders of a pending payment, track spends, and make repayments faster.
5. The application process involves very limited paperwork. The only documents that need to be submitted are the Photo ID proof, address proof, bank details, and a selfie of the applicant.
6. Interest rates at 18% p.a.

Eligibility Criteria for a LazyPay Loan

1. In order to get a loan through LazyPay, the applicant should be between 22 and 55 years of age.
2. He/she should reside in any of the tier I or tier II cities in India and should be a salaried individual.

7. mPokket: Digital Lending Marketplace for Students

Google Play Ratings:  4.5  | 94K reviews

mPokket is an app-based digital lending marketplace that enables borrowers attain financial independence. Once the app is installed and the account is approved, mPokket works like a virtual credit card. Users can borrow any amount they need, and the funds will be available in 24 hours.

Key Features and Benefits of mPokket app

1. Loans of up to Rs.45,000 can be availed by salaried employees.
2. When a user submits a loan application, it will be approved in a few hours.
3. Loans are disbursed to the bank account or PayTm wallet of the borrower, based on his/her choice.
4. The loan repayment process is simple; payments can be made through the borrower’s debit card, UPI account, or PayTm wallet.
5. The only documents needed for the loan application are photos of the applicant’s student ID card, Aadhaar card, and a selfie video. Some basic information about the borrower also needs to be submitted.
6. The app has a reward program that can benefit diligent users. They can earn mCoins through referral. mCoins are also earned when connections take and repay loans on time through the app. The program allocates tiers to users. Earning more mCoins helps users move up the tiers. A user in a higher tier can get a higher credit limit for loans and a significant cashback at the time of loan application.

Eligibility criteria for an mPokket loan

1. Undergraduate and postgraduate students who are above 18 years of age can apply for the mPokket loan.
2. The student should have a valid phone number and bank account.
3. Salaried and self-employed individuals can also apply for loans from mPokket.

8. Flex Salary: Instant Loan Options

Google Play Ratings:  4.0  | 7.7K reviews

FlexSalary is an online lending platform that provides individuals with short-term line of credit funding for emergency needs. The repayment terms are flexible, and the application and approval procedures need to be done only once on the platform.

Key Features and Benefits

1. Get immediate cash loan in 1 hour.
2. These NBFC personal loans can be availed by individuals with low credit score as there are several other factors considered by the lender, apart from credit history.
3. Maximum loan amount can go up to Rs.2 lakh.
4. One-time application and approval for each loan makes the process quick and convenient.
5. There are no prepayment penalties for the loans availed through this platform.

Eligibility criteria

1. All Indian nationals with a minimum age of 21 years can apply for the loan.
2. The borrower must have a working bank account and a valid ID proof.

Non-App based Instant Loans in India

There are a few lending platforms which do not have mobile phone apps. However, you can visit the official websites of these lenders and apply for an instant loan.

Lendbox: RBI Licensed NBFC-P2P Lending Platform

Lendbox is a P2P lending platform through which you can get a steady stream of income when you enroll as an investor. Since there are no middlemen involved in the process, all savings are directly passed on to the investors. This results in higher returns for individuals registering as investors on the platform.

If you are a borrower, you can benefit from attractive interest rates and instant loan disbursal. Lendbox considers several data points to evaluate the creditworthiness of a borrower. This includes the net salary, area of residence, expenses, educational qualification, utility bills, investments, online spending pattern, etc. This implies that borrowers with slightly low CIBIL score may also be likely to get a loan through this platform.

Key features and benefits of Lendbox app

1. Investors on the platform can get good returns on their investments.
2. The operating costs associated with the lending process are low in comparison to the traditional methods.
3. An investor can invest an amount as small as Rs.10,000 in creditworthy borrowers of his/her choice on the platform.
4. An investor can earn regular monthly returns with no additional charges.

1. Borrowers receive low interest rates on loans.
2. The borrowing process is easy, as there is direct interaction between investors and borrowers.
3. Borrowers can get loans of up to Rs.5 lakh with zero hidden charges.
4. Loan tenure of up to 36 months.
5. Interest rates starting from 12% p.a.

Eligibility criteria for a Lendbox loan

1. All Indian residents above the age of 21 years can apply for a loan on Lendbox.
2. The borrower is expected to submit a valid ID proof.
3. He/she should have an Indian bank account that is functional and should have registered on the Lendbox website.
4. Must have a monthly income of Rs.15,000.

Top Instant Loans from Banks

Get the best instant loan in India from a bank at an interest rate as low as 10.75% p.a. Loan approval will be in a few minutes. Loan amount can be up to Rs.40 lakh with a repayment tenure of up to 60 months.

1. HDFC Bank – Best for Big Loan Amount

Key Highlights:

1. Offers quick loans to customers without any lengthy applications
2. Loan amount can go up to Rs.40 lakh
3. Loans offered by HDFC can be repaid in 12 – 60 months; this is one of the longest tenures for personal loans in India
4. Exclusive offers are available for personal loan balance transfers from other lenders
5. Minimal documentation required for pre-approved customers

2. Yes Bank : Best for Attractive Interest Rates

Key Highlights:

1. Offers instant loans at the most attractive interest rates in the industry
2. High-cost personal loans from other banks can be transferred at lower rates to Yes Bank; additional top-up funding can also be availed for the same tenure
3. Doorstep banking services available, if required
4. Loans up to Rs.40 lakh is offered
5. No guarantor required

3. IDFC First Bank : Best for Easy Loan Management

Key Highlights:

1. Get instant loans from IDFC First Bank with excellent loan management facilities on the bank’s website and mobile app
2. Transfer existing loans from other lenders at lower interest rates
3. Flexible EMI and tenure that can be changed later
4. Anytime prepayment is a highlight of the loan
5. Easy eligibility calculator tool on the bank’s website to assess the amount of loan you are eligible for

Key Features and Benefits of Instant Loans

1. Paperless Approval: When applying for a traditional personal loan, you will need to submit the required paperwork to the lender, after which your loan request will be processed. In comparison, when you apply for an instant personal loan online, all the documents will have to be uploaded online, thus making the entire transaction paperless. Also, if you are a pre-approved customer, you will be required to submit minimal or nil documentation.
2. Loan Without Collateral: An instant personal loan is a type of unsecured personal loan. Thus, you will not have to submit any security or collateral when applying for an instant personal loan.
3. Quick Disbursal: If you are in immediate need of funds, it is advisable to apply for an instant personal loan since the approved funds will be disbursed to your account in a timely manner.
4. Low Processing Time: The processing time for instant loans is significantly less than the processing time for regular loans.
5. Flexible Loan Tenures: In most cases, when you avail an instant personal loan, you are offered a flexible loan tenure. Thus, you can choose a repayment tenure as per your convenience, subject to the lender’s maximum loan repayment term.
6. Customisable Loan Amounts: Individuals applying for an instant personal loan can apply for a loan amount of their choosing, subject to the loan amount falling within the minimum and maximum loan amount specified by the lender.
7. Affordable Interest Rate: If you have a good credit score, it is likely that you will be offered a loan at an affordable interest rate. This will help you keep the overall cost of the loan low.

Things to Consider Before Opting for an Instant Loan

Before you avail an instant personal loan, it is necessary to compare the loans offered by different lenders. Here are a few points that you should take into consideration when comparing instant loans:

1. Interest Rate: The interest rate charged by a lender can affect the loan's total cost. Thus, make sure to check the interest rate at which the loan is offered before applying to a particular lender.
2. Processing Fee: Most banks and financial institutions charge borrowers a one-time processing fee. If you are charged a high processing fee, you will need to pay more for your loan.
3. Default Penalty: If you do not repay the EMIs as per schedule, the lender may charge you a default penalty. Hence, it is important to compare the default charges levied by different lenders.
4. Repayment Flexibility: It is best to opt for an instant personal loan that offers repayment flexibility in terms of allowing you to make pre-payments or part-payments towards your loan amount, especially if you are intended to pay off you loan before the end of the loan tenure.
5. Minimum and Maximum Loan Amounts: When looking at instant personal loan offers from different lenders, ensure that you take the loan amount offered into consideration. For example, if you want to take an instant personal loan for Rs.15 lakh, you should only be looking at lenders that allow applicants to borrow up to Rs.15 lakh.