Instant loan applications might be a useful answer if you have unexpected obligations, such as medical bills or college fees, and are short on finances. These applications make borrowing easier with less paperwork and faster processing times. If you can’t decide which app to use, we’ve got you covered. Below is a list of the best quick loan applications, based on their reviews and ratings in the app marketplace.

Disclaimer: Loan distribution is solely at the discretion of the apps. This list is completely based on the popularity of the applications in India, and How2Invest.in has no association with them.

1. KreditBee

KreditBee leads the list with quick loans of up to Rs 4 lakhs for salaried employees with a minimum monthly income of Rs 10,000.
KreditBee’s official website or app allows applicants to apply for the loan totally online, eliminating the need for extensive documents.
official website or app, eliminating the need for extensive documents.
The firm claims that loans are disbursed in just 10 minutes due to its 24-hour service. Loan tenures range from 3 to 24 months.
Borrowers can choose from a variety of payback terms based on their preferences and financial capabilities.
Loan amount: Rs 10,000 to Rs 4 lakh.
Interest rates range from 0 to 29.95 percent each year.
App rating: 4.5/5.
Downloads: 50,000,000+

2.IndiaLends

IndiaLends is an instant lending app that offers loans from partner institutions like as HDFC Bank, ICICI Bank, SBI, Axis Bank, and IDFC Bank, among others.
Once registered on the app, users can seek loans ranging from Rs 10,000 to Rs 2 lakhs. Loan payback interest rates range from 10.25 percent to 29.99 percent, depending on the loan’s length.
With the loan application procedure completely online, consumers may apply for a loan at any time of day or night.
Loan amount: Rs 10,000 to Rs 2 lakh.
Interest rate: 10.25 percent to 29.99 percent per year.
App rating: 4 out of 5.
Downloads: 5,000,000+

3.Bajaj Markets

Bajaj Markets is an established brand in the lending industry. Users who request for a loan through the site can have the funds sent to their bank account within a short period of time.
Personal loans may be obtained at interest rates starting at 9.99 percent by paying a processing charge ranging from 0.5 percent to 2.5 percent, depending on the loan amount.
Users may get loans of up to Rs 50 lakhs. Take notice that if the borrower fails to return the loan by the due date, Bajaj may charge two percent of the loan amount.
Loan amount: Up to Rs 50 lakh.
Interest rate: starting at 9.99 percent.
App rating: 4.1 out of 5
Downloads: 10,000,000+

4.PaySense

Next up is PaySense, which enables salaried and self-employed individuals to meet their financial demands during times of crisis with loans ranging from Rs 5,000 to Rs 5 lakh.
PaySense stands out for its ability to easily distribute loans to customers who have no credit history or have never taken out a loan before.
With paper documents, loan amounts are immediately approved and credited to the borrower’s bank account.
Loan amount: Rs 5,000 to Rs 5 lakh.
Interest rate ranges from 2.15% to 3%.
App rating: 3.7 out of 5
Downloads: 10,000,000+

5.Flipkart

Flipkart has begun giving personal loans to consumers who wish to meet their financial demands in cooperation with Axis Bank. The e-commerce companies offered loans ranging from Rs 50,000 to Rs 10 lakhs.
The loan tenure is reported to be between six and sixty months, which means that loan borrowers can return their debts within this time period.
The rate of interest will be disclosed throughout the loan application procedure.
Loan amount: Rs 50,000 to Rs 10 lakh.
The loan application displays the interest rate and has a rating of 4.2 out of 5.
Downloads: 500,000,000+

6.CASHe

CASHe is yet another smartphone application that allows you to get an immediate loan. It provides loans ranging from Rs 15,000 to Rs 4 lakhs with repayment terms of three to 18 months.
In addition, the firm charges a processing fee ranging from Rs 500 to Rs 1,200, depending on the amount borrowed. CASHe charges 2.5 percent of the rest of the interest each month.
Because it is an online service, loans may be sought for at any time, with minimal wait times for the funds to be credited to the borrower’s bank account.
It is important to remember that the individual asking for the loan should have a strong credit history in order for the loan to be processed smoothly.
Loan amount: Rs 15,000 to Rs 4 lakh.
Interest rate: 2.5% per month
Downloads: 10,000,000+

7.Fibe

Fibe, formerly known as EarlySalary, is an online platform for salaried employees that effortlessly processes loans and disburses funds promptly and with little documentation.
The app claims to release loans of up to Rs 5 lakhs in under two minutes by requiring only basic documents such as identity and income proof. The borrowed money has an interest rate ranging from 24 to 30 percent.
Aside from that, individuals may get immediate personal loans many times.
Loan amount: Up to Rs 5 lakh.
Interest rate: 2.5% per month
App rating: 4.4 out of 5
Downloads: 10,000,000+

8.LazyPay

LazyPay is a well-known money lender that authorizes personal loans quickly and without the need for physical papers.
Borrowers can obtain loans ranging from Rs 10,000 to Rs 5 lakhs with an annual interest rate of 18 percent. The duration might extend from three to twenty-four months.
Loan amount: Rs 10,000 to Rs 5 lakh.
Interest rate: 18 percent per year
App rating: 4.4 out of 5
Downloads: 5,000,000+

Steps to Apply for a Loan using an App
To apply for a loan via an app, do the following:

Step 1:

Download an immediate loan approval app of your choosing on your Android smartphone or iPhone.

Step 2:

Once installed, launch the app and start with the sign-up process by giving your name, email address, profession type, and other relevant information such as bank details.

Step 3:

Now, navigate to the loan application area within the app.

Step 4:

Begin entering the loan amount and duration.

Step 5:

The software will automatically calculate the monthly payback amount for you.

Step 6

Next, submit the application for processing. Once processed, the app will send the status of the application by email or SMS.

Step 7:

If the loan is successfully authorized, you will get the amount in your bank account within the following several days.