Which personal loan app is best?

Loans Personal Loan
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Which is the best personal loan app in India in terms of interest rates, approval speed, and customer experience?

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Some of the best apps for loans in India are-

  • KreditBee: Often cited for quick disbursal and relatively straightforward process. Good for smaller, flexible loans.
  • Moneyview: Popular for its flexible loan amounts and tenures, and they’re known to consider applicants with lower credit scores.
  • Fibe (Formerly EarlySalary): Known for instant cash loans, even for those with no credit history. Fast processing.
  • Navi: Offers decent loan amounts and competitive interest rates, often with a fully digital process.
  • Bajaj Finserv: A well-established player. Good for larger loan amounts and longer tenures if you have a decent credit profile. Their app is pretty robust.
  • CASHe: Focuses on salaried individuals and offers quick disbursals for short-term needs.
  • mPokket: Popular among students and young professionals for small, instant loans.
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Top personal loan apps in India include Navi, MoneyTap, and PaySense. Navi offers low interest rates from 9.9 percent, fast approval, and a paperless process. MoneyTap gives flexible credit lines, while PaySense is good for those with average credit scores.

If you already bank with HDFC, ICICI, or Axis, their apps may offer better rates and smoother service. Always compare rates, check for hidden fees, and read reviews before applying.

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Top Personal Loan Apps in India

1. Navi

  • Interest Rate: Starts super low—around 9.9% p.a.

  • Approval Speed: 100% digital and fast

  • Why People Like It: Designed by Sachin Bansal’s team, it’s seamless and feels modern

2. IDFC First Bank

  • Rate: About 9.99% p.a., making it one of the lowest in the market

  • Loan Range: Up to â‚ą10 lakh, with tenures up to 60 months

  • Why Use It: Great for existing customers—easy in-app experience

3. IndiaLends

  • Rate: From 10.25% p.a.

  • Approach: You can compare offers from 70+ lenders in one place—ideal if you want the best deal quickly

4. MoneyView

  • Rate: Around 11–14% p.a.

  • Speed: Funds typically disbursed within 24 hours

  • Plus Factor: Clean interface and minimal paperwork—very user-friendly

5. Bajaj Finserv (Insta Personal Loan)

  • Rate: 10–31% p.a. (better if pre-approved)

  • Speed: Money can hit your account in 30 minutes to 4 hours if pre-screened

  • Why It’s Trusted: Big NBFC, reliable and good for higher loan amounts

6. Buddy Loan

  • Rate: Starts at 11.99% p.a.

  • Speed: Approval in 24–48 hours

  • Great For: Longer tenures up to 5 years and relatively high loan amounts

7. KreditBee

  • Rate: From 12% up to ~29%

  • Speed: Some users get disbursed in around 10 minutes

  • Who It’s For: Young professionals needing quick small loans, even with a thin credit profile

8. Fibe (formerly EarlySalary)

  • Rate: Roughly 16–18% p.a.

  • Speed: Instant disbursals—even late-night, which can really help in emergencies

  • Specials: Popular for short-term personal loans; now a profitable unicorn fintech

9. NoBroker InstaCash

  • Rate: Around 12.99% p.a.

  • Speed: Approval in minutes, disbursal in 24–48 hours

  • Focus: Great if you’re renting and need deposit cash quickly

10. InvestKraft

  • Rate: Between 10.49% and 21%

  • Perk: Fully online, easy compared to a bank, and no-collateral setup

There are also the mainstream banks and the NBFCs which offer personal loans like HDFC, Axis, ICICI, RBL, Kotak etc. However, the NBFCs and the apps that are mentioned above do give quicker disbursals.

So, Which One Should You Pick?

  • For lowest interest and reliability: go with Navi or IDFC First Bank

  • For best all-around experience: MoneyView feels smoothest and friendliest

  • For fastest cash: try KreditBee or Fibe

  • For maximum loan flexibility + transparency: IndiaLends is great (and safe)

  • Need cash for a rental deposit? NoBroker is tailored for that

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This is probably the last post you’ll need to read about personal loan apps in India. I’m not gonna just dump a bunch of names here, because that doesn’t really help.
Instead, I’ve split it up based on the kind of borrower you are and the situation you’re in. Trust me, there isn’t a single app that’s perfect for everyone. The one that works for a first timer won’t be the same one you’d use for a big wedding expense, or if you’re in a sudden cash crunch at the month end. So as you go through this, just figure out which category you fit into and you’ll know exactly which app makes sense for you.

If you’re just starting out with loans and don’t have a big credit history, PaySense and TrueBalance are good entry points. They’re built for people who are new to credit. The process is simple, approvals are easier compared to banks, and you don’t feel like you’re being judged for not having a perfect CIBIL score. Yes, the interest rates are on the higher side, but think of it as paying for access. These apps give you a chance to prove you can borrow and repay, which eventually helps you qualify for bigger loans at better rates.

Now if you’re looking at a bigger, planned loan, like for a wedding, education, or even medical expenses, Navi and IndiaLends are the ones that stand out. Navi is very smooth to use, 100% digital, and offers loans up to 20 lakh. The rates are decent too. IndiaLends is slightly different because it isn’t lending directly; it connects you to multiple lenders so you can compare offers in one place. Both are solid if your requirement is large and you don’t want to get stuck running from bank to bank.

For emergencies, when you just need money to hit your account the same day, KreditBee and CASHe are the popular choices. KreditBee is super quick, almost instant once you’ve used it a couple of times. CASHe works really well for salaried professionals because it looks at your income and gives you smaller short-term loans to get you through the month. The tradeoff here is cost. Interest is high, and if you don’t repay on time it can hurt. But if you’re stuck and need cash immediately, they work.

Then you have people who don’t really want a one-time loan but like having flexibility. That’s where MoneyTap and LazyPay come in. MoneyTap is basically like a credit card on your phone. You get a credit line, and you only pay interest on what you actually use. LazyPay is similar but leans more towards “buy now, pay later” and small-ticket purchases. Both can be great tools if you’re disciplined, but if you’re the type who buys stuff impulsively, they can land you in trouble because those small EMIs pile up fast.

And if you’re someone without a stable salary slip or a shiny credit score, apps like SmartCoin now called Olyv are designed for you. They won’t give you huge amounts, usually in the range of a few thousand to maybe 20k, but they fill a gap for gig workers, freelancers, delivery partners, or anyone outside the traditional salaried class. Interest is again on the higher side, but compared to borrowing from a local moneylender, they’re way safer and more transparent.

If you’re salaried and just need a quick top-up before your actual paycheck hits, EarlySalary (they call it Fibe now) is kind of perfect. It’s like a salary advance app that gives you smaller loans instantly, so you don’t have to stress about rent, bills, or random emergencies. The loan amounts aren’t as big as Navi or IndiaLends, but the thing that makes it worth using is how fast and easy it is. Just don’t get used to tapping it every month. Think of it as a backup when you really need it, not your regular paycheck.

So the real answer isn’t “this is the number one app in India.” It’s more like: what kind of borrower are you? If you’re new to loans, PaySense or TrueBalance makes sense. If you want a big, proper loan, Navi or IndiaLends is better. If you’re after speed, KreditBee and CASHe are the quick fix. If flexibility matters, MoneyTap and LazyPay give you that. And if you’re in the gig economy or working with irregular income, SmartCoin and TrueBalance can help.

One last piece of advice. These apps make it ridiculously easy to borrow, which is both a blessing and a curse. Just because you can get a loan in 5 minutes doesn’t mean you should. Always ask yourself if it’s a need or just a want. Missed EMIs hurt your credit score badly, and once that’s damaged, banks and bigger lenders will either reject you or charge you even higher rates. Don’t make these apps a habit. Use them when you really need to. If you’re careful, they can actually help you get through tough spots and slowly boost your credit score too.

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Hey Anushka, so the truth isn’t that there’s “one best loan app.” It really depends on who you are and what you need. First-time borrower? PaySense or TrueBalance feels safer. Bigger loan? Navi or IndiaLends is your lane. Need it yesterday? KreditBee or CASHe will do. Want flexibility? MoneyTap or LazyPay. And if your income’s a bit uneven, SmartCoin or TrueBalance won’t judge.

But here’s the catch. These apps are like fast food, super convenient, but not something you should live on. Quick loans can save you in a pinch, sure, but missed payments will wreck your credit score faster than you think. So use them wisely, almost like a safety net, not a lifestyle.