Top 5 Instant Loan Apps Every Indian Should Know About

Discover the top five instant loan apps that are revolutionizing lending in India, providing quick access to funds when you need them most

Looking for the best loan apps in India? Look no further! In this article, we'll unveil the top 5 instant loan apps in India, providing quick access to funds for your financial needs. Whether it's for emergencies or planned expenses, these apps have you covered.

1. Pocketly : Personal Loan App 

Pocketly – Your Go-To Personal Loan App for Instant Loans (More Info)

• Example | Repayment Time | APR | Amounts | Lenders
• Processing fees of INR 20 to INR 120. GST extra as applicable.
• Interest rates starting from 1% to 3% per month, that is, Maximum APR 12% to 36%.
• Tenure is 61-120 days (Minimum 61 days, and maximum 120 days of repayment) 

 

2. LazyPay: Loan App & Pay Later

India’s credit super-app for Instant loans, BNPL, Utility bills and more (More Info)

Get credit that’s easy, instant and stress-free. With LazyPay, you get a free credit upto Rs.10,000 that you can use across 45,000+ online stores and merchants! Just repay the total every 15 or 30 days, interest-free.

• For a loan amount = Rs 10,000 | Tenure = 6 months @ interest rate of 18%* p.a.
• EMI will be = Rs 1,755/- p.m.
• Processing fee = Rs. 200
• Total Payment = Rs. 10,730
• *Interest rate and processing fee may vary.

 

3. PayRupik Instant Personal Loan

PayRupik is an online instant personal loan platform trusted by over 5 million users, provides you instant credit in minutes. (More Info)
It is a loan product of Sayyam Investments Pvt Ltd which is a registered NBFC under RBI. You can avail loan amount ranging up to ₹20,000, process is fast, easy and safe.

Production:

• Loan Amount: from ₹1000 to ₹20000

• Minimum Loan Tenure: 91 days
• Maximum Loan Tenure: 365 days
• Maximum Annual Percentage Rate (APR): 35% per annum
• Processing Fee: from ₹80 to ₹2000 depend on the loan tenure and amount
• GST: 18% on the processing fee in accordance with the law and policy of India

 

4.  TrueBalance- Personal Loan App

True Balance App is a 100% safe and secure, lending & financial services platform, steering on the mission of “Finance For All”. True Balance is a personal loan app that has been trusted by over 75 million users across the country. Here, you may avail an online personal loan from ₹ 1,000 to ₹ 1,00,000 (Disbursal Amount) for a tenure of a minimum of 62 days to 12 months at a low processing fee. The APR ranges from 60% to 154.8%.

For example:

For ₹10,000 personal loan borrowed for 3 months, with interest rate @2.4% per month*, a user would pay:

• Processing fee (@6%) = ₹600 + GST (18%) ₹108 = ₹708
• Interest* = -CUMIPMT(2.4%*12/365*30, 3, 10000, 1, 3, 0) = ₹477
• EMI = -PMT(2.4% * 12 / 365 * 30, 3, 10000₹) = ₹3,492
• Total amount to be repaid = ₹11,185/- including Processing fee +GST
• Loan Interest Rate may vary based on the user's risk profile

 

5. Kissht: Instant Line of Credit

Kissht App is India’s most trusted credit platform, backed by an RBI licensed NBFC, providing hassle-free personal loans up to ₹2,00,000. The documentation needed is minimal and the entire process starting from registration to disbursement takes an average of 5 minutes. The application process is 100% digital and on approval, the funds are immediately transferred to the applicant's bank account.

APR varies from 18% - 36% per annum and loan tenure up to 24 months.


Example of Credit for Small Business Purchases

• Loan amount (Principal): ₹ 1,00,000.
• Tenure: 12 months.
• Interest Rate: 30% per annum.
• Processing Fee (incl. GST): ₹ 3000 (3%).
• Total Interest: ₹ 16,985.
• EMI: ₹ 9747.
• APR: 36.86%.
• Loan amount is ₹ 1,00,000.
• Disbursed amount is ₹ 97,000.
• Total loan repayment amount is ₹ 1,16,985.
• Total Cost of the Loan = Interest Amount + Processing Fees = ₹16,985 + ₹3000 = ₹19,985.

 

Note : This blog is not sponsored by any company. We have created this blog only to give you the best information from our side. Before using any app, read its terms and conditions and about it. I hope this blog will be useful for you. Thanks from Techbhsash for reading the blog.