Best Instant Loan Apps in India: 2020

Aug 29, 2020

| 1 min read

Your parents have sent you money for the month but your bank balance starts to dwindle within a few days. You still have a few days to go and there are expenses you need to take care. For example, college organizes a trip and you need cash urgently for the contribution, a project needs extra materials to buy, or you have to treat your friends.

Do you fall into the same trap every month no matter how careful you are? You know one thing for sure, you don't want to ask your parents for money when your account is lean. So what do you do? Luckily, there is no need to panic as you can apply for through an instant loan app.

7 Factors for Assessment

Before you take an instant personal loan through apps, you need to look for the following factors that make an app great:

Loan Amount: This has to be one of the first things you need to check before taking an instant loan from the app. Check how much amount they are offering and if that works for you or not.

Interest Rate: Consider the interest rates offered by the app. This factor will impact the length of your repayment period and even the installment amount. The top instant loan apps offer low or flexible interest rates.

Repayment Period: This is the duration you have to pay back the loan. Good loan apps usually offer a flexible tenure. You can choose a repayment period based on your convenience.

EMI: Equated Monthly Instalments or EMIs is another factor that you need to keep in mind when you apply for an online personal loan. This is a cumulation of the loan amount, repayment period, and interest rate. Make sure you choose an amount that you can comfortably pay off each month.

Loan Disbursal Time: How soon will your instant loan be released? This is another factor that sets apart a good online loan app from another. There is no point in applying for an instant loan if you cannot get it ‘instantly'.

Loan Application Process: Next, check if the application process is simple or difficult. Is it an instant loan without documents or what sort of documentation do you need to submit to start the process?

Lender's Credibility: Finally, you need to make sure that the lender or the app is legit. You don't want to get duped or face issues later on because you didn't take the time to check the credibility of the lender. So, ensure that the app is a reputable one before your personal loan application.

Top 25 Instant Loan Apps in India

1. mPokket

This instant personal loan app offers easy small loans to professionals as well as students as well as young working professionals, which sets it apart from every other instant loan online app. The loan is available PAN-India to all college students provided they are 18 years and above in addition to working professionals and meet the other eligibility requirements. The entire process is very quick and paperless. The app credits the loan amount into the bank account instantly making it easy for the students to carry out their payments.

2. Badabro

This app provides a personal line of credit to full-time students who are above the age of 18. The process is paperless and easy. You have to pay interest only on the amount used and the line of credit can be repaid in flexible instalments.

3. StuCred

They offer short-term and interest-free loans to college students above the age of 18 years. The registration and verification process is fast and seamless, and you can repay anytime within 30 days

4. RapidRupee

You can avail instant personal loans from Rs. 1,000 to Rs. 60,000 using this instant cash loan app. If you meet the eligibility criteria, your loan will be sanctioned in just 30 minutes. The tenure ranges from 3 to 12 months.

5. Pocketly

If you are a student and looking for instant cash without collateral, download Pocketly. This app offers small loans, starting from Rs. 500 to Rs. 10,000 for a tenure of 30 days. They have tied up with universities to make loan applications a seamless experience for its students.

6. ZestMoney

ZestMoney offers consumer durable loans without requiring a credit card or CIBIL score. You can avail a loan from Rs. 1,000 to Rs. 10 lakh. The process is paperless and the loan approval and disbursal is instant.

7. Credenc

They offer the best education loans for students. You just need to fill out a form, take an assessment, and you will get fast approval for your loan.

8. Extra Mudra

This personal loan app offers a pre-processed loan of Rs. 500 to Rs. 2000 based on the details you provide. You can choose a tenure of your choice and pay back the loan in 1-3 months.

9. Credime

They offer easy and fast loans to salaried people who need instant cash. Credime offers paperless documentation and the money is transferred to the bank account as soon as the loan is approved. They offer loans starting from Rs. 2,000 to Rs. 20,000.

10. Credixo

They offer instant loans to students as well as salaried professionals which range from Rs. 1,000 to Rs. 25,000. The interest rates are low and you can pay back the loan in 61 days.

11. iEasyLoan

They offer short-term loans at good interest rates. The loan application process is easy and quick and the loan disbursal is done 30 minutes after it is approved.

12. Dhani

Amongst the best personal loan apps in India, it lets you apply with no physical documents to get an unsecured loan within minutes. You can repay the loan within 3 to 72 months.

13. LoanTap

It's one the best loan giving apps for applying customised loans which include home loans, lifestyle loans, or personal loans. The documentation is minimal and simple and has flexible repayment options.

14. MoneyTap

With MoneyTap, you get the dual benefit of a loan and a credit card which you can use from a tenure ranging from 2 months to 3 years. You don't have to pay interest on the loan amount that you don't use, just on the amount withdrawn.

15. KrazyBee

This student lending platform's unique offering is that college students can ‘buy now and pay later'. It has a flexible monthly payment plan. They have easy EMI options for students who can make online purchases.

16. Sahukaar

This online instant loan app offers small loans to college students to meet their financial needs. They can take a loan of anywhere between Rs. 500 and Rs. 5,000 which is credited to either their Paytm wallet or bank account.

17. KreditBee

You can borrow an amount varying from Rs. 1,000 to Rs. 1 lakh. The app doesn't need a physical verification of the documents for online loan application and the app is highly rated.

18. Capital First

It is the oldest online loan app in India and has a stellar reputation. You can get a loan within minutes and the repayment is flexible.

19. Credy

Credy doesn't require collateral. If you meet their eligibility requirements, the loan amount gets disbursed quickly. The tenure and repayment conditions are flexible.

20. PayMe India

They provide quick small loans, instant payday loans, short-term cash loans, and advanced salary loans to salaried professionals. The interest rates are low and the verification is entirely done via the app.

21. SmartCoin

The differentiating factor of this app is that it offers loans to salaried as well as non-salaried people. This is a perfect option for a short-term loan.

22. Upwards

You can avail a personal loan from Rs. 20,000 to up to Rs. 2 lakh. The loan amount gets disbursed within 24 hours of applying.

23. Anytime Loans

It's a peer-to-peer lending app that offers loans to both salaried and self-employed individuals. It doesn't need documentation or collateral.

24. Olly Credit

This microcredit app enables you to borrow money to buy online. It also offers an Olly card that you can use for offline shopping.

25. RupeeLend

They have a three-minute application process and a quick disbursal system. They offer short-term loans for any kind of financial emergencies.

What Sets mPokket Apart?

mPokket is one of the few student loan apps in India that caters specifically to college students. If you are running low on cash or need to suddenly pay for some college trip or activity, you can apply for a short loan on mPokket.

Features mPokket Other Apps Loan Amount Rs. 500-45,000 Starting at Rs. 5,000Interest Rate12% to 72% per annumVariesLoan Repayment Duration61 to 90 daysVariesDocumentation RequiredCollege ID proof, PAN/Aadhar, address proof, salary slipsIdentity, address proof, income proofDisbursal TimeAs little as 30 mins30 mins to 24 hoursProcessPaperlessMostly PaperlessCollateral NeededNoVariesProcessing FeeVariesVariesPlatform handling feesNoneVaries

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.

Other blogs

Financial emergencies have a sneaky way of coming without a warning. Whether it is a severe health problem, fixing your house, or making an urgent trip, you must always be able to use fast money. Instant loans are the source of this need, giving quick cash to people with stable incomes. This guide will cover the basics of urgent loan online, including why they are popular and how to apply, and strategies on repayment loans to ensure that you make an informed decision.

Why do Salaried Individuals Prefer Instant Loans?

The growing popularity of instant loans among salaried individuals can be attributed to several key factors. Here’s why why do salaried individuals prefer instant loans:

Speed and Convenience: Instant credit stands up to the name, as it is processed speedily, in most cases, under 24 to 48 hours. Salary employees commend this process because it is easy to fill it online with user-friendly platforms and deposit their money directly into their bank accounts. Usually, there are several documents to fill in, meetings with the bank officer, and long waiting periods that may take months. On the other hand, instant loans do not have these barriers, providing a more rapid and less complicated procedure.

Emergencies: Unplanned events such as a medical bill, a car repair, even a sudden failure of an appliance, or possibly urgent travelling due to a family crisis can lead to immediate financial needs. Salaried people face emergencies instantly through instant loans, thus avoiding delays or depression from insufficient finances.

No Collateral Required: Instant loans do not need collateral, unlike secured loans that require collateral in the form of property or gold. Thus, salaried employees can get money without worrying about losing their essential assets. This lending type appeals to people without property or who can not pledge collateral immediately.

Flexible Loan Amounts: Instant loans are a type of credit that can be used for any financial need. Whether you need just a little to fix a minor car repair or a more significant amount for a considerable medical expense, instant loans offer you the convenience of borrowing the amounts you need. Salaried people can buy the products they need without taking on unnecessary debts.

What Documents Do Salaried Individuals Need for Instant Loan Applications?

Thinking of what documents do salaried individuals need for instant loan applications? To ensure a smooth and quick loan processing, keep the following documents readily available:

Identity Proof: To verify your identity, you should show a government-issued document such as an Aadhar card, passport, or driving license.

Address Proof: Records like electricity and water bills (utility bills), rental agreements, or voter ID cards can all work as address proof.

Income Proof: Salaried employees must submit proof of income and ability to repay to meet the acquisition standards.

Employment Details: To show a stable job, you must provide the lender with your current employer's name, job position, and work experience.

Bank Account Details: Lenders can request a bank statement showing your salary credit and transaction history for a given period.

Photographs: While photographing is not essential in most other cases, this is not the case when applying for a loan for low salary.

How can Salaried Individuals Manage Instant Loan Repayments Effectively?

The fact that instant loans provide undeniable benefits is not a reason enough to ignore the importance of responsible repayment that may save you from ending up in a debt trap. Here are some key strategies how can salaried individuals manage instant loan repayments effectively:

Budget Wisely: Prepare a detailed plan that divides money between your monthly loan payments and your usual spending. Budgeting will allow you to manage your finances properly.

Automate Repayments: Automate withdrawals from your salary account to your loan instalment to prevent the risk of missing repayment and incurring penalties.

Avoid Multiple Loans: If you use instant loans to solve urgent needs, you should ensure that you don't get into various loans simultaneously. Every loan you take adds more to your financial burden, increasing your debt-to-income ratio. It may be hard for you to repay your debts, damaging your credit score.

Build an Emergency Fund: It is crucial to have a rainy fund in addition to your loan repayment. This safety net implies that you are ready for unpredictable events because additional loans are not required.

Conclusion

Instant loans provide a quick and easy option for salaried people who suffer an unexpected financial crisis. Nonetheless, their proper application should be considered carefully and with an unambiguous strategy. Knowing the pros and cons of instant loans will help you make a well-informed decision. Besides, considering your financial state and following some repayment strategies will allow you to better manage instant loans.

Remember that instant personal loan online for salaried loans can be a handy tool when you face a sudden emergency, but don't get addicted. mPokket can help you with instant loans. By keeping a keen eye on your finances and being selective about how you use instant loans, you can be sure that they will work for you rather than you working for them.

Guide to Instant Loans for Salaried Individuals: Everything you Need to Know

Short-term loans are your best option when you need cash for your business or personal use. Quick cash loans can be obtained instantly and repaid in a short time. While these loans are convenient for managing immediate cash requirements, they also have risks and insecurities. Let us know in detail about short-term loans, their types, advantages, and disadvantages.

What are Short-Term Loans?

As apt to the name, short-term loans are taken for shorter periods. These loans are offered on an urgent basis and can help resolve immediate cash shortages. Banks and other lenders offer short-term loans with varying terms and conditions.

Why Consider Short-Term Loans?

When you understand short-term loans, knowing why to consider short-term loans will be helpful. Here are some reasons why:

In Case of Emergency: Short-term loans are very helpful when you need money in emergencies and are short on it.

To Get Rid of High-Interest Loans: If you have taken any other loan on which you are paying high interest, short-term loans can be used to get rid of such types of high-interest loans.

For Shopping: Shopping loans are also short-term loans which can be used to make major purchases.

For Travelling: You can also use short-term loans to plan your payments for travel-related expenses like booking tickets, stays, etc.

For Education: Short-term loans are an excellent option for paying for education expenses like college fees, books, and other essential things.

What are the Types of Short-Term Loans Available?

Once we have understood these quick cash loans, the next question is, what are the types of short-term loans available? Short-term loans are of different types. Given below are some of the short-term loans:

Payday Loans: Payday loans are taken when you are short on cash and waiting for your salary. They work like an advance salary, which you can spend on your requirements. You need to repay the loan on or before your salary day.

Personal Loan: Offered based on your income, job, and credit history, personal loans do not require paperwork and are approved and disbursed quickly. This type of loan can be used for various purposes like urgent home repairs, medical emergencies, wedding expenses, travelling, shopping, etc.

Loan Against Gold: As the name suggests, this type of loan is taken by mortgaging your gold against the loan amount. Also known as a gold loan, this is a secured loan that gives you the flexibility of paying back the principal amount after the tenure is over.

What are the Pros and Cons of Short-Term Loans?

Although short-term loans are essential financial tools, they also have some pros and cons. Let us find out what are the pros and cons of short-term loans:

Pros:

Quick Cash When Needed: Short-term loans can fulfil your immediate cash requirements as these are approved immediately.

Flexibility of Repayment: These loans offer flexibility in repayment. You can choose to pay back quickly or over an extended period.

No Mortgage Required: Short-term loans are unsecured loans, which means you do not need to keep any collateral against the loan amount.

Helps Build Credit Score: These loans are approved quickly and can be repaid quickly, helping you improve your credit score.

Cons:

High-Interest Rates: As these are unsecured loans, the interest rates charged on them can be higher than those charged on traditional loans.

Processing Fees: The lender may charge additional fees for processing loan applications that may be taken from the borrower.

Limited Amount Sanctioned: The loan amount can be limited as these are unsecured loans, and lenders do not take the risk of providing bigger loans.

Risk of Increasing Debt: If you are unable to pay back the loan, it may lead to an increase in debt as the interest rate on these loans is higher than that on traditional loans.

Conclusion

Instant short-term loans are an important financial instrument which can help you when you need urgent cash. These loans are easy to apply for and get quickly processed. They can help you fulfil emergency requirements or other casual expenses. For those looking to apply for a loan for low salary, mPokket is the best app, which provides quick cash loans. You only need a little documentation, and no collateral is required.

Essential Guide to Short-Term Loans: What You Need to Know

Everyone needs to make essential purchases or upgrades once in a while. This can include buying a new car, replacing an old air conditioner, or buying a new laptop. Obtaining an online loan for shopping can help you make important purchases. A thorough understanding of shopping loans will help you understand how they can be useful when making big and important purchases. Let’s explore what are shopping loans and understand their perks and other essential aspects.

What are Shopping Loans?

A shopping loan is a type of personal loan used to fulfil important or urgent shopping needs. It's an unsecured loan, so you don't need to offer any security. You can use the loan for both in-store and online shopping.

To get a shopping loan, you'll need essential documents like your PAN or Aadhar card for proof of identity. You'll also need proof of income, such as a three-month bank statement and a two-month pay slip.

Why Consider Shopping Loans for Smart Purchases?

If you need to finance your shopping expenses, applying for a loan for low salary is a better choice than breaking down the fixed deposit. Read on to find out why consider shopping loans for making smart purchases:

Faster Approval: Personal loans generally get approval quicker. This option will be helpful when you are facing a budget constraint but need to make some essential purchases.

Highly Convenient: Shopping loans are primarily available online. Thus, you can easily apply for one and complete the entire process from home.

Preserving Your Savings: You can keep your savings for emergencies while choosing a shopping loan for your big purchases.

High Flexibility: Shopping loans give you much flexibility regarding repayment options. You can choose the repayment plan that best suits your budget and financial goals.

No Need for Collateral/Guarantee: Since it is an unsecured loan, you do not need any collateral or guarantee to take a personal loan for shopping.

Affordability: Shopping loans help you pay for expensive items over time. Instead of paying all at once, you can pay in smaller, manageable amounts, making it easier to make big purchases.

Better Interest Rate: Compared to credit cards, personal loans offer better interest rates and are cheaper.

Who Qualifies for Shopping Loans?

Understanding the eligibility criteria is essential to know if you qualify for shopping loans. So, to help you answer “who qualifies for shopping loans”, here is a list of criteria you should follow:

The individual has to be an Indian citizen.
Be a full-time employee in the government or private sector.
Have a minimum of 6 months overall work experience and 3 months of experience in the current organisation.
The individual should receive a salary in a proper bank account.
Your monthly salary needs to be at least over 30,000 (this will vary from one lender to another).

What are the Best Ways to Use Personal Loans for Shopping?

Let’s take a look at how you may use a personal loan for shopping without risking overspending:

Shop Only for Essentials

The best way to stay in control is to have an actionable budget plan to help you understand how much you can safely spend on extra indulgences.

Spend Only What you Have Borrowed

It is wise to spend only the borrowed amount to prevent blown budget plans. So, no matter how tempting items you come across while shopping, be financially responsible and avoid splurging on unnecessary items.

Get the Best Deals

If you are shopping during the holidays or festive season, you will find plenty of festive and holiday deals. You will spend less, pay a lower interest rate, and repay your loan sooner.

Get Yourself a Personal Loan Contingency Plan

A personal loan contingency plan is one of the best ways to use a shopping loan. It will keep your finances in check and ensure you don’t get an extra bill once the repayment date arrives.

Conclusion

Shopping loans can be a great way of financing expensive items. Before you look for the perfect and convenient gaming console or gift for your children, planning and acquiring a cash loan online with low-interest rates that suit your requirements is best. While carrying out your financial preparation, you can shop without any stress. Go debt-free during holiday seasons by getting a low-interest loan to shop from mPokket. They even provide excellent loan options for individuals with low salaries. However, you must use the money wisely and avoid frivolous shopping. Thoughtful planning and diligent budgeting will promote good financial health.

A Comprehensive Guide to Shopping Loans for Smart Purchases

A personal loan is an invaluable resource everyone needs at some point in their lives. It can be for an emergency, a medical purpose, a wedding, a home repair loan, a necessary purchase, or a family vacation. If managed wisely and smartly, an emergency loan online can be the best way to avoid financial stress and ensure that all financial goals are simultaneously met. In the guide, we will share detailed insights on personal loans and every aspect of it.

What is a Personal Loan, and When Should You Consider It?

Before understanding effective ways of handling a personal loan, it is essential to understand “what is a personal loan and when should you consider it?”.

Personal loans do not require security or collateral and can be obtained with minimal documentation. The funds from these loans can be used for any significant financial need. They can help finance big purchases like buying or repairing a home or managing wedding expenditures. You can also consider taking a personal loan to eliminate high-interest credit card debt.

Here are some of the circumstances when you should consider a personal loan:

You are not qualified for a low-interest credit card.
When you are looking for the least expensive borrowing option.
When credit limits on credit cards do not meet your current borrowing needs
You have no collateral to offer.
When you require borrowing for a shorter period.

How can you Determine the Right Amount to Borrow?

Now that you have a basic idea of a personal loan and when to consider it, the second step will be understanding “How can you determine the right amount to borrow?” Knowing the exact amount you will need to borrow before you apply for a personal loan is crucial to managing your loan effectively. Once determined, you must calculate how much you can repay each month. Understanding that will help you stay on the right track and avoid any kind of financial strain.

Taking a loan out over a long time may reduce your EMIs, but you may be required to pay a higher interest over the entire loan term. On the other hand, if the loan tenure is too short, your EMIs can be too high, thus making you unable to make payments over time.

Why is it Essential to Have a Repayment Plan?

Several repayment plans are available so that borrowers can choose to make their payments more accessible. But before choosing the right repayment plan, we also need to know why is it important to have a repayment plan.

A repayment plan is essential for effectively managing debt and avoiding any kind of financial strain. Here are the following reasons why it is crucial:

Effective Budgeting: It helps you outline the monthly amount you must pay. This will allow you to allocate the required funds to repay without compromising essential expenses.

Reduce Stress About Paying Debt: Knowing that you have a proper plan for repaying your debts reduces your anxiety and stress levels.

Avoid Default: An appropriate repayment plan can help you stay on track with your payments, thus reducing the risk of defaulting on your loans.

Improve your Credit Score: Consistently following a repayment plan shows your financial responsibility and thus enhances your credit score over time. A higher credit score will lead you to more opportunities.

Save Money: With the right repayment plan, you can strategise to pay off the high-interest debts. This will help you save money on interest payments over time. It will help you become debt-free sooner and help you save on the costs of overall repayment.

Conclusion

Personal loans give you an upper hand in many urgent financial situations. But you must ensure a proper plan for repaying them on time. So, it is necessary to do adequate research when choosing a loan and pick the most appropriate one for your financial situation. Repaying your quick cash loans promptly will help you get a good credit score and help you maintain a credit history. If you want an easy cash loan option, mPokket can be your tested partner. It comes with competitive interest rates and thus can help you fulfil your financial goals conveniently and quickly.

Effective Ways to Responsibly Use a Personal Loan

Travel plans mostly happen randomly, and with little time left, people hardly get to save enough for their hotel bookings, flight tickets and other expenses. But does that mean you should cancel your travel plan or break your fixed deposit? Not necessarily!

Consider getting an instant travel loan instead of going for the awful plan. Let’s discuss in detail what makes travel loans an intelligent choice for your vacation plans, how they can help you explore without having any financial burden and the tips you need to remember when using a travel loan.

What Makes Travel Loans a Smart Choice for Your Vacation Plans?

Is work-life being too stressful for you? Are you burned out from work? A change of scenery is the cure for you. Extended trips can be a costly affair, and if you are a true backpacker or an adventure junkie, you will make the most brilliant move- picking the right travel loan. Now, what makes travel loans a smart choice for your vacation plans?

Covering Expenses, you Want

The instant travel loan online can be used for any travel purposes. It can be used for food, accommodation, flight tickets, excursions, activities, or anything else. You may use it for both domestic and international travelling.

Quick Loans

You can get your travel loans credited to your bank account almost immediately. You are not required to step out of the comfort of your home but can easily apply online within a few minutes. You just need to provide details like your city of residence, employment type, mobile number, or email ID. There might be other details, too, which will vary from one travel loan to another.

Minimal Documentation

In travel loans, the documentation process is very minimal. You do not need to ransack your whole house looking for difficult-to-get documents. Mostly, they will ask for minimal documents like income and KYC documents. You do not need to bring the hard copy anywhere. Simply upload their soft copy while applying for the loan.

Fixed Interest Rates

Personal loans for vacations often have fixed rates. This means you'll have a set monthly payment, making it easier to budget and manage your costs.

How can Travel Loans Help you Explore New Destinations?

Exploring new destinations does not always need to be expensive. It can be smooth sailing if you opt for the right choice. Here are a few pointers on how can travel loans help you explore new destinations.

Zero Stress with Planning

Planning an ideal vacation can be very stressful when there is financial stress. But when you know your travel loan is well managed, you can confidently execute your itinerary.

Customised your New Experiences

Travel loans let you personalise your trip, whether it's a luxurious escape, a cultural adventure, or an off-the-beaten-path journey. Your travel dreams are the focus, and the loan helps tailor the experience to your preferences.

Exclusive Offers and Discounts

Multiple financial institutions offer exclusive discounts by tying with certain vendors and providing additional perks like special travel packages and other travel-related services.

More Opportunities to Explore

Travel loans can help you explore and plan for previously impossible new destinations.

What are the Tips for Securing the Best Interest Rate on a Travel Loan?

Travel loans are the ultimate solution for travel aspirations. Here are the following valuable tips for securing the best interest rate on a travel loan:

Pay all your debts on time to raise your credit score.
Compare interest rates from different lenders online to find the best deal.
Lenders like applicants with steady jobs. Avoid changing jobs often to improve your chances of approval and get better rates.
Pick a shorter loan term to lower your overall interest payments.

Following all the tips will help you attain the best interest rate on your travel loan and you will know why should you think about using a travel loan for your next trip.

Conclusion

Do you need an instant loan online for your travel loan? A travel loan makes it a lot easier to plan your dream vacation. Make sure to use a loan eligibility calculator to check your eligibility for using a travel loan. This will allow you to plan your trip and help ensure that the overall costs fit your budget. The simple user interface of mPokket is a great option for getting easy access to travel loans. Using this trustworthy cash loan online provider will make your travel journey smoother.