So here we are to discuss the small loan apps in India for the instant loan in 2022. First, going into which are those loan apps, let’s look at what is a loan app and what are the Importance of small loan apps in India.
What is a Loan App?
After the success of android mobiles every day, a new app is being launched with a new concept. In a similar scenario, looking after the problems a person faces to take a loan from a bank, these loan apps came into existence, which provides an opportunity to avail of quick loans without facing the long gestation period of the banks.
Getting a quick loan doesn’t mean that we get a loan without paperwork, as obviously it is there, compared to the normal reputed banks it less and the waiting period is also less, but what matters the most if you want to take loans from these apps, is your Cibil Score.
A loan application is used by loan seekers to apply for a loan without the constraints of the physical boundaries of their city, and once the details are provided by the borrowers, the loan app decides if he meets the criteria for loan approval or not.
When a prospective borrower wants to take out a loan, he has two ways to apply, either go to a bank’s physical location and put in a paper application or apply online, but he has to depend on the local banks in most cases to get the loan approved, and also must have something to keep a mortgage. But under the loan app system, all these requirements are minimized and completed in a short time.
With the presence of these loan apps, the entire financial system has been revolutionized, and it has also influenced the buying habit of people as now they are doing more purchases beyond the limits of their income. We have seen the zero interest offers from Bajaj Finserv in the e-commerce apps like Amazon or Flipkart, and following Bajaj, now both Amazon and Flipkart are coming up with their own zero interest plans.
There are many such loan apps available, but in the article, we will discuss the 20 best small loan apps in India, which are genuine with their plans and interest charges, and all of them are tried and tested in the market. So, before we start the discussion on the apps, let’s find out the importance of these loan apps and the areas where they are superior to the traditional banking system.
10 Importance of Small Loan Apps in India
1. 24/7 Availability
All these loans app is available in Google Play Store, and you can download them and apply for a loan at any point in time without any actual delay. It all depends on your schedule and comfort, and you need not wait for any official, just download and apply.
2. Low-Interest Rates
Being categorized in the segment of short-term unsecured loans, the interest rate charges on these apps are lower compared to bank loans, and there are a few options like Bajaj Finserv, where you even get the advantage of zero interest on the purchase of consumer goods.
3. User Convenience
Because you can apply for loans from any corner of the world with the pleasure of sitting at home, and there are neither any temporal boundaries, these loan apps are based on the concept of user convenience.
4. Small Cash Loans
Unlike bank loans, which limits the minimum amount sanctioned for a loan, these apps are open to all kind of commitment and provide loans ranging from ₹10,000 to ₹2,00,000 depending upon the need of the borrower.
5. Minimal Documentation
The most amazing feature of all these 20 Best Small Loan Apps in India is the minimal documentation requirement on which they work, and as discussed above, they mostly depend on the Cibil Report of the borrower.
6. Quick Disbursal
If you are taking a loan from any of these apps, the difference between the approval of the loan and the disbursal of the loan amount is almost negligible, as both of them are simultaneous processes.
7. Faster Process
The whole process of loan application to amount disbursal gets completed within a day if you are applying through loan apps, which is an exact reversal of the traditional loans from banks. The overall application process, from downloading the app to filling in all details, takes 15-20 minutes, and within 3-4 hours, if you are compatible with the terms and conditions, the amount is approved and disbursed as well.
8. Flexible Loan Amount and Duration
Another better thing with all these 20 best small loan apps in India is the flexibility the borrower gets for repayment of the loan, which can be any period from 3 months to 2 years in most cases.
9. Flexible Reason
Unlike bank loans, these apps are a lot more transparent with their policies, and there is no need to give a detailed explanation if you are applying for a personal loan.
10. No Physical Submission
With loans approved from these apps, there is no need for any physical submission of documents, as there is no physical office present for these apps, which makes the whole process blazing fast.
After such a vivid discussion, you are now aware of the importance and advantages of these loan apps, so your eagerness to know more about these loan apps must have increased as well, so, let’s start our discussion on the 20 best small loan apps in India.
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List of Top 20 Best Small Loan Apps in India 
1. Bajaj Finserv
Starting in the year of 2007, Bajaj Finserv is the top placement in the list of 20 best small loan apps in India, in the past 15 years, the business plan of Bajaj has surpassed many banks. Initially, the company started with small commodity loans and produced the concept of zero percent interest, which people initially thought to be a popularity stunt. Now, nobody can question their business concept.
Though the company has started with small commodity loans, at present they are also offering a personal loan up to the sum assured of ₹25,00,000. As you can witness on their website, they have now started a variety of services, including Personal loans, Insta EMI cards, Car insurance, Gold loan, and many more.
Bajaj Finserv also provides a 24×7 customer support system, which works dedicatedly to assist clients whenever they are in need.
Founded by Sayali Karanjkar and Prashanth Ranganathan in the year 2015, PaySense is the second reputed app among the 20 best small loan apps in India, who are ready to provide you with a loan with a minimum salary of ₹18,000 per month, and if you are self-employed then a minimum income of ₹20,000 per month.
Though it supports small income groups people and provides loans for home renovation, marriage, education, etc, in some cases, the borrowers may end up paying a high amount of interest ranging between 16% to 36% per annum
The reason behind the successful venture of PaySense is its strong background and solid partnership support with NBFCs/Banks registered with RBI, such as Fullerton, Northern Arc, Credit Saison, IIFL, and PayU for disbursal of loans.
At number three in the list of 20 best small loan apps in India, we have another famous app whose ads are very popular in the television media and digital media, Dhani. Founded in 2000 with strong support from venture specialist company Indiabulls, Dhani has already tasted success.
If you need a personal loan, Dhani is a go-to app that you can trust and apply for a loan anytime and anywhere without worrying about the need for physical documentation, just keep your PAN and Aadhar card handy for verification purposes.
As you can see on the website of Dhani, they have started their venture in the e-commerce sector as well, and as a financial company, the customers of Dhani are always getting some additional favour.
With CASHe you get loan support ranging from ₹7,000 to ₹4,00,000 depending on the need of the borrower and the Cibil score he possesses. If you want to approve a loan from CASHe all you need to do is to download the CASHe app on your mobile, log in to your account, give the necessary documents, and wait for the approval.
Just like other apps, the amount approved is based on the borrower’s social profile, like income and Cibil score, and once everything is approved, the amount is directly credited to the Paytm Wallet.
With a unique business idea, “no-usage-no-interest”, MoneyTap is the fifth app in the list of 20 best small loan apps in India, which is gaining popularity at a fast pace. The business idea of MoneyTap is based on a simple but innovative concept, that is, money is credited to the borrower’s account but if he has not yet used the money, then there won’t be any interest charged.
Starting in 2015 and approving loans between ₹3,000 to ₹5,00,000 with the partnership of leading NBFCs in the country, it is currently providing services in Delhi NCR, Mumbai, Bengaluru, etc.
Their main business concept centered around the fact that marginalized salary holders often come across the urgent need for money in the middle of the month. If you are a salaried person and your next payday is yet to come, and there is a need for money, then EarlySalary is the answer for you, where you can get coverage up to ₹5,00,000 as a personal loan.
EarlySalary, a Pune-based start-up that was started in 2015, allows you to pay in easy EMIs of 24 months, and within the short period, they have raised ₹100 crores in series B funding in partnership with Eight Roads Ventures and IDG Ventures India.
Seven is the lucky number for many, and it can be yours too if you consider our seventh entry in the 20 best small loan apps in India for funding your urgent needs of money. The best part with Nira is that within 3 minutes, it clarifies whether you are qualified for the loan and also gives you a credit balance of ₹1,00,000, which you can withdraw according to your needs and pay back in easy EMIs.
If you need money somewhere around ₹1,000 to ₹2,00,000 and only have a salary of ₹10,000+, then KreditBee is the solution for your problems. KreditBee allows everybody with a minimum salary of ₹10,000 and above the age of 18 years to apply for a loan, which is disbursed shortly once documents are verified.
Coming with a unique business idea, we have mPokket at number nine in the list of 20 best small loan apps in India, which is not focused on salaried people but works to safeguard the future of the college-going student. Though the credit range which is provided is only between ₹500 to ₹30,000 as a college student, it can be handy if you are not in a position to pay your fees or in some other kind of financial problem.
Credy is yet another loan app that started in 2016, gives a loan for a period of three to twelve months, and is active in the cities of Bengaluru, Chennai, Pune, Hyderabad, and Mumbai. If you want to take a loan from Credy you have to meet the minimum criteria of a salary of ₹15,000 or more, and if qualified, you can get a personal loan from ₹10,000 to ₹1,00,000 without any mortgage.
11. PayMe India
Founded in 2016, PayMe offers loans to salaried workers who need instant cash as a personal loan at a low-rate of interest. The company has raised a $2 million fund from a Singapore-based investor and offers short-term, instant payday loans and advance salary loans with minimum paperwork required.
PayMe has strong customer support providing 24 x 7 customer service to solve all kinds of customer issues, and when it’s a loan app, problems are quite natural to occur.
Another loan app that started in 2016 and provides a loan amount ranging from ₹4,000 to ₹2,00,000 is FlexSalary which is again designed for assisting salaried individuals with urgent cash requirements.
Based in Hyderabad, it is an amazing advance salary app with no fixed EMI for the borrowers, and the ease of availing of loans is at par with other such apps.
SmartCoin is a hassle-free loan app that was started in 2015 and provides loans to all sorts of people, whether salaried or not. If you are a salaried person or a self-employed parent or old grandparent, you can seek a loan from SmartCoin with a loan amount ranging from ₹4,000 to 1,00,000.
At number fourteen in the list of 20 best small loan apps in India, we have AnyTimeLoan, which can provide you with loans as high as ₹50,00,000 to both salaried and self-employed individuals. AnyTimeLoan has a vast range of loans covering personal and other specific loans like education loans, business loans, home loans, etc.
Having its foundation laid n 2014, it is one of the few options where you can get high-range loans with any gestation period and without the need for any guarantor.
MoneyView was founded in 2014, providing a paperless loan of up to ₹5,00,000, which can be paid with EMIs between 3 months to 60 months. If you need sudden cash and you can’t wait for the bank to sanction it for you, MoneyView can be a better option because it allows you to schedule EMIs for 60 months.
StashFin is a loan app that was set up in 2016 in collaboration with experts in the field of finance and banking, providing loans from ₹1,000 to ₹1,00,000 for a max period of 36 months. It has a completely paperless system of approving loans where there is no need for submission of any physical documents, and the verification and disbursal process is also lightning quick.
If you are worried about your poor credit score and think that none of the loan apps will shower trust in you, then ZestMoney may be the perfect app for you as there is no need for a robust Cibil score, and also provide a chance to earn cashback of successful payments of EMIs.
ZestMoney was founded in 20115, which can provide loans from ₹1,000 to ₹1,00,000 and offers a loan to all categories of people.
Starting in 2011, HomeCredit is one of the oldest apps working for providing online loans, working successfully since then, rooting its presence across Asia and Europe. HomeCredit provides loans between ₹ 10,000 to ₹ 2,40,000 which can be paid to a max EMIs of 51 months.
LazyPay is a loan app founded in 2015 by the same company which owns PaySense, providing loans up to a value of ₹1,00,000. If you are seeking a loan from LazyPay, there is a minimum requirement of documentation, and the process of quick as well to approve the loan.
20. Fullerton India
Fullerton India is a Financial institution working since 1994 to provide loans to both salaried and non-salaried individuals from a range between ₹50,000 to ₹25,00,000. Though Fullerton India has a deep-rooted history in the finance sector, it launched its app in the year 2021 to expand the ease of application, approval, and disbursal of loans.
We all can feel the need for extra cash at some stage of our life, but it’s tedious to wait for the banks to approve the amount and then disburse the loan, and in such cases, these loan apps can be handy, and that’s why I was inspired to complete this article related to 20 best small loan apps in India so that millions of people can take the benefit of the opportunity provided.