10 Best Loan Apps for Personal Loan- Reviews and Rankings for 2023

Loan apps have become incredibly popular in India, providing a convenient way for consumers to access credit. With so many options to choose from, it can be overwhelming trying to determine which loan apps are the best and most trustworthy.

This comprehensive guide reviews the top 10 loan apps in India for 2023. We evaluate each app on criteria like interest rates, loan amount, repayment terms, eligibility, and customer service. Read on for an in-depth look at the leading loan apps and see which one comes out on top.

#1. Kissht

Out of all the loan apps in India, the Kissht loan app stands out as the best overall choice. Kissht provides instant personal loans ranging from ₹3000 to ₹3 lakhs. It has minimal eligibility requirements, only needing applicants to be over 18 years old and have a bank account and PAN card.

A major advantage of Kissht is that it uses alternative data for credit scoring, beyond just a CIBIL score. This allows more people to qualify for loans. Kissht also has very reasonable interest rates starting at 1.25% per month.

The repayment terms are extremely flexible, with options ranging from 2 months to 36 months. Kissht has an easy-to-use mobile app and requires no collateral or processing fees. Customer service is prompt and helpful as well.

For its great rates, flexible repayment, easy approval process, and stellar customer service, Kissht earns the #1 spot on our list of best loan apps.

#2. MoneyTap

MoneyTap is another excellent loan app choice, ranking second on our list. It provides instant personal loans from ₹3000 up to ₹5 lakhs. MoneyTap offers loans for salaried and self-employed individuals with minimal documentation needed.

Some key benefits of MoneyTap are low interest rates starting at 13% per annum, flexible repayment tenors from 2 to 36 months, and small processing fees. The mobile app makes taking out a loan incredibly simple.

MoneyTap uses machine learning algorithms and alternative data sources to determine creditworthiness. Customer service is available to help applicants throughout the process. For its combination of easy approval, good rates, and small loans, MoneyTap is a top loan app.

#3. EarlySalary

Coming in at #3 is EarlySalary, which specializes in providing early salary advances. Consumers can get up to ₹2 lakhs transferred directly into their bank account in just 10 minutes. EarlySalary offers short-term loans, ranging from 7 days to 30 days.

A major advantage is fast disbursal of funds, helping applicants cover urgent financial needs. Eligibility criteria are minimal and the approval rate is high. Interest rates are competitive, starting at just 24% annualized.

EarlySalary also provides longer-term personal loans in addition to the short-term advances. The app makes it simple to apply and track repayments. Customer service assists applicants when needed. Overall, EarlySalary is a leading choice for quick access to funds.

#4. CreditMate

CreditMate ranks fourth on our list of top loan apps. It provides personal loans up to ₹25 lakhs with an easy application process done through the mobile app. CreditMate has flexible repayment options of 12 to 60 months.

A key advantage of CreditMate is that it uses technology to provide fast disbursal of approved loans. Interest rates start at 11.99% per annum, depending on eligibility. CreditMate offers transparent fees and charges.

Loan eligibility criteria include age over 21 years and a credit score over 750. The mobile app allows applicants to complete most of the process digitally. Customer service assists applicants throughout the process. For its combination of technology, transparency, and good rates, CreditMate is a leading choice.

#5. LazyPay

LazyPay rounds out our top five loan apps, providing an option for convenient credit access. One of LazyPay’s biggest advantages is providing flexible repayment options for purchases, ranging from 7 days to 45 days.

LazyPay can be used like a traditional loan app or to finance purchases at partner ecommerce sites. Interest rates range from 7.99% to 33% per month, depending on the repayment term.

The loan amount available depends on the applicant’s credit profile and repayment history with LazyPay. The signup and approval process is fast through the LazyPay app.

For providing easy financing for online shopping purchases combined with flexible repayment terms, LazyPay is a top loan app pick.

#6. CashBean

CashBean is another solid loan app choice, coming in sixth in our rankings. It provides personal loans up to ₹5 lakhs with fast disbursal directly to applicants’ bank accounts. Loan tenors range from 91 days to 36 months.

A standout feature of CashBean is its instant e-approval process, allowing loan approval in just 60 seconds. Cashbean uses an intelligent algorithm and applicant data for fast decision-making. Interest rates start at 13.5% per annum.

CashBean requires minimal eligibility criteria, including age over 21 years and income over ₹15,000 monthly. The mobile app enables a seamless application process. CashBean is a top pick for quick access to emergency funds when needed.

#7. IndiaLends

IndiaLends is a leading peer-to-peer lending platform, earning the #7 spot in our rankings. It connects applicants looking for personal loans up to ₹25 lakhs with individual lenders or institutional lenders.

The major advantage of IndiaLends is the wide pool of lenders allows high approval odds and competitive interest rates starting around 10.75% per annum. IndiaLends uses technology for seamless processes.

Eligibility criteria include a CIBIL score over 600 and age between 24 and 56 years. The mobile app enables easy application submission and tracking. For providing increased loan access through P2P lending, IndiaLends stands out.

#8. Instant Cash

For offering payday loans, Instant Cash ranks as the eighth best loan app. Consumers can get access to small amounts, from ₹1,500 up to ₹20,000, deposited instantly in their bank account.

A major advantage is Instant Cash deposits funds within 30 minutes after loan approval. This provides fast access for financial emergencies. Interest rates are higher but transparent, ranging from 12-60% per month.

Instant Cash eligibility requires regular income and a good credit score. The mobile app enables fast applications and tracking of repayments. Overall, for urgent small payday loans, Instant Cash is a top pick.

#9. CASHe

CASHe is an AI-powered loan app aimed at millennials, earning it the #9 spot. It provides personal loans up to ₹1.5 lakhs in just 3 minutes. CASHe has flexible repayment terms from 15 days to 15 months.

A key advantage is CASHe uses technology for instant loan approval and disbursal. It looks beyond credit scores, reviewing factors like social profiles for decisions. Interest rates range from 1-1.5% per day.

Eligibility requires regular income, age between 21-39 years, and a good credit score. The app makes it easy to apply, track repayments, and contact customer support if needed. For fast loans tailored to younger borrowers, CASHe is a leading choice.

#10. iCredit

Rounding out the top 10 is iCredit, which provides larger loan amounts up to ₹25 lakhs through a fast, digital process. iCredit offers competitive interest rates starting at 10.75% per annum.

A key benefit of iCredit is its technology-driven interface that allows complete online applications and approvals. It has minimal eligibility criteria of 18+ years of age and income >₹15,000 monthly.

The mobile app enables applicants to complete paperwork and e-sign documents for a seamless process. Customer support is available as well. For its larger loans and fully digital process, iCredit is a good loan app option.


This guide reviewed the top 10 loan apps in India based on interest rates, loan amounts, repayment terms, eligibility, and customer service. Kissht emerged as the best overall choice for its excellent rates, easy approval, flexible repayment, and strong customer support.

Other leading options include MoneyTap, EarlySalary, CreditMate, LazyPay, CashBean, IndiaLends, Instant Cash, CASHe, and iCredit. Each provides advantages like fast approval, flexible repayment, and access to credit. Compare the options to determine the best loan app for your specific financial needs. Carefully reviewing terms and fees is advised before taking out a loan.

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