Top 20 Best instant Online Loan App in INDIA without salary slip (2024)

List of the top 10 best loan app in India without salary slip.

Consider using one of the top online loan apps with low interest rate. This software allows you to access fast and flexible loans, allowing you to take control of your financial situation.

At retailasiaonline.com, we will count down the top 10 best online loan apps in India and provide you with all you need to know to make an informed decision.

Let’s get started!

Summary of loan app in India

✅Top 10 Best Online Loan App In India without salary slip	⭐ 1. CashE, 2. MoneyTap, 3. Credy, 4. PaySense, 5. KreditBee
✅ Guide to	⭐ Apply for a loan from the loan app in India
✅ Loan amount	⭐ ₹1,000 – ₹50,000 or more
✅ Interest rate	⭐ 1% to 25% per annum
✅ Age	⭐ Over 20 years old
✅ Term	⭐ 2 days – 12 months
✅ Requirement	⭐ KYC Documents
✅ Pros	⭐ Easy Access to Credit
✅ Cons	⭐ High-interest rates
✅ Evaluate the effectiveness	⭐ Good
✅ Bad credit	⭐ No Check

What is a loan app in India?

Loan app in India is a mobile application that facilitates lending services to individuals or businesses. These apps allow users to apply for various types of loans, such as personal loans, business loans, or instant cash loans, by completing the application process digitally through their smartphones.

Benefits of online loans in India without salary slip

Online loans in India without salary slip provide several benefits which are as follows:

• Not a threat to property: With collateral-free loans, you don’t have to put up assets like land as security, so the borrower is safe.
• Accessible amounts: Lenders offer smaller amounts than guaranteed loans, which are good for short-term money needs.
• Convenience for education: Education loans without salary slip offer up to 50 lakhs before acceptance, which helps students without worrying about their safety.
• Financial flexibility: Students who want to go to college don’t have to worry about money problems.
• Quick Approval: A lot of platforms offer instant approval, like an education loan of up to Rs. 1 crore in just a few minutes, which helps students quickly follow their goals.

Drawbacks of loan app in India

Indian loan app offers convenience and accessibility, but they also come with several drawbacks:

• High Interest Rates: A lot of digital loan apps in India charge high interest rates, which makes the loans very expensive in the long run.
• Fraud Risks and Illegal Activities: Several loan apps have been linked to fraud, which has caused borrowers worry and financial problems.
• Abuse and Harassment: Borrowers have said that loan app operators have abused and harassed them, which has caused a lot of stress and, sadly, led some to commit suicide.
• Privacy Concerns: Some apps get into personal data saved on phones and use it in bad ways, which can lead to privacy breaches and the possible misuse of pictures and phone numbers.
• Limited Loan Terms: Loan apps often have limited loan terms and terms compared to traditional lenders, which limits the borrower’s choices.

Loan app in India interest rate

Instant loan apps in India generally offer a range of interest rates based on several factors. Exact interest rates can vary significantly depending on the amount of the loan, the duration of the loan, your credit score, and other factors when you apply for a loan from a given app.

However, it’s typical for loan apps in India to charge high-interest rates. Some apps charge anything between 1% to 29.95% per annum on unsecured personal loans.

Example of instant loan apps in India calculation

Here is an example of how to calculate the monthly EMI (Equated Monthly Installment) for top 10 instant loan app in India using the EMI formula:

• EMI = P [R(1+R)^N] / [(1+R)^N – 1]

Where:

• P is the principal loan amount
• R is the monthly interest rate (annual interest rate / 12)
• N is the number of monthly payments

For example, let’s say you take out an instant loan of ₹50,000 at an annual interest rate of 12%. There will be 12 months of payments on the loan.

• EMI = 50000 [0.12(1+0.12)^12] / [(1+0.12)^12 – 1]
• EMI = ₹5,421.14

So, your monthly EMI would be ₹5,421.14.

Online loans in India requirements

To obtain online loans in India with low interest rates, individuals typically need to fulfill certain requirements set by lending institutions or online platforms.

Here are a few common requirements:

• Score well on credit: If you have good credit, you have a much better chance of getting an uninsured loan.
• Age and Citizenship: Most lenders want borrowers to be Indian citizens or residents and be between the ages of 21 and 58. However, different lenders may have different age requirements.
• Stable Income: Offering a steady source of income or a job, ideally with a multinational, public, or private company, boosts your credibility.
• KYC Documents: Get things ready, like proof of who you are, proof of where you live, proof of income (like pay stubs or an ITR), and recent passport-sized photos.
• Good Financial Standing: You might be more likely to be approved if you can show that you make a good living and have a good relationship with the bank.
• Loan Purpose: Different loans may have different standards. For example, business loans without salary slip may need proof of business continuity or other business-related paperwork.

Personal loan app in India amount and term

Best personal loan apps in India have streamlined the borrowing process, allowing users to access loans swiftly, often within minutes, directly from their smartphones.

One of the crucial aspects to consider when utilizing these apps is understanding the loan amount and term options available.

Loan Amount

India’s best loan app typically offers varying loan amounts to cater to the diverse financial needs of users.

The loan amounts can range from as low as a few thousand rupees to higher amounts, depending on the app and the user’s eligibility criteria.

• Small loan amounts: Many mobile loan apps offer small, short-term loans starting from as low as ₹1,000 or ₹2,000. These microloans are designed to assist individuals in managing immediate financial needs, such as covering utility bills, medical emergencies, or other unforeseen expenses.
• Larger loan amounts: Some mobile loan apps may provide higher loan amounts, often reaching up to ₹50,000 or more. These higher amounts might require additional documentation and a more comprehensive assessment of the borrower’s creditworthiness.

Loan Term

The loan term or tenure refers to the duration within which the borrower is expected to repay the loan amount along with any accrued interest.

Student loan apps in India usually offer short-term loans with relatively brief repayment periods.

• Short repayment periods: Most loans offered through mobile apps in India come with short repayment periods ranging from a few days to a few months. Short-term loans are ideal for addressing urgent financial needs and are expected to be repaid quickly.
• Flexible repayment options: Some apps provide flexibility in repayment by allowing users to choose their repayment tenure within the app’s specified range. However, extending the loan term might incur additional fees or interest charges.

Compare to the best online loan in India

Criteria	CashE	MoneyTap	Credy
Interest rate	30.42% – 47.76% APR1	12% – 36% APR2	1% – 1.5% per month3
Loan amount	₹1,000 – ₹4,00,0001	₹3,000 – ₹5,00,0002	₹10,000 – ₹1,00,0003
Repayment period	3 – 18 months	3 – 36 months	3 – 12 months
Processing fee	1.5% – 3% or ₹500 – ₹1,000, whichever is higher	0% – 7%	3% of the loan amount
Other features	Zero foreclosure charges, online shopping at no cost EMI	Interest charged only on the withdrawn amount, MoneyTap card for online and offline shopping	Low CIBIL score allowed, fast disbursal

Source: Refer to Central bank of India reporting and research.

How to get a loan in India?

To get a loan from a loan app in India, follow these steps:

Step #1: Research

• Explore reputable instant loan apps like MoneyTap, PaySense, KreditBee, or CASHe, which offer quick loans with minimal documentation.

Step #2: App Selection

• Choose an app that suits your needs based on interest rates, loan amount, repayment terms, and user reviews.

Step #3: Eligibility Check

• Verify eligibility criteria such as minimum salary, credit score, employment status, and required documents like ID proofs, address verification, and income statements.

Step #4: Application Process

• Download the chosen app from Google Play Store or Apple App Store, register, and fill in the necessary details accurately.

Step #5: Documentation

• Upload the required documents digitally for verification and approval.

Step #6: Loan Approval

• After submission, wait for the loan approval, which can take minutes to a few days based on the app’s process.

Step #7: Disbursement

• Once approved, the loan amount will be disbursed directly into your bank account linked to the app.

Top 20 Best Online Loan App in India 2024

Here is the list of the best online loan apps in India without salary slip:

#1. CashE – Loan app in India without salary slip

CashE is the best loan app in India without salary slip that provides flexible and accessible personal loans to salaried millennials. It is a fintech platform that uses algorithms and machine learning capabilities to help users achieve their financial goals.

Address: Andheri East, Mumbai, Maharashtra 400059, India

Features:

• Affordable financial services for salaried millennials.
• Loans from ₹1,000 to ₹4,00,000
• Quick and convenient loan processing through a mobile application.
• Flexible loan repayment options.
• Access to affordable interest rates.

Pros:

• Easy cash loan application process.
• Fast loan approval and disbursal.
• No collateral required.

Cons:

• Limited services available for non-salaried individuals.
• Higher interest rates for shorter tenures.
• Limited maximum loan amounts for new users.

Overall Score: 8/10

#2. MoneyTap – Instant loan app in India with low interest rate

MoneyTap is the best instant loan app in India with low interest rate that provides quick credit on mobile.

This lending app aims to make credit accessible to individuals through its application-based consumer credit platform.

Users can borrow as per their needs and pay interest only on the utilized amount.

Address: Varthur Kodi, Palm Meadows, Bengaluru, Karnataka 560066, India

Features:

• App-based credit line with instant loan approval.
• Safe loans up to ₹5,00,000
• Flexible repayment options.
• Customized credit limit based on individual needs.
• Affordable interest rates.

Pros:

• Instant cash availability.
• Convenient access to credit on mobile.
• No collateral or guarantors required.

Cons:

• High-interest rates for some loan products.
• Higher interest rates for some users.
• Approval criteria might be stringent for certain individuals.

Overall Score: 9/10

#3. Credy – Best personal loan app in India 2024

Credy has gained recognition as one of the best personal loan app in India for 2024 due to its hassle-free application process and competitive interest rates.

This app offers personal loans and school-fee financing loans to creditworthy customers. It provides small-ticket loans through a peer-to-peer lending platform.

Address: Nr Ejipura, Signal, Koramangala, Bengaluru, Karnataka 560034, India

Features:

• Mobile credit line for specific end uses.
• Emergency and personal loan services.
• Easy and quick loan processing.

Pros:

• Easy and quick loan application process.
• Flexible loan repayment options.
• Customized loan options for specific needs.

Cons:

• Limited loan options for business or other specialized purposes.
• Eligibility criteria might be stringent for some applicants.

Overall Score: 8.5/10

#4. Paysense – Student loan apps in India

Paysense is one of the student loan apps in India that caters to individuals looking for loans. It offers quick and hassle-free loan processing for iPhone customers.

Address: 49 Tilak Road, Navyug Colony Jaivilla DevShakti,Santacruz W Mumbai, 400054, India

Features:

• Quick loan approval process.
• Loan options designed for iPhone users.
• Flexible repayment plans.

Pros:

• Most trusted loan app in India.
• Good and convenient loan application process through the mobile app.
• Flexible repayment options.

Cons:

• Interest rates might be slightly higher for some users.

Overall Score: 8/10

#5. KreditBee – 7 day loan apk India

KreditBee is one of small loan apps in India without salary slip. They provide digital lending services to individuals without requiring any collateral or security.

Address: Kodihalli, Bengaluru, Karnataka 560008, India

Features:

• No collateral required for loan approval.
• Fastest and easy loan processing.
• Loan options for various needs like personal, education, etc.

Pros:

• Easy and convenient loan application process.
• Quick loan approval and disbursal.
• No need for collateral or security.

Cons:

• Limited loan amounts for certain loan products.
• Relatively higher interest rates.

Overall Score: 7.5/10

List of loan apps banned in India 2024

No	Loan App’s Names
1	Altico Capital India Limited
2	Amandeep Transport and Leasing India Limited
3	Cash Goo
4	Cash Star
5	Cashplus
6	CLSA India Finance Private Limited
7	GPL Finance Limited
8	Cool Cash
9	First Cash
10	Gold Bowl
11	Happy Cash
12	Krazy Bean
13	Krazy Rupees
14	Loan Card
15	Money Now
16	Monkey Box
17	Past Credit app
18	Pocket Rupee
19	Pramanand Commercial Private Limited
20	Real Rupee

Expert’s opinion about emergency loan app in India

According to Rajshree Agarwal – professor of economics, “Small loan apps have revolutionized access to credit in India, especially for underserved populations. However, there are concerns about unethical practices by some apps, including high-interest rates and aggressive debt collection methods. It’s crucial for users to thoroughly research and choose reputable apps that adhere to regulatory guidelines to avoid falling into debt traps.”

Mr. Bimal Jalan – former Governor of Reserve Bank of India told: “Indian loan app list are on the rise and are becoming more accessible to consumers. However, the lack of regulation and oversight in the mobile money lending sector could lead to potential risks for consumers, such as high interest rates and predatory lending practices. Consumers should carefully consider their financial needs and compare the terms and conditions of different mobile money loans before making a decision.”

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FAQs – Loan app in India

For more information on online loan app in India, read this answer to frequently asked questions (FAQs):

Is online loan app in India legit?

Many online loan apps in India are legitimate, but some operate fraudulently. Legitimate apps are registered with the Reserve Bank of India (RBI) or follow regulations set by it. Prioritize apps with proper licensing, positive user reviews, transparent terms, and avoid those with suspicious practices or high-interest rates to ensure safety and legitimacy.

Where to borrow money in India?

In India, you can borrow money from various sources including banks (State Bank of India, HDFC Bank), non-banking financial companies (Bajaj Finance, Tata Capital), peer-to-peer lending platforms (Faircent, Lendbox), microfinance institutions (SKS Microfinance, Bandhan Bank) and loan apps. Ensure to compare interest rates, terms, and eligibility before borrowing.

Which app gives loans instantly in India?

Loan apps like MoneyTap, Credy, PaySense, Kreditbee, and CASHe offer instant loan services in India. These apps utilize technology to streamline the loan application process, providing quick approvals and disbursals within minutes to eligible individuals meeting their criteria. However, carefully review terms, interest rates, and repayment conditions before availing of any instant loan service.

Conclusion

There are many choices, but MoneyTap and Credy stand out as two of top 20 best loan app in India without salary slip.

MoneyTap is great at offering an app-based credit line with quick approvals and a flexible payback plan. Credy, on the other hand, stands out for having an easy application process and low-interest rates.

Both MoneyTap and Credy put the needs of their users first, process loans quickly, and offer a variety of personalized loan choices. Before picking the best app for their needs, users should do a lot of study, compare terms and conditions, and think about how much money they have.

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