Top Best instant loan app in India without salary slip

Top Best instant loan app in India without salary slip

Find Out The Best Personal Loan Applications In India In 2021
A personal loan is similar to emergency finance that a borrower can use when he or she is short on cash. Such loans have no end-use restrictions, so the money can be spent on anything, including weddings, vacations, and medical expenses. For borrowers, it’s like the most comfortable financial cushion.
The application and disbursement of personal loans have gotten easier thanks to technological advancements. Not only do traditional banks and NBFCs provide loans nowadays, but several mobile applications provide users with immediate personal loans.

On the one hand, traditional banks take a long time to process personal loan applications and charge high-interest rates, whereas personal loan applications give safe and hassle-free instant cash loans in India in under an hour.
So, the next time you’re in a pinch for cash, check out one of the personal loan application possibilities on your mobile app store. Moving forward, we will present an extensive list of the top personal loan applications in India, as well as the different critical features and facts that you must understand before applying for any of these applications, in this article.

A Complete List Of The 10 Best Personal Loan Applications In India In 2021
Without any further delay, let us have a look at the specifications of these 10 personal loan applications, their pros and cons, reviews, and much more to help you make a better decision. 

1. PaySense
This is one of the best instant loan apps without salary slips, and it has recently merged with LazyPay to become one of the best platforms in this field. For any work, you can acquire rapid personal loans ranging from INR 5,000 to INR 5,00,000, and you won’t have to wait long for approval. The best part is that you won’t have to worry about running out of time because this platform is known for approving requests quickly.

What makes this platform the best personal loan app? It’s because the documents can be picked up immediately from your house, eliminating the need to courier or scan for digital copies. They also provide a variety of low EMI plans that make loan payments simple and hassle-free. If you need another loan, you can simply get it done with one click since the documentation has been recorded earlier, itself.

  • Interest Rate Per Month – 1.08 to 2.33 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000 
  • Documentation – Proof of Identity (Aadhar card/PAN card), Proof of Address (Aadhar card, utility bills, or rental agreement), Proof of Income (bank account statement), and a Photograph
  • Features – Flexible end-user, Low-Interest rates, No collateral needed, No credit score needed, Easy documentation, Quick approvals & disbursals
ProsCons
The documentation process on this application is very easy and instantaneousYou will need certain documents verified, which takes a lot of time
It provides loans to the first-time loanees and people with zero credit historyYou cannot take heavy loans if you have a bad credit rating
The loans can be fast-tracked and easily approved 
The EMI plans are affordable and depend on the credit score 

2. MoneyTap
This is one of the fastest instant loan apps in India. You may simply acquire a fast loan with MoneyTap, and all you have to do is download the mobile app. So, how does it function? To get started, you must first download the application and register on the same website.

After you’ve registered, you’ll need to fill out the KYC paperwork and wait for final approval. After that, based on your credit score, you can acquire an instant credit up to an approved amount of INR 5,00,000, which you can use to buy everyday essentials, indulgences, travel, and other things.

The best aspect is that you won’t have to go through a lot of paperwork or wait long periods. This makes this one of the best personal loan apps in India, and people do not hesitate to use it, as well.

  • Interest Rate Per Month – 1.08 to 2.3 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000
  • Documentation – Selfie, PAN card, Current address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Bank statements, Rental agreement, Credit card statement
  • Features – 100% paperless process with online approval of a loan, pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral free loan, 4 minutes approval, Secured API and interface, Variable interest rate for the borrowed loan amount
ProsCons
This mobile application is very well-built and customers do not face any lag while using itThe credit period differs and is maximum up to 36 months, depending on the amount
You can easily create profiles with easy KYCThe initial KYC will take time
The credit line is easily offered and can be used as a wallet 
Once the instant loans are approved, you do not need to think a lot about the credit score 

3. Dhani
It began as a drugstore but has now expanded to include money lending services. Dhani is one of the best personal loan apps without documents, and many outstation students rely on it to make ends meet while working part-time. You can easily obtain a quick loan of up to INR 5,00,000, with interest rates that are both handy and affordable.

Every transaction will also earn you 2% cashback, which you may spend for future redemptions and services. There are no bank mandates necessary, and you can easily receive a lifetime cashback card with the help of Dhani, which is why this is the best instant loan app without salary slips. Also, you get a virtually interest-free credit line up to INR 5,00,000 and can easily choose to get a 90-day payback scheme.

  • Interest Rate Per Month – 1 to 3.17 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 1,000
  • Documentation – PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details
  • Features – Instant money up to Rs. 5,00,000 at minimum interest, Easy EMI, Unlimited access to doctors, No processing fee & other charges, Exciting cashback, Free Dhani RuPay card, 100% online process, 24*7 customer support
ProsCons
Dhani has its pharmacy and money services platform integrated into one platform.You cannot use it on all kinds of e-Commerce platforms
With Dhani, users can get faster loans with lesser EMIs and low interest ratesThe initial documentation while registration takes time
Dhani also helps in all kinds of loans and credit rating facilities for faster approval 
It has the best range of cashback services 

4. Nira
Nira finance is known for its instant approvals, and that is the reason why this happens to be one of the best instant personal loan apps. You can easily get higher amount loans with a simple registration, and they boast about their instantaneous loan sanctions.

You can also set up auto-debits and credits through this platform, and you do not need to think about the finances or the charges against your transactions. You just need to download the instant loan app, register yourself, upload the documents and link a bank account.

It will automatically assess your credit score and will grant you an instant loan without any charges. You can get up to INR 500,000 and the interest rate ranges up to 1.5 to 2.5% (monthly) depending on your score. You can also extend your credit period, which makes it the fastest instant loan app.

  • Interest Rate Per Month – 1.5 to 2.5 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000
  • Documentation – Recent payslip, Last 3 months bank statement, PAN card, Photograph, Identity proof, Address proof
  • Features – Quick disbursal, Low-interest rates, Easy repayment, Flexible schedule, Supportive customer service
ProsCons
It provides 100% paperless documentation for loansThe higher amount of approvals take time
You can get the fastest instant loans up to INR 5,00,000 in 3 minutesYou need to have proper documentation and a bank account with KYC
You only pay interest on the money utilized 
You do not need a credit score to apply 

5. CASHe
CASHe has established itself as the best personal loan app, and the UI/UX it has to offer for its application confirms this. You can easily log in and register on the app, and the dashboard contains all of the information you’ll need to get a fast loan.

You can choose from a variety of loans with a maximum amount of INR 500,000 and various interest rates and repayment terms. You can also make a direct deposit into the associated bank account. You can also set up direct auto-debit for loan interest payments, which eliminates the need to visit the platform each time.

There are also Buy Now Pay Later partnerships with Flipkart, Amazon, Big Basket, and others, and you may choose to guarantee your debts with insurance policies.

  • Interest Rate Per Month – Starts from 1.75 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000
  • Documentation – Proof of Income (salary slip), Proof of Identity (passport, Aadhar card, driving license, or voter ID), Proof of Address (bills like electricity, gas, telephone, or maintenance), PAN card
  • Features – Online process of application, User-friendliness, Privacy & security, 24/7 service, Low-interest rates, Basic documentation
ProsCons
In this application, users get to set their credit limits from the approved credit lineIt requires time to verify all the documents
It is a highly compatible application with platforms like Flipkart, Amazon, etc.Users would need a great credit score to avail money from here
Users can directly transfer money to their friends. 
Single time registration is only required 

6. Home Credit
This is one of the easiest portals for any Indian citizen from the age group of  19 to 65 to get short-term loans in India. Depending on your credit rating, you can easily avail of loans up to INR 2,00,000 with two documents only, a PAN card, and any other proof of identity or address.

This makes the approval process short and hence it has made the list of the best personal loan apps. You are eligible for a credit period of up to 26 months, and the loan approval is completely digital.

It can be directly linked to your bank account or any other digital wallet, and the money will be directly credited to the same account. This platform is also available to senior citizens, who are pensioners and have a basic monthly income and is also valid for students who are studying and not earning.

  • Interest Rate Per Month – 2.4 to 3.3 percent
  • Maximum Loan Amount – Rs. 10,000
  • Minimum Loan Amount – Rs. 2,00,000
  • Documentation – PAN card, Identity/Address proof
  • Features – Generates best offers after evaluating ‘best fit’ eligibility, Provides easy loan application and approval, Extends clear view of loan details, Facilitates quick EMI payments, 100% private and secure online process
ProsCons
They have different kinds of products on loans, insurance, finance, etc.The rate of interest differs on different products
You need only two documents for approval – PAN Card and Identity/Address proofYou may need to go through all their offers and terms and conditions before applying
It does not take into account your credit history 
The EMI plans are flexible 

7. PayMe India
PayMe India is a great platform with an extensive range of benefits, which helps it to become one of the best personal loan apps in India. Whether it is last-minute rent payment, utility bills or an impromptu vacation, or even flash sale online, or any kind of necessity in terms of medical emergencies, loss of work and salary, deductions, etc., PayMe India has a loan for all processes.

This makes it one of the most versatile platforms to secure loans. You can easily get yourself registered on the platform and you will have to select a plan, along with uploading of documents, getting KYC done, etc. and you will be eligible for an instant loan. You can also take corporate loans if you have a business. However, you will need the right documentation for such loans, and you can always have a long credit period.

  • Interest Rate Per Month – 2 to 6 percent
  • Maximum Loan Amount – Rs. 1,00,000
  • Minimum Loan Amount – Rs. 1,000
  • Documentation – Bank statement, Salary slip, PAN card, Photo ID proof, Address proof
  • Features – Easy login, Accurate assessment, Swift disbursal, Instant cash, Different loan types, Loan advisory, Safe process, Private & secure
ProsCons
You can get an instant loan of up to INR 1,00,000 within a dayThe interest rate is usually higher for short-term instant loans
The documentation takes into account KYC, credit rating, etcYou need to repay in 2 years, only
You will get the best and accurate assessment from this portal 
You can also get an instant cash proposition 

8. India Lends
This is one of the most premium and favorite lending platforms for Indians, as they have different kinds of loans available for different classes of loans. They also help in getting the lowest rate of interest from most banks and NBFCs, which makes it the low-interest loan app, which most people tend to look for.

Apart from instant loans, you can also avail of gold loans at lesser interest rates, property-backed loans, etc. This platform is also known to provide credit cards, and you can choose from more than 40+ schemes and cards.

What makes this the best loan app for students? You can also check your credit score by just uploading your PAN documents, and this in turn helps you to select your scheme of instant loan. This is undoubtedly the gold mine of financial services, and every major piece of information is widely available on their portal.

  • Interest Rate Per Month – 0.9 to 3 percent
  • Maximum Loan Amount – Rs. 50,00,000
  • Minimum Loan Amount – Rs. 15,000
  • Documentation – There are various document requirements on this application which you can scroll through via this website.
  • Features – Easy approval, Quick disbursal, 100% online process, Supportive customer service, High maximum value, Lower interest rates
ProsCons
This application is known to compare all kinds of loans before finding the bestYou will need to get yourself registered first
Users can benefit from its low-interest rate marginsYou will need the right KYC and a good score to get the faster approval
You will need a secure bank account for all transactions 
You can get your credit score in 1 minute 

9. Money View
Money View is known for its credit rating model, and that is the primary reason why most people can get instant loans directly from this platform without any worries. They also take pride in their 100% cashless and paperless procedures, which helps them to disburse loans up to INR 5,00,000 quickly within 24 hours.

Their process is completely digital and this helps them to grant loans anywhere in India. However, you will need a proper loan plan with terms and conditions, repayment module, interest rate, and more importantly, the payment schedule before the money gets credited to your bank account.

If it is a specific loan like a student loan, personal loan, home loan, etc., you will also need the right documentation against the loan to make it relevant. The swift nature of approvals, along with documentation makes it the fastest instant loan app, and the interface makes it pretty easy to handle, too.

  • Interest Rate Per Month – 2 percent
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000
  • Documentation – Income proof (salary slip or 3 months bank statement), PAN card, Address proof (Aadhar card, utility bill, driver’s license, passport, voter’s ID), and Identity Proof (Aadhar card, utility bill, driver’s license, passport, voter’s ID)
  • Features – Built-in expense tracker system, Bill payment reminders, Integration with third-party payment apps, Nominal processing fees of 2.5 % to 4%, State of the art security system 
ProsCons
They are known for their instant disbursal within 24 hours of approvalYou will need a good credit score for faster approval
You can have repayment of loans for up toper cent 5 years Their eligibility checks take time
This provides 100% paperless transactions on all kinds of loans 
The rate of interest is significantly lower 

10. mPokket
This website focuses on short-term loans for students and salaried individuals. It enables you to obtain rapid, instant cash with prior permission, allowing you to alleviate your cash need and complete your everyday activities and chores.

The best aspect about the low-interest loan app is that you may transfer the funds from your approved loan to any digital wallet, such as Paytm or bank accounts. There’s no need to open a new bank account or use the UPI system.

You can also buy directly from internet portals, which makes transactions easier for consumers. One of the reasons why people enjoy using mPokket regularly is this. Salaried employees can get up to INR 30000 in short-term loans with just proof of employment and salary credits. Apart from their membership in any institution, students do not require any documentation.

  • Interest Rate Per Month – Starts from 3.5 percent
  • Maximum Loan Amount – No maximum limit
  • Minimum Loan Amount – Rs. 500
  • Documentation – (A) For Student Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), College ID card, PAN card; (B) For Salary Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Company’s ID card, Salary slip of the bank account where your salary is credited by your company
  • Features – Apply directly using an ID card, 100% online process with minimum documentation, Application is approved within 24 hours and you can get the money credited into your bank account or PayTM wallet, Easy repayment through various options, Provides good credit scores
ProsCons
This is very suitable for students and part-time workers who are studying in collegeThey are not available in all locations
They have a longer credit periodmPokket needs guarantors for certain loan sanctions
They provide loans with lesser interest rates 
You can directly do transactions and avail discounts from their app and platform 
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