Top 10 Low-Interest Personal Loan Apps

Quick loan processing, minimal documentation and usage flexibility are behind the rising popularity of Personal Loan Apps.

If you are in need of a loan, urgently – be it for a wedding, sudden medical expenses, travel, educational requirements, debt consolidation, or to purchase a vehicle, laptop, high-end smartphone or consumer durables – you can find a solution in a matter of a few clicks.

Thanks to a bounty of low interest loan apps!

There are some requirements, of course, that must be met for one’s loan application to be accepted. These are: the borrower must be in the age band of 18/21 years to 60/65 years; should have a steady source of income, either through salary or self-employment; and must have a fair to good credit score (usually not below 650).

Top 10 Low Interest Personal Loan Apps

Of course, your credit profile will play a big role in deciding if you benefit from their starting low interest rates. Many of these apps come with their own Personal Loan EMI calculators, which will help you design your repayment plan.

1. PaySense

PaySense charges a monthly interest rate of 1.4%-2.3% on personal loans on a reducing balance basis at 16% to 36% annual percentage rate (APR). A reducing balance basis means that your periodic interest will be calculated only on the outstanding loan amount and not the entire amount initially borrowed. Certainly among the best loan apps with low interest!

Play Store rating: 4.4 *

For more information, visit: Paysense Loan. 

2. Navi Loans & Health Insurance

You can get instant loans up to ₹20 lakh with Navi personal loan at an interest of 9.9 p.a. onward, with nil processing fee. Factors that will help you avail your loan at the starting low rates are: good credit score, steady employment history, and low debt-to-income ratio. Also, the higher your monthly income, the higher will be the quantum of loan available to you!

Play Store rating: 4.3 *

For more information, visit: Navi Personal Loan.

3. Money View

With a strong 4.6-star rating on the Playstore, Money View’s Interest Rate for Personal Loans starts at an affordable 1.33% per month and changes according to the loan amount availed, borrower’s credit score, repayment history, etc. The Processing Fee is 2% of the loan amount.

Play Store rating: 4.6 *

For more information, visit: Money View Personal Loan 

4. CASHe

This made in India app provides easy short-term Personal Loans to salaried individuals. You can borrow an amount ranging from ₹ 9,000 to ₹ 4 lakh at a monthly interest rate of 2%. The document submission process is straightforward and quick – taking no more than 20 minutes. After completing your application, you can track your request status through the app.

Play Store rating: 4.4 *

For more information, visit: Cashe Personal Loan.  

5. MoneyTap

You can avail of personal loans up to the credit limit of ₹5 lakh, starting at a monthly interest rate of 1.08% (13% p.a.). The interest would start accruing only once the approved amount is transferred to your bank account. And there’s no need to transfer the entire amount to your bank – borrow only as per your requirement. Repayment can be done in flexible EMI options within 2 to 36 months.

Play Store rating: 4.3 *

For more information, visit: Moneytap Personal Loans. 

6. mPokket

mPokket is an instant loan app in India for college students and salaried folks. The loan amounts are low – ₹500 to ₹10,000 for college students; and ₹10,000 to ₹20,000 for salaried professionals. The Personal Loan Processing Fee is small (₹34 to ₹203 + GST) while the loan tenure is ample (61 to 90 days). Once a loan application is approved, the approved amount is sent to the borrower’s bank account / Paytm wallet. The borrowing limit increases with good usage.

Playstore rating: 4.4 *

For more information, visit: mPokket Personal Loan

7. NIRA Instant Personal Loan App

NIRA offers online personal loans at monthly interest rates ranging from 1.67% to 2.25%. Healthy repayment habits and an overall good credit score will bring down your interest rate over time.

Play Store rating: 4.5 *

For more information, visit: NIRA Personal Loan.

8. KreditBee

KreditBee offers 100% online low-interest personal loans from ₹1,000 up to ₹3 lakh for salaried professionals. The starting interest rate is as low as 10% and uploading the required documents doesn’t take more than 15 minutes. Once your details are verified and you receive the green signal, the loan amount is credited to your bank account. The loan tenure varies from 30 days to 90 days, depending on the amount.

Play Store rating: 4.5*

For more information, visit: KreditBee Personal Loan.

9. Early Salary

This Pune-based FinTech company offers loans up to ₹ 2 lakh at monthly interest rates ranging from 12% to 30%, depending upon various factors, including the borrower’s credit profile. It also comes with its own EMI calculator, which will help you get an idea about the repayment plan (E.g., a loan of ₹ 2 lakh at an interest of 12% and to be repaid over a 3-month tenure will result in an EMI of ₹18,573). The application process is swift and once your KYC is complete, just choose the amount that you would like to transfer to your bank. You can borrow any amount between ₹ 5,000 to ₹ 5 lakh.

Play Store rating: 4.5 *

For more information, visit: Early Salary Personal Loan. 

10 Loan Tap

With its own EMI calculator, Loan Tap offers a variety of loan options to both salaried professionals and business persons. A good credit score can help you avail a personal loan at an attractive APR of 11%.

Play Store rating: 3.7 *

Quick Comparison – Top 10 Personal Loan Apps