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Personal loans are a convenient source of gaining access to funds for personal use regardless of whether they are intended to be utilized in making large purchases, as capital for a venture or in dealing with unexpected financial situations. They are usually unsecured loans and have no collateral requirements and are generally issued for periods ranging from 1-5 years by most banks and financial institutions. However, soliciting a personal loan from a bank the old fashioned way can be a lengthy, tiresome and inconvenient process for those who need instant access to credit. The high interest rates charged by many financial institutions can also discourage some from taking out a loan in this manner.

Growth of Lending Apps

In response, personal loan apps have emerged as a means of catering to those who find the conventional method of soliciting loans to be tedious and discouraging. These apps significantly streamline the loan application process and provide access to instant personal loans in a faster and more convenient manner. Applications can be made online and scanned copies of documents can be submitted for verification, which does away with the excessive paperwork and multiple rounds of document submission. The loan amount can then be simply credited to your bank account. Personal loan apps are readily available for most smartphone devices and allow users to apply, make and keep track of their upcoming or pending payments as well as providing them with regular updates on their loan agreements. Some may also provide offers or incentives to encourage users to avail loans by this method.

Lending Apps for Contactless Instant Personal Loans

1.Finserv MARKETS app :

This app provides access to instant short-term personal loans collateral free for upto Rs. 25 lakhs. These can be availed to fund emergency personal requirements such medical fees or for funding educational pursuits. These loans are processed rapidly and will be disbursed to you within 24 hours of approval, and require minimal documentation from the applicants side. Furthermore, you can use the Bajaj Finserv Hybrid-Flexi Personal Loan facility that can help reduce your EMI payments and helps you calculate personal loan emi.

The app also includes a wide array of services such as a UPI feature, access to their EMI card and to the Finserv MARKETS EMI Store, Insurance plans, CIBIL credit reports, investment options and high quality customer service . You can file and monitor applications and make payments, get financial advice, regular updates and reminders, get insurance coverage and perform a variety of other services available on the Finserv MARKETS portal with the app’s extremely user friendly interface. It is available on most online app stores or can be downloaded directly from the Finserv MARKETS website itself.

2. MoneyTap :

This personal loan app functions primarily as a digital credit line with its most notable feature being the fact that you only have to pay interest on the part of the loan amount used, similar to an instant loan or credit card. It can be better described as a money lending service that provides flexible interest rates and now functions in many of the nation’s major cities.

3. IndiaBulls Dhani :

The Dhani app allows you to solicit instant personal loans of upto Rs. 15 Lakhs with interest rates starting at sound 12% by simply entering your Aadhaar card number and loan amount after downloading the app for free. The service is marketed as a “Phone se loan” app that instantly disburses funds to your account after completing the aforementioned application procedure.

4. PaySense :

PaySense is mainly an instant cash loan app that provides instant personal loans of up to Rs. 5 Lakhs. The application process requires you to simply check your eligibility, submit your KYC information and make a formal application for your loan amount. Approval is rapid and often takes less than 5 hours on average. Another intriguing feature of this app is the inclusion of an EMI calculator in its interface which allows you to determine the size of the payments you will be making as part of your repayment plan.

5. KreditBee :

This personal loan app has a primary target audience of young professionals in the workforce with an application process that is entirely online and provides loans of up to Rs. 1 lakh. The funds are directly transferred to the account of your choosing within 15 minutes of gaining approval for the loan.

6. LazyPay :

This app, powered by PayU allows you to gain access and apply for a personal loan of up to Rs. 1 lakh as well as pocket friendly EMIs almost instantaneously.  The application process simply consists of downloading the app for free and entering your phone number to check eligibility. The approval process is very fast and safe and the platform handles over a million loan disbursals every month.

Know the best instant personal loan apps in India


Personal loan app are helping in making personal loan applications less tedious and more consumer friendly and their usage is likely to grow further in the coming years with more and more players expected to enter the market in the near future. The instant personal loans from Bajaj Finserv available on the Finserv MARKETS app provide rapid and easy access to credit upto Rs. 25 Lakhs at your convenience. You can use their app to access loans on the go. The minimal documentation and easy digital platform make the entire process frictionless, helping you obtain the financing you need, when you need it.

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Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Finserv MARKETS App

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.