Anyone can have a financial emergency. We all try and save to meet such emergencies. However, sometimes you are required to seek loans to meet these emergencies.
Instant cash loans are a great way to meet these contingencies as they offer loans starting from Rs. 1000 up to Rs.1 lakh instantly. The interest rates may be a bit on the higher side since the loans are processed quickly with minimal documentation. The current interest rates range between 1.50% to 2.5% per month. You can get a better interest rate if you have a
healthy credit score.
What are instant loans?
Instant loans or payday loans are unsecured loans offered for short to medium terms to meet immediate liquidity needs.
These loans are primarily available for salaried individuals. These loans can be used for any end-use like medical emergency, wedding expenses, vacation plans, pursuing an education course, purchasing a smartphone, laptop, other gadgets, etc.,
Additional Reading : How Do I Apply Online for An Instant Personal Loan?
Features and Benefits of Instant Cash Loans
Easy Application Process – Most instant loans are applied online. You just have to enter your name, phone number and PAN card. Your information is pulled up from an existing database. You usually do not have to submit extensive documentation.
Instant Approval And Disbursal – As the name suggests, the loan application and approval process are instant. The entire loan process takes less than 30 minutes. The loan amount is also credited to your account within minutes of approval. This allows you to access the much-needed cash immediately.
Highly Customizable Loans – Instant loans are highly customizable to meet your needs. You can choose the loan amount and loan repayment tenure.
Competitive Interest Rates – The interest rates on instant loans are on par with personal loans. They range anywhere between 12 – 24% per annum. If you have a good credit score, you can definitely get a lower interest rate.
Repayment Tenures – The repayment tenure on instant cash loans ranges between 3 months to 1 year. As mentioned above, these are short term loans and have to be repaid within 1 year. But as always, this is solely dependent on the bank and some of them offer repayment tenures up to 5 years.
Use Only The Amount You Need – Instant loans allow you to use them like an overdraft facility. You can use only the amount you need and pay interest on them only. This gives you increased flexibility on using the loan and also reduces the interest burden.
11 Best Instant Loan Apps in India 2021
Instant Loan App
Loan Amount
Interest Rate
Repayment Tenure
MoneyTap Instant Loan App
Rs. 3000 – Rs. 5 lakhs
1.08% per month
2 months – 36 months
India Lends Instant Loan App
Up to Rs. 50 lakhs
10.75% - 25% per annum
1 year – 5 years
KreditBee Instant Loan App
Rs. 1000 – Rs. 2 lakhs
0% - 29.95% per annum
62 days – 15 months
Kreditzy Personal Loan App
Rs. 1000 - Rs. 1 Lakh
29.95% per annum
91 days - 365 days
NIRA Personal Loan App
Rs. 2,500 - Rs. 1 lakh
24% - 36% per annum
Within 12 months
Money View Personal Loan App
Rs. 10,000 - Rs. 5 Lakhs
16% - 36% per annum
3 months - 5 years
Smart Coin Personal Loan App
Rs. 1000 - Rs. 25,000
0% - 36% per annum
62 days - 180 days
RapidRupee Instant Loan App
Rs. 1,000 - Rs. 60,000
12% per annum
3 months - 12 months
mPokket App for Instant Loan
Rs. 500 - Rs. 20,000
12% - 72% per annum
61 days - 90 days
InstaRupee Loan App
Up to Rs. 20,000
20% - 30% per annum
91 days - 120 days
uCash Instant Loan App
Rs. 1,000 - Rs. 20,000
20% per annum
91 days - 365 days
