Best Instant Loan App without Salary Slip and Bank Statement in India

Are you looking for a way to access quick and convenient personal loans? In India, instant loan apps are becoming increasingly popular as an avenue to obtain funds in times of need. This comprehensive guide will provide insight into how these instant loan apps work, the benefits they offer, and their potential drawbacks.

We’ll also explore the best practices for using an instant loan app in India so that you can make the most of this powerful financial tool.

What is Instant Personal Loan

Best instant Loan Apps

Instant personal loans are a type of loan that can be used for a variety of purposes, from financing business expenses to paying medical bills or consolidating debts. It is important to understand the basics of this type of loan in order to make an informed decision about whether it is right for you.

Instant personal loans typically involve borrowing a set amount at low interest rates with quick and easy approval process. This kind of loan offers several advantages over traditional forms of borrowing such as bank loans or credit cards. To start with, there is no collateral required, which means the user can access funds without having to put up any security or assets as collateral. The borrower also has access to flexible repayment options and extended repayment period, depending on their individual needs and credit history.

The application process for instant personal loans is fast and straightforward compared to other forms of lending products such as home loans or car loans; users generally just need to provide some basic financial information such as their salary and bank statement details in order to apply for a loan online via a mobile app operated by any NBFC (non-banking finance company).

Processing times are usually very short – within minutes in most cases – trustline players offering money transfer services bring down processing time even further; making it quicker than ever before!

Once approved, the money is transferred directly into borrowers’ accounts via NEFT/RTGS thus making it suitable for all kinds of emergency scenarios when you need cash instantly!

What is an instant loan app?

An instant loan app is a platform that offers quick and convenient access to personal loans. Typically, these apps are designed for smartphones and can be downloaded into your mobile device.

What is the purpose of instant loan apps? The key selling point of these loans is their convenience and speed. They are designed to serve consumers in need who have limited

Benefits of Using instant Loan App

Applying for a Personal loan in India can be daunting and filled with paperwork. With the increased use of smartphones, instant personal loan apps have become an attractive option to acquire funding with little documentation, quick processing and flexible repayment schedules. These apps offer various benefits, including:

  • Streamlined application process: Most loan apps make it easy to apply for funding online by allowing users to access the app from their phone, apply for a loan, and receive results faster than traditional bank loans.
  • Flexibility in repayment amounts: Instant personal loan applications allow customers to choose their own repayment interest rate and amount depending on their financial situation.
  • Immediate funds disbursement: Instant personal loan apps can provide quick disbursement of funds directly into your bank account within hours or sometimes even minutes. This makes it easier to cover unexpected expenses without relying on long-term financing plans.
  • Convenience: Instant personal loans are convenient because they make the entire process simpler without having to step out of your home or wait in long lines at a financial institution. You can apply through your phone quickly and conveniently without any hassle or time wasted on tedious paperwork.

There are numerous advantages to using an instant loan app, from the convenience of having your loan approved quickly to the accessibility of funds with minimum paperwork. Let’s look at some of the major benefits of using an instant loan app:

Quick Processing

Instant loan apps provide the convenience of applying for a loan quickly and conveniently. With the help of instant loan apps, applicants can access their eligible amount of loan within minutes. These apps provide streamlined processes where there is no need to provide documents or statements such as salary slips and bank statements, making it easier to access finance quickly.

Additionally, they do not require an extensive credit history or verification which makes them ideal for people who may have low incomes or poor credit records.

These apps offer transparency by providing accurate information about terms and conditions, eliminating the chance of fraud or scam. Lastly, instant loan apps usually don’t charge any upfront fees making it easy for customers to apply for loans without going through financial hassles.

Low Interest Rates

Instant loan apps can provide financial aid to borrowers, typically within a day or two. Compared to other traditional financing options, such as banks and credit unions, these loan apps offer lent money at significantly lower interest rates.

This is because these loan apps use advanced technologies such as artificial intelligence and machine learning to speed up the loan process, allowing lenders to make decisions faster. By skipping costly paperwork associated with paperwork loans and taking fewer resources to sanction the loans, automated lending platforms are able to offer competitive rates with less risk associated with them.

Furthermore, many Indian instant loan apps accept all kinds of borrowers including those without salary slip or bank statement and give attractive discounts for those making regular payments on time. Some even waive off the interest rate for earlier payers so that you can enjoy a low-cost personal loan quickly without worrying about hidden charges.

Flexible Repayment Options

One of the major advantages of instant loan apps is the fact that they offer flexible repayment options. This means that you can tailor your loan repayment schedule to suit your needs, budget, and situation. Most loan apps will provide various repayment options such as monthly instalments, weekly instalments, bi-weekly payments, among others.

The most important aspect is that you can pick an option which fits your lifestyle and financial obligations. Additionally, some loan apps may even offer interest rate concessions and discounts if you choose to make monthly repayments rather than weekly or bi-weekly repayments – this varies from app to app though.

Repayment flexibility also refers to the length of the loan; some apps offer short-term loans with repayment periods ranging from 3 months to 1 year, while some allow for up to two years in certain cases of large loans. This initial flexibility afforded by instant loan apps helps you in managing budgeting constraints better without worrying about multiple deadlines throughout the year – a feature not prevalent with traditional lenders.

Moreover, these apps also offer pre-payment options either through a partial or full preclosure which provides additional benefit because it reduces interest costs by reducing the tenor of your loan period. In short, regardless of how flexible an individual’s income is or whether they have salary slips and bank statements available for verification – instant loan apps provide several beneficial features along with easy application procedures that make it easier for people to obtain timely financing at fair terms in India.

How to Use Personal Loan App

Thanks to technology, it is now incredibly easy to access personal loans in India. All you need is a smartphone with internet access, and you can avail instant loans with just the click of a few buttons. With so many young Indians leading busy lives, using a loan app is the most convenient way to get that extra financial help that’s needed from time-to-time.

There are various types of loan apps available for Indian citizens. Here are three key steps for using a loan app:

  1. Download and register: Firstly, you need to download the app and create your profile or register on it. You’ll usually have the option to enter your personal and contact details, along with bank details. Choose an app that uses encryption technologies such as Transport Layer Security (TLS) encryption to ensure your data remains safe and secure throughout the entire process.
  2. Apply for the loan: Next, fill out the necessary forms on the app so that you can apply for your desired amount of loan depending upon your current financial situation and requirements. Also, carefully check interest rates before submitting your application since this could impact how much money you will have to pay back in total in case of defaulting on payment as interest payments will be added onto principal amount currently owed by borrower.
  3. Repayment mode: When looking at repayment options within these apps, there are usually two options; either repay through Equated Monthly Installment (EMI) or through one-time repayment of the total amount owed including both interest charges as well as principal sum currently outstanding by borrower (this generally happens when borrowing smaller amounts). Choose whichever method works best according to individual borrowing needs!

Types of Loan Apps Available

There are a variety of loan apps available in India to help individuals unlock the power of instant personal loan. Understanding the different types of apps available will ensure you choose the right loan app for your specific needs.

The most common types of loan apps are those that offer multi-purpose, collateral-free loans, usually between Rs. 10K and Rs. 5 Lakhs, with repayment terms starting at 3 months and up to 36 months. The interest rates on these loans tend to be higher than traditional bank loans but are typically much lower than traditional pawnshop or payday advance lenders. Many of these apps allow borrowers to repay their loans early with no additional fees or interest charges.

Other types of loan apps offer secured loans against assets such as gold jewelry or fixed deposits, allowing borrowers to access funds up to 90% of the current value of assets. The approved amount for these loans can range from Rs 10K to even higher amounts depending on the asset pledged and availability in-app services like short tenure personal loan options with repayment terms starting from 12 months or lower, deferral interest-only payments, installment dates aligned with salary dates etc., making them an attractive option for those looking for quick access to cash with convenient repayment structures.

Finally there are “alternative credit” apps that provide specialized credit solutions not provided by traditional lenders such as quick disbursals based on credit scores compared against alternative data sources like mobile phone usage and utility bill payments history – perfect for individuals who do not have a long credit history available or no existing credit score yet.

Document Requirements for Applying for a Loan

Applying for a loan from a loan app or other personal loan provider can be a great way to access funds for short-term expenses. However, it is important to remember that lenders still require certain documents from applicants in order to evaluate the legal & financial standing of the borrower.

In India, document requirements for applying for a personal loan via app or other medium include:

  • Proof of Address: This could include Voter ID Card, Electricity/ Water Bills, Passport etc.
  • Employment/ Income Verification Documents: This would include Bank Statements, Salary Slips (or ITRs in case of self-employed), Current Employment Letter, Payslips etc.
  • Identity Proof: A Voter ID card or PAN card is usually sufficient.
  • Bank Account Details: The applicant must be able to provide bank account details and statements of their account over the last 6 months.

It is important to bear in mind that relevant documents are required at every stage of the loan process and lenders may require additional paperwork depending on your specific circumstances and profile. It is therefore advisable to keep all the documents you may need ready even before you apply for your loan so that you can submit them quickly and have your application processed faster.

Let’s look closer at the requirements for getting approved for an instant loan app in India:

Valid ID Proof

For applicants who want to take advantage of the convenience of instant loan apps, valid ID proof is a must. These are documents that confirm your identity, such as your driver’s license, passport, PAN card, or Aadhaar card. Some lenders allow you to use any form of valid photo identification which has been issued by the Government of India or other appropriate authority.

Between these documents and other requirements for an instant loan app, it’s important to have these on hand as you embark on the loan application process.

To be eligible for most short-term loan services in India (including instant loans), borrowers typically need to be between 21-65 years old and have a steady source of income. In lieu of bank statements and salary slips, some lenders allow applicants to provide their last two payslips as proof of income; however, depending on the type of lender and the product being applied for, this may vary from one case to another.

Ultimately it is up to each lender how much documentation they require before granting a loan approval; so while many lenders offer instant loans without conventional proof of employment or financial stability (e.g., bank statement), it may still be necessary in certain cases if an applicant wishes to maximize their chances success with their application.

Valid Mobile Number

Instant loan apps require applicants to have a valid mobile phone number. Generally, this information is used to verify the user’s identity, an important security measure in place to ensure only the correct user applies and receives a loan. On successful registration and validation of identity, each lender sends an SMS with a one-time password (OTP). This OTP along with other inputs enables the lender to process the loan application fast.

The loan amount is generally limited and varies depending on the borrower’s creditworthiness which is determined by its own algorithms. The criteria for eligibility are typically similar for most instant loan app without salary slip and bank statement in India:

  • A valid Indian number
  • Age limit of 18 to 50 years old
  • ID proof for address confirmation
  • An active bank account
  • The banking details must match with those provided during registration.

Most instant loan providers also offer additional eligibility criteria that are specific to their product: employment status (salaried employee or self employed), CIBIL score (750 and above) maximum outstanding balance in other loans, tenure of salary deposits in current bank account etc.

Valid Email Address

Having a valid email address is an important requirement for obtaining an instant loan through a loan app. Applications typically ask for an applicant’s email address so that they can contact them with any information or updates regarding the status of their loan.

In addition to providing your email address, applicants should also verify that the email account is active and up-to-date. After completing the loan application requirements, prospective borrowers will likely receive a confirmation message from customer support to their valid email address. It is important to open this message and follow any instructions provided in order to complete the loan process successfully.

Applicants using instant loan apps should also be aware of potential phishing emails or scams associated with these services by researching the company before submitting their information online. Additionally, it may be helpful to read customer reviews on third party websites in order to determine whether or not you want to trust this provider with your finances.

Bank Account

To be eligible to apply for an instant loan with most apps, the applicant must have an active bank account. This is essential for direct credits and debits from the bank. The bank account should be in the same name as that of the applicant. If there are multiple applicants, all accounts should link uniquely to each individual applicant.

The app usually checks the bank account’s validity or authenticity using several internal tools like online Direct debit sources, internet banking statements, etc. Applicants must make sure that their bank accounts are linked with their identity documents like Aadhaar Card/Voter Id card for more secure transactions.

The verification process will also include checking data from previous interactions between the individual customer and that particular banking institution. This data includes records such as transactions from a loan amount received earlier from any other fintech company’s app, if any. It is important to note here that not all instant loan apps process these inquiries automatically and several may need manual intervention or approval before granting an individual’s request.

How to Choose the Right Loan App for You

Creating a secure and seamless loan process is possible when you choose the right loan app. These apps offer convenient, time-saving features like fast approval, low interest rates, simple repayment options and easy accessibility to funds.

Before selecting a loan app, you should consider important factors such as eligibility criteria, repayment terms and charges applied. It’s also wise to compare different lenders and review customer feedback to get an idea of the lender’s openness to customer feedback and responsiveness to their inquiries.

You can usually assess these factors for an app by reading through its terms and conditions, feature highlights or media coverage. Other factors such as repayment flexibility, coverage area (some apps may only operate on certain geographies), speed of approval etc., should also be taken into consideration.

When looking for a suitable loan app for your needs, it’s always best to research thoroughly before downloading any application-based product or service. Take note of the finer details that may make or break your financial journey such as application fees, usage fees or processing fees which all vary with different loans products in the market.

It’s also worth considering other features that can make your overall experience smoother such as budgeting advice tips and zero paperwork processing options. Additionally, look out for additional discounts or schemes offered by some apps that reduced interest rates without compromising on safety or reliability of the product.

Finally, ensure the service provider has adequate customer support in case you need help during any stage of your borrowing journey – it will come in handy later if any technical issue arises!

Repayment Options for Loan Apps

Repaying loans quickly and efficiently is an essential aspect of managing your financial health. When considering a loan app, it is important to understand the types of repayment plans available and the repayment process. Most loan apps in India offer a variety of repayment options, from automated Equated Monthly Installment (EMI) plans to flexible terms that allow you to make repayments on a weekly or monthly basis.

A majority of loan apps offer an automated Equated Monthly Installment (EMI) plan, a systematic repayment method based on the outstanding principal amount. This type of payment plan typically includes fixed payments for a certain period with interest being added as the outstanding loan amount decreases. It gives you greater control over your finances and offers predictable payments over time.

An increasing number of loan apps also offer flexible payment terms, wherein you can make repayments on weekly or monthly basis without having to pay any additional interest costs or processing fees. This option is ideal for borrowers who cannot commit to making large EMI payments due to personal financial constraints or seasonal fluctuations in income.

For additional flexibility, some loan apps also provide ‘prepayment’ options that allow you select specific dates within the designated duration when you would like to make lump-sum payments towards reducing your total expected repayment amount. This can help lower overall interest costs and shorten the total tenure of your loan agreement if needed.

By assessing your own personal financial situation and understanding what repayment options are available from various loan apps in India, you can choose the one that best suits your needs and budget – allowing you to achieve all your financial goals comfortably!

Best Instant Loan app without Salary Slip and Bank Statement

Instant loan apps offer a convenient solution for obtaining credit on-demand, and are gaining popularity in India. Here are some instant loan apps that do not require a salary slip or bank statement.


MoneyTap is a fintech app operated by India’s leading NBFCs and offers instant credit of up to Rs. 5 Lakh to salaried professionals against their existing salary account. The most attractive feature of MoneyTap is that you can get your loan sanctioned within a few clicks without the need of submitting salary slips or bank statements. Moreover, there is no extra paperwork required and the processing fees are waived off as well making it an excellent opportunity to get hold of an instant loan without any hassle.

The app also provides various other benefits such as:

  • Flexible repayment options in the form of EMIs over periods ranging from 2 months up to 36 months.
  • Minimal interest rates compared to those offered by banks and NBFCs.
  • Various online account management options.
  • Personalized credit score reports.
  • Access to customized offers and vouchers catering especially to your needs.

In addition to this, the app provides yet another convenience which makes it one of the best instant loan apps without salary slip or bank statement in India currently available today.


EarlySalary is India’s leading salary-based instant loan app. It allows borrowers to access quick loans without the need of a salary slip or bank statement. EarlySalary allows borrowers to avail of a loan amount up to ₹2 lakh with repayment tenure ranging from 3 to 12 months. This cash loan can be availed for various purposes like personal needs, travel, electronics purchase and more.

The repayment of the loan can be done via flexible EMIs or one time payment or part payments at any point in the tenure. There are no hidden fees and no pre-payment charges. This makes EarlySalary an attractive option for those looking for short term loans and want great flexibility in repayments.

The process of applying for the loan on EarlySalary is super straightforward and simple – all you need is your Aadhaar Card, PAN card, valid mobile number and bank account linked with your mobile number. The entire process can be completed in less than five minutes with disbursal taking place in within 30 minutes after successful verification of documents, usually on the same day.

EarlySalary provides easy access to instant loans without having to wait for days which makes it exceptionally convenient for those who are looking for a quick loan solution to their financial woes. Moreover it provides an array of options that you can avail from like allowing customers to pay via EMIs that suit their budget instead of lump sum payments or part payments, again great flexibility given by EarlySalary while repaying your loan within affordable EMIs as per your budget constraints!


CashE is a popular instant loan app offered in India. This loan app is especially helpful for those looking to borrow money without submitting a salary slip or bank statement. CashE offers loans from as low as ₹1000 up to ₹2 lakhs with tenure ranging from 21 days to 6 months. The repayment process is flexible and can be done easily online through cashless methods such as UPI/ debits cards/ net banking etc.

Moreover, CashE provides competitive interest rates, instant approval, 24×7 customer service and quick disbursal in just 15 minutes of loan application all at no extra charges. Thus CashE, being the best instant loan app without salary slip and bank statement makes it easy and convenient for individuals to receive the funds online instantly for any personal or business needs.

To be eligible for a loan through CASHe you must:

  • Be aged 21 years old or above
  • Possess an active Indian financial institution account
  • Have a minimum qualification of a graduation degree
  • Have an employed full time job with a minimum work duration of six months
  • Live in Delhi NCR, Chennai, Kolkata, Pune, Hyderabad or Bangalore.

Other features such as the ability to select flexible EMIs, repayment options through Net Banking and Debit Card plus an online customer support facility make CASHe one of the best platforms to get an instant loan without salary slip or bank statement in India.


KreditBee is one of India’s most recognized instant loan app and offers quick loans for qualified customers. This loan app enables customers to apply for a loan without providing salary slip and bank statement. The application process is simple and customers can get loan disbursal in an instant when approved.

The salient features of KreditBee, which make it stand out from other loan apps, include:

  • Flexible Loan Tenors: KreditBee offers various flexible loan tenors ranging from 3 months to 36 months to suit customer’s individual repayment schedules.
  • Instant Loan Disbursal: If approved, the customer will receive the money within minutes directly via bank transfer or UPI payment options.
  • Multiple Loan Options: Customers can select between personal loans, short term loans up to 1 lakh rupees and long term loans which can range up to 5 lakh rupees depending on their credit score and other selected criteria.
  • Nominal Processing Fee: Apart from competitive interest rates, customers also pay a nominal processing fee that starts as low as 0%.
  • 24/7 Availability: The KreditBee mobile app is available 24/7 so customers have access to it anytime no matter where they are making the process much more efficient and convenient.

PaySense Loan

PaySense, a company that partners with reputable banks and financial institutions, offers instant personal loans online. These loans, which can range from Rs 5,000 to Rs 5 lakhs, are designed to meet a variety of emergency needs. However, the most unique feature of PaySense is that it allows individuals without any previous credit history to apply for personal loans.

The process of applying, providing documentation, getting approval, and receiving the loan is quick and efficient. The interest rates for these loans range from 16% to 36% per year. The repayment period can extend up to 60 months. Both salaried and self-employed individuals are eligible to apply for personal loans from PaySense. Recently, PaySense has also joined forces with LazyPay.

In summary, PaySense provides instant personal loans online that can be used for various emergency needs. The loans range from Rs 5,000 to Rs 5 lakhs and are available to individuals without any previous credit history. The application process is quick and efficient and the interest rates range from 16% to 36% per year. The repayment period can extend up to 60 months and both salaried and self-employed individuals are eligible to apply. Additionally, PaySense has recently merged with LazyPay.

Money View Loan

This Money View Loan App is truly one-of-a-kind because it uses a credit rating model to calculate the maximum loan amount you’re eligible for. And the best part? Checking your loan eligibility is super easy and only takes two minutes. All you have to do is submit your mobile number and verify it through OTP. However, keep in mind that you’ll need to complete your KYC formalities before you can avail of the loan.

With Money View, you can get personal loans up to Rs 5 lakhs, and the money will be directly transferred to your bank account. It’s a 100% cashless and paperless process, and you’ll get the loan disbursed within 24 hours of approval. The interest rate is around 2% per month, and you can choose your repayment tenure as per your convenience. So if you’re in need of some financial assistance, give Money View a try!


To conclude, there are several loan apps in India which offer instant loans without the need for salary slips and bank statements. These loan apps provide customers with the convenience of applying for quick short-term loans with minimal eligibility criteria. They have various features such as flexible repayment plans, nominal interest rates and relaxed EMI payments which make it easy for users to pay back their loans in a timely fashion.

Most importantly, these app-based loan services help people get access to financial products without having to provide complex documents or submit paperwork. This makes them an ideal solution for those who need instant funds but don’t want to go through the lengthy traditional process of loan approval.

In addition, these apps offer a range of additional features such as:

  • Personalised assistance from advisors.
  • A variety of promotional offers you can use to save money when taking out your instant loan in India.

With this in mind, any customers looking for fast short-term financing should consider downloading one of these convenient apps today.

FAQs on Instant Personal Loans

Instant personal loans can provide an immediate solution to unexpected financial needs. There are a number of key questions that come up before taking on a personal loan, especially when considering an application through a loan app in India. To make the process easier, we’ve compiled a list of some frequently asked questions about instant personal loans:

  • What is an Instant Personal Loan?

    An instant personal loan is typically an unsecured loan with relatively fast turnaround times and flexible repayment options. It provides you with the opportunity to pay for the purchase or expense you wish to cover without using your savings, credit cards or having to request from friends/family if needed.

  • What Do I Need to Apply for an Instant Personal Loan?

    Applying for an instant personal loan requires minimal documentation and can be done digitally without needing hard copies of any documents as long as you meet basic eligibility criteria like age, employment type and income level among others.

    As per RBI regulations, lenders must verify your identity before providing access to credit so you will most likely need to provide proof of identity and address along with the supporting income documents required like payslips or bank statements as they vary from lender to lender.

  • Where Can I Find Reliable Instant Personal Loan Providers in India?

    There are many reputable instant personal lenders offering loans online in India today. These lenders can provide recourse depending on your individual requirements via modern lending platforms like mobile apps.

    This helps minimize paperwork associated with traditional banking systems and makes it easier for you to apply for such loans instantly.

    You won’t have to wait days for approval or document submission procedures as is the case with banks or physical financial institutions. These institutions often require manual input from multiple departments, which increases the time taken.

    Additionally, if any required length verification process is manual rather than automated, this can lead to a significant time lapse between processing of applications and approvals.

    Apart from long wait times, there are also issues concerning security risk exposure when completing physical verifications visually at premises. Some examples of instant personal lenders in India include Kissht, EarlySalary, KreditBee, MoneyTap, and i2ifunding.

    To compare different offers options available, it might be better if you choose to use online/financial market comparison platforms. These platforms list all consolidated offers scenarios provided by all listed providers.

    If they support these kind of offerings, they will deliver the best value based offerings given that the user has all necessary details at their disposal before proceeding with any provider application. By this way, choosing the right provider becomes more easier one selection.

  • Which is the best instant loan app without salary slip and bank statement in India?

    MoneyTap is an instant loan app that offers loans without the need of salary slips and bank statements in India. It is a digital credit line which provides you with access to quick loans. With MoneyTap, you can access up to Rs 5 lakhs of credit, with convenient repayment terms of 2-36 months.

    The best thing about this app is that it requires minimum paperwork and has a simple application process. All you need to do is register on the app, enter your details such as your PAN card number, Aadhar card number and mobile number, and submit your KYC documents for verification. Once approved, you will receive money within minutes into your bank account.

    MoneyTap offers low interest rate loans at only 1 percent per month on the amount used giving borrowers flexibility while repaying their loans monthly or over different quarterly calendar periods as per their convenience.