Finding yourself in need of a quick loan but lacking a traditional pay stub? The days of salary slips being the sole gateway to instant cash are over. In this guide, we explore the best instant loan apps without salary slips. These app-based lenders offer fast and convenient loan options, perfect for freelancers, self-employed individuals, or anyone who doesn’t have a regular paycheck.
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Top 10 Best Instant Loan Apps In India
| Loan App | Key Features | App Rating (out of 5) |
| NoBroker InstaCash | – Minimal documentation required – Flexible repayment options – Instant loan approval | 4.4 |
| Bajaj Finserv | – Option for pre-approved loans – Competitive interest rates – Wide range of loan amounts | 4.7 |
| KreditBee | – Easy online application process – Focus on first-time borrowers – Short loan terms | 4.5 |
| MoneyTap | – Line of credit feature – Interest is charged only on the used amount – Flexible repayment options | 4.0 |
| LazyPay | – Short-term loans for purchases on partner platforms – Integrated with online shopping apps – Instant approvals for existing users | 4.4 |
| PaySense | – Suitable for a variety of credit scores – Transparent loan process – Multiple repayment options | 3.6 |
| Dhani | – Loans for various purposes – Wide partner network for easy repayment – Offers other financial products | 3.4 |
| MoneyView | – Quick and easy loan application – Competitive interest rates – Suitable for small to medium loan amounts | 4.7 |
| CASHe | – High loan approval rates – Multiple loan options available- Instant credit line for approved users | 4.2 |
| NIRA | – Focus on women borrowers – Simple eligibility requirements – Short-term loan solutions | 4.2 |
10 Best Instant Loan Apps Without Salary Slip To Transform Your Living
Whether you need a small loan to cover unexpected expenses or a larger amount for a specific project, here’s a list of apps to empower you to take control of your finances:
Read: How to Get 50 Lakh Personal Loan Today
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1. NoBroker InstaCash
This fastest instant loan app offers urgent loans with a maximum amount varying based on your profile and repayment capacity. They are known for quick disbursal and a user-friendly experience. It allows users to access quick cash without the need for extensive paperwork or long approval processes typically associated with traditional bank loans. Users can apply for loans through the NoBroker app or website, and upon approval, they receive the funds swiftly, helping them address their financial needs promptly.
Key Features:
- You can get up to ₹10 Lacs Instantly in your bank account.
- Instant approval and disbursement
- Hassle-free auto-repayment.
- Interest rate starting from 12.99%.
2. Dhani
Provides a range of financial products, including personal loans that may not require salary slips for approval. Dhani Card ranks offers personal loans, especially for students, salaried persons, and self-employed individuals.
Key Features:
- Loans for up to ₹5 lakhs are available at interest rates starting at 11% per month, depending on your eligibility, loan amount, and repayment tenure.
- Dhani offers a credit line of up to ₹5 lakhs at a 0% interest rate without linking your bank account.
- This loan is repayable in three interest-free instalments.
- Other features on the Dhani Card include exciting cashback of up to 2% on all spending.
3. PaySense
PaySense partners with reputed banks and financial institutions to offer instant personal loans online. However, the most exciting feature is that it allows people without any previous credit history to avail of personal loans. Both salaried and self-employed individuals can apply for personal loans from PaySense
Key Features:
- These personal loans ranging between ₹5,000 and ₹5 lakhs are available for meeting almost any emergency.
- The application process, documentation, approval, and disbursement are quick.
- The interest rates range between 16% and 36% per annum.
- The repayment tenure is 24 months.
4. MoneyTap
MoneyTap offers a credit line with potential benefits like pre-approved limits and the ability to withdraw funds as needed. This can be useful for managing ongoing expenses.
Key Features:
- Offers interest only on borrowed amount.
- Loan amounts range from ₹3000 to ₹5 lakhs.
- Interest depends on the amount you use. Starts from 14%.
- MoneyTap offers flexible EMIs and repayment tenure is 3 to 36 months.
5. CASHe
CASHe focuses on using alternative data for approvals, potentially making them suitable for those with limited credit history. They might be good options for first-time borrowers but interest rates could be on the higher side. The user has to upload the necessary documents and complete the verification process before clicking on the credit line and setting their limits.
Read: Get 20,000 Personal Loan: Quickest Approval with No Paperwork
Key Features:
- This app allows users to get a single approval for multiple loans simultaneously.
- CASHe offers one of the most user-friendly interfaces.
- CASHe loans are available for a maximum amount of ₹4 lakhs, with the interest rate starting from 2.50% interest rate per month.
- Repayment tenure of up to 1.5 years.
6. NIRA
NIRA focuses on quick approvals for instant personal loans. They use alternative data to assess creditworthiness. Nira ranks among the best instant loan apps in India without salary slips because of its instant approvals, simple registration process, and availability of loans without a CIBIL score.
Key Features:
- A good option if speed is a top priority.
- Nira personal loans range from ₹3,000 to ₹5 lakhs at interest rates ranging from starting at 24% p.a.
- This instant personal loan app allows the facility to extend your credit period if required.
- The app also allows for setting up auto-debits and auto-credits.
7. LazyPay
LazyPay is a bit different from the other instant loan apps. LazyPay offers a credit line for online and in-store purchases at partnered merchants. They also provide small personal loans directly deposited into your bank account.
Read: Personal Loan Interest Rates: A Detailed Guide for Borrowers
Key Features:
- Loan amounts range from ₹3000 to ₹5 lakhs.
- Interest rate ranges from 15% to 32%.
- The repayment tenure is from 3 to 24 months.
8. KreditBee
KreditBee is an online platform facilitating loan transactions between banks/NBFCs and borrowers. KreditBee specialises in instant personal loans with flexible repayment options. They may use alternative data to assess your creditworthiness.
Key Features:
- Requires minimal documentation and flexible loan repayment.
- The loan amount ranges from ₹1000 to ₹4 lakhs.
- Tenure for repayment offers flexible EMIs and a pay-later option.
- Interest from 16% – 29.95% p.a.
9. Moneyview
Moneyview is unique because it has a credit rating model that helps determine the maximum loan eligibility for an individual. Users can check their loan eligibility in two minutes by submitting their mobile number and completing the OTP verification process. However, the applicants have to complete KYC formalities before availing of the loan.
Key Features:
- Moneyview offers instant personal loans with a maximum amount of ₹5 lakh.
- They consider alternative data for eligibility besides salary slips.
- Offers personal loans up to ₹5 lakhs.
- Interest Rates start at just 1.33% per month.
10. Bajaj Finserv
Bajaj Finserv provides a variety of loan options, potentially including instant loans without salary slips depending on your eligibility. Bajaj Finance Personal Loans are provided with instant approval, minimal documentation, and loan disbursal on the same day. Select existing customers can also avail pre-approved Bajaj Finance Personal Loans, popularly known as Bajaj Finserv Personal Loans.
Read: Small Cash Loan on Aadhaar Card Without PAN Card
Key Features:
- Bajaj Finance offers personal loans to salaried applicants at 11% up to 38% p.a. for loan amounts of up to ₹40 lakh.
- It offers tenures of up to 96 months.
- It also offers personal loans to self-employed applicants at 13% to 38% p.a. onwards for loan amounts of up to ₹40 lakh and tenures of up to 8 years.
Documents Required for Personal Loan without Salary Slip
Given below are the documents required for both salaried as well as self-employed applicants.
- PAN number
- The mobile number will have to be linked to your Aadhaar card for KYC verification
- Clear selfie taken in a well-lit area
In case proof of address is required, any one of the following documents will suffice –
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s Licence
- Utility Bills (Electricity, Water, Gas) dated within the last 60 days
Eligibility Criteria For Personal Loans without Salary Slip
You can easily get personal loans without the need for a salary slip. All you need to do is fulfil the eligibility criteria given below –
- Applicants must be between 21 years and 57 years
- Income must be credited directly to the applicant’s bank account. If you receive your salaryin cash, we will not be able to provide personal loans for you.
- Minimum in-hand income of Rs. 13,500 for salaried applicants and Rs. 15,000 for self-employed applicants
- Minimum CIBIL score of 600 or Experian score of 650
Factors to Consider When Choosing an Instant Loan App
Here are some key factors to consider when choosing an Instant Loan App in India:
Borrower Eligibility:
- Minimum Credit Score: Some apps might require a minimum credit score, while others might rely on alternative data for approval.
- Income Proof: Even without salary slips, some apps may ask for bank statements or income proof from alternative sources.
- Age and Residential Requirements: Apps typically have minimum age requirements (often 21 years old) and residency limitations (often Indian citizenship).
Loan Terms:
- Interest Rates: Instant loan apps often have higher interest rates compared to traditional bank loans. Carefully compare rates across different apps.
- Loan Amount: Apps have varying maximum loan amounts. Choose one that offers what you need without unnecessary borrowing.
- Repayment Flexibility: Consider the repayment schedule and any prepayment options offered by the app.
App Credibility and Security:
- Registration: Verify if the app is registered with a reputable regulatory body like the RBI in India.
- Data Security: Ensure the app has robust data security practices (encryption, secure protocols) to protect your financial information.
- Transparency: Choose an app with clear and transparent terms and conditions that are easy to understand.
- Customer Reviews: Research online reviews from other users to get a sense of the app’s customer service and overall experience.
Benefits of Using Instant Loan Apps
Instant loan apps offer several potential benefits, but it’s important to weigh them against the drawbacks before using one. Here’s a breakdown of the pros:
Convenience and Speed:
- 24/7 Access: Apply for a loan anytime, anywhere from your phone. No waiting in line or lengthy bank visits.
- Quick Approval: Decisions are often made within minutes, providing near-instant access to funds in case of emergencies.
- Minimal Documentation: Compared to traditional loans, the application process usually requires less paperwork.
Flexibility:
- Small Loan Amounts: Ideal for covering unexpected expenses or short-term needs without large loan commitments.
- Alternative Data Considered: Some apps consider factors beyond salary slips, which can be helpful for those with limited credit history.
- Flexible Repayment Options: Some lenders offer flexible repayment plans that can fit your budget.
How NoBroker Can Help
Identifying the absolute best instant loan app without salary slips is difficult because individual needs and eligibility vary. However, by considering factors like interest rates, loan amounts, and your financial profile, you can compare the apps mentioned and choose the one that best suits you.
Struggling with complex loan applications and paperwork? NoBroker simplifies your home loan journey. They offer loan comparisons from various lenders, handle document verification, and provide expert assistance throughout the process. Get a head start on your dream home – visit NoBroker today.
Frequently Asked Questions
Q. What are the best loan apps for instant loans without a salary slip?
Ans: Some popular options include NoBroker InstaCash, KreditBee, MoneyView, and CASHe. These consider alternative data like bank statements for approval.
Q. How quickly can I get money with an instant loan app?
Ans: Approval times can be very fast, sometimes within minutes. Once approved, funds might be deposited in your account within hours.
Q. Are there any risks involved with instant loan apps?
Ans: Yes. Interest rates on instant loans tend to be higher than traditional bank loans. There might also be processing fees and late payment penalties. Borrow responsibly and only what you can repay.
Q. What should I consider before using an instant loan app?
Ans: Compare interest rates, loan amounts, and repayment terms across different apps. Ensure the app is reputable and has strong data security practices. Only borrow what you need and can afford to repay on time.
Q. Are there any alternatives to instant loan apps?
Ans. Consider asking friends or family for a loan, or exploring credit cards with a 0% introductory APR period. These might have lower interest rates if you can repay within the promotional timeframe.
