Top Digital Lending Apps in India 2023

digital lending apps

What is Digital Lending?


Long gone are the days when a queue is to be made with documents in one hand and loan applications in the other. With the wait comes ‘paperwork’ and ‘credit score’ and the dreams of borrowers are shattered by a single ‘No’. That is when digital lending apps became a seamless affair, with no more queues or paperwork and no waiting in despair. 

‘Digital lending’ or ‘Paperless lending’ is when borrowers can apply for a loan from a loan app without having the need to visit a bank. The borrower can complete the entire loan application process, receive the loan and make payments online. Once the borrower fills in his personal information and submits the documents on the website or application, the application is processed and if all the specifications are met the loan is approved and disbursed within a few hours. 

Getting loans through digital lending platforms makes the process quicker, convenient and enables a borrower to get small ticket size loans unlike traditional banks. Some digital lending platforms provide quick disbursal of loans within a few minutes and provide loans to borrowers who do not have a credit history or a good credit score. Digital platforms offer customization of loans like choosing the amount and tenure.

Let us have a look at the amount, loan tenure, interest rates, rankings of top Digital Lending platforms in India.

*note- The table includes data for Personal Loans


PlatformLoan amountInterest Rate TenureApp rating
InstaMoney5k to 25k2.99% p.m.3 months – 5 months3.6
IndiaLends15k to 50 lakhs10.75%- 25% p.a.12 months– 60 months4.0
CASHe1k to 4 lakhs2.50% p.m.3 months- 18 months3.6
Dhani 1k to 15 lakhs13.99% onwards p.a. 3 months –  24 months2.0
Fibe8k to 10 lakhs12% – 30% p.a.3 months- 36 months4.4
NaviUp to 20 lakhs 9.9% – 45% p.a.3 month- 72 months4.2
PaySense5k to 5 lakhs 27.6% p.a.3 months – 30 months3.6
Faircent 30k to 7.5 lakhs12% to 28% p.a.6 months- 36 months2.4
KreditBee1k to 4 lakhsUp to 29.95% p.a.3 months- 24 months4.4
MoneyTapUp to 5 lakhs13% onwards3 months- 36 months4.1

Let us know more about the best digital lending apps in India.


1. InstaMoney

It is a product of Innofin Solutions Private Limited which is an RBI registered NBFC-P2P. The platform has over 91 Lakh registered users. Any Indian Citizen between the age group of 21-45 Years of age having a monthly salary above ₹12,000 reflecting in bank account can avail a personal loan. InstaMoney disburses the loan amount within 2 minutes to 2 hours depending on your documentation. InstaMoney Plus borrowers can apply for a higher credit limit and withdraw as per need. The borrower has to pay interest only on the amount that is used. There are no prepayment penalties with InstaMoney Plus and loans can be availed easily. 

Documentation – KYC – Pan & Aadhar Card

Bank Statement – Last 3 months (Salary should be visible)

NACH Form (E-NACH option available)


2. India Lends


The categories of loans that are provided are ‘Personal loans’ and ‘short term personal loans’. Short term personal loans have to be  repaid within 2 years. To apply for a personal loan the minimum monthly income should be atleast INR 15,000 for non metro residents and INR 20,000 for those residing in metro cities. The age criteria for salaried professionals is 18-60 years and for self employed professionals is 21-65 years. Loans are provided to individuals with a credit score of above 750 or with a good credit history. 

Documentation Proof of identity (Aadhar/ Pan card/ Voter ID/ Passport)

Proof of Age –  (Aadhar/ Driving License/ Voter ID/ Passport)

Statement – Bank statement for 6 months

Income Proof – Proof of income (salary slip of last 3 months or last year ITR or income 


Passport sized photograph


3. CASHe 


The loan amounts are bifurcated depending on income and tenure. The processing fee starts from INR 500 to INR 1,200 according to the chosen amount. A 5 day grace period is provided to pay EMI at the end of every month. There is a 0.7% penalty fee charged for further subsequent payment details. CASHe uses advanced AI based algorithms like Social Loan Quotient (SQL) and alternative data sets to determine the applicant’s credit score and calculate the propensity of the borrower to repay a loan.

Documentation – PAN card for photo ID proof

The latest bank account statement which shows the salary credited into the


Aadhaar card (optional)

Permanent address proof (ONE of the following: Passport/driver’s license/utility bill) 

Selfie as photo proof


4. Dhani Loans & Services 


Dhani Loans & Services formerly known as Indiabulls Consumer Finance limited has ‘No EMI Personal loan’  which has no interest rate and requires the borrower to pay back the principal amount after 90 days. With this the borrower can avail benefits like doctor consultations, discount on medicines, zero processing fees. The disbursement of loan for eligible borrowers can take place in 3 minutes. There are certain charges such as 5% charge for prepayment, 3% charge for late payment, INR 3000 for cancellation of loan.

Documentation – Pan card 

Proof of address

Bank credentials.


5. Fibe


Initially known as EarlySalary, rebranded itself to Fibe. The personal loan eligibility criteria is for borrowers within the age group of 21 to 55 yrs having a minimum salary of INR 18,000 (metro cities) and INR 15,000 (non metro cities). There are zero charges for prepayment of personal loans. Fibe personal loans can be converted into 3 to 6 EMIs and there are 0 charges for prepayment. It attracts some charges for late payment that is 3% of outstanding amount each month, INR 500 for bouncing of repayment instruments.

Documentation – Live selfie

Identity proof (Passport/ Aadhar/ Pan card/ Driving license)

Address proof (Passport/ Rental agreement/ utility bill/ Voter’s ID)

Proof of income (Bank statement and salary stubs for last 3 to 6 months)


6. Navi


Navi offers instant personal loans of up to 20 lakhs with minimal documentation and instant disbursement. Navi has sanctioned more than 27 lakhs loans. It provides loans to Indian citizens in the age group group of 21 to 65 years. 

Documentation –  Aadhar card

  Pan card

  Cibil score greater than 650


7. PaySense


One of the features of Paysense is that it provides loans to users who have zero credit history and are new to the credit and lending system. The loan is provided to residents of India belonging to the age group of 21 to 60 years. Minimum monthly income should be INR 18,000 for salaried person and INR 20,000 for self- employed. 

Documentation – Proof of identity (Pan card and Selfie)

Proof of address (Aadhar, Voter ID, Passport or Driving License)

Proof of income (Net banking or last 3 months e- statements)


8. Faircent 


The process of Faircent is that once the loan is listed multiple lenders can view the listing and send proposals to fund it at the given interest rate. A lender can fund up to 10% of a loan requirement or up to Rs. 50,000/- whichever is lower. Loan disbursal begins only after minimum 75% of the borrower’s fund requirements have been fulfilled. Faircent undertakes a comprehensive verification process of personal and financial information of all it’s borrowers and lenders and also acts as facilitator for the signing of a legally binding agreement between the two parties. To avail a personal loan, the borrower must be an Indian resident and must have a minimum gross income of 3 lakhs p.a.

Documentation Identity proof (PAN Card/ Aadhar card/ Voter ID/ Passport)

2 copies of photographs

Signature proof

Address proof

Contact proof 

Bank statements

Proof of income

NASH Mandate

e- Mandate


9. Kreditbee


Kreditbee offers loans under various categories such as ‘Personal loan for self employed’ which is for business owners to fulfill credit needs. ‘Flexi Personal loan’ provides urgent credit fulfillment, ‘Personal loan for salaried individuals’ and ‘Purchase on EMI’ are the other categories. To avail a personal loan, an individual must be an Indian resident with a monthly income of more than INR 10,000 and must be within 21 to 50 years of age. The loan disbursal time is 10 minutes and no collateral is required. The processing fees are different for different categories which ranges from INR 85 to INR 1,250 for Flexi Personal loan, for Personal loan it ranges from INR 500 up to 6% of loan amount. 

Documentation  Photograph (selfie)

Identity proof (PAN card)

Address proof (Aadhar, Passport)


10. MoneyTap


In MoneyTap, after approval of credit amount, the borrower can choose the amount he wants to transfer to the bank account (minimum amount is INR 3,000) and interest would be charged only on the used amount. Moreover the borrower can borrow any amount from 3,000 multiple times up to the approved credit limit. To avail the loan the borrower must be a resident of one of the 22 cities as mentioned on the company’s website, must have a minimum salary of INR 30,000 and must be in the age group of 23 to 55 years.

Documentation – Pan card number

Live selfie

Address proof (Driving license, Passport, Aadhar card)

ID Proof (Driving license, Passport, Voters ID, Aadhar card, Pan Card)


Benefits of Digital Lending Apps


  • Digital Lending platforms make the disbursement of loans quick and easier. It provides convenience to the borrowers since the platforms can be accessed 24*7, the documentation and verification process which happens online is quick and hasslefree, the disbursement can take place in minutes. 
  • Digital lending apps minimize the chances of human error. It makes screening of the applicant faster and accurate since the process is automated.  It also helps the platform to view the borrower’s application and documents using technology and this speeds up the process. 
  • The borrowers can customize the loan amount and the tenure to meet individual needs. They can also avail small ticket loans which banks do not offer. The borrowers with no credit history or low credit score are also eligible to receive a loan. 
  • Digital lending breaks geographical boundaries and can be accessible to borrowers from the remote regions of the country. 
  • Digital platforms provide transparency and the progress of borrower’s application can be tracked. They can see the terms, interest rates, draft and customize their repayment plans. The repayment can be automated.

How to choose the best digital lending application


The lending platforms must be chosen carefully. Factors such as easy configuration, the amount limit, rate of interest are very crucial in choosing the right lending application. It is also important to check the credibility and the reputation of the lender in the market. Choosing a platform that provides customer support and services like payment confirmation mails, payment reminders if the tenure is long for there may be chances that the borrower may forget to pay the installment. It becomes very important to read all the terms and conditions and look out for hidden charges or conditions.



Gone are the days of cumbersome bank visits, now financial empowerment comes with digital wits. With a tap and swipe the journey begins and a borrower’s dream takes shape. Through encrypted connections, security is ensured, privacy is protected and trust is thoroughly secured. Digital lending application with algorithms sharp and keen, brings convenience and access to the world that was once unseen.

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