TOP 10 Best Instant Loan App in INDIA Without Pan Card (2024)

In India, where a significant portion of the population operates outside the formal financial sector, instant loan apps have emerged as a game-changer. These apps offer quick and convenient access to small loans, bridging financial gaps and helping individuals meet unexpected needs. However, the requirement for a PAN card (Permanent Account Number) can often be a barrier for many.

This article explores the top 10 instant loan apps in India that don’t require a PAN card, empowering you to make informed financial decisions. But before diving in, let’s address some crucial factors to consider when choosing an instant loan app.

Important Things to Consider Before Using an Instant Loan App Without PAN Card:

• Interest Rates and Fees: Be mindful of the interest rates and any additional fees associated with the loan. These apps typically have higher interest rates compared to traditional banks, so compare offers before committing.
• Loan Amount and Repayment Terms: Evaluate the loan amount offered and the repayment terms to ensure it aligns with your needs. Shorter repayment terms may lead to higher monthly payments.
• Eligibility Criteria: Each app may have different eligibility criteria. Understand these requirements before applying to avoid application rejections.
• Data Privacy and Security: As these apps access your phone data for credit assessment, choose apps with robust security measures to protect your personal information.

Top 10 Instant Loan Apps in India Without PAN Card (2024)

1. MoneyView

This app is known for its focus on customer service and offers personal loans without a PAN card.

• Key Features: Loans from ₹5,000 to ₹10 lakhs, interest rates starting from 1.33% per month, and flexible repayment terms (6 to 60 months).
• Pros: Affordable interest rates, user-friendly app, and eligibility for those with low credit scores.
• Cons: Loan amount may not be sufficient for larger requirements.

2. NIRA

A popular choice for those without a CIBIL score, NIRA offers quick approvals based on documents submitted online.

• Key Features: Loan amounts ranging from ₹1,000 to ₹1 lakh, interest rates between 13% to 24.03% per annum, and repayment tenures of 2 to 12 months.
• Pros: Instant approvals, no requirement for CIBIL score, and caters to smaller loan needs.
• Cons: Relatively higher interest rates and shorter repayment terms.

3. KreditBee

This app provides loans without a PAN card and considers alternative data sources for credit assessment.

• Key Features: Offers loans from ₹1,000 to ₹2 lakhs with repayment terms ranging from 3 to 6 months.
• Pros: No PAN card required, considers alternative data for creditworthiness assessment.
• Cons: Limited loan amount and shorter repayment terms compared to other options. Interest rates can be on the higher side.

4. Kissht

Kissht offers personal loans with a focus on transparency and quick processing.

• Key Features: Loan amounts up to ₹5 lakhs, interest rates ranging from 15% to 24% per annum, and flexible repayment tenures.
• Pros: Relatively larger loan amounts and transparent loan terms.
• Cons: Interest rates can be higher compared to some competitors.

5. Dhani App

Backed by the reputable Indiabulls Group, Dhani App offers a variety of financial products, including instant loans.

• Key Features: Loan amounts can vary depending on your profile, interest rates are competitive, and repayment terms are flexible.
• Pros: Security and trust of a large financial group, competitive interest rates, and flexible repayment options.
• Cons: Limited information available on specific loan details without applying.

6. Spart Phone Loan

This app caters specifically to smartphone purchases, offering loans to help you buy the latest devices.

• Key Features: Loan amounts based on the chosen smartphone model, repayment terms are typically short-term (a few months).
• Pros: Convenient option for financing smartphone purchases.
• Cons: Limited use case (only for smartphone purchases) and potentially high-interest rates for short-term loans.

7. Acko Loans

Acko is known for its innovative insurance products and also offers instant personal loans.

• Key Features: Loan amounts and interest rates are determined based on individual profiles.
• Pros: Reputable brand with a focus on innovation, potential for competitive rates based on your profile.
• Cons: Limited information

8. PaySense

A popular option for salaried and self-employed individuals, PaySense offers instant personal loans without requiring a PAN card.

• Key Features: Loans range from ₹5,000 to ₹5 lakhs, interest rates vary between 16% and 36% per annum, and repayment terms can extend up to 48 months.
• Pros: Caters to both salaried and self-employed individuals, offers larger loan amounts compared to some competitors, and has flexible repayment options.
• Cons: Interest rates can be on the higher end, and loan approval may depend on your creditworthiness through alternative data assessment.

9. MobiKwik Zip

MobiKwik Zip leverages your existing digital wallet usage for loan eligibility, making it a convenient option for regular users.

• Key Features: Loan amounts depend on your MobiKwik wallet activity and creditworthiness, interest rates are competitive, and repayment terms are typically short-term.
• Pros: Easy application process for frequent MobiKwik users, potential for competitive rates based on usage.
• Cons: Loan amounts may be limited, and repayment terms might be shorter to manage credit risk.

10. FlexSalary

FlexSalary caters to salaried individuals seeking a line of credit for quick access to funds.

• Key Features: Offers a credit line with a maximum limit of ₹2 lakhs, interest rates are calculated on the utilized amount, and repayment terms are flexible.
• Pros: Provides access to credit as needed, potentially lower interest costs if you only use a portion of the limit.
• Cons: Requires salaried employment and might not be suitable for one-time loan needs.

Remember When Using Instant Loan Apps Without PAN Card:

• Borrow Responsibly: These apps are meant for emergencies, not long-term financial solutions. Only borrow what you can comfortably repay within the stipulated timeframe.
• Compare Before You Commit: Research and compare interest rates, fees, and loan terms offered by different apps to find the most suitable option for your needs.
• Read the Fine Print: Before applying, thoroughly understand the terms and conditions, including interest rates, repayment terms, and any additional charges.
• Explore Alternatives: Consider building an emergency fund, using credit cards with low-interest rates, or borrowing from close family or friends (with clear communication and repayment plans) before resorting to instant loan apps.