India’s retail lending market is rapidly transforming, driven by the borrowing habits of Gen Z and millennials, who are embracing digital-first financial solutions.
A recent study by Redseer Strategy Consultants highlights that the digital lending space is expected to capture 5% of the retail loan market by FY28, growing at 40% CAGR.
Gen Z’s tech-savvy and preference for convenience are pushing them towards digital platforms, making them a key demographic in this shift.
Meanwhile, millennials are also contributing significantly, seeking diverse credit products to meet their evolving financial needs.
Digital lenders are quickly gaining ground, offering quick, paperless loans and innovative solutions that cater to underserved groups, creating vast growth opportunities in India’s lending landscape.
This article focuses on top lending apps in India like MoneyTap, Bajaj Finance, KreditBee, Navi, and many others which collectively serve millions in India.
Top 9 Lending Platforms
The online lending space in India is booming, with top apps like MoneyTap, KreditBee, and Navi leading the way. Discover how these fintech apps are transforming the digital loan landscape.
MoneyTap:
MoneyTap, an Indian fintech app, was started in 2015 by Kunal Varma, Anuj Kackar, and Bala Parthasarathy. It offers flexible credit lines and personal loans. Available in 1200+ cities across India, customers use the platform to get quick access to money without much paperwork. MoneyTap has distributed Rs. 10,000 crore worth of hassle-free loans to date.
Users can borrow up to ₹5 lakhs as personal loans at 13% p.a onwards, which they can repay in 3 to 36 months, or use a credit line to take out cash as needed, they also offer MoneyTap credit cards which users can use to shop online or offline. The company uses technology to make borrowing easier, and people can manage their accounts through a simple app. Customers can get loans with zero collateral and without any guarantors.
KreditBee:
KreditBee is a FinTech Platform that facilitates instant personal loans to professionals, where they can avail loans up to Rs. 5 lakhs as per their requirement. The company currently serves 10 million customers across the country. The application process is completely online and on approval, the funds are immediately transferred to the bank account of the applicant.
KreditBee provides personal loans up to Rs. 4 lakhs to self-employed, up to Rs. 5 lakhs to salaried, flexi-credit which is urgent credit from Rs. 1,000 to rs. 80,000 with tenure up to 10 months, also provides business loans tailored to meet entrepreneurial needs. The interest rates for KreditBee Personal Loan range between 16.00% and 29.95% p.a.
CASHe:
CASHe is a fintech company that provides fast, flexible, unsecured personal loans through a mobile application to young salaried millennials across India. CASHe was founded in 2016 by V. Raman. CASHe has a Social Loan Quotient (SLQ) which is India’s first social behavior-based credit rating system that uses AI and predictive tools to calculate the Social Loan Quotient (SLQ) for their customers.
CASHe has distributed more than Rs. 10,000 crore worth of personal loans to date. Customers can take loans up to Rs. 4 lakhs at 27% p.a onwards. Products at CASHe include personal loans, pre-approved credit lines, buy now pay later on Flipkart, and an e2W loan which is a loan to purchase electric vehicles in India.
Fibe:
Fibe (Formerly EarlySalary) is a FinTech start-up based in Pune, co-founded in 2015 by Akshay Malhotra and Ashish Goyal. Fibe has given 6.5 million loans of amount more than Rs. 22,500 crore up to date.
Prospective borrowers can avail Early Salary Personal Loan for loan amounts of up to Rs 5 lakh with repayment tenures of up to 3 years. Products on Fibe include Personal loans, Fibe EMIs- buy now pay later, Early salary, and Fibe Axis Bank credit card. Users can avail up to Rs. 5 lakhs of loan at 16% p.a onward which they pay between 3 to 36 months.
Navi:
Navi app was founded by Sachin Bansal in 2018, with a mission to make financial products and services simple, affordable, and accessible for a billion Indians. Navi offers a wide range of products, including Personal loans, Home loans, UPI, Health insurance, and Mutual funds.
Personal loans can be availed up to Rs. 20 lakh at Navi, ranging from 9.90% to 45% p.a. with a tenure of up to 48 months. The applicants’ final personal loan interest rates are determined by several factors, including age, monthly income, employment type, employer income, credit score, and loan payback history.
dhani:
dhani Loans and Services Limited (formerly known as Indiabulls Consumer Finance Limited) was founded in 2016 by Sameer Gehlaut. Dhani offers a wide range of products on its platform like Personal loans, UPI, shopping, dhani stocks.
Dhani provides a Personal loan amount from Rs. 1,000 to Rs. 15 lakhs at an interest rate of 13.99% p.a. onwards which customers can pay in 3 to 24 months based on monthly income, employment type, credit score, etc.
mpokket:
mpokket has a niche customer base as it targets mostly college and young generation for short-term loans. Has a customer base of about 1.5 million, and has distributed approximately Rs. 3,819 crore worth of loans to date.
mpokket loan ranges from Rs. 5,000 to Rs. 45,000 with an interest rate of 1% to 6% per month (12%-72% p.a), repayment period varies from 1-3 months.
Top 10 FinTech Startups in the World
Home Credit
Founded in 1997, Home Credit is an international consumer finance provider with operations in multiple European and Asian countries. Home credit mostly focuses on unserved sections, persons with no or very little credit history.
Home Credit has been serving India since 2012, with 53,000 partner shops and 1.7 crore served customers it has made a strong customer base in India. Home Credit has many products on its platforms like Personal loans, Home loans, Home credit Ujjwal credit cards, Mobile phones, and Home appliances on EMIs.
Bajaj Finance
It is one of the leading non-banking financial companies founded in 1987. It has a great market presence with more than 60 million customer support and has partnerships with more than 1,50,000 stores across Tier l, ll, lll cities in India.
Bajaj Finance has a range of products like Personal loans, Credit cards, Durable and lifestyle credit (like home appliances, electronics on EMIs), and many other offerings on the platform.
Conclusion
Increased smartphone penetration, high-speed Internet connectivity, and government digital payment drive are the key reasons behind the growth of instant credit apps.
With significant market presence and growth potential, these apps are bridging gaps by serving unserved populations in both urban and rural areas. As digital adoption continues to rise, the future of digital lending space looks promising in India.
