4 FinTechs digitising India’s lending ecosystem with instant loans

By Gloria Mathias

The digital lending landscape in India has witnessed a transformative shift driven by technological advancements and a growing demand for quick, hassle-free loans.

Instant loans play a significant role in India’s financial landscape by providing immediate access to funds, which is crucial in emergencies such as medical situations, unexpected expenses, or urgent business needs. They offer convenience with minimal documentation requirements, making them accessible to a broader segment of the population. These loans promote financial inclusion by catering to individuals without access to formal banking channels or those needing smaller loan amounts that traditional banks may not offer.

Additionally, instant loans support small businesses and startups that require quick capital injections to seize business opportunities or manage cash flow gaps. They drive digital adoption in financial services, encouraging more people to use online platforms and mobile apps for financial transactions. With flexible repayment terms, instant loans allow borrowers to choose repayment schedules that suit their financial situations, making them a crucial financial tool offering liquidity, convenience, and flexibility to borrowers across various segments of society.

Digital lenders like RupeeRedee, Kredit-Bee, and OlyV are simplifying the borrowing process and ensuring faster approval times and enhanced customer experiences.

Listed below are 5 FinTechs offering instant loans in India:

• RupeeRedee

Incepted in 2018, RupeeRedee is a tech-driven digital lending platform that provides personal loans within minutes. Leveraging technology and data sciences, it serves India’s underserved customers with smooth KYC processes and robust data protection. Customers can get small-ticket loans up to ₹25,000. RupeeRedee operates through its captive NBFC, FincFriends Private Limited, offering short-term loans with diverse underwriting methods. Following the Fair Practice Code ensures a hassle-free consumer experience.

• Kredit-Bee

KreditBee is a platform that facilitates loan transactions between borrowers and personal loan providers, such as NBFCs and banks. All loan applications are approved and sanctioned by the NBFCs and banks registered with the RBI. KreditBee takes pride in being inclusive as an Instant Loan provider, where users can apply for Personal Loans up to ₹ 4 lakhs as per the requirement. The documentation needed is minimal, and the entire process, starting from registration to disbursement, takes an average of 10 minutes. The application process is completely online and on approval, the funds are immediately transferred to the bank account of the applicant. There are a number of unique Loan Offers available with simple repayment plans.

• OlyV (SmartCoin)

Founded in 2016, OlyV is an app-based consumer lending platform. They partner with RBI-registered NBFCs to offer instant personal loans to self-employed and salaried individuals. With a vision to address the concerns of the vast underbanked in India, they are evolving from a micro-lending platform to providing a full suite of offerings, including gold savings and insurance, among others. With OlyV, one can get loans from ₹1,000 to ₹70,000 within a tenure of 91 days to 270 days at a minimum interest rate of 20% and maximum interest rate of 36%.

• CASHe

Mumbai-based CASHe is a digital lending platform for young, salaried millennials. It provides instant short-term personal loans ranging from INR 7,000 to INR 300,000 for a tenure of up to 1 year to young working professionals based on their social profile, merit and earning potential. The company uses its proprietary algorithm-based machine learning platform.