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5 Best Instant Loan Apps in India that Offer Loans without Salary Slip

Many people in India are employed in the unorganized sector or are students who earn money by doing odd jobs of different kinds.

Since these people do not have formal employment, the chances of them getting income documentation such as salary slips are slim, which makes their access to credit difficult.

However, recognizing the tremendous potential of these people, many fintech companies have come up with ways to lend to this market segment. Here are the top five instant cash loan app services that offer funds to people who may not have salary slips.

Top Five Instant Cash Loan App Services


SimplyCash is an instant cash loan app that offers easy credit access to people who are in desperate need of it. The app provides personal loans in the range of Rs 50,000 to Rs 1.5 lakh.

SimplyCash’s average approval time for loan applications is very fast at just 20 seconds. It’s per-month interest rates start from just 2.08%, making it one of the most affordable loan apps in the country. Depending upon the amount you borrow, SimplyCash charges a processing fee of 2.5% of the principal borrowed.

The processing fee will also attract GST as per the prevailing government rules. People between the age bracket of 21 years and 58 years can borrow money on the app by presenting their six months bank statement.


mPokket, one of the most popular instant small cash loan apps, focuses on giving credit to students and people without formal income documentation. Generally, they lend anywhere between Rs 500 and Rs 30,000.

Their monthly interest rate starts as low as just 1%. The loan processing time of borrowing from mPokket is fast with the credit being made available within just 2 minutes of applying for the loan. The app will lend you money for different periods so you can borrow for as short as 61 days up to 120 days.

The company charges a processing fee depending upon the amount borrowed; you will have to pay GST on the processing fee as well. The documentation needed includes identity proof such as Voter Card/Driving Licence/Passport/Aadhaar Card/PAN Card etc. The college ID card is asked for in case the applicant is a student.

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Pocketly is another app that gives instant small cash loans to people without salary slips. The loans from the app are given for a short-term period starting from 60 days. A formal KYC process is needed before you can take a loan from Pocketly and the process can take up to 24 hours.

The company charges interest rates between 1% and 3% per month. Since Pocketly has a limited scope of lending, you can borrow only between Rs 500 and Rs 10,000. Depending upon your loan amount, a processing fee between Rs 20 and Rs 120, plus GST, will be charged. They have apps for both Android and iPhone.

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BadaBro is an instant loan app meant for students who want to take credit. It lends amounts of up to Rs 10,000. The repayment period ranges between 60   days and three months. Money can be sent to your bank or Paytm account.

Processing fees start from Rs 34 and can go up to Rs 203 upon which 18% GST is also applicable. Interest rates per month can be anywhere between 1% and 6%. The borrower should be a full-time college student and must submit a copy of the college ID card while applying for the loan.

Other documentation needed includes bank account statements and college mark sheets as necessary. Aadhaar and PAN Cards are also needed for KYC. The loan amount can be repaid through a debit card, Paytm wallet, or UPI.


Kissht is an instant cash loan app meant for small shop owners who do not have a salary slip and need small loans. The app provides a credit of Rs 10,000 to Rs 1 lakh. The loan period can range between three and 24 months. Interest for such loans starts as low as 15% per annum.

The processing fee for the loans will be anywhere between 2% and 5%. A one-time initiation fee may also be applicable upon the first loan. Regular KYC documentation is applicable and could be asked for by the partnering NBFC. This app is very good for those looking to fill a small cash need on a short-term basis. This app is available for both Android and iPhone.

At the End

If your only limitation is not having salary slips, but you still have your income tax returns with you, then you can take an instant personal loan from a wider range of personal loan apps that accept your bank statement and tax returns as proof of a predictable and stable income.

This will allow you a wider range of loan products to choose from as well as allow you more flexibility in interest rates and repayment terms.

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