RBI approved loan apps in India are financial platforms that have obtained the necessary clearance from the central bank to offer lending services. These apps operate within the framework set by RBI and are subject to its guidelines. The importance of choosing RBI approved loan apps in India cannot be overstated for borrowers.
RBI approved loan apps in India adhere to stringent regulatory standards. They ensure transparency and fair lending practices, which protect borrowers from fraudulent activities. These apps are likelier to have strict security measures to safeguard user data and financial information.
This reduces the risk of data breaches and identity theft. RBI monitors the interest rates charged by approved apps to prevent usurious practices. This provides borrowers with loans at reasonable rates. RBI-approved apps are obligated to have mechanisms for addressing customer complaints. This also enhances borrower protection. Borrowers using approved apps have legal recourse through RBI in case of disputes or grievances. It ensures a structured process for dispute resolution.
RBI plays a crucial role in regulating loan apps by setting guidelines, maintaining oversight, and conducting periodic audits. These measures are designed to maintain the stability of the financial system. It protects the interests of borrowers.
Using unapproved loan apps can have severe legal implications. They often engage in predatory lending practices, charge exorbitant interest rates, and may misuse personal data. Borrowers risk falling into a debt trap and may not have legal recourse in disputes. These apps operate outside the regulatory framework, making them susceptible to legal action.
How do I Check if RBI Approves a Loan App?
To check if RBI registered loan app list, visit the official RBI website (https://www.rbi.org.in/). Then, look for a list of registered Non-Banking Financial Companies (NBFCs). Trusted loan apps operate through the NBFC loan app and should be listed there. Additionally, you can verify the app’s legitimacy by checking its registration and license details on the RBI website. Be cautious of apps that do not appear on the NBFC registered loan app list or need proper credentials. They may be operating illegally and could pose financial risks.
100 Popular RBI Approved Loan Apps List in India
|S.No.||App Name||Interest rates|
|Loan Approval Time||Loan Amounts|
|1||Indiagold||0.77||No credit score required||4.6||30 mins||Upto 1 Cr.|
|2||Money View||From 1.33||650||4.7||24 hrs||10k – 5 lac|
|3||Fibe||1.5||575||4.4||2 hrs||5k – 5 lac|
|4||CASHe||2.25-2.5||600||3.7||15-20 mins||10k – 2 lac|
|5||FlexSalary||3||575||4.6||1 hr||4k – 2 lac|
|6||KreditBee||1.02-2.5||600||4.5||10 mins||1k – 2 lac|
|7||MoneyTap||1.08||600||4.0||4 mins||3k – 5 lac|
|8||NIRA||1.67||681||4.3||24 hrs||5k – 1 lac|
|9||PaySense||1.33-2.17||650||3.7||4 hrs||5k – 5 lac|
|10||StashFin||0.99-4.9||550||3.8||4 hrs.||500 – 5 lac|
|11||Rupeeredee||2.83 – 3||550||2.8||5 mins||5k – 5 lac|
|12||LoanTap||1.25 – 2||600||3.7||24-36 hrs||50k – 10 lac|
|13||Money in Minutes||2.23 – 3||500||4.7||5 mins||1k – 50k|
|14||AnyTimeLoan||0.84 – 2.12||600||4.7||1 min||1k – 5 lac|
|15||Home Credit||2 – 2.83||650||4.4||1 day||10k – 50k|
|16||MoneyOnClick||1.58 – 3||650||4.0||2-3 days||3k – 1 lac|
|17||Finomena||1 – 3||600||4.1||5 mins||5k – 5 lac|
|18||BuddyLoan||From 1||600||4.4||1 – 2 days||10k – 15 lac|
|19||LoanAdda||0.95 – 3||600||4.2||5-7 days||10k – 10 lac|
|20||Qbera||0.99 – 2.99||575||3.8||1 min||25k – 15 lac|
|21||LoanFront||1 – 3||600||4.4||15 mins||50k – 10 lac|
|22||mPokket||0 – 4||550||4.4||Few hrs||30k|
|23||LazyPay||1.33 – 2.66||660||4.4||5 mins||Upto 1 lac|
|24||Money View||1.33 – 3.25||600||4.7||24 hrs||5k -10 lac|
|25||Bajaj Finserv||1 – 2.83||650||4.5||5 mins||20k – 40 lac|
|26||Mobicred||1 – 2.83||2.6||2.6||1 day||Upto 1 lac|
|27||Tata Capital||0.92 – 2.33||750||4.0||72 hrs||75k – 35 lac|
|28||PayMeIndia||1.5 – 3||650||3.9||1 day||Upto 5 lac|
|29||Dhani||Upto 3.5||750||3.3||5 mins||1k – 15 lac|
|30||Early Salary||1.45 – 3.33||720||4.4||2 hrs||5k – 5 lac|
|31||India Lends||0.85 – 2.08||750||4.0||1-2 days||25k – 50 lac|
|32||Paytm Pay Later||0.87 – 4.04||700||4.5||10 mins||10k-5 lac|
|33||Zest Money||0.25 – 3||600||3.8||24 hrs||5k – 5 lac|
|34||DigiMoney||1.58 – 2.83||750||3.8||30 mins||5k – 1 lac|
|35||Kissht Loan||1.5 onwards||600||4.0||10 – 15 mins||Upto 5 lac|
|36||IndusMobile: Digital Banking||1.5 – 3.25||750||4.1||3 hrs||Upto 50 lac|
|37||Mystro Loans & Neo Banking App||1.25 – 3||750||4.2||2-3 hrs||5k – 2 lac|
|38||Pocketly||1.16 – 3.25||600||4.0||Few mins||500-10k|
|39||Prefr||1.5 – 3||No credit score required||4.4||1 min||Upto 3 lac|
|40||Fair Money||1 – 3||550||2.7||5 mins||Upto 30 lac|
|41||Bueno Loans||1.66 – 4.66||750||4.1||48 hrs||Upto 25k|
|42||Bajaj Markets||1.16 – 4.66||650||4.1||24 hrs||Upto 40 lac|
|43||RupeeLend||3||Even below 650||3.8||5 mins.||Upto 1 lac|
|44||LoanTap||1.5||750||3.7||24-36 hrs||Upto 10 lac|
|45||Realme PaySa||0.92||600||4.1||5 mins||Upto 10 lac|
|46||Mi Credit||1.35 onwards||700||4.2||5 mins||Upto 5 lac|
|47||Cashbean||2.13 onwards||No credit score required||4.2||30 mins||Upto 60k|
|48||Smartcoin||1.66||700||4.1||1-2 days||Upto 25k|
|49||RapidRupee||1 – 3||No credit score required||4.2||30 mins||1k – 60k|
|50||Truebalance||5 – 12.9||720||4.3||1 day||1k – 1 lac|
|51||Postpe||1.5 – 2.25||750||3.8||10 mins||1k – 10 lac|
|52||Kreditzy||Upto 2.49||No credit score required||2.0||15 mins||Upto 2 lac|
|53||NAVI||0.83 – 3.75||650||4.3||20 mins||Upto 5 lac|
|54||Freopay||Upto 0.4||No credit score required||4.2||1 min||Upto 10k|
|55||credifyn||1.79 – 5.75||600||3.5||11 mins||Upto 2 lac|
|56||Avail Finance||1.25 – 3||720||4.4||1 day||Upto 50k|
|57||Branch||3.2||650||4.4||1 day||Upto 50k|
|58||Rupeek app||Upto 2.91||No credit score required||4.6||60 mins||Upto 50 lac|
|59||Simpl pay later||NA||No credit score required||4.5||30 mins||Upto 1 lac|
|60||Mobikwik||16 (APR)||750||4.2||10 mins||Upto 2 lac|
|61||NiyoX||1.33 – 3||750||4.5||2 mins||Upto 50k|
|62||Bharatpe||1.75 – 2.5||600||3.9||3 days||Upto 50 lac|
|63||Simply cash||Upto 2.08||750||3.4||1 min||Upto 1.5lac|
|64||Slice||NA||450||3.6||2 hrs||Upto 1 lac|
|65||Digibank by DBS||1 – 3||750||4.5||1 min||Upto 2 lac|
|66||IndOASIS||0.81 – 1.01||600||4.2||3 days||Upto 70 lac|
|67||Amazon pay later||Depends on partner||No credit score required||4.0||5 days||Upto 60k|
|68||Flipkart pay later||NA||No credit score required||4.2||30 secs||Upto 60k|
|69||Tata neu credit card||0.91- 2.41||750||4.3||72 hrs||10k – 1.5 lac|
|70||HDFC Bank app||0.91 – 1.75||650||4.0||10 secs||From 2 lac|
|71||Tala||3||600||3.8||10 mins||Upto 10K|
|72||Ola money pay later||NA||No credit score required||2.4||5 mins||1.5k – 20k|
|73||Khatabook app||1.75 – 2||700||4.6||3 days||50k – 10 lac|
|74||Jupiter credit limit||0.99||600||4.4||3 mins||Upto 50k|
|75||Onecard app||2.5 – 3.5||600||4.4||5 mins||10k – 1.5 lac|
|76||Paisabazaar credit limit||0.875||750||4.4||48 hrs||50k – 10lac|
|77||iMobile pay later||0.875||No credit score required||4.6||3 days||Upto 20k|
|78||SBI YONO app||0.71 – 0.90||No credit score required||4.3||2 weeks||1.5k – 60k|
|79||IDFC bank pay later||12 – 24 (APR)||700||4.6||30 mins||1.5k – 60k|
|80||Axis mobile apps||0.87 – 2||750||4.8||2 weeks||50k – 10 lac|
|81||Rufilo loan app||1.5||600||4.4||5 mins||5k – 25k|
|82||IBL finance||1.5 – 3||600||3.8||24 hrs||5k – 25k|
|83||Kodak 811 and mobile banking||0.91||650||4.2||48 hrs||10k – 5 lac|
|84||Foxpay||1 – 1.48||750||4.6||10 days||1k – 2 lac|
|85||Google pay||Depends on partner||700||4.4||24 hrs||Depends on partner|
|86||Fullerton India||8 – 24 (APR)||750||1.8||72 hrs||10k – 30 lac|
|87||PayRupik||35 APR||750||4.3||5 mins||Upto 20 k|
|88||Loaney||3||720||3.2||3 days||200 – 20 k|
|89||Fedfina lons||2||700||3.9||8 days||3k – 50k|
|90||Mahindra finance||0.91||700||4.2||2 days||25k – 1.75 lac|
|91||Fatakpay||15 – 36 (APR)||750||4.2||30 mins||Upto 50k|
|92||Phocket||Upto 3||700||3.7||24 hrs||5k – 2 lac|
|93||Piramal Finance||0.99 – 2.99||750||4.3||24 hrs||5k – 5 lac|
|94||Planet by L & T Finance||0.91||730||4.3||2 hrs||50k – 25 lac|
|95||Creditscore – Paisabazaar||0.87||720||4.4||1 hr||1k – 50k|
|96||Pay with Ring||1.16 – 2.33||750||4.2||5 hrs||Upto 35k|
|97||iMuthoot||0.52||700||4.5||1 day||Upto 10 lac|
|98||Upwards||0.75||750||3.5||24 hrs||Upto 5 lac|
|99||MyShubhLife||1.25 – 2||No credit score required||4.4||5 hrs||25k – 5 lac|
|100||Samsung Finance+||Depends||No credit score required||3.8||4 hrs||Upto 7 lac|
How to Apply for a Loan
Step-by-Step Guide to Applying for a Loan on an RBI Approved Loan App in India:
Step#1 – Download the App: Download the RBI approved loan apps in India from a trusted source such as the official app store.
Step#2 – Registration: Open the app and register with your mobile number or email. Verify your identity as per the app’s instructions.
Step#3 – Profile Creation: Create a user profile with accurate personal information, including name, address, and date of birth. Ensure the details match your official documents.
Step#4 – Eligibility Check: The app will have an eligibility checker tool. Enter your financial details like income, credit score, and loan amount needed to determine if you meet the criteria.
Step#5 – Loan Selection: Browse the available loan options. Select the one that suits your needs. Carefully review the terms, interest rates, and repayment schedules.
Step#6 – Document Submission: Upload the necessary documents, including your Aadhaar card, PAN card, bank statements, salary slips, and address proof. Ensure these documents are clear and legible.
Step#7 – Credit Assessment: The app will assess based on the provided information and documents. A good credit score increases your chances of approval.
Step#8 – Loan Approval: Once your application gets approved, you will receive a loan offer detailing the loan amount, interest rate, and repayment terms. Review it thoroughly.
Step#9 – Acceptance: If you agree to the terms, accept the loan offer electronically. Be sure to understand the repayment schedule.
Step#10 – Disbursement: The loan amount will be disbursed to your linked bank account after acceptance. This process may take a few hours to a couple of days.
Step#11 – Repayment Setup: Set up automatic repayments. You may also follow the app’s instructions for making timely payments to avoid penalties.
Documentation Requirements to Get the Loan
The specific documentation requirements may vary between RBI approved loan apps in India, but you’ll need the following:
- Aadhaar Card: For identity verification.
- PAN Card: For income and tax-related verification.
- Bank Statements: To show your financial stability and repayment capacity.
- Salary Slips: If you’re employed, this helps verify your payment.
- Address Proof: Documents like utility bills or rental agreements to verify your house.
- Photographs: Passport-sized photographs for KYC purposes.
The eligibility criteria also vary but usually include:
- Age: You must be between 21 and 60 years old.
- Income: You should have a steady source of income.
- Credit Score: A good credit score above 650 is preferred.
- Residential Status: You should be an Indian resident.
- Documentation: All required documents should be in order.
- Repayment Capacity: Your income should support loan repayments.
It’s essential to carefully review the terms and conditions of any loan offer, especially if you have a low credit score. Be cautious of predatory lenders who may take advantage of your situation with highly high interest rates and hidden fees. Always borrow responsibly and seek financial advice if you’re in a difficult financial situation.
Benefits of Using RBI-Approved Loan Apps in India
Using RBRBI-approved apps offers several advantages:
1. Security and Data Protection
RBI-approved apps are subject to strict regulatory standards. It ensures strong security measures for protecting user data and financial information. This reduces the risk of data breaches, identity theft, and unauthorized access. This gives borrowers peace of mind.
2. Transparent Terms and Conditions
These apps stick to clear, standardized terms and conditions. Borrowers can easily understand the loan terms, interest rates, fees, and repayment schedules. This promotes transparency and prevents hidden charges or predatory lending practices.
3. Grievance Redressal Mechanism
RBI mandates that approved apps have mechanisms for addressing customer complaints and grievances promptly. Borrowers have a structured process for dispute resolution, enhancing consumer protection and confidence.
Using RBI-approved loan apps ensures a safer and more reliable borrowing experience. Borrowers can trust that their personal and financial information is well-protected. They can understand the terms of their loans and have a dedicated channel for addressing any issues that may arise during the loan process.
Frequently Asked Questions (FAQs)
1. Can I get a loan with a low credit score?
Ans. You can still get a loan with a low credit score, but it may be more challenging. Options include secured loans, finding a co-signer, seeking loans from alternative lenders, or credit unions. Remember that you may face higher interest rates and stricter terms, so it’s crucial to shop around, improve your credit over time, and be cautious of predatory lenders.
2. How long does it take to get a loan approved?
Ans. The time it takes to get a loan approved varies depending on the loan type and lender. It also depends on your circumstances. Some loans, like payday or personal loans from online lenders, can be approved within hours or minutes. However, traditional loans, such as mortgages or large business loans, may take several weeks to process. This is due to extensive documentation and underwriting requirements.
3. Are there any hidden charges associated with these apps?
Ans. Hidden charges can exist in some loan apps, but RBI-approved apps are mandated to provide transparent terms and conditions. It’s crucial to thoroughly review the loan agreement for any potential hidden fees, such as processing charges, prepayment penalties, or late payment fees. Reputable apps should disclose all costs of the loan before you agree to it.
4. Is using a traditional bank for loans or these apps better?
Ans. The choice between traditional banks and loan apps depends on your needs. Traditional banks may offer lower interest rates and more significant loan amounts, suitable for large loans like mortgages. Loan apps provide convenience and faster processing for smaller, short-term loans. Consider factors like interest rates, loan amount, repayment terms, and your creditworthiness when deciding which option is better for your specific situation.
Eleggible’s Final Words
In summary, while the RBI doesn’t endorse specific apps, it maintains a list of registered non-banking financial companies (NBFCs) on its website that are allowed to operate as lending platforms. Borrowers are encouraged to check this list before using any loan app to ensure its legitimacy.
RBI approved loan apps offer enhanced security and transparency, safeguarding borrowers from fraud and hidden fees while providing a structured grievance redressal mechanism. These apps operate under RBI’s regulatory oversight, ensuring fair lending practices.
Meeting eligibility criteria and providing necessary documentation are essential for loan approval. Even with a low credit score, options like secured loans, co-signers, and alternative lenders are available.