In today’s digital age, getting a loan has become easier than ever. With numerous loan apps available in the market, borrowers have the convenience of applying for loans right from their smartphones. However, it’s crucial to ensure that the loan app you choose is legitimate and approved by the Reserve Bank of India (RBI). In this article, we will provide you with a comprehensive guide to all RBI approved loan apps in India.
Table of Contents
Understanding RBI Approved Loan Apps
RBI approved loan apps are mobile applications that have obtained a license from the Reserve Bank of India to offer loans to borrowers. These apps operate under the regulations and guidelines set by the RBI, ensuring transparency, fair lending practices, and the protection of borrowers’ interests.
The RBI regulates and oversees financial institutions, including banks and non-banking financial companies (NBFCs), which are authorized to offer loans. By obtaining a license from the RBI, these loan apps adhere to the regulatory framework and operate within the legal boundaries set by the central bank.
Why Choose RBI Approved Loan Apps?
Before delving into the list of RBI approved loan apps, let’s understand why it is essential to opt for these apps when applying for a loan. The RBI regulates and oversees financial institutions, including banks and non-banking financial companies (NBFCs), which are authorized to offer loans. By choosing an RBI approved loan app, you ensure that the personal loan provider operates within the legal and regulatory framework set by the Reserve Bank of India.
Here are some key benefits of using RBI approved loan apps in India:
- Secure and Transparent: RBI approved loan apps adhere to stringent data security standards, protecting users’ personal and financial information. These apps are obligated to follow transparent pricing and fair lending procedures, ensuring that borrowers get a fair deal.
- Regulated Interest Rates: RBI approved loan apps offer loans at regulated interest rates, preventing borrowers from falling prey to exorbitant interest charges. This provides greater financial security and peace of mind.
- Legal Protection: If you encounter any issues or disputes with an RBI approved loan app, you have the option to seek legal recourse. These apps operate within the legal framework, ensuring that borrowers’ rights are protected.
Now that we understand the significance of choosing RBI approved loan apps, let’s dive into the comprehensive list of all the approved apps in India.
Importance of Using RBI Approved Loan Apps
Using RBI approved loan apps provides several benefits and safeguards for borrowers. Here are some key reasons why it is important to choose a loan app that is approved by the RBI:
- Legitimacy and Security: RBI approved loan apps are legitimate and authorized to offer loans. They operate within the regulatory framework set by the RBI, ensuring the safety and security of borrowers’ personal and financial information.
- Transparent Pricing: RBI approved loan apps are required to adhere to transparent pricing practices. They provide clear information about interest rates, fees, and charges, helping borrowers make informed decisions.
- Fair Lending Practices: RBI approved loan apps follow fair lending practices, ensuring that borrowers are treated ethically and fairly. These apps have to comply with the guidelines set by the RBI, protecting borrowers from any unethical practices.
- Data Security: RBI approved loan apps are required to comply with stringent data security standards. They have robust systems in place to protect the personal and financial information of borrowers, reducing the risk of data breaches and unauthorized access.
How to Check RBI Registered Loan Apps List
To ensure that a loan app is approved by the RBI, you can follow these steps to check the RBI registered loan apps list:
- Visit the official website of the Reserve Bank of India.
- Look for the section related to non-banking financial companies (NBFCs) or registered loan apps.
- Download the Excel or PDF file that contains the list of registered loan apps approved by the RBI.
- Review the list to find the loan app you are interested in. Ensure that the app is listed as an RBI approved loan app.
By checking the RBI registered loan apps list, you can verify the legitimacy of the loan app and proceed with confidence.
RBI Registered Loan App List in India 2024
Below is a list of RBI registered Loan App In India, which can make your loan application process much easier. These apps have been authorized by the Reserve Bank of India, ensuring their legitimacy and compliance with regulations. Here is a comprehensive list of RBI registered loan apps in India for the year 2024:
| S. No. | RBI Registered Loan Apps in India App List | Credit Limit |
| 1 | Kreditbee Instant Loan App | Up to 2 Lakh |
| 2 | Kreditzy Instant Loan App | Up to 2 Lakh |
| 3 | Paysense | Up to 5 Lakhs |
| 4 | NAVI | Up to 5 Lakhs |
| 5 | Lazypay (Credit Line + Personal Loan) | Up to 1 Lakh |
| 6 | Freopay | Up to ₹10000 |
| 7 | Stashfin | Up to 5 Lakh |
| 8 | Cashbean– Online Loan App | Up to 1 Lakh |
| 9 | MI Credit | Above 5 Lakhs |
| 10 | Dhani Loan App | Up to 5 Lakh |
| 11 | Avail Finance | Up to ₹50000 |
| 12 | NIRA Instant Loan App | Up to 2 Lakh |
| 13 | Branch Loan App | Up to ₹50000 |
| 14 | Smart coin Loan App | Up to 2 Lakhs |
| 15 | Rupeek App (Gold Loan) | Up to 50 Lakhs |
| 16 | Simple Pay Later | Up to 1 Lakh |
| 17 | Mobikwik (Credit Line + Consumer Loan) | Up to 2 Lakh |
| 18 | Paytm Personal Loan | Up to 2 Lakh |
| 19 | Krazybee (Consumer Loan) | Up to 2 Lakh |
| 20 | Bharatpe (Business Loan) | Up to 5 Lakh |
| 21 | Paytm Postpaid (Credit Line) | Up to 1 Lakh |
| 22 | True Caller | Up to 5 Lakh |
| 23 | Simply Cash Loan App | Up to 2 Lakh |
| 24 | Slice Loan | Up to 1 Lakh |
| 25 | True Balance | Up to ₹50000 |
| 26 | Zest Money (Consumer Loan) | Above 2 Lakh |
| 27 | Amazon Pay Later | Up to ₹60000 |
| 28 | Flipkart Pay Later | Up to ₹60000 |
| 29 | Tata Capital | Above 10 Lakhs |
| 30 | Tata neu Credit card (Qik EMI Card) | ₹10000 to ₹150000 |
| 31 | Tata Neu App (Qik Personal Loan) | ₹10000 to ₹10,00,000 |
| 32 | Ola Money Pay Later | ₹1500 to ₹20000 |
| 33 | Khatabook Instant Loan App | ₹50000 to ₹10,00,000 |
| 34 | Jupiter credit limit | Up to ₹50000 |
| 35 | OneCard Loan App | ₹10000 to ₹150000 |
| 36 | Paisabazaar credit limit | ₹50000 to ₹10,00,000 |
| 37 | imobile Pay Later | Up to ₹20000 |
| 38 | SBI YONO APP | ₹1500 to ₹60000 |
| 39 | India IDFC First Bank Pay later | ₹1500 to ₹60000 |
| 40 | Bajaj Finserv App | ₹50000 to ₹5,00,000 |
| 41 | Rufilo Loan App | ₹5000 to ₹25,000 |
| 42 | IBL FINANCE App | ₹5000 to ₹25,000 |
| 43 | Early Salary Instant Loan App | ₹8000 to ₹500,000 |
| 44 | Money View | ₹10,000 to ₹5,00,000 |
| 45 | CASHe | ₹1,000 to ₹3,00,000 |
| 46 | mPokket | ₹500 to ₹30,000 |
| 47 | Stashfin – Credit Line & Loan | ₹1,000 to ₹5,00,000 |
| 48 | MoneyTap | ₹1,000 to₹60,000 |
| 49 | FairMoney Loan App | Loan up to 2 Lakh |
| 50 | KreditOne | ₹5000 to ₹25,000 |
| 51 | FlexSalary Instant Loan App | ₹5000 to ₹25,000 |
| 52 | DigiMoney– Online Loan App | ₹5000 to ₹25,000 |
| 53 | Indialends | Loan up to ₹5,00,000 |
| 54 | Mystro Loans & Neo Banking app | Loan up to ₹50,000 |
| 55 | Kissht: Instant Line of Credit | ₹10,000 to ₹ 1,00,000 |
| 56 | IndusMobile: Digital Banking | ₹5000 to 200,000 |
| 57 | Prefr: Get instant loan | ₹10,000 to ₹3,00,000 |
| 58 | InstaMoney Personal Loan | ₹5,000 to ₹25,000 |
| 59 | Swift Loan– Online Loan App | Loan up to ₹50,000 |
| 60 | RapidPaisa | ₹ 1,000 – ₹ 10,000 |
| 61 | CreditScore, CreditCard, Loans | Loan up to ₹ 5 Lakh |
| 62 | Bajaj MARKETS: Loan, Card, UPI | Loan up to ₹25 Lakhs |
| 63 | Fullerton India Credit Company Limited | Loan up to ₹25 lakhs |
| 64 | LoanFront | ₹2000 to ₹2 lakhs |
| 65 | Pocketly | Loan up to ₹10,000 |
| 66 | Bueno Loans | Loan up to ₹25000 |
| 67 | PayRupik– Online Loan App | Loan up to ₹20,000 |
| 68 | Loaney | ₹200 to ₹20,000 |
| 69 | RupeePark | ₹5,000 to ₹500,000 |
| 70 | Cash Planet – Online Loan App | ₹5,000 to ₹500,000 |
| 71 | CreditScore – PaisaBazaar | ₹ 1000 to ₹ 50,000 |
| 72 | Money Tap | ₹ 3000 to ₹ 5 lakh |
Please note that the credit limits mentioned above are subject to change and may vary based on the borrower’s creditworthiness and other factors. It is advisable to check the respective loan app for the most up-to-date information.
Eligibility for Taking Personal Loans from Registered Loan Apps in India
To be eligible for personal loans from registered loan apps in India, borrowers generally need to meet the following criteria:
- Age Limit: The borrower should be between 18 to 60 years of age.
- Minimum Income: The borrower should have a minimum income of Rs. 15,000 per month (may vary across lenders).
- Minimum Work Experience: Salaried individuals should have a minimum work experience of 1 year (6 months with the current employer), while self-employed individuals should have a business continuity of at least 2 years.
- Credit Score: Preferably 750 and above (may vary across lenders).
It is important to note that these eligibility criteria may vary across loan apps and lenders. It is advisable to check the specific requirements of the loan app you are interested in before applying.
Documents Required to Apply for a Loan
When applying for a loan from an RBI-approved loan app, borrowers generally need to submit the following documents:
For Salaried Individuals:
- Proof of Residence (Ration Card, Telephone Bill, Electricity Bill, Voters Card, etc.)
- Proof of Identity (Voters Card, Aadhaar Card, Drivers License, Employers Card, etc.)
- Latest Bank Statement or Passbook (where salary/income is credited for the past 6 months)
- Latest 6 Months Salary Slip with all deductions
- The last 2 years’ Form 16
- Copies of all Property Documents (if applicable)
For Self-Employed Individuals:
- Proof of Residence (Ration Card, Telephone Bill, Electricity Bill, Voters Card, etc.)
- Proof of Identity (Voters Card, Aadhaar Card, Drivers License, etc.)
- Latest Bank Statement or Passbook (where income is credited for the past 6 months)
- Business Continuity Proof (Shop Act License, GST Registration, etc.)
- Audited Financials for the last 2 years
- Copies of all Property Documents (if applicable)
Please note that these are general documents that may be required by loan apps. The specific documents required may vary based on the loan app and the borrower’s profile.
RBI Registered Loan App Interest Rates
The interest rates offered by RBI registered loan apps may vary based on several factors, including the borrower’s creditworthiness, loan amount, and repayment tenure. It is advisable to check the respective loan app for the current interest rates and other charges.
Typically, the interest rates for personal loans offered by RBI-registered loan apps range from 12% to 36% per annum. However, it is essential to compare the interest rates and terms offered by different loan apps to find the best option for your financial needs.
How to Take a Loan from RBI Registered Loan App
Taking a loan from an RBI registered loan app is a simple and convenient process. Here is a step-by-step guide:
- Install the loan app on your mobile device from the Google Play Store or Apple App Store.
- Register on the app by providing the required information, such as your name, mobile number, email address, and any additional information as requested.
- Complete the KYC (Know Your Customer) process by uploading the necessary documents, such as an Aadhaar Card, PAN Card, and Address Proof. Some apps may require additional documents for verification.
- After completing the KYC process, the loan app will assess your eligibility and provide you with a loan offer with details of the loan amount, interest rate, and repayment tenure.
- Review the loan offer and the terms and conditions carefully. If you agree to the terms, accept the loan offer.
- Once you accept the loan offer, the loan amount will be disbursed to your bank account or digital wallet, depending on the loan app’s policies.
- Make timely repayments as per the agreed-upon repayment schedule to maintain a good credit history and avoid any penalties or late fees.
How to Protect Yourself from Fraudulent Loan Apps
While there are many legitimate loan apps approved by the RBI, it’s important to be cautious and protect yourself from fraudulent loan apps. Here are some tips to safeguard yourself:
- Research and Due Diligence: Before using a loan app, research its reputation, reviews, and ratings. Check if the app is listed on the RBI registered loan apps list.
- Verify Credentials: Make sure the loan app has a valid license and is registered with the RBI. You can cross-verify the information on the official website of the RBI.
- Read the Terms and Conditions: Carefully read and understand the terms and conditions of the loan app before accepting any loan offers. Pay attention to interest rates, fees, and repayment terms.
- Protect Your Personal Information: Be cautious while sharing personal information and documents. Ensure that the loan app has secure encryption and data protection measures in place.
- Avoid Upfront Fees: Legitimate loan apps do not ask for upfront fees or charges before disbursing the loan amount. Be wary of loan apps that demand payment before providing the loan.
- Stay Informed: Keep yourself updated about the latest news and alerts regarding fraudulent loan apps. Stay vigilant and report any suspicious activities to the concerned authorities.
By following these precautions, you can minimize the risk of falling victim to fraudulent loan apps and protect your financial well-being.
Best Personal Loan Apps in India
Here are the top 10 personal loan apps in India for the year 2024:
- Buddy Loan
- Navi
- PaySense
- MoneyTap
- Dhani
- Nira
- Cashe
- Home Credit
- Payme India
- India Lends
These loan apps have gained popularity due to their user-friendly interfaces, quick loan approval processes, and competitive interest rates. However, it’s important to compare the features and terms of these loan apps to find the best one that suits your financial needs.
FAQs
Q1. Why should I choose RBI approved loan apps?
Choosing RBI approved loan apps is crucial as these apps operate within the legal and regulatory framework set by the Reserve Bank of India. They offer secure and transparent lending practices, regulated interest rates, and legal protection for borrowers. These apps follow fair lending practices and adhere to stringent data security standards.
Q2. What eligibility criteria are required to take personal loans from registered loan apps in India?
Eligibility criteria may vary, but generally, borrowers need to meet criteria such as age between 18 to 60, minimum income (varies across lenders), minimum work experience, and a credit score preferably 750 and above. Specific requirements may vary across loan apps, so it’s advisable to check the specific criteria of the loan app you are interested in.
Q3. How can I protect myself from fraudulent loan apps?
To protect yourself from fraudulent loan apps, conduct thorough research on the app’s reputation, check reviews, and verify if it’s listed on the RBI registered loan apps list. Ensure the app has a valid license from the RBI, read and understand the terms and conditions, be cautious about sharing personal information, avoid upfront fees, and stay informed about potential fraudulent activities. Report any suspicious activities to the authorities.
Conclusion
In conclusion, choosing an RBI approved loan app is crucial to ensure the safety, security, and transparency of your loan transactions. By referring to the RBI registered loan apps list and following the necessary precautions, you can make informed decisions and protect yourself from fraudulent loan apps. Remember to compare interest rates, fees, and repayment terms before selecting a loan app. With the convenience of loan apps, getting financial assistance is now easier and more accessible than ever before.