With the rise in popularity of digital loan apps, it’s essential to identify which ones are approved by the Reserve Bank of India (RBI).For Indian banks and fintechs, the RBI acts as a guardian. They ensure that these financial institutions comply with the regulations, which enhances borrower security.The RBI establishes standards for these apps to guarantee that they effectively manage your finances and protect your personal data.Here, we’ll explore loan apps that have been approved by the RBI, outlining their significance and how they affect borrowers.It’s important to make informed choices when it comes to choosing the right loan app.RBI rules protect you from unfair lenders and hidden costs by enforcing strict data privacy and fair lending procedures. If you use RBI registered loan apps, you can be safeguarded from misuse of your information and borrow funds without any concerns.Many fake loan apps charge hidden fees. All terms and conditions—including interest rates and processing fees—are mandated to be disclosed upfront, by the RBI, to avoid unexpected costs.If your loan app is RBI approved, you will have an authorized portal for all your complaints. In case your loan app is not RBI approved, you may not be able to take further action in case you come across a problem.If you use loan apps authorized by RBI, your application process will be very simple. You just have to download the app, upload your documents online, and receive prompt approval. Frequent visits to lenders and lengthy paperwork hassles are over.If you want to take a personal loan and are looking for RBI approved loan apps in India, your search is over. Here is a list of loan apps that the RBI has approved.
Loan AppsLoan AmountInterest RateRepayment TenureLoanTap₹50,000 – ₹10 Lakh1.5% p.m.*6 – 60 MonthsTata CapitalUp to ₹35 lakh0.91% p.m.Up to 6 YearsSBI Yono AppUp to ₹30 lakh0.87% p.m. OnwardsUp to 84 MonthsBajaj FinservUp to ₹40 Lakh0.87% p.m. Onwards6 – 96 MonthsNaviUp to ₹20 lakh0.87% p.m. OnwardsUp to 72 MonthsDhani₹1,000 – ₹15 Lakh1.16 % p.m. Onwards3 – 24 MonthsAmazonPayUp to ₹6 lakhUp to 1.5 % p.m.3 – 12 MonthsKreditbee₹1000 – ₹4 Lakh1.25% – 2.49% p.m. 3 – 24 MonthsICICI BankUp to ₹50 lakh0.9% – 1.34% p.m.1 – 6 YearsmPokket₹500 – ₹30,0002% – 4% p.m.Up to 4 MonthsMyLoanCare₹5000 – ₹5 Lakh1.37% p.m. Onwards3 – 36 MonthsKreditzy₹10,000 – ₹2 Lakh1.5% – 2.99% p.m2 – 12 MonthsTata Neu AppUp to ₹10 Lakh0.87% p.m. Onwards3 – 60 MonthsCredyUp to ₹1 Lakh1% – 1.5% p.m3 – 12 MonthsMoneyView₹5,000 – ₹10 Lakh1.33% p.m. Onwards6 – 60 MonthsFinnable₹5,000 – ₹5 Lakh1 % – 2 % p.m.2 – 48 MonthsFairMoneyUp to ₹60,0001% p.m. OnwardsUp to 24 MonthsPrivo₹5,000 – ₹2 Lakh1.08% – 3.25% p.m.2 – 60 MonthsDigiMoneyUp to ₹1 Lakh1% p.m. Onwards3 – 12 MonthsCapitalFloatUp to ₹50 Lakh1.25% – 2% p.m.1 – 3 YearsMoneyTapUp to ₹5 Lakh1.08% p.m.Up to 3 YearsPaySense₹5,000 – ₹5 Lakh1.3 % – 3% p.m.3 – 48 MonthsPhonePe₹1,000 – ₹5 Lakh1.08% – 1.66% p.m. 12 – 60 MonthsLendingkart₹50,000 Onwards2% – 5% p.m. 12 – 36 MonthsFlipkart Finance₹10,000 – ₹2 Lakh0.87 % p.m. OnwardsUp to 60 MonthsStashfinUp to ₹5 Lakh0.99% p.m. OnwardsUp to 36 MonthsNira FinanceUp to ₹1 Lakh2% p.m. Onwards 3 – 18 MonthsZest MoneyUp to ₹ 5 Lakh0.99 % p.m. Onwards3 – 36 MonthsRupee Redee₹ 1,000 – ₹25,0002.5% p.m.3 – 36 MonthsUpwardsUp to ₹5 Lakh1.5 % – 2.66% p.m.6 – 24 MonthsBranch Loan AppUp to ₹1 Lakh2% p.m. Onwards62 Days – 12 MonthsRufilo Loan AppUp to ₹60,0001.5% p.m. OnwardsUp to 6 MonthsFibe₹5,000 – ₹5 Lakh1.16%p.m.Up to 24 MonthsSmart Coin Loan AppUp to ₹2 Lakh1.5% p.m. Onwards91 – 120 DaysSliceUp to ₹50,0001.25% p.m. Onwards4 Months – 1 YearIDFC First MoneyUp to ₹10 Lakh0.91% p.m. OnwardsUp to 60 MonthsIBL FinanceUp to ₹50,0001.25% p.m. Onwards3 – 12 MonthsBuddy Loan₹ 10,000 – ₹15 Lakh0.99% p.m. Onwards12 – 60 YearsFlexiSalary Instant Loan AppUp to ₹10 Lakh1.5% p.m. Onwards10 – 36 Months
Details of the RBI Approved Loan Apps
Let’s look at some features of the mentioned RBI Approved Loan Apps:
LoanTap
With various repayment plans and affordable monthly installments, LoanTap offers specialized loan solutions. The LoanTap personal loan app offers the following features and benefits:
Loan amounts between ₹50,000 and ₹10 LakhEligibility – Must be at least 23 years of age and earn a minimum monthly income of ₹30,000Quick loan approval with disbursal within 24-36 hoursA flexible repayment plan ranging from 6 months to 60 monthsAn easy and hassle-free online application procedureNo restriction on the usage of the loan – it can be used for any purposeAn honest and transparent loan application procedure without any hidden charges
Tata Capital
It is one of the leading lenders in the credit sector, relied on by many customers over the years. Tata Capital offers the following features and benefits:
Loan Amount – Up to ₹35 lakhAccepts online applicationNo Collateral/SecurityZero charges on part prepayment
SBI Yono App
It is one of the major lending apps that provides personal loans at affordable interest rates. SBI YONO App offers the following features and advantages:
Low processing feeInstant loan processingNo branch visit
Bajaj Finserv
Bajaj Finserv is a popular NBFC under the Bajaj group that provides loans for various purposes. Below are some of its features.
Personal loan of up to Rs 40 lakhNo hidden chargesEasy RepaymentInstant approval and disbursal
MoneyTap
MoneyTap is a company that provides personal loans through its app. Below are its features.
Loan amount up to ₹5 LakhInstant approvalFlexible repayment
Navi
Navi is a well-known company that aims to simplify and provide affordable personal loans. Below are some of the features of the Navi personal loan app.
Loan amount up to ₹20 LakhQuick and paperlessMinimal documentationFlexible repayment options
Dhani
Dhani Loans and Services Limited is a non-deposit-taking NBFC registered with the Reserve Bank of India. It is a subsidiary of Dhani Services Limited. The features of the Dhani app are mentioned below.
Provides multiple EMI optionsUser-friendly appLoan Amount up to ₹15 LakhEasy repayment options
AmazonPay
This is a popular lending app that is part of the Amazon ecosystem. It provides loans for different purposes. The features of the app are mentioned below.
Quick personal loans up to ₹6 lakhPre-approved loan offersEasy Online Application
Kreditbee
Use Kreditbee’s RBI approved loan app to get fast personal loans in India. They offer loans to people who want approvals quickly and are willing to pay higher interest rates for that high-speed approval. Below are some features of the Kredit Bee app.
Quick approvalMinimal documentation24*7 customer support
ICICI Bank
It is one of the popular lenders that provides various forms of credit online. The features of the ICICI Loan app are mentioned below.
No foreclosure charges after 12 EMI paymentsMinimal documentationEasy application processFixed interest rate
mPokket
mPokket is a popular lending app among students and salaried individuals. It is known for its quick approvals. The features of the mPokket app are mentioned below.
Personal loan between ₹500 and ₹30,000The interest rate is between 2% and 4%Quick loan approval and disbursalSafe and secured platform
MyLoanCare
MyLoanCare is another popular lending app that focuses on transparency and affordability. Below are some of the features of the MyLoanCare app
Affordable interest rateEasy online applicationDedicated relationship manager
Tata Neu App
It is one of the popular lending apps that comes under the TATA group. Below are some of the features of the Tata Neu App
Loan amount of ₹10,000 – ₹10 Lakh100% digital quick process
Credy
This popular loan app operates in cities like Bangalore, Chennai, Mumbai, and Hyderabad. Some of the features of the Credy app are given below.
No collateral neededLoan Amounts of upto ₹1 LakhQuick and reliable service
MoneyView
It is one of the popular RBI approved loan apps that provide personal loans at affordable interest rates. Below are some of the features of the MoneyView app.
Easy online application processMinimum documentationRepay the loan through auto-debit EMIsQuick loan disbursal
Finnable
It is an RBI regulated and legally compliant app that provides personal loans at affordable interest rates. The features of the Finnable loan app are given below.
Quick and easy application processHigh loan amount with flexible repayment tenure
FairMoney
It is a digital lending app that provides personal loans to those who need funds. Below are some of the features of the FairMoney app.
Provides top-up loansLoan extension facility for easy loan repaymentAffordable interest rates
Privo
Privo is an RBI regulated NBFC that provides personal loans at affordable interest rates. The Privo app features are below.
Short-term personal loan with quick disbursalNo manual paperworkNo hidden costAffordable interest rates
DigiMoney
It is one of the popular RBI approved NBFC lending apps that helps borrowers get funds easily. Below are the features of the DigiMoney app.
100% online processAffordable processing fee and interest rateEasy documentationFlexible EMI options
How To Verify RBI Approved Loan Apps?
Check the Official Website of the RBI
RBI maintains a list of banks and lenders that are approved by them. It is a reliable way to know if RBI approves the app or if it is fake. The RBI regularly updates this list.
Verify the Registration Number
Authentic loan apps have a valid registration number that RBI issues. You can find this registration number on the lender’s or RBI’s official website.
Review Company Reputation
Reputable lending applications and NBFCs will offer detailed information about their company, such as registration details, address, and contact details. You can also check RBI records for the details.
Check Ratings and Reviews
It is advisable to check the reviews of lenders before selecting the app. You can also check the feedback that users provide to determine whether the app is genuine or not. Apps with low ratings, unfavorable comments about fraud or other illegal activity, or a lack of transparency should be avoided.
RBI Guidelines For Loan Apps
Below are the RBI guidelines for all the loan apps for fair and transparent lending process.
Within a reasonable amount of time, lenders must check the loan applicationLenders must not discriminate based on caste, gender, religion, etc.Lenders must not use unethical methods to get back the loan balanceWhen a loan application is rejected for less than ₹2 lakh, lending institutions are required to provide a written explanationIf the terms and conditions change, the lender must notify the borrowers as quickly as possibleIf more documentation is required, the lender has to get in touch with the borrower immediately
Steps To Apply For A Loan Through LoanTap RBI-Approved App
Follow the below steps to apply for LoanTap personal loan
Visit the official website of LoanTap or download the app via the app storeClick on Personal Loan on the menu bar and click on “Apply Now”Enter the basic info like Email ID, mobile number, City and PincodeSelect if you are salaried or self-employedSelect the type of loan and other details like loan amount and tenureFill in the application form and submit the required documentsOnce your application is submitted, wait for approvalUpon approval, the loan amount will be transferred to your bank account within 24-36 hours
Conclusion
It is important to ensure the reliability of personal loan apps for responsible borrowing.
LoanTap is one of the most reliable options for personal loans among those approved by the Reserve Bank of India (RBI).
In the world of digital financing, LoanTap proves its reliability by complying with the RBI’s rules and practicing safe and ethical financial procedures.
By selecting RBI approved apps like LoanTap, borrowers can have a secure and transparent borrowing experience.
FAQs
How can I find out if the RBI does not accept a loan app?
Ans. Check the details of the loan app on the official website of RBI or verify the lender’s reputation. Avoid disclosing personal or financial information to a lending app if you think it isn’t RBI approved.
Do lending apps approved by the RBI have any hidden costs?
Ans. Genuine apps do not have any hidden charges. Before accepting a loan, carefully read the terms and conditions to understand all relevant fees, charges, and penalties.
How can I find out if the RBI approves a loan app?
Ans. You may confirm an app’s authorization from the RBI by cross-verifying the company’s license or registration number with RBI records or by visiting the official RBI website for a list of recognized financial institutions.
Do all Indian loan apps need to have RBI approval?
Ans. Yes, any company that provides financial services, including lending apps, needs to be authorised by the RBI or another regulatory body, such the Securities and Exchange Board of India (SEBI).
Is it safe to use the loan applications allowed by the RBI?
Ans. Yes, it is safe to use loan apps that have been certified by the RBI because they follow regulatory guidelines, provide clear terms, and are monitored.
What are fake loan apps?
Ans. Apps that advertise as trustworthy sources of loans but actually carry out fraudulent activities are fake loan apps. These apps frequently target people in desperate need of funds and usually promise quick and hassle-free financing.
Related Blogs
Benefits of Personal Loan App on Your Mobile Phone
13/05/2024
Top 20 Trusted Personal Loan Apps in India (Updated Aug’24)
03/04/2024
150+ RBI Fake Loan Apps in India 2024 (Avoid Financial Scams)
31/01/2024
Apply Using WhatsApp
