Importance of using RBI-approved loan apps in India
A personal loan is like an emergency loan that can be used by the borrower when they need money. These can be used for anything, including weddings, vacations, or medical expenses. Therefore, it serves as the most suitable financial cushion for borrowers.
Technological advancements make applying for and receiving personal loans easier than ever! Today, borrowers can get instant personal loans through many fintech companies.
In comparison, traditional banks may have longer processing times and high-interest rates. On the other hand, RBI Approved Loan Apps in India provide safe and simple instant loans in less than an hour. So the next time you are in a pinch for cash, consider applying for a personal loan using one of them.
Moving forward, we will present an extensive RBI registered loan app list in India and the unique features and facts you must know before applying for any of these applications in this article.
Why it is important to use only RBI-approved loan apps in India ?
Surveys highlight that most people and small businesses have fallen prey to the burgeoning number of illegal mobile apps and digital lending platforms that offer cheap and quick loans.
These reports also cover exorbitant interest rates, added costs that borrowers are unaware of, unethical and coercive credit policies, and the illegitimate use of contracts to access data on borrowers' mobile phones.
As per RBI, financial institutions regulated by state governments in compliance with laws, such as the money lending acts, are allowed to conduct authorized public lending activities, along with banks, NBFCs registered with the RBI, and other organizations.
In accordance with Section 45 IA of the RBI Act 1934, the Reserve Bank has granted NBFCs a registration certificate, enabling them to retain and accept public deposits. [RBI Press Releases]
In order to enable the RBI to regulate the financial system to the benefit of the nation and to prevent the affairs of any Systemically Important Non-Deposit taking Non-Banking Financial Company and Deposit taking Non-Banking Financial Company (NBFC-D), it is necessary for the public interest to use only use RBI approved loan apps in India.
RBI approved loan apps in India List 2023
Going to a traditional bank when you need a quick loan may take some time because there is a plethora of paperwork, and the interest rates of a credit card are exorbitantly high. And it could feel awkward to ask your friends or relatives.
Salary advance loans are not widely available in India. Applying for a personal loan is the wisest course of action in such cases. Below is a list of RBI Approved Loan Apps In India, which might make applying a lot easier. Scroll down to explore more about them.
- EarlySalary: This app offers personal loans up to ₹2 lakhs with a processing fee of ₹999. The interest rate starts at 12% and the repayment period is up to 36 months.
- CredAble: This app offers personal loans up to ₹5 lakhs with a processing fee of ₹1999. The interest rate starts at 11% and the repayment period is up to 36 months.
- MoneyTap: This app offers personal loans up to ₹5 lakhs with a processing fee of ₹499. The interest rate starts at 10% and the repayment period is up to 36 months.
- FlexiLoans: This app offers personal loans up to ₹2 lakhs with a processing fee of ₹799. The interest rate starts at 13% and the repayment period is up to 36 months.
- Lendingkart: This app offers personal loans up to ₹5 lakhs with a processing fee of ₹999. The interest rate starts at 12% and the repayment period is up to 36 months.
72 RBI Approved Loan Apps List in India 2023 :
| S. No. | Name Of The Registered App | Credit Limit |
| 1 | Kreditbee Instant Loan App | Loan up to 2 Lakh |
| 2 | Kreditzy Instant Loan App | Loan up to 2 Lakh |
| 3 | Paysense | Loan up to 5 Lakhs |
| 4 | NAVI | Loan up to 5 Lakhs |
| 5 | Lazypay(Credit Line + Personal Loan) | Loan up to 1 Lakhs |
| 6 | Freopay | Loan up to ₹10000 |
| 7 | Stashfin | Loan up to 5 Lakh |
| 8 | Cashbean– Online Loan App | Loan up to 1 Lakhs |
| 9 | MI Credit | Above 5 Lakhs |
| 10 | Dhani Loan App | Loan up to 5 Lakh |
| 11 | Avail Finance | Loan up to ₹50000 |
| 12 | NIRA Instant Loan App | Loan up to 2 Lakh |
| 13 | Branch Loan App | Loan up to ₹50,000 |
| 14 | Smart coin Loan App | Loan up to 2 Lakhs |
| 15 | Rupeek App (Gold Loan) | Loan up to 50 Lakhs |
| 16 | Simple Pay Later | Loan up to 1 Lakhs |
| 17 | Mobikwik (Credit Line + Consumer Loan) | Loan up to 2 Lakh |
| 18 | Paytm Personal Loan | Loan up to 2 Lakh |
| 19 | Krazybee (Consumer Loan) | Loan up to 2 Lakh |
| 20 | Bharatpe (Business Loan) | Loan up to 5 Lakh |
| 21 | Paytm Postpaid (Credit Line) | Loan up to 1 Lakhs |
| 22 | True Caller | Loan up to 5 Lakh |
| 23 | Simply Cash Loan App | Loan up to 2 Lakh |
| 24 | Slice | Loan up to 1 Lakhs |
| 25 | True Balance | Loan up to ₹50,000 |
| 26 | Zest M28oney (Consumer Loan) | Above 2 Lakh |
| 27 | Amazon P29ay Later | Loan up to ₹60,000 |
| 28 | Flipkart Pay Later | Loan up to ₹60,000 |
| 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 | ₹50,000 to ₹0,00,000 |
| 34 | Jupiter credit limit | Loan up to ₹50,000 |
| 35 | OneCard Loan App | ₹10000 to ₹150,000 |
| 36 | Paisabazaar credit limit | ₹50,000 to ₹10,00,000 |
| 37 | imobile Pay Later | Loan up to ₹ 20,000 |
| 38 | SBI YONO APP | ₹1500 to ₹60000 |
| 39 | India IDFC First Bank Pay later | ₹1500 to ₹ 60000 |
| 40 | Bajaj Finserv App | ₹ 50,000 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 | ₹ 8,000 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 |
Kreditbee Instant Loan App
Looking for quick financial assistance?
Look no further than the KreditBee App! With KreditBee, salaried individuals can now obtain instant personal loans up to Rs. 2 Lakhs to fulfill their urgent monetary needs.
Experience a seamless online process that encompasses everything from registration to fund disbursement, all completed within a mere 15 minutes. Accessible through the KreditBee website and the convenient mobile app, available for download on Android devices via the Google Play Store.
KreditBee plays a crucial role as a technological intermediary, bridging the gap between individuals and regulated lenders. Say goodbye to excessive documentation and hello to instant fund approval and disbursement.
Unveiling a range of loan options, KreditBee provides flexibility like never before. Choose from the versatile Flexi Personal Loan, the reliable Personal Loan for Salaried individuals, or even explore the convenient Online Purchase Loan or E-voucher Loans.
Embark on a hassle-free journey to fulfill your financial aspirations with KreditBee today!
KreditBee Personal Loan Interest Rates
KreditBee interest rate varies with the type of loan you wish to avail. The Loan interest rate ranges from 1.02% p.m. to 2.49% p.m. for Flexi Personal Loan, Personal Loan for Salaried, Personal Loan for self-employed and purchases on EMI.
KreditBee Personal Loan Features and Benefits
- Discover the flexibility you need with KreditBee's personal loans. Whether it's a small urgent expense or a larger financial need, we've got you covered with loan amounts ranging from a minimum of Rs. 1,000 up to a maximum of Rs. 4 Lakhs.
Benefit from our highly competitive interest rates, starting as low as 1.02% p.m. and going up to 2.49% p.m. Rest assured that you're getting a great deal with KreditBee.
- Say goodbye to hefty processing charges! Our loans come with minimal processing fees, starting from 0% and going up to 6% of the loan amount. We believe in transparency and keeping costs affordable for our customers.
- Flexibility extends to our repayment tenure as well. Enjoy the freedom to repay your KreditBee Loan over a flexible period, ranging from 62 days to 15 months. We understand that everyone's financial situation is unique, so we offer options to suit your needs.
- No need to worry about prepayment or foreclosure charges. With KreditBee, you can make early payments to close your loan faster without any additional fees. We encourage you to take control of your finances and repay on your terms.
- Experience the convenience of our user-friendly application. Download the KreditBee app from the Google PlayStore on your Android mobile device. The registration process is a breeze, and you can even sign in using your Google or Facebook account. It's quick, secure, and hassle-free.
- We value your time. That's why our Flexi Personal Loans can be disbursed into your bank account within just 15 minutes, provided all the submitted documents and details are accurate and in order. For Personal Loans to salaried individuals, the disbursal may take up to 3 working days. We strive to make the process as efficient as possible.
- Embrace the convenience of our complete online process. Whether it's applying for a loan or making repayments, everything can be done online. Access your account anytime, from anywhere, and take control of your financial journey.
- Don't let a lack of credit history hold you back. Even if you're a first-time applicant with no previous loans or credit facilities, you can still avail of a KreditBee online loan. By making regular payments, you have the opportunity to build a strong credit score and profile for a brighter financial future.
- Experience the power of KreditBee today and unlock a world of financial possibilities!
KreditBee Personal Loan Interest Rates
KreditBee interest rate varies with the type of loan you wish to avail. The Loan interest rate ranges from 1.02% p.m. to 2.49% p.m. for Flexi Personal Loan, Personal Loan for Salaried, Personal Loan for self-employed and purchases on EMI.
Types of KreditBee Loans
The following are different types of KreditBee instant loans:
Flexi Personal Loan
- Loan amount: Rs. 1,300 - Rs. 1,00,000
- Tenure: 2 months - 10 months
Personal Loan for Self-Employed
- Loan amount: Rs. 40,000 - Rs. 1,50,000
- Tenure: 3 months - 12 months
Personal Loan for Salaried
- Loan amount: Rs. 10,000 - Rs. 4,00,000
- Tenure: 3 months - 15 months
Online Purchase Loan/ E-voucher Loans/E-commerce Shopping Loans
- Loan amount: Rs. 1,000 - Rs. 2,00,000
- Repayment tenure: 18 months
Eligibility Criteria For Kredit Bee Personal Loan
FAQs
Which loan app was approved by RBI?
Ans : RBI (Reserve Bank of India) has approved a number of loan apps in India, including Paytm, Bajaj Finserv, CASHe app, EarlySalary, Dhani, FlexiLoans, Money View Loans, Indialends, Lendingkart, India lends and many more.
Is KreditBee Approved by RBI?
Ans : The RBI has approved and certified KreditBee as a non-banking financial institution. On the KreditBee platform, transactions between the borrowers and NBFCs/Banks can be done.
Which loan apps are approved by RBI without salary slips?
Ans : Tala loan, Home Credit and CASHe are the RBI approved loan applications that credits loan amount without salary slips.
Is Dhani Approved by RBI?
Ans : Yes, the Dhani app is approved by RBI, and it also provides the Dhani OneFreedom RuPay card, which comes with RBI guidelines that make for safe & secure transactions.
Is the Ring app RBI approved?
RING is an NBFC registered and recognized by RBI. The company gives credit through its digital Made In India application.
Is Buddy loan RBI approved?
Buddy Loan is a personal loan aggregator partnered with various RBI-registered NBFCs.
Is Cashbean approved by RBI?
The RBI canceled P C Financial Services’ registration certificate, which is responsible for the “Cashbean” app.
Is StashFin RBI approved?
StashFin is the unit of Akara Capital Advisors Pvt. Ltd, an RBI-licensed NBFC registered under the Indian Company Act.
Are online loan apps safe?
Instant loan apps associated with RBI-authorized NBFCs or financial institutions are safe for an online loans.
Is KreditBee banned in India?
No, KreditBee, a non-banking finance company, is RBI approved and is not banned in India.
Is KreditBee safe or not?
Since RBI has approved and recognized KreditBee as a non-banking finance company, it is safe.
Which loan apps are banned in India?
RupeeGo, Punch Money, Grand Loan, DreamLoan, CashMO, Rupee MO, CreditLoan, Lendkar, Lend Now, Cashfull, Cash Ray app, Mobipocket app, Infinity Cash app, Kredit Mango app, and so many more loan apps are banned by RBI in India.
Is PaySense RBI registered?
PaySense is one of the leading NBFCs and is registered with RBI.
Which app can I get a loan easily?
Some apps that give quick loans in India are PaySense, India lends, Zest Money, Dhani, LazyPay, CASHe, mPockket and money view. Or you can use Slice as an alternative, Slice borrow charges are usually nil if you repay within a month.
Is the Fibe app RBI registered?
Yes, the Fibe app is registered with RBI as an NBFC. Before Fibe, it was EarlySalary, and EarlySalary was one of the RBI noted Fintech known for disbursing personal loans.
Is Loantap registered with RBI?
Yes, Loantap is registered with RBI. They have an in-house RBI-registered NBFC.
Is Kreditmango Personal Loan app available on the google play store?
No, the Kreditmango Personal Loan app isn’t available on the google play store. Although you can download the apk file from various third-party app stores on the internet.
Is Smartcoin RBI registered?
Not directly affiliated with RBI but Smartcoin has Partnered with RBI-registered NBFCs.
Is swift loan app real?
There are many hearsay about whether the Swift loan app is legit or not. But based on publicly available information it seems legit. Although there are user experiences that say otherwise.