In today’s article, you will get information about the registered apps that provide you instant loans by becoming RBI Approved loan apps in India list 2023. An RBI-approved loan app developed and operated by a financial institution is registered and regulated by the RBI. This includes banks, non-banking financial companies (NBFCs), and other lending institutions.
An RBI Registered loan app must comply with all RBI rules and guidelines related to loan disbursement, repayment, and recovery. Additionally, the lender must have a valid certificate of RBI Approved Loan App in India. That is issued after the lender has undergone a thorough inspection and review process.
The process to get the RBI Approved loan apps in India 2023
- The company operating the loan app must obtain a license from the RBI to function as a Non-Banking Financial Company (NBFC). This involves submitting an application to the RBI and providing information about the company’s management, financials, and business plan.
- Once the license has been granted, the company must comply with all the regulations set by the RBI for NBFCs, including guidelines for digital lending.
- The company must also register the loan app with the RBI and provide details about the app’s features, data security measures, and customer protection policies.
- The RBI will review the registration application and may conduct on-site inspections to ensure that the loan app complies with its regulations.
- Once the registration process is completed, the loan app will be included in the list of registered NBFCs on the RBI’s website and can operate legally in India.
“RBI Approved Loan Apps in India” List 2023: Best Loan Apps in India
| App Name | Credit Limit | (Minimum) Rate of Interest (p.a.) |
| Navi | Loan up to 20 Lakh | 9.90% |
| Money View | 5k to 5 Lakh | 16.00% |
| Kreditbee | 1000 to 3 Lakh | 15.00% |
| CASHe | Up to 4 Lakh | 24.00% |
| Fibe (EarlySalary) | Up to 5 Lakh | 24.00% |
| NIRA Finance | Up to 1 lakh | 24.00% |
| MoneyTap | Up to 5 Lakh | 12.96% |
| PayMe | Up to 2 Lakh | 18.00% |
| Privo | Up to 2 Lakh | 13.49% |
| mPokket | Up to 30k | 24.00% |
| InstaMoney | 5k to 25k | 24.00% |
| True Balance | 5k to 50k | 28.80% |
| PaySense | Up to 5 Lakh | 16.00% |
| IIFL Personal Loan | Up to 5 Lakh | 12.75% |
| Bajaj Finserv | Up to 25 Lakh | 12.99% |
| Faircent | Up to 10 Lakh | 18.00% |
| Home Credit | Up to 5 Lakh | 19.00% |
| LoanTap | 50k to 10 Lakh | 18.00% |
| Finnable | 50k to 10 Lakh | 18.99% |
| IndusInd Bank Personal Loan | 30k to 50 Lakh | 10.49% |
| IIFL Business Loan | 10k to 30 Lakh | 12.75% |
| Kissht | Up to 1 lakh | 14.00% |
| Branch Personal Loan Cash Loan App | Up to 50k | 24.00% |
| Dhani (Credit Line) | Instant Credit Line 50k | 0.00%-42.00% |
| Stashfin | 1k to 5 Lakh | 11.99% |
| SmartCoin | 4k to 1 lakh | 0%-30% |
| Indialends | Up to 25 Lakh | 10.25% |
| India’s Gold Loan | As Per Gold Value | 8.28% |
| Piramal Finance | 10k to 10 Lakh | 11.99% |
| IDFC First Bank (MyFIRST Partner) | 20k to 40 Lakh | 11.00% |
| Rupeek App Gold Loan | As per Gold Value | 7.08% |
| Buddy Loan | Up to 15 Lakh | 11.99% |
| FlexSalary Instant Loan App (Credit Line) | Up to 2 Lakh | 36.00% (Maximum) |
| Tata Capital | Up to 35 Lakh | 10.99% |
| Hero FinCorp | Up to 1.5 Lakh | 25.00% (Maximum) |
| Prefr | Up to 3 Lakh | 18.00% |
| Kreditzy | Up to 2 Lakh | 0 – 28.80% |
| 12%Club | Up to 1 Lakh | |
| ZestMoney (Credit Line) | 10 to 10 Lakh | 3%-35% |
| Paytm Personal Loan | Loan up to 3 Lakh | 10.5% |
| Aditya Birla Capital | Up to 50 lakhs | 14.00% |
| Creditap (Study Loan) | Up to 15 lakhs | 8.45% |
| Mobikwik (Shopping) | Up to 2 lakhs | 9.00% |
| Avail Finance | 1000 to 40k | 15.00% |
| FairMoney | 1000 to 60k | 12.00% |
| L&T Finance | 50k to 25 lakhs | 11.00% |
| Upwards | Up to 5 lakhs | 16.00% |
| LazyPay | 3k to 5 lakhs | 12.00% |
| CreditScore, CreditCard, Loans | Up to 5 lakhs | 10.99% |
| Fast Cash Loan | 5k to 5 lakhs | 14.00% |
| Loanfront | 1,500 to 2 lakhs | 15.95% |
| Fedfina loans | 3k to 5 crores | 11.88% |
| Fullerton India mConnect | 10k to 30 lakhs | 8.00% |
| Groww | Pre-Approved Loan | 12.00% |
| Loan Planet | 5k to 5 lakhs | 18.25% |
Best 10 RBI Approved Loan Apps in India 2023
| Sr. No. | App Name | Credit limit |
| 1 | Kreditbee: Fast Personal Loan | 1,000 to 3 lakhs |
| 2 | Navi Loans & Mutual Funds | Loan up to 20 lakhs |
| 3 | CASHe Personal Loan App | 1,000 to 4 lakhs |
| 4 | PaySense: Personal Loan App | 5,000 to 5 lakhs |
| 5 | Fibe Instant Personal Loan App | Instant loans up to 5 lakhs |
| 6 | MoneyTap – Credit Lines & Loan | 3,000 to 5 lakhs |
| 7 | Money View: Personal Lona App | 5,000 to 5 lakhs |
| 8 | IIFL Personal Loan | 5,000 to 5 lakhs |
| 9 | Bajaj Finserv: UPI, Pay, Loans | Loans up to 25 lakhs |
| 10 | Home Credit – Loan App | 5,000 to 5 lakhs |
Most Popular RBI Approved Loan Apps in India
Kreditbee: Fast Personal Loan
Kreditbee instant personal loan is available with a fair interest rate and a long tenure. The app provides an instant personal loan with minimal documentation digitally. KreditBee personal loan is available with an annual interest rate of 0% to 29.95% to meet your monetary requirement.
Kreditbee app providing Flexi Personal Loan, Personal Loans – Salaried, and Online Purchase Loans via e-Voucher.
Navi Loans & Mutual Funds
Navi Instant Personal Loan is available with fair interest rates and flexible EMI for a long tenure. You will get a Navi personal loan with an annual interest rate of 12% to 36% to meet your monetary requirements.
You can use this money for bill payments, home renovation, personal expenses, etc. Navi Instant Personal Loan can prove profitable for you Due to a low-interest rate, bearing a paperless process, repayment tenure, etc.
Money View: Personal Loan App
Money View Personal Loan is available with a fair interest rate and 3 Month to 5 Years period of repayment. Through this app, you can get a loan of 10000 to 500000 with very little interest.
Money View Loan is available with an annual interest rate of 16% to 39% to meet your monetary requirement. You can use this amount to repair the home, domestic expenses, wedding expenses, etc.
Bajaj Finserv: UPI, Pay, Loans
Bajaj Finance is offering you loans up to 25 lakhs at low-interest rates to meet your financial needs. You can apply for a loan here with very few documents, and the entire loan process is online.
This loan is available to you with a 12 to 60 months long tenure and an interest rate starting from 13% per annum.
IIFL Personal Loan
IIFL Personal loans offer an easy application process, lower interest rates, and flexible repayment tenures. Loans up to Rs 5 lakhs can be availed within a few simple steps, and loans are disbursed within 24 hours of approval.
IIFL Personal Loan can be used for many personal needs like medical, education, home expenses, family marriage, vacation, etc.
MoneyTap – Credit Lines & Loan
MoneyTap instant personal loan is available with a fair interest rate and 3 months to 3 years of repayment. The app provides an instant personal loan with minimal documentation digitally. MoneyTap Instant loan is available with an annual interest rate of 13% to meet your monetary requirement.
CASHe Personal Loan App
CASHe Loan app is the best online loan provider company in India. Here customers can get instant cash loans up to 4 lakhs in 1 hour against a low CIBIL score. This company was started to provide quick, short-term personal loans. You can enjoy an interest rate of 27% to 30% p.a. with flexible tenors ranging between 3 months to 18 months.
Features of RBI Approved Loan Apps in India
Before taking a loan to meet your financial need, you need to know about the features of NBFCs apps because RBI Approved loan apps come with many features that you should know about them to take advantage of them.
Transparency: Loan apps approved by the RBI follow strict guidelines set by the Reserve Bank of India, in which that loan terms and interest rates are disclosed to borrowers.
Loan Calculator: The EMI calculator helps to estimate the monthly loan payment, total interest paid, and other important loan information.
Online Loan Application: Facilitates users to apply for loans directly through the app while providing a convenient and streamlined process.
Credit Score: It helps users to check their credit score and track changes over time.
Personalized Loan Recommendations: Based on credit score, income, and other factors, the app can recommend loans and lenders that best suit the user’s financial situation.
Educational Resources: Provides information and resources to help users understand the loan process and make informed loan decisions.
Reminders for loan payments: Allows users to set reminders for loan repayment to avoid late fees or penalties.
Secure and encrypted: The app must be designed to be secure and encrypted to protect the user’s personal and financial information.
Why Personal Loan from RBI Approved Loan Apps?
Convenience: RBI Approved loan apps provide a convenient and easy way to apply for and manage personal loans. Applications can be filled out online, and loan disbursement is often quick.
Transparency: Loan apps approved by the RBI follow strict guidelines set by the Reserve Bank of India, in which that loan terms and interest rates are disclosed to borrowers.
Flexibility: Personal loans can be used for many purposes, such as consolidating debt, funding home improvements, or covering unexpected expenses.
Credit Score: Many personal loan apps also allow borrowers to check their credit score and apply for a loan with less stringent requirements than other forms of credit.
Quick disbursement: Personal loans from RBI Approved loan apps are usually processed quickly, and funds can be disbursed within 24 hours.
Low-interest rate: Interest rates on personal loans from RBI Approved loan apps are often lower than those offered by other lenders, such as credit card companies.
Easy access: With the app, you can apply for a loan from anywhere and at any time, as long as you have internet access.
RBI Approved Loan Apps Interest Rate
The loan interest rate offered by lenders to an individual is determined based on credit score, debt-to-income ratio, income, age, etc. Users can input their information, and the app will provide an estimate of the loan amount, interest rate, and tenure period based on the applicant’s eligibility. Generally, the interest rates offered by NBFC apps range from 10% to 42% per annum.
Factors Affecting Loan Interest Rates
Credit Score: CIBIL is a three-digit rank code given by the company according to the loan and credit card repayments already availed by the applicants. If you pay all your bills on time, your credit score will be good, and you will be charged a low-interest rate on the loan. A score above 750 is considered a good credit score.
Geographic Location: If the applicant lives in a rural area, the loan interest rate is higher than in urban areas.
Age of Applicant: The age of the applicants can also affect the loan interest rate offered by the lenders. Individuals nearing retirement have less earning potential. Individuals with less work experience and individuals who have just started their careers need proof of financial stability and credit history. Such persons are generally charged higher interest.
Income Level: The individual income assures the lenders that the applicant is qualified to repay the loan EMIs, which helps the lenders calculate the personal loan interest rate for the individual.
Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.
How to Get a Lower Interest Rate on A Loan?
Maintain a healthy credit score: The higher your credit score, the higher your loan eligibility. Generally, a credit score of 750 and above is considered healthy by any of the credit bureaus. The bank sees you as a good customer and may also offer you a competitive interest rate.
Don’t default on EMIs or delay your credit card payments: If you have existing loans, make sure to pay EMIs on time. The total EMI of your existing loan should not exceed 40% of your take-home salary.
RBI Approved Loan Apps Eligibility Criteria
The eligibility criteria for a loan on the RBI Registered Loan Apps may vary depending on the app and the lender. However, generally, the app and the lender will typically consider the following factors when determining loan eligibility:
- Credit score: A good credit score is usually required to qualify for a loan.
- Income: Lenders will want to see proof of your income, such as pay stubs or tax returns, to ensure you can repay the loan.
- Employment status: Lenders may require that you have a stable source of income and be employed or have a steady income stream.
- Debt-to-income ratio: Lenders will consider how much debt you already have about your income, to determine how much more deficit you can handle.
- Residence: Some lenders may require you to have a permanent address and be a resident of a specific state or country
- Age: Some lenders may require you to be at least 18 years old to apply for a loan.
Documents required for taking loans from RBI Approved Loan Apps
- For income proof: Salary slips (Last 3 months) for salaried personal loan applicants, Audited balance sheet, and Profit & Loss account for self-employed loan applicants.
- Proof of identity: Aadhar Card, PAN Card, Voter ID, Driver’s license, Passport, etc.
- Address Proof: Aadhar Card, Driving License, Ration card, Passport, Electricity bill, Maintenance bill
- Bank statements: Lenders may require recent bank statements to verify your income and to ensure you have enough funds to repay the loan.
- Employment verification: Some lenders may require proof of your employment status, such as a letter from your employer or pay stubs.
- Credit report: Lenders may pull your credit report to check your credit score and history.
Please note that these are general guidelines, and the specific criteria for loan eligibility may vary depending on the app and lender you are using.
How do apply for a loan on RBI Approved Loan Apps in India?
To apply for a loan on the RBI Approved Loan Apps, you will need to follow these steps:
- Download the app from the App Store or Google Play Store and create an account.
- Fill out the loan application form with your personal and financial information, such as your income, employment status, and credit score.
- Apply and wait for the app to match you with one or more lenders.
- Review the loan offers and select the one that best meets your needs.
- Sign the loan agreement and submit any required documentation.
- Wait for the lender to process your application and disburse the loan funds to your account.
Please note that the process may vary depending on the app you’re using and your specific circumstances.
EMI payment methods on RBI approved loan apps
Auto-debit: Enjoy the convenience of paying directly from your bank account with auto-debit facilities. If you have registered Auto-Debit (NACH), the EMI payment will be automatically debited from your account on the EMI due date.
Online: You can pay your loan EMIs online quickly. You can use NEFT, UPI, etc., and pay your EMIs online.
Mobile Apps: Paying your loan is now in your hands. Repay your monthly EMIs using Lenders’ official mobile application on your mobile phone.
RBI Approved Loan Apps Related FAQ:
What are RBI Approved Loan Apps?
RBI Approved Loan Apps is a mobile application designed to provide loans. An RBI Approved loan app must comply with all RBI rules and guidelines related to loan disbursement, repayment, and recovery. Additionally, the lender must have a valid certificate of RBI approved Loan Apps in India. That is issued after the lender has undergone a thorough inspection and review process.
What is Instant Personal Loan?
An instant personal loan is a type of loan that can be approved and disbursed quickly, typically within a matter of minutes or hours. These loans are usually unsecured, meaning they do not require collateral and are offered by many lenders, including banks, online lenders, and peer-to-peer platforms.
Which loan apps are RBI approved?
The Reserve Bank of India (RBI) approves and regulates various loan apps in India. Some of the most popular loan apps that are approved by the RBI, like Bajaj Finserv, Tata Capital, CASHe, Fibe, Faircent, FlexiLoans, Fullerton India, IndiaLends, Lendingkart, etc.
Is Kreditbee approved by RBI?
Yes, KreditBee Instant Personal Loan App is a registered NBFC (Non-Banking Financial Company). This company provides personal loans up to Rs 3 lakh to its customers at an attractive interest rate.
Are online loan apps safe?
Online loan apps can be safe as long as they are approved by the Reserve Bank of India (RBI) and follow the rules set by RBI. It is necessary to be careful and take steps to protect yourself when using online loan apps.
