RBI Registered Loan App List in India 2023: Check Eligibility Criteria & Documents

In this article, I will teach you how to get a loan from RBI registered loan app list. If you need immediate funds to meet your financial requirement, you can obtain an instant personal loan from an RBI-registered NBFC (Non-Banking Financial Company) in India.

Here the customer gets to see many facilities and benefits like an EMI calculator, free CIBIL score, eligibility check in just 2 minutes, etc. Here, I will provide you RBI registered loan app list in India and discuss their features, benefits, and charge.

RBI Registered Loan App List Details

ArticleRBI Registered Loan App list
Loan Amount5k to 10 lakhs
Tenure3 months to 5 years
Interest RateGet Competitive Interest rates starting from 12.75% p.a.
Employment TypeSalaried and Self-employed
Age18 to 65 years

Best 10 RBI Registered Loan Apps List in India 2023

Many companies in India have been licensed by the RBI (Reserve Bank of India). This license is given only to loan apps that follow RBI’s guidelines. Here we will provide you with some of the most famous RBI Registered Loan app lists where you can apply for the loan.

Apps NameCredit Limit
Kreditbee: Fast Personal Loan1000 to 3 lakhs
Money View: Personal Loan App10k to 5 lakhs
TrueBalance – Personal Loan App5k to 50k
Fibe: Personal Loan Online App8k to 5 lacs
PaySense: Personal Loan App5k to 5 lakhs
MoneyTap – Credit Lines & Loan3k to 5 lakhs
IIFL Finance5k to 5 lakhs
Faircent50k to 10 lakhs
Home Credit – Loan App5k to 5 lakhs
Bajaj FinservUp to 25 lakhs

Kreditbee: Fast Personal Loan (RBI Registered Loan App)

Kreditbee is an app and online portal that offers instant personal loans with little paperwork. Along with instant credit, the app gives users 24-hour customer help 365 days a year and various options such as cash loans, salary advances, and quick loans.

Interest RateInterest rates range from 15% to 29.95% per annum
ProcessThe entire procedure is completely online
Loan AmountLoans from Rs 1,000 to Rs 3 lakhs
Processing FeeRs 85 to up to 6% of the loan amount
Tenure3 to 24 months

Money View: Personal Loan App (RBI Registered Loan App)

MoneyView provides instant personal loans through a completely digital, easy-to-use platform. One can apply for a loan up to Rs 5,00,000 and get approved in less than 2 minutes! It offers customized EMI plans with affordable interest rates & longer repayment tenure. There are no hidden charges, quick and simple process without extensive paperwork.

Interest RateInterest rates start from 1.33% per month (16% annually)
Loan Process100% Paperless application process
Loan AmountRs 5,000 to Rs 5 lakhs
Processing FeesStarting from 2% of the approved loan amount
TenureLong repayment tenure of up to 60 months

TrueBalance: Personal Loan App

True Balance is a Personal app that has been trusted by over 75 million users across the country. True Balance is a 100% safe and secure, lending & financial services platform. It offers instant cash of up to Rs 50,000 at a low process fee. There are no hidden charges, quick and simple process without extensive paperwork.

Interest RateInterest rates start from 2.4% per month
Loan Process100% Paperless loan application
Loan AmountRs 5,000 to 50,000
Processing Fees0 to 7% of the loan amount
TenureUp to 6 months

Fibe: Personal Loan Online App

Fibe (previously known as EarlySalary) is India’s first lending platform. It is a financial ecosystem that enables mid-income groups to upgrade their lifestyle. Fibe offers a single credit line for every credit need of young working professionals and it takes just seconds to complete a 100% digital loan application process. Even those without a credit score can get instant cash for their significant and small upgrades.

Interest RateInterest rates start from 15% per annum
ProcessPaperless application process
Loan AmountInstant loans up to 5 lakhs
Processing fees2% of the loan amount
TenureFlexible repayment tenure of up to 36 months

PaySense: Personal Loan App (RBI Registered Loan App)

PaySense is a Personal Loan app that offers loans up to 5 lakhs at attractive interest rates, zero collaterals, and flexible EMIs. It provides instant personal loans to salaried and self-employed business owners with tenure ranging from 3 to 30 months.

Interest RateInterest rates range from 16% – 35% p.a.
ProcessInstant Process, 100% Fast and Secure
Loan AmountLoans from Rs 5,000 to Rs 5 lakhs
Processing FeesRs 500 to up to 3% of the loan amount + GST
Tenure3 to 30 months

MoneyTap – Credit Lines & Loan (RBI Registered Loan App)

MoneyTap is India’s first application-based personal credit line, which collaborates with banks and NBFIs. It allows users to borrow as little as 3,000 or as much as 5 lakhs with the click of a button.

Interest RateInterest rates range from 12.96% to 36% per annum
ProcessEasy Application process
Loan AmountApproved credit limit of up to 5 lakhs
Processing feeRs 199 to up to 2% of the loan amount
Tenure2 to 36 months

IIFL Finance (RBI Registered Loan App)

IIFL Finance 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 loans can be used for any personal needs like medical, education, wedding, vacation, etc.

Interest RateInterest rates ranging from 12.75% – 33.75% p.a. reducing rate (risk-based pricing)
Process100% digital, Instant Loan approval and disbursal
Loan Amount5000 to 5 lakhs
Processing fee2% to 4% of the loan amount + GST
Tenure9 to 42 months

Faircent (RBI Registered Loan App)

Faircent is India’s First RBI registered Peer to Peer Lending platform. It provides a virtual marketplace where borrowers and lenders can interact directly.

Interest RateInterest rates start from 18% per annum
ProcessThe easy online application process
Loan Amount50,000 to 10 lakhs
Tenure6 months to 36 months

Home Credit – Loan App

Home Credit offers instant approval of personal loans to eligible customers after providing the necessary documents. NBFC claims to disburse personal loans within a few hours of signing the loan agreement. It also does not charge foreclosure fees and offers payment holidays to its existing personal loan borrowers who face difficulties repaying their EMIs. NBFC also provides life cover of up to 1.25 times the personal loan amount to help with the repayment of the outstanding loan amount in case of the borrower’s death.

Interest RateInterest rates range from 19% – 49% per annum
Process100% paperless process, Instant approval of the loan
Loan Amount5,000 to 5 lakhs
Tenure3 to 51 months
Processing fees2% to 5% of the loan amount

Bajaj Finserv

Bajaj Finserv offers a personal loan of up to Rs 25 lakhs at an attractive interest rate. This personal loan comes with no hidden charges, 100% transparency, and instant approval within minutes and the user can get funds quickly in just 24 hours.

Interest RateInterest rates start from 13% per annum
ProcessMinimal documentation process, Instant approval
Loan AmountLoans up to Rs 25 lakhs
Processing feesUp to 4% of the loan amount
Tenure12 to 60 months

RBI Registered Loan App List 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:

  1. Credit score: A good credit score is usually required to qualify for a loan.
  2. Income: Lenders will want proof of your income, such as pay stubs or tax returns, to ensure you can repay the loan.
  3. Employment status: Lenders may require that you have a stable source of income and be employed or have a steady income stream.
  4. Debt-to-income ratio: Lenders will consider how much debt you already have about your income, to determine how much more debt you can handle.
  5. Residence: Some lenders may require you to have a permanent address and be a resident of a specific state or country
  6. 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 Registered Loan Apps

  1. 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.
  2. Proof of identity: Aadhar Card, PAN Card, Voter ID, Driver’s license, Passport, etc.
  3. Address Proof: Aadhar Card, Driving License, Ration card, Passport, Electricity bill, Maintenance bill
  4. Bank statements: Lenders may require recent bank statements to verify your income and to ensure you have enough funds to repay the loan.
  5. Employment verification: Some lenders may require proof of your employment status, such as a letter from your employer or pay stubs.
  6. Credit report: Lenders may pull your credit report to check your credit score and history.

How to apply for a loan through RBI registered loan app?

The loan app registered by the Reserve Bank of India provides you with loans to meet your financial needs, which you can use according to your needs. You can apply for a loan here by following some easy 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.
  • Submit the application 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.

EMIs payment methods on RBI Registered loan app list

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 Registered Loan App List Related FAQ:

What is RBI Registered Loan App?

RBI Registered Loan App is a mobile application designed to provide loans. 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.

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 Registered?

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, Kreditbee, HomeCredit, Fibe, Faircent, etc.

Are online loan apps safe?

Online loan apps can be safe as long as they are Registered 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.

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