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
|Article||RBI Registered Loan App list|
|Loan Amount||5k to 10 lakhs|
|Tenure||3 months to 5 years|
|Interest Rate||Get Competitive Interest rates starting from 12.75% p.a.|
|Employment Type||Salaried and Self-employed|
|Age||18 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 Name||Credit Limit|
|Kreditbee: Fast Personal Loan||1000 to 3 lakhs|
|Money View: Personal Loan App||10k to 5 lakhs|
|TrueBalance – Personal Loan App||5k to 50k|
|Fibe: Personal Loan Online App||8k to 5 lacs|
|PaySense: Personal Loan App||5k to 5 lakhs|
|MoneyTap – Credit Lines & Loan||3k to 5 lakhs|
|IIFL Finance||5k to 5 lakhs|
|Faircent||50k to 10 lakhs|
|Home Credit – Loan App||5k to 5 lakhs|
|Bajaj Finserv||Up 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 Rate||Interest rates range from 15% to 29.95% per annum|
|Process||The entire procedure is completely online|
|Loan Amount||Loans from Rs 1,000 to Rs 3 lakhs|
|Processing Fee||Rs 85 to up to 6% of the loan amount|
|Tenure||3 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 Rate||Interest rates start from 1.33% per month (16% annually)|
|Loan Process||100% Paperless application process|
|Loan Amount||Rs 5,000 to Rs 5 lakhs|
|Processing Fees||Starting from 2% of the approved loan amount|
|Tenure||Long 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 Rate||Interest rates start from 2.4% per month|
|Loan Process||100% Paperless loan application|
|Loan Amount||Rs 5,000 to 50,000|
|Processing Fees||0 to 7% of the loan amount|
|Tenure||Up 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 Rate||Interest rates start from 15% per annum|
|Process||Paperless application process|
|Loan Amount||Instant loans up to 5 lakhs|
|Processing fees||2% of the loan amount|
|Tenure||Flexible 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 Rate||Interest rates range from 16% – 35% p.a.|
|Process||Instant Process, 100% Fast and Secure|
|Loan Amount||Loans from Rs 5,000 to Rs 5 lakhs|
|Processing Fees||Rs 500 to up to 3% of the loan amount + GST|
|Tenure||3 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 Rate||Interest rates range from 12.96% to 36% per annum|
|Process||Easy Application process|
|Loan Amount||Approved credit limit of up to 5 lakhs|
|Processing fee||Rs 199 to up to 2% of the loan amount|
|Tenure||2 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 Rate||Interest rates ranging from 12.75% – 33.75% p.a. reducing rate (risk-based pricing)|
|Process||100% digital, Instant Loan approval and disbursal|
|Loan Amount||5000 to 5 lakhs|
|Processing fee||2% to 4% of the loan amount + GST|
|Tenure||9 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 Rate||Interest rates start from 18% per annum|
|Process||The easy online application process|
|Loan Amount||50,000 to 10 lakhs|
|Tenure||6 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 Rate||Interest rates range from 19% – 49% per annum|
|Process||100% paperless process, Instant approval of the loan|
|Loan Amount||5,000 to 5 lakhs|
|Tenure||3 to 51 months|
|Processing fees||2% to 5% of the loan amount|
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 Rate||Interest rates start from 13% per annum|
|Process||Minimal documentation process, Instant approval|
|Loan Amount||Loans up to Rs 25 lakhs|
|Processing fees||Up to 4% of the loan amount|
|Tenure||12 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:
- Credit score: A good credit score is usually required to qualify for a loan.
- Income: Lenders will want 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 debt 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 Registered 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.
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.