Top 25 Best Rbi Approved Loan Apps In India

RBI Approved Loan Apps in India

In today's fast-paced world, unexpected expenses can arise suddenly. Whether it's a medical emergency, a home renovation, or a dream vacation, quick and reliable access to funds can be crucial. Luckily, technology has revolutionized the lending landscape, with RBI-approved loan apps offering convenient and transparent borrowing options.

But with so many apps available, choosing the right one can be overwhelming. This Article talks about the top 25 RBI-approved loan apps in India, providing clear descriptions and highlighting their key features to help you make an informed decision.

Why Choose RBI Approved Loan Apps?

Before we explore the app landscape, let's understand why opting for RBI-approved apps holds immense value:

• Safety and Security - RBI regulations ensure strict data privacy and fair lending practices, protecting you from predatory lenders and hidden fees.
• Transparency - All terms and conditions, including interest rates and processing charges, are clearly displayed upfront, preventing any surprises.
• Convenience - Download the app, submit your documents online, and get a quick decision, often within minutes. No more lengthy branch visits or paperwork hassles.
• Accessibility - Many apps cater to diverse financial needs, offering loans for salaried individuals, self-employed professionals, and even students.

List of 25 RBI Approved Loan Apps:

Now, let’s check out the details of the list of 25 RBI Approved Loan Apps:

1. Navi Loan App

Navi, a prominent player in the RBI-approved loan app landscape, strives to make personal finance simple, accessible, and affordable. 

Highlights

• Attractive Interest Rates - Starting from 9.90% per annum, offering competitive rates compared to many loan apps and traditional lenders.
• Quick and Paperless - Navigate a completely online application process with instant approvals and disbursal, often within minutes.
• Minimal Documentation - Upload basic KYC documents electronically, eliminating the hassle of physical paperwork.
• Flexible Repayment Options - Choose EMI tenors ranging from 12 months to 60 months to fit your financial needs.
• Transparency - All loan terms, fees, and charges are clearly displayed upfront, ensuring full transparency.

2. Bajaj Finserv

A trusted financial institution with a long-standing reputation, Bajaj Finserv offers diverse loan options through its RBI Registered loan app, including personal loans, education loans, and home loans. They cater to salaried individuals, self-employed professionals, and even students.

Highlights

• Competitive interest rates - Benefit from Bajaj Finserv's established market presence and potentially lower interest rates.
• Pre-approved loan offers - Check your eligibility for personalized loan offers without impacting your credit score.
• Wide loan range - Access loans from ₹1 lakh to ₹35 lakh depending on your needs and eligibility.
• Flexible repayment options - Choose repayment tenors that align with your financial situation.

3. CASHe

Known for its lightning-fast loan approvals, CASHe disburses loans between ₹5,000 and ₹5 lakh within minutes. This app is ideal for immediate financial needs but be mindful of potentially higher interest rates associated with quick approvals.

Highlights

• User-friendly interface - The app is easy to navigate and understand, making the application process smooth.
• Low interest rates - Compared to other instant loan apps, CASHe offers competitive interest rates for its limited loan range.
• Flexible repayment options - Choose EMI tenors ranging from 3 months to 2 years to manage your repayments comfortably.
• Paperless application process - submit your documents electronically for a quick and hassle-free experience.

4. EarlySalary

Specifically designed for salaried individuals, EarlySalary offers personal loans up to ₹5 lakh. They partner with various employers, often enabling salary account deductions for convenient repayments.

Highlights

• Fast processing - Get loan approvals within minutes, with disbursal typically within 24 hours.
• Paperless application - Submit your documents online directly from your smartphone.
• Salary account access for repayments - Repay your loan conveniently through automatic deductions from your salary account.
• Instant approvals for pre-qualified users - If your employer partners with EarlySalary, you might receive faster approvals with pre-approval offers.

5. Dhani

More than just a loan app, Dhani offers a credit limit of up to ₹2 lakh that can be used for online purchases, bill payments, or instant loan disbursals. This app is suitable for individuals seeking a versatile credit solution beyond traditional loans.

Highlights

• Rewards program - Earn Dhani reward points on various transactions within the app and redeem them for exciting offers.
• Multiple EMI options - Choose flexible EMI tenors for your purchases or loan disbursals based on your needs.
• Zero-cost EMI purchases - Enjoy interest-free EMIs on partner platforms when using your Dhani credit limit.
• User-friendly app - The app is well-designed and easy to navigate, making it convenient to manage your credit and finances.

6. FlexiLoans

Backed by a reputable NBFC, FlexiLoans provides personal loans from ₹10,000 to ₹5 lakh with competitive interest rates and flexible repayment terms. They focus on transparency and affordability, making them a good choice for budget-conscious borrowers.

Highlights

• No hidden charges - What you see is what you get. No surprise fees or charges are added to your loan amount.
• Instant approvals - Get quick decisions on your loan application within minutes.
• 24/7 customer service - Access help and support anytime through the app or phone.
• Transparent loan process - All loan terms and conditions are clearly explained upfront.

7. Money View Loans

Offering instant personal loans from ₹3,000 to ₹5 lakh, Money View Loans focuses on a quick and secure digital experience. They also provide credit score improvement features, making them a potential option for those looking to build their creditworthiness.

Highlights

• Easy online application - Apply for your loan directly through the app with minimal documentation.
• Fast disbursal - Receive your loan amount within 24 hours upon approval.
• Secure platform - All data and transactions are protected with advanced security measures.
• Credit score improvement features - Access tools and resources to track and improve your credit score over time.

 

8. mPokket:

mPokket caters to students and salaried individuals seeking instant personal loans. They are known for their quick approvals and flexible repayment options.

Highlights:

• Instant approvals - Receive loan approvals within minutes, often within 10 minutes.
• 100% online process - Apply for loans entirely online through the mPokket app, eliminating the need for physical visits.
• Direct bank transfer - Loan amounts are transferred directly to your bank account, ensuring quick access to funds.
• Flexible repayment options - Choose between bullet repayment (paying the entire amount at once) or EMI options (paying in installments).
• Credit limit - Get a credit limit of up to ₹45,000 based on your profile, allowing you to borrow multiple times within the limit. Interest rates range from 2-4% per month.
• Minimal documentation - Apply using basic KYC documents like Aadhaar Card, PAN Card, etc., uploaded electronically.

9. Lendingkart

Primarily catering to small and medium businesses (SMBs), Lendingkart also offers personal loans through its app. They provide a streamlined experience and dedicated support for entrepreneurs and self-employed individuals.

Highlights

• Flexible loan amounts - Access loan amounts tailored to your business needs, typically ranging from ₹50,000 to ₹50 lakh.
• Online document verification - Submit documents electronically for a quick and efficient application process.
• Dedicated account manager - Receive personalized assistance and guidance from a dedicated relationship manager.
• Competitive interest rates - Benefit from Lendingkart's established network of lenders and potentially lower interest rates.

10. IndiaLend

Similar to Indialends, this platform facilitates personal loans, business loans, and secured loans from various lenders. They offer a user-friendly interface and focus on a hassle-free application process.

Highlights

• Personalized loan offers - Receive pre-approved loan options based on your creditworthiness and profile.
• Hassle-free application process - Complete your application online with minimal documentation required.
• Secure transactions - All data and financial transactions are protected with robust security measures.
• Quick approvals for pre-qualified users - If you meet certain criteria, you might receive faster loan approvals.

11. NIRA

NIRA’s RBI Registered loan app offers rapid approvals and instant loan sanctions for amounts up to ₹5 lakh. They focus on affordable interest rates and transparent terms, making them a good option for budget-conscious borrowers.

Highlights

• Lower interest rates - Compared to some instant loan apps, NIRA boasts competitive interest rates for its loan range.
• Convenient repayment options - Choose flexible EMI tenors from 3 months to 60 months based on your needs.
• Secure platform - All transactions and data are protected with advanced security measures.
• Quick disbursal - Receive your approved loan amount within 24 hours.

12. Simpl

Known for its "buy now, pay later" feature, Simpl also offers instant personal loans up to ₹2 lakh. This app is well-suited for individuals comfortable with managing short-term credit and making timely repayments.

Highlights

• Quick approvals - Get decisions on your loan application within minutes.
• Flexible repayment plans - Choose EMI tenors ranging from 3 to 24 months to manage your repayments.
• Transparent fees - All applicable fees are clearly displayed upfront, avoiding hidden charges.
• Expense tracking - The app helps you track your spending and manage your finances effectively.

13. Krazy Bee

This app provides personal loans from ₹10,000 to ₹5 lakh with a focus on fast processing and convenience. They cater to individuals seeking quick loan approvals and are comfortable with potentially higher interest rates associated with such speed.

Highlights:

• Instant approvals - Receive loan decisions within minutes of applying.
• Minimal documentation - Submit basic KYC documents for a quick and hassle-free application process.
• 24/7 customer support - Access help and assistance anytime through the app or phone.
• Flexible repayment options - Choose repayment tenors that align with your financial situation.

14. Slice

Get a credit limit up to ₹50,000 with Slice and use it for online purchases, bill payments, or instant loan disbursals. This app offers a versatile credit solution beyond traditional loans, but remember to manage your credit responsibly to avoid debt issues.

Highlights:

• Flexible repayment options - Choose EMI tenors ranging from 3 to 36 months based on your needs and spending habits.
• Reward points program - Earn reward points on various transactions within the app and redeem them for exciting offers.
• Easy expense tracking - Monitor your spending and manage your finances effectively with the app's tracking features.
• No annual fees - Enjoy using your credit limit without incurring any annual charges.

15. One MobiKwik

MobiKwik’s RBI-approved loan app offers personal loans ranging from ₹1,000 to ₹50,000 with instant approvals. This app caters to individuals seeking smaller loan amounts for immediate needs, but be mindful of potentially higher interest rates for smaller loans.

Highlights

• Easy online application - Apply for your loan directly through the app with minimal documentation.
• Secure platform - All data and transactions are protected with industry-standard security measures.
• 24/7 support - Access help and assistance anytime through the app or customer care channels.
• Fast disbursal - Receive your approved loan amount within 24 hours.

16. PhonePe

This popular payment app also disburses personal loans from ₹1,000 to ₹5 lakh through partnerships with various lenders. They offer a convenient option for existing PhonePe users seeking quick and easily accessible loans.

Highlights

• Fast processing - Get loan approvals within a few hours, often on the same day.
• Convenient application - Apply directly through the familiar PhonePe app with minimal documentation.
• Multiple lender options - Choose from different lenders based on their interest rates and terms.
• Pre-approved offers - Existing PhonePe users with good payment history may receive personalized loan offers.

17. Amazon Pay

Get instant personal loans up to ₹6 lakh with flexible repayment options through Amazon Pay's RBI Registered loan app. This app caters to individuals comfortable with the Amazon ecosystem and seeking loans for various needs.

Highlights

• Pre-approved loan offers - Existing Amazon users with good creditworthiness may receive personalized loan offers.
• Easy online application - Apply directly through the Amazon Pay app with minimal documentation.
• Integration with Amazon ecosystem - Use your loan amount for purchases on Amazon and partner platforms.
• Flexible repayment options - Choose EMI tenors ranging from 3 months to 60 months based on your needs.

18. Flipkart Finance

Powered by Bajaj Finserv, Flipkart Finance provides personal loans from ₹10,000 to ₹2 lakh with attractive interest rates. This app is ideal for existing Flipkart users seeking convenient loan options within the familiar platform.

Highlights

• Fast approvals - Decisions on your loan application within minutes, often within the same day.
• Pre-approved offers - Existing Flipkart users with good purchase history may receive personalized loan offers.
• Convenient application - Apply directly through the Flipkart app with minimal documentation.
• Competitive interest rates - Benefit from Bajaj Finserv's market presence and potentially lower rates.

19. ZestMoney

A popular EMI financing platform, ZestMoney is one of the RBI Approved Loan Apps in India that also disburses personal loans up to ₹5 lakh. They offer flexible repayment options and features to improve your credit score, making them suitable for individuals seeking credit management tools alongside loans.

Highlights

• Wide range of repayment tenors - Choose EMI options from 3 months to 36 months to manage your payments comfortably.
• Credit score improvement features - Access tools and resources to track and improve your credit score over time.
• Multiple loan options - Borrow for various needs like shopping, travel, or other personal expenses.
• Transparent fees - All applicable fees are clearly displayed upfront.

20. TrueBalance

Known for its balance inquiry and recharge services, TrueBalance also offers personal loans from ₹1,000 to ₹50,000. This app caters to individuals seeking smaller loan amounts for immediate needs, but be mindful of potentially higher interest rates.

Highlights

• Easy online application - Apply for your loan directly through the app with minimal documentation.
• 24/7 customer support - Access help and assistance anytime through the app or phone.
• Quick disbursal - Receive your approved loan amount within 24 hours.
• Flexible repayment options - Choose EMI tenors ranging from 3 to 6 months based on your needs.

21. Mobiquity

This is one of the RBI Approved Loan Apps in India that provides salaried individuals with personal loans up to ₹5 lakh at competitive interest rates. They focus on salaried employees and offer convenient repayment options through salary account deductions.

Highlights:

• Fast approvals - Decisions on your loan application within minutes, often within the same day.
• Salary account deductions - Repay your loan conveniently through automated deductions from your salary account.
• Pre-approved offers - Existing Mobiquity users with a good salary history may receive personalized loan offers.
• Competitive interest rates - Benefit from partnerships with reputed lenders and potentially lower rates.

22. MyLoanCare

Offering personal loans from ₹5,000 to ₹5 lakh, MyLoanCare focuses on transparency and affordability. They cater to individuals seeking clear terms and potentially lower interest rates compared to instant loan apps.

Highlights:

• Simple online application - Apply for your loan directly through the app with minimal documentation.
• Instant EMI quotes - Get transparent quotes on your loan amount and repayment terms before applying.
• Dedicated relationship manager - Receive personalized assistance and guidance throughout the loan process.

23. CapitalFloat

Primarily catering to SMEs, CapitalFloat also offers personal loans to salaried individuals through its app. They provide larger loan amounts and cater to individuals with established careers and credit history.

Highlights

• Flexible loan amounts - Access loan amounts ranging from ₹1 lakh to ₹20 lakh based on your needs and eligibility.
• Competitive interest rates - Benefit from CapitalFloat's established network of lenders and potentially lower rates.
• Fast processing - Decisions on your loan application within a few days, depending on your profile.
• Dedicated account manager - Receive personalized support from a dedicated relationship manager.

24. Kreditbee

Get instant personal loans ranging from ₹10,000 to ₹2 lakh with Kreditbee's RBI Approved Loan Apps in India. They cater to individuals seeking quick approvals and are comfortable with potentially higher interest rates associated with such speed.

Highlights

• Minimal documentation - Submit basic KYC documents for a quick and hassle-free application process.
• Fast approvals - Receive loan decisions within minutes of applying.
• Flexible repayment options - Choose EMI tenors ranging from 3 to 60 months based on your needs.
• 24/7 customer support - Access help and assistance anytime through the app or phone.

25. Kreditzy

This app disburses personal loans from ₹10,000 to ₹2 lakh with a focus on affordability and convenience. They offer competitive interest rates and transparent terms, making them a suitable option for budget-conscious borrowers.

Highlights:

• Easy online application - Apply for your loan directly through the app with minimal documentation.
• Transparent terms - All loan fees and charges are clearly explained upfront.
• 24/7 customer support - Access help and assistance anytime through the app or phone.
• Competitive interest rates - Benefit from Kreditzy's partnerships with various lenders and potentially lower rates.

Remember: Before choosing any loan app, it's crucial to:

• Compare interest rates, processing fees, repayment terms, and eligibility criteria thoroughly.
• Read reviews and understand the app's background to ensure its legitimacy and security.
• Only borrow what you can comfortably repay and avoid falling into debt traps.
• Consider consulting a qualified advisor before making any financial decisions.

Additional Tips for Choosing a Loan App:

• Check the RBI website - Verify if the app is genuinely RBI-approved for added security.
• Read the terms and conditions carefully - Understand all charges, repayment terms, and late payment penalties before proceeding.
• Compare interest rates - Look for apps offering competitive interest rates to minimize your borrowing costs.
• Consider your credit score - A good credit score can unlock lower interest rates and better loan terms.
• Borrow responsibly - Only borrow what you need and can repay comfortably to avoid financial stress.

Helpful Resource: Check your eligibility for personal loans, types of loans available, interest rates, and much more on CreditMantri. 

By following these guidelines and using the information provided in this Article, you can make an informed decision when choosing an RBI-approved loan app and access the funds you need quickly and conveniently.

FAQs on RBI Approved Loan App

1. Which loan apps are trusted by RBI?

RBI approves various apps in India, including familiar names like Paytm and Bajaj Finserv. From CASHe to Dhani, borrowers have new options for flexible loan solutions. This list also includes Indialends, Lendingkart, and many more, making it easier than ever to access funds through mobile apps.

2. Which app gives loans easily?

Apps like CASHe, EarlySalary, and NIRA offer quick approvals, but often with higher interest rates. Weigh convenience against cost before choosing.

3. Which loan apps are approved by RBI without salary slip?

Some apps like Tala, Home Credit, and CASHe may consider alternative income proofs like bank statements or ITRs, but interest rates could be higher.

4. Which loan apps are banned in India?

These 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.

5. How many apps are approved by RBI for loans in India?

The number fluctuates as apps register and deregister. As of October 2023, over 1,800 NBFC-MFIs were registered with RBI.