RBI Approved Loan Apps in India : In recent years, the proliferation of digital lending platforms and mobile applications has transformed the lending landscape in India. These platforms offer quick and convenient access to funds for individuals and small businesses.
However, with the rise of loan apps, concerns about unethical lending practices and data privacy have also surfaced. To regulate this sector and protect consumers, the Reserve Bank of India (RBI) plays a crucial role in approving and overseeing loan apps operating in the country.
What is RBI?
The Reserve Bank of India, established in 1935, is the central banking institution of India. Its primary functions include issuing currency, formulating monetary policy, regulating the banking sector, and supervising financial institutions. RBI’s regulatory framework extends to digital lending platforms and loan apps, ensuring they adhere to fair practices and maintain the financial stability of the nation.
RBI Regulations on Loan Apps in India
Guidelines for Digital Lending Platforms
RBI has issued guidelines for digital lending platforms, ensuring that they operate with transparency and adhere to ethical practices. These guidelines focus on preventing predatory lending, harassment of borrowers, and the use of aggressive recovery tactics by loan apps.
Fair Practices Code
Loan apps approved by RBI are required to follow the Fair Practices Code, which outlines the principles of fair lending and ensures borrowers are treated respectfully and provided with clear and concise information about loan terms.
Data Security and Privacy
RBI emphasizes the importance of data security and privacy for loan apps. Approved apps must implement robust data protection measures to safeguard the personal and financial information of borrowers.
List of RBI Approved Loan Apps in India
While the RBI doesn’t endorse specific apps, it maintains a list of registered non-banking financial companies (NBFCs) on its website that are allowed to operate as lending platforms. Borrowers are encouraged to check this list before using any loan app to ensure its legitimacy.
RBI approved loan apps in India List 2023
When you need a quick loan, going to a traditional bank may take some time since there is a lot of paperwork, and credit cards have exorbitant interest rates. You might feel awkward asking your friends or family.
In India, salary advance loans are not widely available. When such a situation arises, applying for a personal loan is the best option. Below is a list of RBI-approved loan applications in India, which may make the application process much easier. Explore them in more detail by scrolling down.
|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|
|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|
There are many apps out there portraying themselves as legitimate lenders but are actually fakes. Several questions should be asked before you believe any app, such as are credy loan apps registered with the RBI? Once the digging has been completed, proceed with the formalities using the app or any app for that matter.
How to Identify RBI Approved Loan Apps?
RBI Registration Number
RBI-approved loan apps are issued a unique registration number by the central bank. Borrowers can verify the legitimacy of an app by checking its registration number on the RBI website.
Official Website Verification
Authentic loan apps will provide clear information about their affiliation with RBI on their official website. Users should verify this information before proceeding with a loan application.
Checking with RBI’s Official List
As mentioned earlier, RBI maintains an updated list of registered NBFCs on its website. Borrowers can cross-check the loan app’s name on this list to ensure it is approved by RBI.
Advantages of Using RBI Approved Loan Apps
Security and Reliability
RBI-approved loan apps provide a higher level of security and reliability as they must adhere to the central bank’s regulations and guidelines. Borrowers can be more confident about their data and financial transactions being handled safely.
Transparent Terms and Conditions
Loan apps approved by RBI are required to present their terms and conditions in a clear and understandable manner. This ensures that borrowers are aware of the applicable interest rates, repayment schedules, and any additional charges.
Grievance Redressal Mechanism
RBI-approved loan apps are obligated to establish a robust grievance redressal mechanism. If borrowers encounter any issues or have complaints, they can approach the platform or RBI for resolution.
Compliance with RBI Guidelines
By using an RBI-approved loan app, borrowers can be assured that the platform complies with the regulatory framework, which promotes fair and responsible lending practices.
Tips for Responsible Borrowing from Loan Apps
Borrow Only What You Need
Before taking a loan, borrowers should assess their actual financial requirements and borrow only the amount necessary to avoid falling into unnecessary debt.
Read Terms and Conditions Carefully
Borrowers should read and understand the terms and conditions of the loan app thoroughly. Any ambiguities or questions should be clarified with the app’s customer support.
A sound repayment plan should be in place before taking a loan. Borrowers should ensure they can repay the borrowed amount within the agreed-upon timeframe to avoid penalties or default.
RBI approved loan apps in India List 2023 Conclusion
RBI-approved loan apps offer a convenient and accessible means of obtaining funds in India. However, borrowers must exercise caution and use these platforms responsibly. Checking the RBI registration number and official website verification can help users identify legitimate loan apps. Responsible borrowing, along with adherence to RBI guidelines, ensures a positive borrowing experience while safeguarding personal and financial information.
RBI approved loan apps in India List FAQ
Q : Are RBI-approved loan apps safer than unregistered ones?
Ans : Yes, RBI-approved loan apps are safer as they comply with the central bank’s regulations, ensuring fair practices and data security.
Q : How can I check if a loan app is approved by RBI?
Ans : You can check for the app’s RBI registration number on its website or verify its name on RBI’s list of registered NBFCs.
Q : What is the Fair Practices Code for loan apps?
Ans : The Fair Practices Code outlines ethical lending practices that RBI-approved loan apps must follow, ensuring borrowers are treated fairly.
Q : Is it necessary to have a repayment plan before taking a loan?
Ans : Yes, having a repayment plan is crucial to ensure timely repayment and avoid defaulting on the loan.
Q : Can I trust the data security of RBI-approved loan apps?
Ans : Yes, RBI-approved loan apps are required to implement robust data security measures to protect borrowers’ personal and financial information.