Using RBI approved and registered loan applications ensures taking personal loans in a secure manner. With the help of these mobile applications, you can avail loans ranging from 3 months to 36 months, and your loan gets approved within just 1 hour.
Finding a secure loan application at present becomes quite challenging as many fake loan applications have flooded the market. If you are searching for the best RBI registered loan applications in India, then you are reading the right article.
Here, I have provided information about 100 top RBI approved or registered loan applications through which you can take personal loans in any emergency. These loan apps can be used to immediately avail loans for weddings, vacations, medical expenses, travel, etc. And the loan apps provided here can be beneficial for everyone.
What Exactly is an RBI Approved Loan App?
Approved loan apps are those applications that are licensed and authorized by the Reserve Bank of India (RBI). This means that any application approved by the RBI adheres to all guidelines issued by the RBI and is entirely secure for taking loans.
Some applications also fall under NBFC (Non-Banking Financial Company). For instance, if you search for any application on the Google Play Store, you’ll find the name of the NBFC company associated with the application, and all these NBFC companies are also approved and regulated by the RBI.
List of RBI Approved Loan Apps in India
| RBI Approved / Registered Loan Apps | Loan Amount | Interest Rate | Released On |
|---|---|---|---|
| Fatakpay | Up to ₹2 lakh | 18% to 36.5% p.a | 10-Apr-22 |
| IBL Finance App | ₹2,000 to ₹50,000 | 15% to 36% p.a | 01-Dec-20 |
| Tata Neu | Up to ₹10 lakhs | 9% to 29% p.a | 14-Oct-21 |
| Planet by L&T Finance | ₹50,000 to ₹25 lakh | 10% to 20% p.a | 07-Mar-22 |
| Prefr Credit | ₹25,000 to ₹3,00,000 | 18% to 36% p.a | 18-Feb-20 |
| SBI YONO APP | Up to ₹8 lakh | 13.55%-14.05% p.a. | 23-Nov-17 |
| Upwards | ₹25,000 to ₹5,00,000 | 16% to 32% p.a. | 22-Mar-2017 |
| Finnable | ₹50,000 to ₹10,00,000 | 16% | 27-Nov-17 |
| Flexpay | Up to ₹2,00,000 | 18% to 36.5% | 09-Sept-2020 |
| Moneyfy | ₹5,000 – ₹5,00,000 | 10.99% (Maxi APR 26%) | 12-Jul-16 |
| Tata Capital | ₹75,000 – ₹35 lakh | Start 10.99% p.a. | 31-Dec-18 |
| CHQBOOK | Loans up to ₹5 lakh | Start 17% p.a. | 07-Mar-2019 |
| Home First | Up to 90% of property value | Start 8% p.a. to 18% p.a. | 10-Apr-2017 |
| FlexSalary | Up to ₹2 lakh | 18%-36.5% | 07-Aug-17 |
| Creditt | ₹10,000 – ₹35,000 | 18% to 33% | 22-Aug-2023 |
| INDmoney | ₹2,000 – ₹10,000 | 12%-28% P.A. | 27-Jun-2019 |
| Slice | Up to ₹5,00,000 | 18%-36% | 01-Jul-15 |
| Navi | Up to ₹20 lakh | 9.9%-45% p.a | 30-Apr-20 |
| Postpe | ₹1,00,000 | 18% p.a. (reducing) | 15-Sept-2021 |
| Bajaj MARKETS | Up to ₹50 lakhs | 10.49%-26% | 09-Oct-19 |
| Nira | ₹5,000 – ₹1,00,000 | 24%-36% (reducing balance) | 23-Apr-18 |
| PayRupik | ₹1,000 – ₹10,000 | 35% per annum | 02-Jan-2020 |
| RupeeRedee | ₹2,000 – ₹25,000 | 36%-120% | 12-Feb-19 |
| Stashfin | ₹1,000 – ₹5,00,000 | 11.99%-59.99% APR | 17-Oct-17 |
| RapidRupee | ₹1,000 – ₹60,000 | Up to 35.9% | 04-Dec-18 |
| LoanFront | ₹1,500 – ₹2,00,000 | 15.95%-35.95% p.a. | 03-Mar-19 |
| MoneyTap | ₹10,000 – ₹5,00,000 | 12%-36% | 12-Jul-2016 |
| Home Credit | ₹10,000 – ₹5,00,000 | 20%-49.5% | 12-Feb-2019 |
| Google Pay | ₹1,00,000 | Up to 34% p.a | 17-Sept-2017 |
| Vyom | ₹10,00,000 | 15% p.a. | 07-Dec-2018 |
| Paytm for Business | Up to ₹10,00,000 | 10%-20% p.a. | 13-Oct-2017 |
| Phone Pe | ₹10,000 – ₹5,00,000 | 16% – 39% p.a | 29-Aug-2016 |
| Piramal Finance | ₹10,000 to ₹10.00,000 | 11.99% – Max. 35.99% p.a | Jul 21, 2021 |
| Phone Pe for Business | ₹10,000 – ₹5,00,000 | 16% – 39% p.a | 24-Oct-2018 |
| PayMe | Up to ₹10 lakhs | 36% – 54% p.a | 29-May-2017 |
| Bhim | ₹50,000 – ₹5,00,000 | 14% – 29.95% | 29-Dec-2016 |
| Freecharge | ₹5,000 – ₹5 lakh | 8% – 24% p.a | 22-Apr-2013 |
| MyMoneyMantra | ₹10,000 – ₹50 lakhs | 10.5% – 30% | 31-May-2021 |
| LazyPay | ₹3,000 – ₹5 lakhs | 15% – 32% p.a | 19-Feb-14 |
| Simpl Pay Later | Up to ₹25,000 | 20% – 30% per year | 30-Dec-15 |
| IIFL Loans | ₹5,000 – ₹5,00,000 | 21% – 30% p.a | 12-Oct-2015 |
| Zest Money | ₹1,000 – ₹2 lakhs | Nill | 01-Mar-21 |
| Tradofina | ₹5,000 – ₹50,000 | 14% – 28% | 26-Jun-20 |
| Kosh Loan App | ₹20,000 – ₹2 lakhs | 24% | 22-Aug-2019 |
| IndiaLends | Up to ₹25 lakhs | 10.25% – 25% | 02-Mar-16 |
| INDIE By Indusind | Up to ₹5 lakhs | 11.99% – 28% | 05-Jul-2023 |
| Amazon Pay Later | ₹3,000 – ₹60,000 | 14% – 24% | 12-Dec-14 |
| DigiMoney | ₹10,000 – ₹1 lakh | 10% – 24% per annum | 10-Feb-21 |
How to Check if a Loan App is RBI Registered or Not?
To verify any RBI-approved loan application or NBFC company, the Government of India has created a website called (Mca.gov.in). Through this website, you can check the approval status of any application or NBFC company by its name.
For more information, follow the steps below, which outline how to check the approval status of an application’s license step by step:
Step 1: Go to Google and search for Mca.gov and open the website first.
Step 2: Now, click on Mca Service.
Step 3: Then, go to the LLP service and click on Check LLP Name.
Step 4: Now, type the name of the application or NBFC company whose approval you want to check.
Step 5: Then, the current status of the company will appear before you, and this way, you can verify RBI loan applications.
How to Identify RBI Approved Loan Applications
To identify RBI-approved/registered loan apps, we’ve covered some points here that you can read to determine which apps are registered with the Reserve Bank of India and which are not.
Check About This App
On the Google Play Store, there is an “About This App” section where you can see the words “RBI NBFC Approved/Registered” and the name of the company. This makes it easy for you to know if the company has obtained a license from the RBI.
Non-Banking Partners
Currently, some loan applications offer loans in partnership with non-banking financial companies (NBFCs), which you can see by clicking on the “All Partners” section of the loan application.
Non-banking financial companies are licensed by the RBI, so you can find out from this information that the company only lends money in this way and follows RBI banking guidelines.
Ownership
At present, some well-known companies launch their loan applications where you can find out about the company’s ownership. That it has obtained a license from the RBI. Let me explain this well to you,
Currently, everyone knows about Flipkart, whose chairman is Sachin Bansal. He launched the Navi App in 2018. This company was inspired by Flipkart’s marketing.
Keeping an eye on this, most people trusted it, so you can also find out about the growth of that company from the ownership of the company’s chairman, CEO, etc.
Mca.gov. website
When you find out the name of the company, which is registered under the RBI list, you can go to the MCA government website, enter the name of the company, and find out important information about the company’s growth, company status, etc., to find out if the company is licensed by the Reserve Bank of India.
Benefits of Using RBI Approved Loan Applications
Secure Loans: An application approved by the RBI means that the application is entirely secure, and you can obtain a secure loan from that application.
Low Documentation Loans: With loan applications, you can obtain loans with minimal documentation, such as Aadhar Card and PAN Card.
Instant Loan Approval: RBI registered applications provide you with instant loan facilities. If you meet the loan eligibility criteria, the loan amount is transferred to your bank account immediately.
Longer Tenure: RBI-approved loan applications offer a longer tenure, allowing you to easily repay your loan amount within the specified period.
Low Interest Rates: Secure loan applications provide loans at lower interest rates compared to other applications, making it easier for you to repay the loan.
Zero Extra Charges: RBI-approved loan applications do not charge any kind of documentation fees or extra charges.
Loan Repayment: You have various options for loan repayment, and you can pay the loan installment through UPI, internet banking, credit card, or debit card.
Conclusion
Through today’s article, we have provided you with a list of RBI-approved loan applications. If you are in need of a loan, you can safely obtain one from any application listed above. Additionally, we have learned how to check the approval status of loan applications and the benefits associated with them.
We hope the information provided above has been beneficial to you. If you have any questions, please feel free to ask us in the comments below. We would be delighted to assist you.
Frequently Asked Questions (FAQs): RBI Approved Loan Apps in India
Which loan apps fall under RBI’s jurisdiction?
RBI-approved loan applications adhere to strict regulatory standards set by the Reserve Bank of India. These apps ensure compliance with financial regulations, providing users with a secure borrowing experience. Notable examples include Moneyview, Navi, Kreditbee, Paylater, Ring, among others.
Which is the best app for taking loans?
When considering the best loan app, factors like interest rates, repayment terms, and user experience matter. NIRA, Stashfin, Moneytap, Cashe, Smartcoin, and others stand out as top choices. They have received approval from RBI and prioritize user safety while offering convenient borrowing options.
Is the NIRA app safe?
NIRA’s safety stems from its compliance with RBI guidelines and regulations. Being an RBI-approved application ensures that NIRA maintains stringent security measures to protect users’ financial information and transactions.
Which app provides loans within 2 minutes?
For immediate loan approval, users can rely on platforms like Moneyview, NIRA, Kreditbee, Navi, Ring, and others. These apps streamline the borrowing process, offering swift loan approvals and disbursals, often within minutes of application submission.
Are large loans safe?
Large loans facilitated through RBI-registered NBFC companies offer a secure borrowing avenue. These companies adhere to RBI regulations, ensuring transparency, fair lending practices, and protection of borrowers’ interests.
Are online loan applications safe?
While the internet hosts both fraudulent and legitimate loan apps, RBI-approved applications like Moneyview, Navi, Kreditbee, Stashfin, Moneytap, Cashe, and Smartcoin prioritize user safety. These platforms undergo rigorous scrutiny, complying with RBI standards to provide a secure borrowing environment.
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