Top 10 RBI Approved Loan Apps In India 2024: Best New Loan App

RBI Approved Loan Apps – In this day, it’s tough to find a reputable lending app that has been approved by a regulatory organization. If you’re looking for the best RBI Approved Loan Apps in India, you’ve come to the correct place. This post will provide a list of legitimate lending apps that have been approved by the RBI.

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RBI Approved Loan Apps in India App List 2024

The following is a list of RBI Approved Loan Apps in India that may make applying for a loan easier:

Why it is important to use only RBI approved loan apps in India

• According to surveys, the majority of people and small businesses have fallen victim to the growing number of unlawful mobile apps and digital lending platforms that offer inexpensive and quick loans.
• Exorbitant interest rates, hidden fees that borrowers are unaware of, unethical and coercive credit policies, and the improper use of contracts to access data on borrowers’ mobile phones are also covered in these studies.
• According to the RBI, financial institutions regulated by state governments by legislation such as money lending acts, as well as banks, NBFCs registered with the RBI, and other organizations, are permitted to conduct authorized public lending activities.
• The Reserve Bank has issued NBFCs a registration certificate in compliance with Section 45 IA of the RBI Act 1934, allowing them to hold and receive public deposits. [RBI Press Release]

A step-by-step guide to applying for a loan through RBI approved loan apps in India

• Find and download an RBI-approved loan app on your mobile device from the App Store or Play Store.
• Register on the app by creating an account using your email address and mobile number.
• Fill in personal information, including your name, address, and employment details.
• Upload required documents (mostly Aaadhaar Card, PAN Card), proof of income, address proof, and bank statements, as required by the app.
• Check your Personal loan eligibility by calculating your CIBIL.
• Choose the loan option that fits your needs and provides the most favorable terms.
• Review and accept the loan agreement, which will outline the terms and conditions of the loan.
• The loan amount will be directly credited to your bank account or digital wallet if approved.
• Make timely loan repayments according to the loan agreement terms to maintain a good credit score and avoid late fees or penalties.

Eligibility requirements and documents required

To meet the eligibility requirements of a RBI approved Loan Apps In India you should meet the following criteria:

• According to the RBI, you should be an Indian citizen.
• Your age should be a minimum of 21 years and a maximum of 55 years.
• You should not already have a loan from any other Non-Banking Financial Companies.
• You should have some source of income.
• Aadhaar or bank-linked mobile number.
• Selfie if required in some cases.
• PAN Card.
• A good CIBIL Score.
• If you fulfil these eligibility requirements then you are good to go.

Benefits of Using RBI Approved Loan Apps in India

• RBI approved loan apps ensure that the personal loan providers operate within the legal and regulatory framework set by the Reserve Bank of India. This provides greater protection for the borrower’s personal and financial information and helps prevent fraudulent activities like theft of money and unauthorized access to personal information.
• Additionally, an RBI registered loan app is obliged to abide by several rules, including transparent pricing and fair lending procedures, which can assist in safeguarding the borrower’s rights and guarantee that they get a fair deal. RBI approved loan apps are required to adhere to stringent data security standards to protect users’ personal and financial information. So you should opt for loans from RBI approved apps.

How to verify that a loan app is RBI-approved?

To avoid falling prey to the dishonest tactics of any company or financial institution providing loans online or through mobile applications, you must verify whether a loan app is RBI-approved or not. You can do this through these means:

1. Verify the name of the Bank/NBFC: Check for the name of the associated bank or NBFC on the loan app to ensure that the lender is RBI-registered.
2. Check name in the RBI-approved NBFCS list: Verify if the name of the lender provided on the loan app exists in the All-India list of NBFCs with valid registration certificates published by the RBI.

Our Top Selections for RBI approved loan apps in India

1. PaySense

• PaySense is an easy way for borrowers to apply for personal loans ranging from $5,000 to $5,000,000. This app is noted for quickly approving offers.
• Furthermore, the documents can be picked up from your home, eliminating the need for a courier or scanning for digital copies. They also offer a range of low-cost easy EMI alternatives that make repaying straightforward and painless.

Major Highlights

• Interest Rate: 1.4 to 2.3 % per month
• Maximum Loan Amount: ₹ 5,00,000
• Minimum Loan Amount: ₹ 5,000
• Documents: Aaadhaar card/PAN card, bank account statement, and a Photograph
• Features: Low-interest rates, No collateral, No CIBIL, Easy documentation, Quick approvals.

2. Money Tap

• To apply for a quick loan, simply download the Money Tap smartphone app. So, how exactly does it work? After registering, you must first complete the KYC verification and wait for final clearance. Following that, you can obtain rapid credit up to a maximum of $500,000 based on your credit score.

Major Highlights

• Interest Rate: 1.08 to 2.3 % per month
• Maximum Loan Amount: ₹ 5,00,000
• Minimum Loan Amount: ₹ 3,000
• Documents:  Selfie, PAN card,  Photo ID proof (passport/driving license/Voter ID/ Aadhar Card), Address proof (electricity bill/ration card/gas bill or postpaid mobile bill/telephone bill/ broadband bill), Bank statements, Rental agreement, Credit card statement
• Features: 100% paperless process, pay interest only for the borrowed amount, Flexible EMI tenure ranging from 2 to 36 months, Collateral loan, 4 minutes approval, Secured API and interface

3. Dhani

• Dhani is a top-tier personal loan application without paperwork that began as a drugstore but has since extended to provide finance services. Dhani is used by many out-of-town students to augment their income while working part-time.
• Apply for a fast loan of up to $500,000 with low-interest rates. In addition, you will receive 2% cashback on each transaction, which you may use for services or redemptions later.

Major Highlights

• Interest Rate: 1 to 3.17% per month
• Maximum Loan Amount: ₹5,00,000
• Minimum Loan Amount: ₹1,000
• Documents: PAN card, Address proof (passport, voter ID, driving license, Aadhar card), Bank details
• Features:  Instant personal loan up to  ₹ 5,00,000, Easy EMI, Amazing cashback, Free Dhani RuPay card, 100% online, 24*7 customer support

4. NIRA App

• NIRA Finance is one of the top RBI Approved Loan Apps in India, known for its quick approvals. With a simple registration, you can easily obtain greater credit, and they boast about their instant loan sanction letter.
• Download the quick loan application, join up, submit the necessary documentation, and link a bank account. It will instantly evaluate your credit score and secure you a free loan. Depending on your credit score, you could be approved for up to $500,000 with a monthly interest rate ranging from 1.5 to 2.5%.

Major Highlights

• Interest Rate: 1.5 to 2.5  % per month
• Maximum Loan Amount:  ₹ 5,00,000
• Minimum Loan Amount:  ₹ 3,000
• Documents: Salary Slip, Last 3 months bank statement, PAN card, Photograph, ID proofs
• Features: Lower interest rates, Easy repayment, Flexible schedule, customer service, quick disbursal

5. CASHe

• CASHe has established itself as the top RBI Approved Loan App, and the User Interface of its application reflects this. It’s one of the greatest immediate loan applications; you can easily log in, and the front panel has all the information you’ll need to acquire a quick loan.

Major Highlights

• Interest Rate: Starts from 1.75 % per month
• Maximum Loan Amount: ₹ 5,00,000
• Minimum Loan Amount: ₹ 5,000
• Features: Online process, Privacy & security, 24/7 service, Low-interest rates

6. NAVI

• NAVI is an instant loan app that offers loan amounts of up to 20 lakh with interest rates starting at 9.99 percent p.a. for terms of up to 6 years.
• Because PAN and Aadhaar numbers are used in the loan application procedure, this application eliminates the need for paper. When the loan is approved, the applicant’s bank account is promptly credited, which usually takes less than 10 minutes. In addition, the app provides easy, affordable, and easily accessible financial goods and services. NAVI is without a doubt one of the greatest personal loan apps.

Major Highlights

• Annual Interest Rate: Starting at 9.99 %
• Maximum Loan Amount:  ₹ 20,00,000
• Minimum Loan Amount:  n/a
• Documents: Aadhar Card, PAN Card
• Features: Paperless, Annual Interest rate, Quick (10 mins), Fully Online

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