The digital revolution has left no industry untouched, and the banking sector is no exception. Today, India is home to numerous digital lending platforms and loan apps that promise quick and easy access to funds. However, it’s crucial to ensure these platforms are approved by the Reserve Bank of India (RBI) to protect your interests. Here’s an in-depth look at the Top 10 RBI Approved Loan Apps in India.
List of RBI Approved Loan Apps in India
- MoneyTap
- EarlySalary
- PaySense
- KreditBee
- Indiabulls Dhani
- LazyPay
- ZestMoney
- FlexSalary
- mPocket
- Money View
1. MoneyTap
Hailed as India’s first app-based credit line, MoneyTap offers personal loans with interest rates starting from 13% per annum. The credit limit can go up to ₹5 lakh, which users can utilize as per their needs. The application process is simple and hassle-free, with minimal documentation required. Upon approval, the funds are quickly disbursed, making it an ideal choice for those in need of fast financial assistance.
2. EarlySalary
EarlySalary has gained popularity among salaried individuals seeking short-term loans to tide over immediate financial needs. It offers loans ranging from ₹5,000 to ₹2 lakh. The application process is straightforward, requiring minimal documentation, thereby ensuring a smooth borrowing experience. Additionally, it provides flexible repayment options, allowing borrowers to repay the loan within 50 days to 2 years.
3. PaySense
PaySense, an RBI-approved NBFC, offers personal loans up to ₹5 lakh. Users can choose repayment tenures ranging from 3 months to 60 months, allowing them to manage their financial obligations. The app features a user-friendly interface that simplifies the loan application process.
4. KreditBee
KreditBee is a digital lending platform that provides instant personal loans starting from ₹1,000. It caters to both salaried and self-employed individuals, making it a versatile choice. The loans offered by KreditBee are quick, small, and have flexible repayment options, making them ideal for dealing with unexpected expenses.
5. Indiabulls Dhani
Indiabulls Dhani is a personal loan app that offers loans from ₹1,000 to ₹15 lakh. The application process is entirely digital and user-friendly. Once approved, the funds are disbursed to your bank account within minutes, making it a reliable choice for urgent financial needs.
Also read, 10 Best Personal Loans in India 2024
6. LazyPay
LazyPay, operated by PayU, offers personal loans from ₹10,000 to ₹1 lakh. It’s well-known for its ‘Buy Now Pay Later’ feature, enabling users to purchase goods and services immediately and pay later in lump sum or installments. This feature can be a boon for managing cash flow efficiently.
7. ZestMoney
ZestMoney is an AI-driven EMI financing app that provides a ‘Buy Now Pay Later’ service. It offers credit limits up to ₹5 lakh, which can be used across various online platforms like Amazon, Flipkart, MakeMyTrip, and more. This makes it a great option for managing large purchases.
8. FlexSalary
FlexSalary offers an instant line of credit up to ₹2 lakh to salaried individuals. Its key features include flexible repayment options and immediate fund disbursal, making it a great choice for those seeking instant financial assistance. Moreover, FlexSalary offers a salary advance, which can be a lifesaver in times of financial emergencies.
9. mPokket
mPokket offers instant personal loans tailored for college students and young professionals in the workforce. It offers loan amounts as low as ₹500, making it a handy solution for managing short-term financial crunches. This sets mPokket apart, as most other lending platforms require a higher minimum loan amount.
10. Money View
Money View offers personal loans up to ₹5 lakh. The repayment tenure ranges from 12-60 months, providing borrowers with ample time to repay the loan. What makes Money View unique is its proprietary credit model, which ensures loans are available even to those with a low credit score.
Know about more such RBI approved apps
Summing Up
The rise of digital lending platforms has revolutionized access to credit in India. However, choosing reliable, RBI approved apps is essential to avoid potential scams. The loan apps mentioned above are all RBI-approved, each offering unique benefits catering to various financial needs. Always read the terms and conditions of the loan agreement carefully and choose the one that best suits your financial requirements.
Frequently Asked Questions (FAQs)
RBI approval ensures that the digital lending platform complies with the regulatory standards set by the Reserve Bank of India. It adds a layer of credibility and assurance, safeguarding the interests of borrowers and promoting fair lending practices.
While the provided interest rates serve as a general guideline, actual interest rates may vary based on individual creditworthiness, financial history, and other factors. It’s advisable to check with the respective loan app for personalized interest rate details.
The speed of fund disbursal varies among loan apps, but many of them, such as MoneyTap and Indiabulls Dhani, aim for quick disbursal, often within minutes of loan approval. Check the specific disbursal timelines with the chosen app.
Most RBI-approved loan apps streamline the application process by requiring minimal documentation. Common documents include identity proof, address proof, income proof, and bank statements. Users should review the app’s documentation checklist for precise requirements.
Many of the mentioned loan apps, such as KreditBee and Indiabulls Dhani, cater to both salaried and self-employed individuals. Applicants should review the eligibility criteria of each app to confirm suitability for their employment type.
The terms and conditions regarding early repayment or foreclosure penalties may vary among loan apps. Borrowers should carefully review the loan agreement to understand any associated charges for prepayment and make an informed decision.
RBI-approved loan apps adhere to strict data security and privacy standards. They employ encryption protocols, secure authentication processes, and comply with relevant data protection laws to ensure the confidentiality and safety of users’ information.
Some loan apps, like Money View, use proprietary credit models that may be more inclusive, considering individuals with lower credit scores. However, the specific credit score requirements can vary, and applicants are encouraged to check with the respective app for eligibility criteria.
While users technically can apply for loans from multiple apps, it’s essential to consider the impact on credit scores and overall financial health. Multiple loan applications within a short period may affect creditworthiness. Borrowers should carefully assess their needs before applying for loans from different platforms.
In case of financial difficulties, users are advised to communicate with the loan app’s customer support proactively. Some apps may offer flexibility in repayment options or temporary relief measures. Ignoring payment obligations can lead to additional charges and negatively impact credit scores. Seeking guidance from the loan provider is crucial in such situations.
