100 RBI Approved Loan Apps in India (2024)

RBI approved loan apps in India are financial platforms that have obtained the necessary clearance from the central bank to offer lending services. These apps operate within the framework set by RBI and are subject to its guidelines. The importance of choosing RBI approved loan apps in India cannot be overstated for borrowers.

RBI approved loan apps in India adhere to stringent regulatory standards. They ensure transparency and fair lending practices, which protect borrowers from fraudulent activities. These apps are likelier to have strict security measures to safeguard user data and financial information.

This reduces the risk of data breaches and identity theft. RBI monitors the interest rates charged by approved apps to prevent usurious practices. This provides borrowers with loans at reasonable rates. RBI-approved apps are obligated to have mechanisms for addressing customer complaints. This also enhances borrower protection. Borrowers using approved apps have legal recourse through RBI in case of disputes or grievances. It ensures a structured process for dispute resolution.

RBI approved loan app list

RBI plays a crucial role in regulating loan apps by setting guidelines, maintaining oversight, and conducting periodic audits. These measures are designed to maintain the stability of the financial system. It protects the interests of borrowers.

Using unapproved loan apps can have severe legal implications. They often engage in predatory lending practices, charge exorbitant interest rates, and may misuse personal data. Borrowers risk falling into a debt trap and may not have legal recourse in disputes. These apps operate outside the regulatory framework, making them susceptible to legal action.

How do I Check if RBI Approves a Loan App?

To check if RBI registered loan app list, visit the official RBI website (https://www.rbi.org.in/). Then, look for a list of registered Non-Banking Financial Companies (NBFCs). Trusted loan apps operate through the NBFC loan app and should be listed there. Additionally, you can verify the app’s legitimacy by checking its registration and license details on the RBI website. Be cautious of apps that do not appear on the NBFC registered loan app list or need proper credentials. They may be operating illegally and could pose financial risks.

100 Popular RBI Approved Loan Apps List in India

S.No.App NameInterest rates

Per Month





Store Rating

Loan Approval TimeLoan Amounts
1Indiagold0.77No credit score required4.630 minsUpto 1 Cr.
2Money ViewFrom 1.336504.724 hrs10k – 5 lac
3Fibe1.55754.42 hrs5k – 5 lac
4CASHe2.25-2.56003.715-20 mins10k – 2 lac
5FlexSalary35754.61 hr4k – 2 lac
6KreditBee1.02-2.56004.510 mins1k – 2 lac
7MoneyTap1.086004.04 mins3k – 5 lac
8NIRA1.676814.324 hrs5k – 1 lac
9PaySense1.33-2.176503.74 hrs5k – 5 lac
10StashFin0.99-4.95503.84 hrs.500 – 5 lac
11Rupeeredee2.83 – 35502.85 mins5k – 5 lac
12LoanTap1.25 – 26003.724-36 hrs50k – 10 lac
13Money in Minutes2.23 – 35004.75 mins1k – 50k
14AnyTimeLoan0.84 – 2.126004.71 min1k – 5 lac
15Home Credit2 – 2.836504.41 day10k – 50k
16MoneyOnClick1.58 – 36504.02-3 days3k – 1 lac
17Finomena1 – 36004.15 mins5k – 5 lac
18BuddyLoanFrom 16004.41 – 2 days10k – 15 lac
19LoanAdda0.95 – 36004.25-7 days10k – 10 lac
20Qbera0.99 – 2.995753.81 min25k – 15 lac
21LoanFront1 – 36004.415 mins50k – 10 lac
22mPokket0 – 45504.4Few hrs30k
23LazyPay1.33 – 2.666604.45 minsUpto 1 lac
24Money View1.33 – 3.256004.724 hrs5k -10 lac
25Bajaj Finserv1 – 2.836504.55 mins20k – 40 lac
26Mobicred1 – 2.832.62.61 dayUpto 1 lac
27Tata Capital0.92 – 2.337504.072 hrs75k – 35 lac
28PayMeIndia1.5 – 36503.91 dayUpto 5 lac
29DhaniUpto 3.57503.35 mins1k – 15 lac
30Early Salary1.45 – 3.337204.42 hrs5k – 5 lac
31India Lends0.85 – 2.087504.01-2 days25k – 50 lac
32Paytm Pay Later0.87 – 4.047004.510 mins10k-5 lac
33Zest Money0.25 – 36003.824 hrs5k – 5 lac
34DigiMoney1.58 – 2.837503.830 mins5k – 1 lac
35Kissht Loan1.5 onwards6004.010 – 15 minsUpto 5 lac
36IndusMobile: Digital Banking1.5 – 3.257504.13 hrsUpto 50 lac
37Mystro Loans & Neo Banking App1.25 – 37504.22-3 hrs5k – 2 lac
38Pocketly1.16 – 3.256004.0Few mins500-10k
39Prefr1.5 – 3No credit score required4.41 minUpto 3 lac
40Fair Money1 – 35502.75 minsUpto 30 lac
41Bueno Loans1.66 – 4.667504.148 hrsUpto 25k
42Bajaj Markets1.16 – 4.666504.124 hrsUpto 40 lac
43RupeeLend3Even below 6503.85 mins.Upto 1 lac
44LoanTap1.57503.724-36 hrsUpto 10 lac
45Realme PaySa0.926004.15 minsUpto 10 lac
46Mi Credit1.35 onwards7004.25 minsUpto 5 lac
47Cashbean2.13 onwardsNo credit score required4.230 minsUpto 60k
48Smartcoin1.667004.11-2 daysUpto 25k
49RapidRupee1 – 3No credit score required4.230 mins1k – 60k
50Truebalance5 – 12.97204.31 day1k – 1 lac
51Postpe1.5 – 2.257503.810 mins1k – 10 lac
52KreditzyUpto 2.49No credit score required2.015 minsUpto 2 lac
53NAVI0.83 – 3.756504.320 minsUpto 5 lac
54FreopayUpto 0.4No credit score required4.21 minUpto 10k
55credifyn1.79 – 5.756003.511 minsUpto 2 lac
56Avail Finance1.25 – 37204.41 dayUpto 50k
57Branch3.26504.41 dayUpto 50k
58Rupeek appUpto 2.91No credit score required4.660 minsUpto 50 lac
59Simpl pay laterNANo credit score required4.530 minsUpto 1 lac
60Mobikwik16 (APR)7504.210 minsUpto 2 lac
61NiyoX1.33 – 37504.52 minsUpto 50k
62Bharatpe1.75 – 2.56003.93 daysUpto 50 lac
63Simply cashUpto 2.087503.41 minUpto 1.5lac
64SliceNA4503.62 hrsUpto 1 lac
65Digibank by DBS 1 – 37504.51 minUpto 2 lac
66IndOASIS0.81 – 1.016004.23 daysUpto 70 lac
67Amazon pay laterDepends on partnerNo credit score required4.05 daysUpto 60k
68Flipkart pay laterNANo credit score required4.230 secsUpto 60k
69Tata neu credit card0.91- 2.417504.372 hrs10k – 1.5 lac
70HDFC Bank app0.91 – 1.756504.010 secsFrom 2 lac
71Tala36003.810 minsUpto 10K
72Ola money pay laterNANo credit score required2.45 mins1.5k – 20k
73Khatabook app1.75 – 27004.63 days50k – 10 lac
74Jupiter credit limit0.996004.43 minsUpto 50k
75Onecard app2.5 – 3.56004.45 mins10k – 1.5 lac
76Paisabazaar credit limit0.8757504.448 hrs50k – 10lac
77iMobile pay later0.875No credit score required4.63 daysUpto 20k
78SBI YONO app0.71 – 0.90No credit score required4.32 weeks1.5k – 60k
79IDFC bank pay later12 – 24 (APR)7004.630 mins1.5k – 60k
80Axis mobile apps0.87 – 27504.82 weeks50k – 10 lac
81Rufilo loan app1.56004.45 mins5k – 25k
82IBL finance1.5 – 36003.824 hrs5k – 25k
83Kodak 811 and mobile banking0.916504.248 hrs10k – 5 lac
84Foxpay1 – 1.487504.610 days1k – 2 lac
85Google payDepends on partner7004.424 hrsDepends on partner
86Fullerton India8 – 24 (APR)7501.872 hrs10k – 30 lac
87PayRupik35 APR7504.35 minsUpto 20 k
88Loaney37203.23 days200 – 20 k
89Fedfina lons27003.98 days3k – 50k
90Mahindra finance0.917004.22 days25k – 1.75 lac
91Fatakpay15 – 36 (APR)7504.230 minsUpto 50k
92PhocketUpto 37003.724 hrs5k – 2 lac
93Piramal Finance0.99 – 2.997504.324 hrs5k – 5 lac
94Planet by L & T Finance0.917304.32 hrs50k – 25 lac
95Creditscore – Paisabazaar0.877204.41 hr1k – 50k
96Pay with Ring1.16 – 2.337504.25 hrsUpto 35k
97iMuthoot0.527004.51 dayUpto 10 lac
98Upwards0.757503.524 hrsUpto 5 lac 
99MyShubhLife1.25 – 2No credit score required4.45 hrs25k – 5 lac
100Samsung Finance+Depends No credit score required3.84 hrsUpto 7 lac

How to Apply for a Loan

Step-by-Step Guide to Applying for a Loan on an RBI Approved Loan App in India:

Step#1 – Download the App: Download the RBI approved loan apps in India from a trusted source such as the official app store.

Step#2 – Registration: Open the app and register with your mobile number or email. Verify your identity as per the app’s instructions.

Step#3 – Profile Creation: Create a user profile with accurate personal information, including name, address, and date of birth. Ensure the details match your official documents.

Step#4 – Eligibility Check: The app will have an eligibility checker tool. Enter your financial details like income, credit score, and loan amount needed to determine if you meet the criteria.

Step#5 – Loan Selection: Browse the available loan options. Select the one that suits your needs. Carefully review the terms, interest rates, and repayment schedules.

Step#6 – Document Submission: Upload the necessary documents, including your Aadhaar card, PAN card, bank statements, salary slips, and address proof. Ensure these documents are clear and legible.

Step#7 – Credit Assessment: The app will assess based on the provided information and documents. A good credit score increases your chances of approval.

Also Read: Bad cibil loan app list in India

Step#8 – Loan Approval: Once your application gets approved, you will receive a loan offer detailing the loan amount, interest rate, and repayment terms. Review it thoroughly.

Step#9 – Acceptance: If you agree to the terms, accept the loan offer electronically. Be sure to understand the repayment schedule.

Step#10 – Disbursement: The loan amount will be disbursed to your linked bank account after acceptance. This process may take a few hours to a couple of days.

Step#11 – Repayment Setup: Set up automatic repayments. You may also follow the app’s instructions for making timely payments to avoid penalties.

Documentation Requirements to Get the Loan

The specific documentation requirements may vary between RBI approved loan apps in India, but you’ll need the following:

  1. Aadhaar Card: For identity verification.
  2. PAN Card: For income and tax-related verification.
  3. Bank Statements: To show your financial stability and repayment capacity.
  4. Salary Slips: If you’re employed, this helps verify your payment.
  5. Address Proof: Documents like utility bills or rental agreements to verify your house.
  6. Photographs: Passport-sized photographs for KYC purposes.

Eligibility Criteria

The eligibility criteria also vary but usually include:

  1. Age: You must be between 21 and 60 years old.
  2. Income: You should have a steady source of income.
  3. Credit Score: A good credit score above 650 is preferred.
  4. Residential Status: You should be an Indian resident.
  5. Documentation: All required documents should be in order.
  6. Repayment Capacity: Your income should support loan repayments.

It’s essential to carefully review the terms and conditions of any loan offer, especially if you have a low credit score. Be cautious of predatory lenders who may take advantage of your situation with highly high interest rates and hidden fees. Always borrow responsibly and seek financial advice if you’re in a difficult financial situation. 

Benefits of Using RBI-Approved Loan Apps in India

Using RBRBI-approved apps offers several advantages:

1. Security and Data Protection

RBI-approved apps are subject to strict regulatory standards. It ensures strong security measures for protecting user data and financial information. This reduces the risk of data breaches, identity theft, and unauthorized access. This gives borrowers peace of mind.

2. Transparent Terms and Conditions

These apps stick to clear, standardized terms and conditions. Borrowers can easily understand the loan terms, interest rates, fees, and repayment schedules. This promotes transparency and prevents hidden charges or predatory lending practices.

3. Grievance Redressal Mechanism

RBI mandates that approved apps have mechanisms for addressing customer complaints and grievances promptly. Borrowers have a structured process for dispute resolution, enhancing consumer protection and confidence.

Using RBI-approved loan apps ensures a safer and more reliable borrowing experience. Borrowers can trust that their personal and financial information is well-protected. They can understand the terms of their loans and have a dedicated channel for addressing any issues that may arise during the loan process. 

Frequently Asked Questions (FAQs) 

1. Can I get a loan with a low credit score? 

Ans. You can still get a loan with a low credit score, but it may be more challenging. Options include secured loans, finding a co-signer, seeking loans from alternative lenders, or credit unions. Remember that you may face higher interest rates and stricter terms, so it’s crucial to shop around, improve your credit over time, and be cautious of predatory lenders.

2. How long does it take to get a loan approved? 

Ans. The time it takes to get a loan approved varies depending on the loan type and lender. It also depends on your circumstances. Some loans, like payday or personal loans from online lenders, can be approved within hours or minutes. However, traditional loans, such as mortgages or large business loans, may take several weeks to process. This is due to extensive documentation and underwriting requirements.

3. Are there any hidden charges associated with these apps? 

Ans. Hidden charges can exist in some loan apps, but RBI-approved apps are mandated to provide transparent terms and conditions. It’s crucial to thoroughly review the loan agreement for any potential hidden fees, such as processing charges, prepayment penalties, or late payment fees. Reputable apps should disclose all costs of the loan before you agree to it.

4. Is using a traditional bank for loans or these apps better?

Ans. The choice between traditional banks and loan apps depends on your needs. Traditional banks may offer lower interest rates and more significant loan amounts, suitable for large loans like mortgages. Loan apps provide convenience and faster processing for smaller, short-term loans. Consider factors like interest rates, loan amount, repayment terms, and your creditworthiness when deciding which option is better for your specific situation.

Eleggible’s Final Words

In summary, 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 offer enhanced security and transparency, safeguarding borrowers from fraud and hidden fees while providing a structured grievance redressal mechanism. These apps operate under RBI’s regulatory oversight, ensuring fair lending practices.

Meeting eligibility criteria and providing necessary documentation are essential for loan approval. Even with a low credit score, options like secured loans, co-signers, and alternative lenders are available.

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