In today’s digital age, it is easier to get any loan. With the help of loan apps, you can apply for and receive loan amount quickly and easily in direct your bank account, all from the comfort of your own home.
However, with so many more loan apps available on google play store, it can be difficult to know which ones are the best. That’s why we’ve put together this list of the top 10 RBI approved loan apps in India.
RBI Approved Loan Apps List 2023
1. Paysense
Paysense is one of the most popular loan app in India. It offer loan ranging from Rs. 5,000 to Rs. 50,000 with an interest rate of 18% per annum. Repayment tenure is flexible and can be anywhere from 3 to 12 month.
Paysense is a good option for people who need small loan for short period. Application process is simple and can be completed in a few minutes. Loan amount is credited directly to the user’s bank account within 24 hour of approval. Apply Here
2. Bajaj Finserv First Credit
Bajaj Finserv First Credit is another popular loan app in India. It offers loan ranging from Rs. 10,000 to Rs. 2 lakh with an interest rate of 16% per annum. Repayment tenure is flexible and can be anywhere from 6 to 36 month as you want.
Bajaj Finserv First Credit is a good option for people who need larger loan for longer period. Application process is simple and can be completed in few minutes. Loan amount is credited to the user’s bank account within 24 hours of approval. Apply Here
3. CASHe
CASHe is a loan app that offers instant loan to salaried individual person. Loan amount range from Rs. 1,000 to Rs. 2 lakh with flexible interest rate of 22% per annum. Repayment tenure is flexible and can be anywhere from 3 to 12 month.
CASHe is a good option for people who need a small loan urgently and quickly. Application process is simple and can be completed in a few minutes. Loan amount is credited to the user’s bank account within 24 hours of approval.
4. EarlySalary
EarlySalary is a loan app that offers instant loan to salaried individual. Maximum Loan amount range from Rs. 1,000 to Rs. 2 lakh with an interest rate of 24% per annum which is shortly high. Repayment tenure is flexible and can be anywhere from 3 to 12 month.
EarlySalary is a good option for people who need small loan urgently without any hecticks. Application process is simple, easy and can be completed in a few minutes. Approved loan amount is credited to the user’s bank account within 24 hours of approval.
5. Dhani
Dhani is popular loan app that offers instant loan to salaried individual. The loan amount ranges from Rs. 1,000 to Rs. 5 lakh with an interest rate of 18% per annum. Repayment tenure is flexible and can be anywhere from 3 to 36 months.
Dhani is a good option for people who need small or large loan for short or long period. Application process is simple and can be completed in a few minutes. Secured loan amount is credited to the user’s bank account directly within 24 hours of approval.
6. MoneyTap
MoneyTap is a loan app that offers instant loan to salaried individual people. Loan amount range from Rs. 2,000 to Rs. 5 lakh with an interest rate of 19% per annum. Repayment tenure is flexible, good and can be anywhere from 3 to 36 months.
MoneyTap is a good option for people who need small or large loan for short or long period. Application process is simple, easy and can be completed in a few hours. Approved money amount is credited to the user’s bank account within 24 hours of approval. Apply Here
7. KreditBee
KreditBee is a popular loan app that offers instant loan to salaried individual. Minimum loan amount on KreditBee is Rs. 1,000, and maximum loan amount is Rs. 2 lakh. The interest rate on KreditBee loans are relatively high, starting at 24% per annum. Apply Here
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8. MoneyView
MoneyView is a loan app that offers genuine instant loan to salaried or individual. Minimum loan amount on MoneyView is Rs. 500, and maximum loan amount is Rs. 50,0000. Interest rates on MoneyView are relatively flexible, starting at 12% per annum. Apply Here
9. NIRA
NIRA is a famous and trending loan app that offers instant loan to salaried and individual. The minimum loan amount on NIRA is Rs. 5,000, and the maximum loan amount is Rs. 50,000 , which is low range. The interest rate on NIRA loans are relatively low, starting at 14% per annum. Apply Here
10. IndiaLends
IndiaLends is also a loan app that offers loan to salaried- individual and self-employed individual. The minimum loan amount on IndiaLends is Rs. 10,000, and the maximum loan amount is Rs. 5 lakh , which is good range. The interest rates on IndiaLends loans are competitive, starting at 10.5% per annum.
RBI Registered Loan App List pdf
What are the benefits of RBI approved loan apps?
- Fast and easy application process
- Flexible repayment terms
- Competitive interest rates
- Convenient online access
So whether you’re looking for a loan to consolidate debt, pay for a medical emergency, or simply cover unexpected expenses, one of these apps can help.
How do RBI approved loan apps work?
When you apply for loan through an RBI approved loan app, the app will assess your creditworthiness. This will involve checking your CIBIL score and other factors which is necessary. If your credit score is good, you will be more likely or posiblity to be approved for loan.
Once you are approved for loan, the app will disburse the money into your bank account directly. You have Repayment tenure to repay the loan according to the repayment terms that you agreed to.
What are the risks of RBI approved loan apps?
- High interest rates: Interest rate on loan from these apps can be high. This is because they are unsecured loans, which means that the lender does not have any collateral to secure the loan.
- Late payment fees: If you miss payment, you may be charged late payment fee. These fees can be expensive, so it is important to make your payments on time.
- Debt trap: If you borrow more money than you can afford to repay, you could end up in a debt trap. This is a situation where you are unable to make your payments, and your debt continues to grow.
How to choose right RBI approved loan app?
When choosing an RBI approved loan app, there are some factors you should consider, including:
- Your credit score: The better your credit score, the more likely you are to be approved for loan and get lower interest rate.
- The amount of money you need: Make sure the app you choose offers loan amount that is enough to cover your needs.
- Repayment terms: Choose an app with repayment terms that fit your budget.
- Interest rate: The interest rate is one of the most important factors to consider. Make sure you compare the interest rates of different apps before you choose one.
Conclusion: These are many more RBI approved loan apps available in India. When choosing loan app, it is important to compare the different features and interest rate offered by each app. You should also make sure that the app is registered with the RBI and has good reputation.
