Top 30+ RBI Approved Loan Apps in India 2024 (Fast Approval)

Loan Apps	Loan Amount	Interest Rate	Repayment Tenure
LoanTap	₹50,000 – ₹10 Lakh	1.5% p.m.*	6 – 60 Months
Tata Capital	Up to ₹35 lakh	0.91% p.m.	Up to 6 Years
SBI Yono App	Up to ₹30 lakh	0.87% p.m. Onwards	Up to 84 Months
Bajaj Finserv	Up to ₹40 Lakh	0.87% p.m. Onwards	6 – 96 Months
Navi	Up to ₹20 lakh	0.87% p.m. Onwards	Up to 72 Months
Dhani	₹1,000 – ₹15 Lakh	1.16 % p.m. Onwards	3 – 24 Months
AmazonPay	Up to ₹6 lakh	Up to 1.5 % p.m.	3 – 12 Months
Kreditbee	₹1000 – ₹4 Lakh	1.25% – 2.49% p.m.	3 – 24 Months
ICICI Bank	Up to ₹50 lakh	0.9% – 1.34% p.m.	1 – 6 Years
mPokket	₹500 – ₹30,000	2% –  4% p.m.	Up to 4 Months
MyLoanCare	₹5000 – ₹5 Lakh	1.37% p.m. Onwards	3 – 36 Months
Kreditzy	₹10,000 – ₹2 Lakh	1.5% – 2.99% p.m	2 – 12 Months
Tata Neu App	Up to ₹10 Lakh	0.87% p.m. Onwards	3 – 60 Months
Credy	Up to ₹1 Lakh	1% – 1.5% p.m	3 – 12 Months
MoneyView	₹5,000 – ₹10 Lakh	1.33% p.m. Onwards	6 – 60 Months
Finnable	₹5,000 – ₹5 Lakh	1 % – 2 % p.m.	2 – 48 Months
FairMoney	Up to ₹60,000	1% p.m. Onwards	Up to 24 Months
Privo	₹5,000 – ₹2 Lakh	1.08% – 3.25% p.m.	2 – 60 Months
DigiMoney	Up to ₹1 Lakh	1% p.m. Onwards	3 – 12 Months
CapitalFloat	Up to ₹50 Lakh	1.25% – 2% p.m.	1 – 3 Years
MoneyTap	Up to ₹5 Lakh	1.08% p.m.	Up to 3 Years
PaySense	₹5,000 – ₹5 Lakh	1.3 % – 3% p.m.	3 – 48 Months
PhonePe	₹1,000 – ₹5 Lakh	1.08% – 1.66% p.m.	12 – 60 Months
Lendingkart	₹50,000 Onwards	2% – 5% p.m.	12 – 36 Months
Flipkart Finance	₹10,000 – ₹2 Lakh	0.87 % p.m. Onwards	Up to 60 Months
Stashfin	Up to ₹5 Lakh	0.99% p.m. Onwards	Up to 36 Months
Nira Finance	Up to ₹1 Lakh	2% p.m. Onwards	3 – 18 Months
Zest Money	Up to ₹ 5 Lakh	0.99 % p.m. Onwards	3 – 36 Months
Rupee Redee	₹ 1,000 – ₹25,000	2.5% p.m.	3 – 36 Months
Upwards	Up to ₹5 Lakh	1.5 % – 2.66% p.m.	6 – 24 Months
Branch Loan App	Up to ₹1 Lakh	2% p.m. Onwards	62 Days – 12 Months
Rufilo Loan App	Up to ₹60,000	1.5% p.m. Onwards	Up to 6 Months
Fibe	₹5,000 – ₹5 Lakh	1.16%p.m.	Up to 24 Months
Smart Coin Loan App	Up to ₹2 Lakh	1.5% p.m. Onwards	91 – 120 Days
Slice	Up to ₹50,000	1.25% p.m. Onwards	4 Months – 1 Year
IDFC First Money	Up to ₹10 Lakh	0.91% p.m. Onwards	Up to 60 Months
IBL Finance	Up to ₹50,000	1.25% p.m. Onwards	3 – 12 Months
Buddy Loan	₹ 10,000 – ₹15 Lakh	0.99% p.m. Onwards	12 – 60 Years
FlexiSalary Instant Loan App	Up to ₹10 Lakh	1.5% p.m. Onwards	10 – 36 Months

Details of the RBI Approved Loan Apps

Let’s look at some features of the mentioned RBI Approved Loan Apps:

LoanTap

With various repayment plans and affordable monthly installments, LoanTap offers specialized loan solutions. The LoanTap personal loan app offers the following features and benefits:

• Loan amounts between ₹50,000 and ₹10 Lakh
• Eligibility – Must be at least 23 years of age and earn a minimum monthly income of ₹30,000
• Quick loan approval with disbursal within 24-36 hours
• A flexible repayment plan ranging from 6 months to 60 months
• An easy and hassle-free online application procedure
• No restriction on the usage of the loan – it can be used for any purpose
• An honest and transparent loan application procedure without any hidden charges

Tata Capital

It is one of the leading lenders in the credit sector, relied on by many customers over the years. Tata Capital offers the following features and benefits:

• Loan Amount – Up to ₹35 lakh
• Accepts online application
• No Collateral/Security
• Zero charges on part prepayment

SBI Yono App

It is one of the major lending apps that provides personal loans at affordable interest rates. SBI YONO App offers the following features and advantages:

• Low processing fee
• Instant loan processing
• No branch visit

Bajaj Finserv

Bajaj Finserv is a popular NBFC under the Bajaj group that provides loans for various purposes. Below are some of its features.

• Personal loan of up to Rs 40 lakh
• No hidden charges
• Easy Repayment
• Instant approval and disbursal

MoneyTap

MoneyTap is a company that provides personal loans through its app. Below are its features.

• Loan amount up to ₹5 Lakh
• Instant approval
• Flexible repayment

Navi

Navi is a well-known company that aims to simplify and provide affordable personal loans. Below are some of the features of the Navi personal loan app.

• Loan amount up to ₹20 Lakh
• Quick and paperless
• Minimal documentation
• Flexible repayment options

Dhani

Dhani Loans and Services Limited is a non-deposit-taking NBFC registered with the Reserve Bank of India. It is a subsidiary of Dhani Services Limited. The features of the Dhani app are mentioned below.

• Provides multiple EMI options
• User-friendly app
• Loan Amount up to ₹15 Lakh
• Easy repayment options

AmazonPay

This is a popular lending app that is part of the Amazon ecosystem. It provides loans for different purposes. The features of the app are mentioned below.

• Quick personal loans up to ₹6 lakh
• Pre-approved loan offers
• Easy Online Application

Kreditbee

Use Kreditbee’s RBI approved loan app to get fast personal loans in India. They offer loans to people who want approvals quickly and are willing to pay higher interest rates for that high-speed approval. Below are some features of the Kredit Bee app.

• Quick approval
• Minimal documentation
• 24*7 customer support

ICICI Bank

It is one of the popular lenders that provides various forms of credit online. The features of the ICICI Loan app are mentioned below.

• No foreclosure charges after 12 EMI payments
• Minimal documentation
• Easy application process
• Fixed interest rate

mPokket

mPokket is a popular lending app among students and salaried individuals. It is known for its quick approvals. The features of the mPokket app are mentioned below.

• Personal loan between ₹500 and ₹30,000
• The interest rate is between 2% and 4%
• Quick loan approval and disbursal
• Safe and secured platform

MyLoanCare

MyLoanCare is another popular lending app that focuses on transparency and affordability. Below are some of the features of the MyLoanCare app

• Affordable interest rate
• Easy online application
• Dedicated relationship manager

Tata Neu App

It is one of the popular lending apps that comes under the TATA group. Below are some of the features of the Tata Neu App

• Loan amount of ₹10,000 – ₹10 Lakh
• 100% digital quick process

Credy

This popular loan app operates in cities like Bangalore, Chennai, Mumbai, and Hyderabad. Some of the features of the Credy app are given below.

• No collateral needed
• Loan Amounts of upto ₹1 Lakh
• Quick and reliable service

MoneyView

It is one of the popular RBI approved loan apps that provide personal loans at affordable interest rates. Below are some of the features of the MoneyView app.

• Easy online application process
• Minimum documentation
• Repay the loan through auto-debit EMIs
• Quick loan disbursal

Finnable

It is an RBI regulated and legally compliant app that provides personal loans at affordable interest rates. The features of the Finnable loan app are given below.

• Quick and easy application process
• High loan amount with flexible repayment tenure

FairMoney

It is a digital lending app that provides personal loans to those who need funds. Below are some of the features of the FairMoney app.

• Provides top-up loans
• Loan extension facility for easy loan repayment
• Affordable interest rates

Privo

Privo is an RBI regulated NBFC that provides personal loans at affordable interest rates. The Privo app features are below.

• Short-term personal loan with quick disbursal
• No manual paperwork
• No hidden cost
• Affordable interest rates

DigiMoney

It is one of the popular RBI approved NBFC lending apps that helps borrowers get funds easily. Below are the features of the DigiMoney app.

• 100% online process
• Affordable processing fee and interest rate
• Easy documentation
• Flexible EMI options

How To Verify RBI Approved Loan Apps?

Check the Official Website of the RBI

RBI maintains a list of banks and lenders that are approved by them. It is a reliable way to know if RBI approves the app or if it is fake. The RBI regularly updates this list.

Verify the Registration Number

Authentic loan apps have a valid registration number that RBI issues. You can find this registration number on the lender’s or RBI’s official website.

Review Company Reputation

Reputable lending applications and NBFCs will offer detailed information about their company, such as registration details, address, and contact details. You can also check RBI records for the details.

Check Ratings and Reviews

It is advisable to check the reviews of lenders before selecting the app. You can also check the feedback that users provide to determine whether the app is genuine or not. Apps with low ratings, unfavorable comments about fraud or other illegal activity, or a lack of transparency should be avoided.

RBI Guidelines For Loan Apps

Below are the RBI guidelines for all the loan apps for fair and transparent lending process.

• Within a reasonable amount of time, lenders must check the loan application
• Lenders must not discriminate based on caste, gender, religion, etc.
• Lenders must not use unethical methods to get back the loan balance
• When a loan application is rejected for less than ₹2 lakh, lending institutions are required to provide a written explanation
• If the terms and conditions change, the lender must notify the borrowers as quickly as possible
• If more documentation is required, the lender has to get in touch with the borrower immediately

Steps To Apply For A Loan Through LoanTap RBI-Approved App

Follow the below steps to apply for LoanTap personal loan

• Visit the official website of LoanTap or download the app via the app store
• Click on Personal Loan on the menu bar and click on “Apply Now”
• Enter the basic info like Email ID, mobile number, City and Pincode
• Select if you are salaried or self-employed
• Select the type of loan and other details like loan amount and tenure
• Fill in the application form and submit the required documents
• Once your application is submitted, wait for approval
• Upon approval, the loan amount will be transferred to your bank account within 24-36 hours

Conclusion

It is important to ensure the reliability of personal loan apps for responsible borrowing.

LoanTap is one of the most reliable options for personal loans among those approved by the Reserve Bank of India (RBI).

In the world of digital financing, LoanTap proves its reliability by complying with the RBI’s rules and practicing safe and ethical financial procedures.

By selecting RBI approved apps like LoanTap, borrowers can have a secure and transparent borrowing experience.

FAQs

How can I find out if the RBI does not accept a loan app?

Ans. Check the details of the loan app on the official website of RBI or verify the lender’s reputation. Avoid disclosing personal or financial information to a lending app if you think it isn’t RBI approved.

Do lending apps approved by the RBI have any hidden costs?

Ans. Genuine apps do not have any hidden charges. Before accepting a loan, carefully read the terms and conditions to understand all relevant fees, charges, and penalties.

How can I find out if the RBI approves a loan app?

Ans. You may confirm an app’s authorization from the RBI by cross-verifying the company’s license or registration number with RBI records or by visiting the official RBI website for a list of recognized financial institutions.

Do all Indian loan apps need to have RBI approval?

Ans. Yes, any company that provides financial services, including lending apps, needs to be authorised by the RBI or another regulatory body, such the Securities and Exchange Board of India (SEBI).

Is it safe to use the loan applications allowed by the RBI?

Ans. Yes, it is safe to use loan apps that have been certified by the RBI because they follow regulatory guidelines, provide clear terms, and are monitored.

What are fake loan apps?

Ans. Apps that advertise as trustworthy sources of loans but actually carry out fraudulent activities are fake loan apps. These apps frequently target people in desperate need of funds and usually promise quick and hassle-free financing.