RBI Approved Loan Apps in India 2023

The growing popularity of digital lending platforms in India offers convenient access to loans, challenging traditional financial institutions. To combat online scams, the Reserve Bank of India (RBI) has sanctioned various loan apps that comply with rigorous regulations.

These top 25 rbi approved loan apps in india, offer a secure and dependable means of financial support, safeguarding borrowers’ interests amid the digital lending surge in India.

Why you should use only RBI approved loan apps in india?

Many people and small businesses have fallen into traps set by shady mobile apps and online lending platforms promising quick and cheap loans. These reports reveal several problems like very high interest rates, hidden fees, unfair lending rules, and even using tricky contracts to access personal data on borrowers’ phones.

The Reserve Bank of India (RBI) is the authority that oversees and regulates financial matters in the country. They say that only certain types of organizations are allowed to offer loans to the public. These include banks, companies registered with RBI (known as NBFCs), and other authorized entities, all of which must follow strict rules.

RBI approved loan apps in India List

The RBI has even given special certificates to some NBFCs to show that they can safely handle public money. This is important to protect people and the financial system. So, to stay safe and make sure you’re dealing with a legitimate lender, it’s wise to use loan apps that the RBI has approved in India.

Sr. No.	RBI approved loan apps in India
1	Paysense
2	SBI Yono
3	Moneytap
4	Indialends
5	mPocket
6	CASHe
7	Money view
8	Rufilo Loan App
9	NAVI app
10	Olamoney Pay later
11	Credmudra
12	Zestmoney
13	Rupeeland
14	Smart coin loan app
15	NIRA instant loan app
16	Stashfin
17	Hero Finecorp
18	Dhani
19	Anytime Loan
20	Bonn Credit
21	CreditFair
22	Quickcredit
23	Shubhloan
24	ZIPloan
25	Loanfront

Also, read this: Amazon Se Paise Kaise Kamaye

Paysense

PaySense, a financial app, offers personal loans with interest rates ranging from 1.4% to 2.3.% per annum, dependent on credit history. Users can access loans from ₹5,000 to ₹5 lakhs. The minimum required documents typically include identity and address proof, income documents, and a photograph. PaySense boasts a user-friendly online application process, quick eligibility checks, and transparent terms. 

SBI Yono

SBI YONO app offers competitive interest rates on personal loans, with variable rates based on individual credit profiles. It provides substantial maximum loan amounts and flexible minimum limits. Document requirements typically include identity, address proof, income documents, and a photograph. The app boasts a user-friendly interface, quick eligibility checks, and easy access to various banking services.

Moneytap

MoneyTap offers personal loans from 5000 to 5 lakh, with interest rates based on creditworthiness fro, providing flexibility. The documentation process usually requires identity proof, address proof, income documents, and a photograph. The app simplifies loan applications, offering a user-friendly interface and quick eligibility checks.

Indialends 

It provides loan upto 5, 00,000. Interest rates start from 10.25% ( for 1 to 5 year). It offers simple 4 step solution to get an instant loan. The best part of the app which makes it to the list of top 25 RBI approved loan app is that, it has no hidden charges and no hidden terms and conditions.

mPocket 

 This is best app that deserves the top position in top 25 rbi approved loan apps in india, which is best for students low salaried person, it offers loan from 500 to 30000, which is its rarest feature.

CASHe

You can take loan from 9000 to 3 lakh on this app, making it suitable for low- income group and students. To take this loan your age should be between 23 to 58. Your just have to show your bank statement of past 6 month as income proof. 

Money view

 It offers loan from 50000 to 10, 00,000, and have monthly EMI payment option available to them, to pay the EMI.  Its tenure ranges from 3 months to 60 months.  The app has their own EMI calculator, which makes the app and loan process more convenient.  Interest rate is 16% annually.

Rufilo Loan App

What makes it in the list of top 25 rbi approved loan apps in india is, it offers instant loan of upto 25000 . it offers loan amount from 5000 to 25000.  It is best for students, because it minimum age requirement to get loan is 21.

NAVI app

Interest rate starts from 9.99 % per annum. Which can last upto 6 years. It provides loan upto 20 lakhs. The best feature of the app is that its paperless. You can quickly get all the steps done in just 10 minutes. 

Olamoney Pay later 

This is most reliable and budget friendly app which has to be in the top 25 RBI approved loan app. It offers loans from 1500 to 20,000. 

Credmudra

This app is recognized by government of India. You can take loan upto 40 lakh from this app. Repayment period extends to 5 year. To get this loan your age should be between 18- 60 years. And income should be minimum of 15000/months.

Zestmoney

Loan amount ranges from 5000 to 5 lakh. And the repayment period is of 3 to 24 months. the best features of this app which makes it to the list of top 25 rbi approved loan apps in india, is that, it has partnered with several e- commerce site. 

Rupeeland

It offers loan amount of 1000 to 50000. And its repayment period is of 3 to 12 months.  Process gets complete within 24 hour. 

Smart coin loan app 

Offers loan amount from 1000 to 25000. With repayment period which ranges from 91 days to 120 days. Money can be credited in your account within 1-2 days.

NIRA instant loan app

Offers loan amount from 3000 to 2 lakh. Interest rate is very low from 1.5% to 2.5%.  It needs bank statement of last 3 months, and other documents such as Aadhar, PAN card, photographs, ID proofs etc. 

Stashfin

Offers loan up to 5 lakh. With the repayment option of up to 36 months. The best part of this app which makes it to the list of top 25 rbi approved loan apps in india, is that, it offers 0% interest rate of up to 30 days.

Hero Finecorp 

Offers loan up to 10 lakhs. Repayment period ranges from 6 months to 24 months. Maximum interest rate is up to 25% per annum.

Dhani

Offers loan from 1000 to 5, 00,000. Additionally you will get 2% cashback on each transaction. Best features of this app which makes it in the top 25 rbi approved loan app, is it will give Rupay debit card.

Loanfront

It offers 2 kinds of loan, one is personal loan which ranges from 50000 to 5 lakh for personal loan with 3 to 24 months of repayment period, and business loan from 1 lakh to 50 lakh and with 6- 36 months of repayment period. 

Anytime Loan

Offers loan to various categories, such as business individual, self employed, business man. Loan amount range from 1000 to 50000. Interest rate is of 2.5% per month.

Bonn Credit

Offers personal loan from 10000 to 50 lakhs. With repayment period of 6- 60 months. its interest rates starts from 11.99%.’

CreditFair

Offers loan amount up to 1 lakh, and minimum of 5000. Repayment period is 3 to 12 months.  best part of the app which makes it to the list of top 25 rbi approved loan apps in india list is, there is no need of any collateral here.

Quickcredit

Offers loan up to 5 lakhs. With repayment period of 3 to 36 months. there is very less documentation requirement for this instant loan app. Which makes it to the list of top 25 rbi approved loan apps in india list.

Shubhloan

You can get your loan amount in your bank within 48 hours. And it has flexible repayment period of 3 to 24 months. 

ZIPloan 

Its kind of short term business loan app, which offers up to 7.5 lakh rupees. You can repay the amount within 12 to 24 months. it requires only basic documents to approve your loan. 

Conclusion 

Friends, we hope that, this blog on top 25 rbi approved loan apps in india, is helpful to you and if want to know more about any app in detail, we suggest you to visit their website. You must use only top 25 rbi approved loan apps in india to take any kind of loan.