Top 15 RBI approved loan apps list in India (2024)

• By team91 -
Published On: April 12, 2024

Applying for a loan through conventional methods can be a painful process, with all the paperwork. However, there are apps that instantly provide you loans to cover up sudden expenses. While these apps operate under Non-Banking Financial Companies (NBFCs), they are certified by the Reserve Bank of India (RBI), providing reassurance. Moreover, the apps are readily available for download on both Android mobile phones and iPhones via Google Play Store and App Store respectively. So, without any further ado, let's check out the list

Disclaimer: A loan disbursement is entirely at the discretion of the apps. This list is based solely on the apps' popularity in India, and 91mobiles has no affiliations with them. We have also mentioned the company names the apps are registered with.

List of RBI-approved loan apps

Bajaj Finserv

• Bajaj Finserv (Bajaj Finance Ltd) is a Non–Banking Financial Company (NBFC) under the renowned Indian multinational conglomerate, Bajaj Group. It serves loans for different needs and purposes.
• An individual can apply for a personal loan for up to Rs 40 lakh on Bajaj Finserv with the interest rates ranging from anywhere between 11 to 38 percent depending on loan tenure.
• Repayments on loans range from six to 96 months with no hidden charges to be paid. Besides that, loans are approved in just five minutes with no guarantor or collateral needed.

Loan amount: Rs 20,000 to Rs 40 lakh (personal loans)
Interest rate: 11 to 38 percent
Types of loans: Personal, business, two-wheeler, four-wheeler, home, gold, and other loans
App rating: 4.7/5 (Google Play Store) | 4.5/5 (App Store)

Click My Loan

• Next up on the list is Click My Loan (F Mec International Financial Services Ltd) which is an RBI-registered NBFC that claims to disburse personal loans of up to Rs 2 lakhs in a borrower's bank account on a prompt basis.
• The interest rates of loans depend on the borrowed amount and tenure which is up to 24 months for personal credit. There are no prepayment charges in case one pays off the loan early.

Loan amount: Rs 5,000 to Rs 2 lakh (personal loans)
Interest rate: Depends on loan amount and tenure
Types of loans: Personal, micro, travel and loans along with invoice discounting
App rating: 3.9/5 (Google Play Store)

PhonePe

• If you're looking to avail loans from renowned sources during crunch situations, then using digital payment apps like PhonePe (Phonepe Technology Services Private Limited) can be a safe option. The app also happens to be registered with RBI as a Non–Banking Financial Company (NBFC).
• PhonePe users can get loans starting from Rs 1,000 up to Rs 5 lakhs which are instantly disbursed from one of many PhonePe lenders and accordingly, the interest rate is decided.
• Just like most services of PhonePe, the process of applying for loans is completely digital and paperless. Apart from that, borrowers have to fulfil certain eligibility criteria before the loan can be disbursed to their bank account.

Loan amount: Rs 1,000 to Rs 5 lakh (personal loans)
Interest rate: Depending on PhonePe partnered lenders
Types of loans: Personal and business loans
App rating: 4.4/5 (Google Play Store) | 4.7/5 (App Store)

LoanTap

• LoanTap (Loantap Credit Products Private Limited) is yet another money-lending app that has partnered with several non-banking companies to offer various types of loans to people in urgent of cash.
• Speaking of which, one can avail of personal loans from Rs 10,000 to Rs 10 lakh with tenure periods ranging from six to 60 months. Interest rates are fixed depending on the loan amount.
• LoanTap claims to transfer the funds into the borrower's bank account within 24 to 36 hours. Apart from that, there are no hidden charges, prepayment penalties, and collateral requirements. However, loan takers need to fulfil certain criteria before receiving a loan amount.

Loan amount: Rs 10,000 to Rs 10 lakh (personal loans)
Interest rate: Depending on loan amount and tenure
Types of loans: Personal, medical, holiday, wedding, business, vehicle, and other loans
App rating: 3.7/5 (Google Play Store) | 4.2/5 (App Store)

CASHe

• With over one crore downloads, CASHe (Bhanix Finance & Investment Ltd) offers a wide variety of loans for different needs and caters to salaried individuals, professionals, and businesses by providing them credits up to Rs 4 lakhs.
• This RBI-approved loan app charges a 2.50 percent interest rate per month on the loan amount and also imposes a 0.7 percent penalty fee for late payments. The loan tenure can be anywhere between three months to 1.5 years.
• The service also charges a processing fee of Rs 500 to Rs 1,200 depending on the borrow amount.
• Customers have to provide certain documents and have a minimum salary requirement to avail loans on CASHe. Disbursals are quick without any collateral requirement, per the app's website.

Loan amount: Rs 1,000 to Rs 4 lakh (personal loans)
Interest rate: 2.50 percent per month
Types of loans: Personal, medical, mobile, vehicle, education, travel, and other loans
App rating: 4.4/5 (Google Play Store) | 4.1/5 (App Store)

TATA Capital

• Just like Bajaj Finserv, TATA Capital (Tata Capital Limited) is a notable player in the credit sector which has been relied on by thousands of customers over the years. TATA Capital is a prominent app, under RBI's approved list of NBFC loan apps.
• The app is perfect for anyone seeking long-term finance as it offers loans which start from Rs 75,000 to Rs 35 lakhs with up to six years of loan tenure and a 10.99 percent fixed interest rate per annum.
• With a couple of eligibility requirements such as KYC and employment proof in tow, the company offers unsecured personal credits along with an overdraft facility.

Loan amount: Rs 75,000 to Rs 35 lakh (personal loans)
Interest rate: 10.99 percent per annum
Types of loans: Personal, medical, mobile, vehicle, education, travel, and other loans
App rating: 4.3/5 (Google Play Store) | 4.3/5 (App Store)

Finnable

• Finnable (Finnable Credit Private Limited) comes with a simple and seamless process of granting loans which makes it a good choice for first-time loan takers.
• One can avail loan amounts of Rs 50,000 to Rs 10 lakhs. The interest rates on personal loans stand at 12 percent and can go up to 28 percent depending on the amount and tenure which can be between six to 60 months.
• Cash disbursals are made to bank accounts within five minutes, making it a dependable option for those in urgent requirement of credit.

Loan amount: Rs 50,000 to Rs 10 lakh (personal loans)
Interest rate: Starting at 10.99 percent per annum
Types of loans: Personal, medical, mobile, vehicle, education, travel, and other loans
App rating: 4.3/5 (Google Play Store) | 4.3/5 (App Store)

Navi

• Navi (Navi Finserv Limited) is a financial services company that has been approved by RBI to run as an NBFC in the country. Meaning it has the right to issue digital loans without holding a bank license.
• The app allows borrowers to obtain loans of up to Rs 20 lakh at a 9.9 percent interest rate with up to 72 months of tenure period.
• Do note that applicants with a decent CIBIL score and a stable monthly income will be prioritised for instant loan disbursals.

Loan amount: Up to Rs 20 lakh (personal loans)
Interest rate: Starting at 9.9 percent
Types of loans: Personal and home loans
App rating: 4.3/5 (Google Play Store) | 4.1/5 (App Store)

FlexPay

• For those who are looking to fulfil their financial needs on an urgent basis, FlexPlay (Vivifi India Finance (P) Ltd) is an easy-to-use app that claims to transfer the loan amount within 24 hours without any paperwork.
• This app which is an RBI registered NBFC can grant salaried employees and individuals with a stable income loan of up to Rs 3 lakhs without the need for collateral. However, a one-time processing fee will be charged of up to Rs 1,250.
• Annual interest rates range from 18 to 36.5 percent depending on the loan sum and tenure. Although there are no hidden charges, one must fall under certain eligible criteria such as having a minimum age of 21.

Loan amount: Up to Rs 3 lakh (personal loans)
Interest rate: Starting at 9.9 percent
Types of loans: Instant personal loans
App rating: 4.3/5 (Google Play Store) | 4.1/5 (App Store)

TrueBalance

• TrueBalance (True Credits Private Limited) provides financial help to those people who don't have a credit score and gives them credit from Rs 1,000 to Rs 1 lakh within 30 minutes once the loan is approved.
• Being an RBI licensed lending partner, borrowers can enjoy a sense of satisfaction that the company will be able to provide satisfactory service around the clock.
• The interest rate of the borrowed amount depends on the user's risk profile but for an idea, a personal loan for three months will come with an interest rate of 2.4 percent. A processing fee will be levied as well.

Loan amount: Rs 1,000 to Rs 1 lakh (personal loans)
Interest rate: Depending on loan amount and tenure
Types of loans: Instant personal loans
App rating: 4.4/5 (Google Play Store)

Other RBI approved loan apps

Here are a few more loan apps registered with RBI as NBFCs. Along with the app ratings and maximum disbursable loan amount, we have also mentioned the company names the apps are registered with.

FAQs

What are Non-Banking Financial Companies (NBFCs)?

Non-Banking Financial Companies are the ones that offer some banking services like loans and investment options but aren't full-fledged banks. These can be helpful in providing financial services to those who might not be able to access traditional banking options.

Are there any eligibility criteria to get loans from money lending apps?

Most loan apps may ask you for proof of income and provide loans only if your income is above a certain slab. Apart from that, they will ask for necessary documents such as identity proof for verifying the age before initiating the loan application process.

What happens if I am unable to pay back the loan?

Failing to repay your loan on time will result in penalties that can grow steeper over time. Additionally, ignoring repeated repayment reminders may lead to legal action.