Discover the Best RBI Approved Loan Apps in India 2023 [Complete Guide]
Hello everyone, If you are searching for loan apps that are safe and secure. Then you are at the right blog. In this article we are going to tell you trusted loan apps that are approved by the RBI (Reserve Bank Of India). These are the 10 RBI Approved Loan Apps In India 2023. If you want to fully fill your small needs this app will help you to fulfil their small needs.
What Is RBI (Reserve Bank Of India) ?
Reserve bank of india is a regulatory body responsible for managing the financial sector in india. One of the key responsibilities of RBI is to ensure that financial institutions operate in a safe and secure manner. So that the consumers are protected from fraud and financial crime.
List Of Best RBI Approved Loan Apps in India 2023
- Paysense
- MoneyTap
- Kredit Bee
- Fibe ( Formerly Known as Earlysalary)
- Cashbean
- Rupeelend
- FlexSalary
- Smartcoin
- Loantap
- Credy
What are RBI approved loan apps 2023 ?
RBI approved loan apps are digital landing platforms that are authorised by the Reserve bank of india to provide loans to borrowers. These apps are specially designed for the consumer and make the process of taking loans easy and more transparent. They provide a wide range of loan products like personal loan , home loan , business loan and also provide other financial services like insurance and investment products.
How do RBI approved loan apps work?
RBI approved loan apps work on borrowing technology to simplify the loan process and approval process. Borrowers typically apply for loans using the app. Which will then use algorithms and other tools to assess the borrowers credit score and ability to repay the loan. Once a loan is approved , then the loan amount is directly transferred to the borrower’s account.
What are the benefits of RBI approved loan apps ?
There are several benefits of RBI approved loan apps. These apps offer a fast and conviencing way to access credit without going to any financial institution.They also typically offer more competitive interest rates and fees than traditional lenders. For Lenders , these apps allow more efficient and cost effective risk free management.
Which are the best RBI approved loan apps in India?
There are several RBI Approved loan apps in India that offer a wide range of loan products and services. Some of the best RBI approved high rated loan apps are given below.
1.Paysense
Paysense is a digital lending platform that offers personal loans to the individual in india. It uses leveraging technology to assess the borrowers creditworthiness and ability to pay the loan. It provides instant loan and disbursement. PaySense is a subsidiary of Naspers-owned fintech firm Wibmo. This app is registered with the RBI as a non-banking financial company (NBFC).
| App Name | Paysense |
| Parent Company Name | Wibmo |
| GooglePlay Link | Click Here |
| Rating | 3.4 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 16% to 36% Annual Percentage Rate (APR) |
| Official Website | https://www.gopaysense.com/ |
2.MoneyTap
Money tap is a bengaluru based fintech startup that provides personal loans and credit line to the individual in india. This app allows users to borrow loans and pay their loans in an easy instalment called EMI. It uses leverage technology to access credit score and ability to pay the loan amount.
| App Name | Money Tap |
| Parent Company Name | MWYN Tech Private Limited |
| GooglePlay Link | Click Here |
| Rating | 4.1 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 1.08% per month (13% per annum) |
| Official Website | https://moneytap.com/ |
3.KreditBee
KreditBee is another lending platform that offers personal loan and credit line to the individual in india. It uses the same leverage technology to approve loans. KreditBee is registered with Reserve bank of India as a non financial banking company (NBFC).
| App Name | Kredit Bee |
| Parent Company Name | Krazybee Services Pvt Ltd |
| GooglePlay Link | Click Here |
| Rating | 4.4 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 0% to 29.88% p.a |
| Official Website | https://www.kreditbee.in/ |
4.EarlySalary
Earlysalary is a Pune based fintech startup that provides various loan products to the individual in India through mobile app. The company offers short-term loans for various purposes such as travel, medical emergencies, education, and weddings.
| App Name | EarlySalary |
| Parent Company Name | Social Worth Technologies Pvt. Ltd. |
| GooglePlay Link | Click Here |
| Rating | 4.4 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 24% to 30% p.a |
| Official Website | https://www.fibe.in/ |
5.CashBean
Cashbean is a mobile loan application that provides short term loans to the borrowers through the application. It provides loans from a range of Rs 10000 to 1 Lakh by using leverage technology to access the credit score to approve loans instantly.
| App Name | CashBean |
| Parent Company Name | Cashbean Pvt Ltd. |
| GooglePlay Link | Click Here |
| Rating | 3.4 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 0.07% per day (25.55% p.a.) |
| Website | https://www.mymoneymantra.com/personal-loans/cashbean-loan |
6.Rupeelend
Rupeelend is a software base loan provider application that allows users to get short term loans through the application. It provides short term loans from range 1 Lakh – 2 lakh according to borrower’s credit worthiness and ability to pay the loan amount.The company offers short-term loans for various purposes such as travel, medical emergencies, education, and weddings.
| App Name | Rupeelend |
| Parent Company Name | Rnvp Private Limited |
| GooglePlay Link | Click Here |
| Rating | 3.7 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 0.1% to 1% per day |
| Official Website | https://www.rupeelend.com/ |
7.SmartCoin
Smartcoin is a digital lending platform that provides instant loans to the borrowers through application. This app is registered with the Reserve bank of India as a banking financial company. The company offers short-term loans for various purposes such as travel, medical emergencies, education, and weddings.
| App Name | Smartcoin |
| Parent Company Name | SmartCoin |
| GooglePlay Link | Click Here |
| Rating | 4.1 out of 5 Star |
| RBI Approved | Yes |
| Interest Rate | 0% to 20% PA |
| Official Website | https://smartcoin.co.in |
8.Flex Salary
Flex Salary is a lending platform that allows borrowers to get instant loans according to their credit worthiness. It has millions of downloads on google play store with over 4.4 rating out of 5. This application does not require any cibil score to be high or any collateral . It is an NBFC certified application through RBI.
| App Name | Flex Salary |
| Parent Company Name | Vivify India Finance |
| GooglePlay Link | Click Here |
| Rating | 4.1 out of 5 Star |
| Interest Rate | 18% to 54% |
| RBI Approved | Yes |
| Official Website | https://www.flexsalary.com/ |
9.Credy
Credy is a digital lending platform that provides a wide range of loan products like personal loan, home loan etc. through application. If you need money urgently then this app is best for you. It will provide instance approval through using leverage technology.
| App Name | Credy |
| Parent Company Name | Credy India Finance |
| GooglePlay Link | Click Here |
| Rating | 3.5 out of 5 Star |
| Interest Rate | 8% to 54% |
| RBI Approved | Yes |
| Official Website | https://www.credy.in/ |
How to choose the right RBI approved loan app?
When choosing an RBI approved loan several factors are needed to be considered. These include interest rate and fees , the type of loan and service offered. Other things like user interface and customer support , app reputation and customer track record. Before choosing it is also important to read reviews and compare with other apps before making any final decision.
What are the eligibility criteria for RBI approved loan apps 2023 ?
The eligibility criteria for RBI Approved apps depend on the app and the type of loan they offered. Generally borrowers must be an Indian citizen at least 18 years old. They have a steady source of income and the criteria for credit worthiness.
What are the documents required for RBI approved loan apps?
The documents required for the apps depend on the application and financial product they offer. These applications require proof of identity like adhaar card , pan card , proof income etc. Sometimes some applications require a bank statement or income tax return.
- Adhaar card
- Pan Card
- Income Proof
- Bank Statement At least 6 Month
- Income Tax Return
- Mobile Number Link With Aadhar Verification
Are RBI approved loan apps safe and secure?
Yes , RBI Approved Loan apps are safe and secure. Because it is regulated by the Reserve bank of india to ensure that the application operates with applicable laws and regulation. Additionally these apps are using advanced encryption methods to secure personal information of borrowers.
What are the risks of using RBI approved loan apps?
While RBI approved applications have some benefits. But there are some risks associated with the application. For example , some applications charge high interest rates and fees. These applications may be charged some hidden charges. So before making any decision for borrowing read terms and conditions carefully.
Final Word
RBI approved loan apps are safe and secure and provide a wide range of financial products. But these applications may be associated with risk. For example they will charge high interest rates and fees. Before mankind makes any final decision please read terms and conditions , interest rate and fees. Because borrowers don’t read T&C and other documents and finally they face consequences.
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Frequently Asked Question
What is an RBI approved loan app?
An RBI approved loan app is a mobile application that has been authorised by the Reserve Bank of India (RBI) to offer financial products and services such as loans, credit, insurance, and investment services.
How do I know if a loan app is RBI approved?
RBI maintains a list of authorised mobile applications on its website. You can check the list to see if a loan app is authorised by the RBI.
Qus. Are all loan apps in India approved by the RBI?
Ans: No, not all loan apps in India are authorised by RBI. Only those mobile applications that have been granted permission by the central bank are considered RBI approved loan apps.
Qus.What are the benefits of using an RBI approved loan app?
Ans: Using an RBI approved loan app provides several benefits, including access to legitimate financial products and services, protection against fraudulent activities, and enhanced security and privacy features.
Qus. What should I look for in an RBI approved loan app?
Ans: When choosing an RBI approved loan app, you should consider factors such as the interest rates, fees and charges, repayment terms, customer support, and reviews and ratings from other users.
Qus. How can I apply for a loan through an RBI approved loan app?
Ans: To apply for a loan through an RBI approved loan app, you will need to download the app, create an account, and submit your application. You may also need to provide additional documentation and undergo a verification process before your loan application is approved.
Qus. Is it safe to apply for a loan through an RBI approved loan app?
Ans: Yes, it is generally safe to apply for a loan through an RBI approved loan app as these apps are regulated by the central bank and required to comply with its guidelines and standards. However, it is important to exercise caution and conduct your own research before sharing your personal and financial information online.
Qus. Can I get a loan instantly through an RBI approved loan app?
Ans: Some RBI approved loan apps offer instant loans that can be disbursed within a few hours of submitting your application. However, the loan amount and processing time may vary depending on the app’s policies and procedures.