RBI Approved Loan Apps List 2024: Trusted Apps for Quick Loans

Are you searching for a safe and secure loan app? With so many options in the market, it’s hard to tell which apps are trustworthy. That’s where RBI Approved Loan Apps List 2024 come in. These apps not only ensure legal lending practices but also guarantee data privacy and transparent terms.

In this guide, we’ll take you through the top RBI Approved Loan Apps List 2024, their features, loan offerings, and how you can benefit from them. If you’re thinking of applying for a quick loan, this post will help you find the right app, whether it’s for personal needs, emergencies, or even business purposes.

What are RBI Approved Loan Apps?

Loan apps approved by the Reserve Bank of India (RBI) operate under NBFC (Non-Banking Financial Company) guidelines. This ensures these apps follow legal lending protocols, protect users’ personal data, and charge reasonable interest rates. RBI ensures that predatory lending practices—like hidden charges or inflated interest—are strictly prohibited.

RBI Approved Loan Apps List 2024

Here are some trusted loan apps that comply with RBI standards:

1. PaySense

  • Loan Type: Personal loans
  • Loan Amount: ₹5,000 – ₹5 lakh
  • Interest Rate: Starting at 12% p.a.
  • Processing Time: Approval within 24 hours.

PaySense offers flexible EMI options and is ideal for salaried professionals looking for small personal loans with instant approvals.

2. MoneyTap

  • Loan Type: Credit line loans
  • Loan Amount: ₹3,000 – ₹5 lakh
  • Interest Rate: 13% to 24% p.a.
  • Processing Time: Same-day disbursal.

MoneyTap’s revolving credit line lets you borrow what you need and only pay interest on the amount used.

3. Navi

  • Loan Type: Personal loans, home loans
  • Loan Amount: ₹10,000 – ₹20 lakh
  • Interest Rate: Starting at 9.99% p.a.
  • Processing Time: Loan disbursal within minutes.

Navi is known for its paperless process, offering large loans quickly for personal or home financing needs.

4. Bajaj Finserv

  • Loan Type: Personal, business, and education loans
  • Loan Amount: ₹1 lakh – ₹25 lakh
  • Interest Rate: 11% to 18% p.a.
  • Processing Time: Instant loan approval.

Bajaj Finserv is perfect for business owners and individuals seeking high-value loans with multiple repayment options.

5. CASHe

  • Loan Type: Short-term personal loans
  • Loan Amount: ₹7,000 – ₹4 lakh
  • Interest Rate: 1.5% per month
  • Processing Time: Same-day disbursal.

CASHe caters to salaried professionals looking for short-term, quick loans with minimal documentation.

6. KreditBee

  • Loan Type: Personal loans
  • Loan Amount: ₹1,000 – ₹2 lakh
  • Interest Rate: 15% – 26% p.a.
  • Processing Time: Disbursal in 15 minutes.

KreditBee offers microloans to meet small financial emergencies.

7. Dhani Loans and Services

  • Loan Type: Personal loans
  • Loan Amount: ₹1,000 – ₹10 lakh
  • Interest Rate: From 12% p.a.
  • Processing Time: Quick disbursal within hours.

Dhani offers an all-in-one wallet and loan service with cashback benefits on EMI payments.

8. LazyPay

  • Loan Amount: Up to ₹1 lakh
  • Interest Rate: 15% – 24% p.a.
  • Features: Originally a Buy Now Pay Later platform, LazyPay now offers personal loans with flexible repayments. It’s popular for small-ticket purchases with the option to convert into EMIs.

9. Stashfin

  • Loan Amount: ₹1,000 – ₹5 lakh
  • Features: Stashfin provides a credit line instead of a traditional loan, which means you only pay interest on the amount used. It’s perfect for those seeking flexible borrowing without fixed EMIs.

10. mPokket

  • Loan Amount: ₹500 – ₹45,000
  • Features: mPokket is designed for students and young professionals who need quick loans. The app requires minimal KYC, making it easy to access funds without lengthy procedures.

11. Fibe (EarlySalary)

  • Loan Amount: Up to ₹5 lakh
  • Features: Known for its instant approvals, Fibe offers small loans with short tenures. It’s popular for advance salaries and small personal expenses.

12. Hero FinCorp

  • Loan Amount: ₹50,000 – ₹3 lakh
  • Features: While traditionally known for vehicle loans, Hero FinCorp now provides personal loans. The app offers competitive interest rates and easy repayment options.

13. ZestMoney

  • Loan Amount: Up to ₹2 lakh
  • Features: ZestMoney allows users to shop on EMI without a credit card. It also provides direct personal loans. It’s suitable for online shopping and consumer financing.

14. Indialends

  • Loan Amount: Up to ₹10 lakh
  • Features: Indialends works as an aggregator, helping users compare multiple loan options. It offers personal loans with competitive interest rates and transparent terms.

15. True Balance

  • Loan Amount: ₹5,000 – ₹50,000
  • Features: True Balance provides small-ticket loans with easy repayment options. It is ideal for users with low-income needs and limited credit history.

16. Kreditzy

  • Loan Amount: Up to ₹2 lakh
  • Features: Kreditzy offers fast personal loans to young professionals. Its user-friendly interface and simple documentation make it a popular choice for urgent borrowing.

17. Pocketly

  • Loan Amount: ₹1,000 – ₹30,000
  • Features: Targeted towards students, Pocketly offers microloans with minimal KYC requirements. It helps cover academic expenses or other personal needs.

18. Amazon Pay Later

  • Loan Amount: Up to ₹60,000
  • Features: Amazon Pay Later offers a credit line for purchases, which can also be converted into personal loans. Users enjoy the convenience of no-cost EMI options.

19. Paytm Personal Loan

  • Loan Amount: ₹10,000 – ₹2 lakh
  • Features: Paytm’s loan service provides instant loans directly within its app. It offers flexible repayment plans with minimal interest charges.

20. OneCard Loan App

  • Loan Amount: Up to ₹5 lakh
  • Features: OneCard provides a credit line and EMI conversion options. It’s perfect for users who want both credit card benefits and personal loan features.

21. Slice

  • Loan Amount: ₹5,000 – ₹10 lakh
  • Features: Slice offers a credit line with flexible repayments and high-value loans. It’s aimed at young professionals seeking convenient borrowing solutions.

Why Choose RBI Approved Loan Apps?

  1. Legally Compliant: These apps follow RBI guidelines, ensuring transparency in all transactions.
  2. Data Security: Your personal information is safe and not shared with unauthorized third parties.
  3. Transparent Fees: There are no hidden charges—all costs are disclosed upfront.
  4. Lower Interest Rates: Compared to unregulated apps, these offer more competitive rates.
  5. Flexible Repayments: You can choose repayment tenures that suit your financial situation.

How to Apply for Loans Using RBI Approved Apps?

  1. Download the App from Play Store or App Store.
  2. Create an Account and complete KYC verification using Aadhaar and PAN cards.
  3. Choose the Loan Type and Amount according to your need.
  4. Submit Required Documents like income proof or bank statements.
  5. Get Approval and the amount will be credited instantly to your bank account.
RBI Approved Loan Apps List 2024

Comparison of Top Loan Apps

App NameLoan AmountInterest RateProcessing TimeUnique Feature
PaySense₹5,000 – ₹5 lakh12% – 24% p.a.24 – 48 hoursFlexible EMI options for salaried individuals
MoneyTap₹3,000 – ₹5 lakh13% – 24% p.a.5 minutes – 24 hoursCredit line with interest only on usage
NAVI₹10,000 – ₹5 lakhStarts from 9.99% p.a.Instant approvalFully digital, paperless loan process
Bajaj Finserv₹1 lakh – ₹25 lakh11% – 16% p.a.48 hoursHigh-value loans with long repayment tenure
CASHe₹7,000 – ₹4 lakh2% – 3% per monthWithin 24 hoursLoans tailored for salaried professionals
KreditBee₹1,000 – ₹2 lakh15% – 26% p.a.15 minutesMicroloans for young professionals
Dhani Loans₹1,000 – ₹10 lakh12% – 24% p.a.InstantCredit line with wellness benefits
Slice₹5,000 – ₹10 lakh15% – 24% p.a.Same dayCredit line with a focus on young users
OneCardUp to ₹5 lakhVaries (based on usage)InstantCredit card + loan app with EMI options
Paytm Personal₹10,000 – ₹2 lakh15% – 24% p.a.InstantIntegrated loan disbursal within Paytm ecosystem
Amazon Pay LaterUp to ₹60,0000% – 24% p.a.InstantNo-cost EMI for Amazon purchases
Pocketly₹1,000 – ₹30,00020% – 25% p.a.Within hoursLoans for students with minimal KYC
KreditzyUp to ₹2 lakh15% – 24% p.a.15 minutesInstant personal loans for salaried individuals
True Balance₹5,000 – ₹50,00018% – 24% p.a.Same daySmall-ticket loans for emergencies
IndialendsUp to ₹10 lakh11% – 20% p.a.48 hoursAggregator offering comparison of loan options
ZestMoneyUp to ₹2 lakh14% – 24% p.a.InstantNo-credit-card EMI for online shopping
Hero FinCorp₹50,000 – ₹3 lakh12% – 18% p.a.24 – 48 hoursVehicle and personal loans
Fibe (EarlySalary)Up to ₹5 lakh15% – 24% p.a.Within hoursAdvance salary loans with short tenure
mPokket₹500 – ₹45,0003% – 5% per monthFew minutesLoans for students with easy eligibility
Stashfin₹1,000 – ₹5 lakh1.5% – 2.5% per monthSame dayCredit line with flexible usage and repayments
LazyPayUp to ₹1 lakh15% – 24% p.a.30 minutesCredit line with Pay Later feature
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This comparison offers a clear picture of the loan amounts, interest rates, processing speeds, and standout features. Choose an app based on your specific needs—whether it’s emergency cash, flexible repayments, or high-value loans. These RBI-approved apps ensure transparency, secure processes, and reliable lending practices.

Important Points to Remember Before Applying

  • Check the Interest Rates: Compare rates across apps to find the best deal.
  • Maintain a Good Credit Score: A higher score can get you lower interest rates.
  • Read Terms and Conditions: Understand all terms to avoid any surprises.
  • Use Loans Wisely: Only borrow if you have a proper repayment plan.

FAQs: RBI Approved Loan Apps List 2024

  1. Are these loan apps safe to use?
    Yes, these apps comply with RBI guidelines and offer secure loans.
  2. What documents are needed for KYC?
    Basic documents include Aadhaar, PAN, and income proof.
  3. What if I miss an EMI payment?
    You may incur late fees and your credit score could be affected.
  4. Can I apply for multiple loans at the same time?
    Yes, but ensure you have the ability to manage all repayments.
  1. What is the benefit of using RBI-approved loan apps?
    • RBI-approved apps follow strict guidelines, ensuring transparent terms, secure transactions, and fair lending practices. This protects users from scams and predatory lenders.
  2. Do these apps affect my credit score?
    • Yes, most loan apps report your repayment behavior to credit bureaus like CIBIL or Experian. Timely payments can improve your score, while defaults may have a negative impact.
  3. What documents are required to apply?
    • Most loan apps require basic KYC documents, including:
    • PAN Card
    • Aadhaar Card
    • Bank statements
    • Salary slips (for salaried applicants)
  4. How long does it take to disburse loans?
    • Many apps offer instant loan approval with funds transferred within minutes to 24 hours, provided all documents are verified. Some high-value loans might take 1-2 days.
  5. Are there any hidden fees?
    • No, RBI-approved apps must disclose all fees upfront. However, users should check for processing fees, late payment penalties, and GST charges.
  6. Can students apply for loans using these apps?
    • Yes, apps like mPokket and Pocketly specifically cater to students, offering small-ticket loans with minimal eligibility criteria.
  7. What if I miss an EMI payment?
    • Missing EMIs can result in late payment fees and penalty interest. It may also impact your credit score negatively. Some apps offer grace periods or allow you to restructure your EMIs.
  8. What’s the difference between a credit line and a loan?
    • Loan: Fixed amount borrowed, repaid in EMIs.
    • Credit Line: Borrow as needed within a limit, with interest charged only on the utilized amount (e.g., Stashfin, MoneyTap).
  9. Is it safe to share personal data with these apps?
    • Yes, RBI-compliant apps must follow strict data privacy rules. However, always read the privacy policy before applying.
  10. Can I pre-close a loan without penalty?
    • Some apps allow pre-closure without additional charges, while others may levy a prepayment fee. Check the terms and conditions carefully before opting for early closure.

Conclusion

These 20+ RBI-approved loan apps provide reliable, transparent, and secure lending solutions. Whether you need a small personal loan for emergencies or a high-value business loan, these apps cater to diverse financial needs. With fast disbursal and competitive rates, these platforms are well-suited for modern borrowers.

By choosing RBI-compliant apps, you ensure that your personal data remains secure, and you are protected from predatory lending practices. Always compare interest rates and terms before applying to select the most suitable option for your needs.

Disclaimer:

This article is intended for informational purposes only. We do not provide any type of loan, financial service, or lending facility. The details shared here are based on publicly available information about RBI-approved loan apps. While we strive to keep the content accurate and up to date, loan terms, interest rates, and app features may change over time.
We recommend that users conduct their own research and carefully read the terms and conditions of any loan product before applying. This article should not be considered financial advice, and we are not responsible for any agreements, transactions, or disputes between users and the mentioned loan apps. Always ensure you are dealing with genuine platforms and exercise caution while sharing personal data.

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