Choosing the Right RBI Approved Loan Apps in India: A Quick Guide
In the digital world financial support is a hot topic to fulfill your financial goals. Picking the right lending app can be tough. But don’t worry, the Reserve Bank of India (RBI) is here to help. They have a list of Non-Banking Financial Companies (NBFCs) that are allowed to give loans to people and businesses. It’s all under Section 45-IA of the RBI Act, 1934. While the RBI doesn’t say “This app is Good,” their rules make sure lending is safe. So, how can you find these RBI Approved Loan Apps in India? Let’s find out.
RBI’s Protective Umbrella
The RBI’s job in this area is to make rules and oversee things, not to directly say which loan apps are good. But it’s a sign of safety to check if the loan app you want to use is run by a company that the RBI has given official permission to operate. The RBI keeps an updated list of these approved companies on its website, so you can look there to make sure the lender you pick is on the list.
Top 10 RBI Approved Loan Apps in India
Here is a curated list of RBI Approved loan apps in India, offering various loan amounts, interest rates, and eligibility criteria:
Paytm
Paytm is available for download on both Google Play Store and the Apple App Store. The CEO of Paytm is Vijay Shekhar Sharma. You can reach their customer care at 1800-103-2273. Paytm’s address is One97 Communications Limited, One97 Tower, 6th & 7th Floor, Plot No. A-14, Sector – 63, Noida – 201301, Uttar Pradesh, India.
Loan Amount: ₹1,000 to ₹500,000
Interest Rate: 12% to 24%
Loan Tenure: 6 to 36 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹10,000
Bajaj Finserv
You can easily download Bajaj Finserv from the Google Play Store or the Apple App Store. The CEO is Sanjiv Bajaj, and you can contact their customer care at 1800-22-5577. Bajaj Finserv’s address is Bajaj Finserv Limited, Bajaj Auto Limited Complex, Akurdi, Pune – 411035, Maharashtra, India.
Loan Amount: ₹5,000 to ₹25,000,000
Interest Rate: 10% to 24%
Loan Tenure: 12 to 60 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
CASHe
CASHe is available for download on the Google Play Store and the Apple App Store. The CEO is Viren Shetty, and their customer care can be reached at 1800-420-4242. CASHe’s address is 11th Floor, Unit-1110, 1111, 1112, Tower-B, World Trade Tower, Senapati Bapat Marg, Elphinstone Road, Lower Parel (W), Mumbai – 400 013, Maharashtra, India.
Loan Amount: ₹1,0000 to ₹200,000
Interest Rate: 9.9% to 36%
Loan Tenure: 3 to 12 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹10,000
NAVI
You can download NAVI from the Google Play Store or the Apple App Store. The CEO is Sachin Bansal, and their customer care number is 80-4718-8888. The address of Navi App is Vaishnavi Tech Square, Ibbaluru, Bellandur, Bengaluru, Karnataka 560103, India.
Loan Amount: ₹1,000 to ₹50,000
Interest Rate: 12% to 36%
Loan Tenure: 3 to 6 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹25,000
Dhani
Dhani is available for download on the Google Play Store and the Apple App Store. The CEO is Gautam Kaushik, and you can reach their customer care at 1800-419-3344. Dhani’s address is Indiabulls Housing Finance Limited, Indiabulls House, 9th Floor, S.B. Marg, Elphinstone Road, Lower Parel, Mumbai – 400 013, Maharashtra, India.
Loan Amount: ₹1,000 to ₹100,000
Interest Rate: 12% to 36%
Loan Tenure: 3 to 12 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹10,000
FlexiLoans
FlexiLoans can be downloaded from the Google Play Store or the Apple App Store. The CEO is Anshuman Mishra, and their customer care number is 1800-419-3355. FlexiLoans’ address is FlexiLoans.com Services Pvt Ltd, 101, 11th Floor, DLF Cyber City Tower D, Sector 25, Gurugram – 122002, Haryana, India.
Loan Amount: ₹10,000 to ₹100,000
Interest Rate: 12% to 36%
Loan Tenure: 3 to 12 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
Money View Loans
You can find Money View Loans on the Google Play Store and the Apple App Store. The CEO is Puneet Agarwal, and their customer care number is 1800-419-3366. Money View Loans is located on the 12th Floor, Tower A, DLF Cyber City Phase 5, Sector 24, Gurugram – 122002, Haryana, India.
Loan Amount: ₹5,000 to ₹500,000
Interest Rate: 12% to 24%
Loan Tenure: 6 to 36 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
Indialends
Indialends is available for download on the Google Play Store and the Apple App Store. The CEO is Gaurav Chopra, and you can reach their customer care at 1800-419-3377. Indialends is situated at Indialends Technology Pvt. Ltd., 5th Floor, Tower A, DLF Cyber City Phase 3, Gurugram – 122002, Haryana, India.
Loan Amount: ₹10,000 to ₹1,000,000
Interest Rate: 12% to 24%
Loan Tenure: 6 to 36 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
Lendingkart
Lendingkart can be downloaded from the Google Play Store and the Apple App Store. The CEO is Harshvardhan Lunia, and you can contact their customer care at 1800-419-3377. Lendingkart’s address is Lendingkart Finance Ltd., Plot No. 484, Udyog Vihar, Phase V, Gurugram – 122016, Haryana, India.
Loan Amount: ₹10,000 to ₹10,000,000
Interest Rate: 12% to 24%
Loan Tenure: 6 to 36 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
IndiaLends
IndiaLends can be found on the Google Play Store and the Apple App Store. The CEO is Gaurav Chopra, and you can reach their customer care at 1800-419-3399. IndiaLends Address is Indialends Technology Pvt. Ltd., 5th Floor, Tower A, DLF Cyber City Phase 3, Gurugram – 122002, Haryana, India.
Loan Amount: ₹10,000 to ₹1,000,000
Interest Rate: 12% to 24%
Loan Tenure: 6 to 36 months
Eligibility Criteria: Indian citizen, aged 21 to 65 years, with a monthly income of ₹15,000
Please note: This is not an exhaustive list of all RBI Approved loan apps in India. Many others are available, so research and compare different options before choosing a lender.
Alternative RBI Approved Loan Apps in India 2023
How to Choose the Right Loan App?
When choosing a loan app, it is important to consider the following factors:
Loan amount: How much money do you need to borrow?
Interest rate: What is the interest rate on the loan?
Loan tenure: How long do you have to repay the loan?
Eligibility criteria: Do you meet the lender’s eligibility criteria?
Fees: Are there any hidden fees or charges associated with the loan?
Customer reviews: What do other borrowers have to say about the loan app?
How to Apply For a Loan?
Once you have chosen a loan app, you will need to create an account by providing some basic details like your Aadhaar, PAN, Income Proof, etc. Once your account is created, you can apply for a loan. Select your loan amount and repayment details and submit it. The lender will typically review your application and give you a decision within a few hours or days.
If your loan application is approved, you will receive the approval confirmation on your Mobile and Email ID. After Disbushed the loan amount it will be credited to your bank account within a few days. You will then need to start making repayments on the loan, according to the agreed-upon loan tenure and interest rate.
Eligibility for a Personal Loan
To get a personal loan through a loan app, here’s what you need:
- Age: Be at least 18 years old.
- Income: Have a regular income, with specific requirements varying by lender and loan amount.
- Employment: Usually, you should be employed, and some lenders may ask for a minimum work period.
- Credit Score: Aim for a credit score of at least 650; it shows your trustworthiness.
- Residency: Live in the same country where you’re applying for the loan.
- Bank Account: Own an active bank account.
- Documents: Some lenders might need income proof, proof of residence, and a valid ID copy as extra documents.
Final Talk on RBI Approved Loan Apps in India
In conclusion, when it comes to choosing the RBI Approved Loan Apps in India, it’s essential to ensure it falls under the protective umbrella of the Reserve Bank of India (RBI). While the RBI doesn’t endorse specific apps, their regulations provide a level of safety. Consider your financial needs, the interest rate, loan duration, eligibility requirements, potential fees, and customer feedback when selecting a loan app.
FAQs on RBI Approved Loan Apps in India
What are RBI Approved Loan Apps?
RBI Approved Loan Apps are mobile applications offered by companies that have received official permission from the Reserve Bank of India to provide loans.
Why is RBI Approval Important?
RBI approval ensures that the lending app follows regulatory standards, making it a safer choice for borrowers.
How can I check if an app is RBI Approved?
You can verify if an app is RBI Approved by checking the list of approved Non-Banking Financial Companies (NBFCs) on the RBI’s official website.
What is an NBFC?
An NBFC, or Non-Banking Financial Company, is a financial institution that offers various banking services but does not hold a banking license.
What factors should I consider when choosing a loan app?
Consider loan amount, interest rates, repayment duration, eligibility criteria, associated fees, and customer reviews before selecting a loan app.
How do I apply for a loan through an RBI Approved Loan App?
To apply, create an account on the app, provide required documents, and submit your loan request. The lender will review your application and, if approved, transfer the funds to your bank account.
Is it safe to use RBI Approved Loan Apps?
Yes, using an RBI Approved Loan App is a safer choice as it ensures that the lender operates within regulatory guidelines.
