Top 25 Best Rbi Approved Loan Apps List In India 2024 ( Full List )

Top 25 Best RBI Approved Loan Apps List In India 2024 ( Full List ): Here’s a list of the top 25 RBI-approved loan apps. This list includes a variety of loan apps verified by the Reserve Bank of India (RBI) and offers different types of loans such as personal loans, business loans, education loans, etc. The description of each app will highlight its features, eligibility criteria, and the types of loans it offers. For full details keep reading this article. You will get full information here.

Top 25 Best Rbi Approved Loan Apps list
Top 25 Best Rbi Approved Loan Apps list

Top 25 Best Rbi Approved Loan Apps List In India 2024

The list of 25 RBI Approved Loan Apps is the following. Here we are sharing full details of all apps and their key highlights:

S.No Loan App Loan Amount Interest Rate
1 Navi Loan app Upto ₹20 lakh Starts from 9.90 p.a.
2 Bajaj Finserv Varies depending on the loan type Starts from 11% p.a.
3 CASHe ₹5,000 – ₹5 lakh Starts 2.50% p.m.
4 EarlySalary Up to ₹5 lakh Starts from 2% p.m.
5 Dhani Up to ₹2 lakh Starts from 13.99% p.a.
6 FlexiLoans ₹10,000 – ₹5 lakh Starts from 1% p.m.
7 Money View Loans ₹3,000 – ₹5 lakh Starts from 1.33% p.m.
8 mPokket Upto ₹45000 2-4% p.m.
9 Lendingkart Varies depending on the loan type Starts from 10% p.a.
10 Indialends Varies depending on the loan type Starts from 10.25% p.a.
11 NIRA Up to ₹5 lakh Starts from 24% p.a.
12 Simpl Up to ₹2 lakh Starts from 20% p.a.
13 Krazy Bee ₹10,000 – ₹5 lakh The range between 12.25% – 30% p.a.
14 Slice Up to ₹50,000 Starts from 15% p.a.
15 One Mobikwik ₹1,000 – ₹50,000 Range from 12% to 36% p.a.
16 PhonePe ₹1,000 – ₹5 lakh Given while calculating interest on the app
17 Amazon Pay Up to ₹6 lakh Starts from 18% p.a.
18 Flipkart Finance ₹10,000 – ₹2 lakh Starts from 10.49% p.a.
19 ZestMoney Up to ₹5 lakh Starts from 14% p.a.
20 TrueBalance ₹1,000 – ₹50,000 Starts from 3.9% p.m.
21 Mobiquity Up to ₹5 lakh Need to contact the team
22 MyLoanCare ₹5,000 – ₹5 lakh Starts from 16.50% p.a.
23 CapitalFloat Varies depending on the loan type Ranges between 18-24% p.a.
24 KreditBee ₹10,000 – ₹2 lakh Ranges from 16% to 29.95% p.a.
25 Kreditzy ₹10,000 – ₹2 lakh Ranges from from 18% to 35.95% p.a.

List of 25 RBI Approved Loan Apps

In India, loan apps have become popular for people to access quick and convenient loans. The Reserve Bank of India (RBI) ensures that these apps are safe and trustworthy. Here is a list of the top 25 best RBI-approved loan apps in India, perfect for someone who has completed the 10th grade and wants to understand them better.

1. Paytm Postpaid

  • Paytm Postpaid offers instant credit to its users.
  • You can use it to pay for shopping, travel, and more.
  • The best part is that you get up to 30 days to repay the amount without any interest.

2. MoneyTap

  • MoneyTap provides a personal line of credit.
  • You can borrow as little as ₹3,000 or as much as ₹5,00,000.
  • The interest is only charged on the amount you use, making it a flexible option.

3. Dhani

  • Dhani offers instant personal loans.
  • You can get a loan starting from ₹1,000 up to ₹15,00,000.
  • The process is simple and requires minimal documentation.

4. CASHe

  • CASHe is designed for young salaried professionals.
  • It offers loans ranging from ₹7,000 to ₹3,00,000.
  • The app uses a unique algorithm to determine your creditworthiness.

5. KreditBee

  • KreditBee provides quick loans ranging from ₹1,000 to ₹2,00,000.
  • The application process is entirely online, and you can get the loan amount within minutes.

6. NIRA

  • NIRA offers personal loans up to ₹1,00,000 for salaried individuals.
  • The application process is straightforward, and you can get the loan amount within 24 hours.

7. LazyPay

  • LazyPay offers instant personal loans and also has a buy now, pay later feature.
  • You can get a loan from ₹10,000 to ₹1,00,000 with minimal documentation.

8. StashFin

  • StashFin offers personal loans up to ₹5,00,000.
  • The application process is quick, and you can get the loan amount within 4 hours.

9. Credy

  • Credy provides personal loans for salaried individuals.
  • You can get a loan ranging from ₹10,000 to ₹1,00,000 with a flexible repayment option.

10. Home Credit

  • Home Credit offers instant loans for personal use.
  • You can get a loan amount ranging from ₹10,000 to ₹2,00,000 with easy EMIs.

11. LoanTap

  • LoanTap offers personal loans and overdraft facilities.
  • You can get a loan ranging from ₹25,000 to ₹10,00,000.
  • They also offer customized loan products.

12. EarlySalary

  • EarlySalary provides instant loans to young professionals.
  • You can get a loan ranging from ₹8,000 to ₹5,00,000.
  • The process is entirely digital.

13. FlexSalary

  • FlexSalary offers a flexible line of credit.
  • You can borrow any amount from ₹4,000 to ₹2,00,000.
  • The app ensures quick approval and instant disbursement.

14. IndiaLends

  • IndiaLends offers personal loans with low interest rates.
  • You can get a loan amount ranging from ₹15,000 to ₹50,00,000 with flexible repayment options.

15. PaySense

  • Interest Rate: 1.4-2.3% per month
  • Minimum Loan Amount: Rs. 5,000
  • Maximum Loan Amount: Rs. 5 lakhs
  • Repayment Tenure: 3-60 months
  • Documents Required: Proof of identity, income, and address.
  • Eligibility Criteria: Indian resident aged 21-60 years, Salaried and self-employed individual of a minimum income of Rs. 18,000 and 20,000 etc.
  • Approval & Disbursal Time: 1-2 days

16. Bajaj Finserv

  • Bajaj Finserv offers personal loans for various needs.
  • You can get a loan ranging from ₹30,000 to ₹25,00,000 with flexible repayment tenures.

17. Money View

Money View offers instant personal loans up to ₹5,00,000. The process is digital, and the loan amount is disbursed within a few hours.

  • Interest Rate: 16-22% per annum
  • Minimum Loan Amount: Rs. 5,000
  • Maximum Loan Amount: Rs. 5 Lakhs
  • Repayment Tenure: 3-60 months
  • Documents Required: Proof of identity, income, address, a mobile number linked to an Aadhaar Card, and a selfie.
  • Eligibility Criteria: Salaried or self-employed individuals aged 21-57 years with a minimum income of Rs. 13,500 and a minimum CIBIL score of 600.

18. RupeeRedee

  • RupeeRedee provides quick loans with minimal documentation.
  • You can get a loan amount ranging from ₹2,000 to ₹25,000 instantly.

19. SimplyCash

  • SimplyCash offers personal loans up to ₹1,50,000.
  • The app ensures a hassle-free application process and instant disbursement.

20. TrueBalance

  • TrueBalance offers small personal loans starting from ₹1,000 to ₹50,000.
  • The app is user-friendly and ensures quick approval.

21. LoanTap

  • LoanTap provides customized loans for salaried individuals.
  • You can get a loan ranging from ₹25,000 to ₹10,00,000 with flexible repayment options.

22. Kissht

  • Kissht offers personal loans and EMI cards.
  • You can get a loan amount ranging from ₹3,000 to ₹1,00,000 with easy repayment options.

23. SmartCoin

  • SmartCoin provides instant loans to individuals.
  • You can get a loan amount ranging from ₹1,000 to ₹25,000 with a simple application process.

24. mPokket

  • mPokket offers personal loans to college students and young professionals.
  • You can get a loan amount ranging from ₹500 to ₹20,000 instantly.

25. Buddy Loan

  • Buddy Loan provides personal loans up to ₹15,00,000.
  • The app ensures quick approval and disbursement with minimal documentation.

How to Use These Loan Apps

Using these loan apps is simple and convenient. Here are the steps to follow:

  • Download the App: Go to the Google Play Store or Apple App Store and download the loan app you prefer.
  • Register: Sign up using your mobile number or email ID. You may need to verify your identity using an OTP (one-time password).
  • Complete Your Profile: Fill in your details like name, address, date of birth, and employment details.
  • Upload Documents: Upload necessary documents like your PAN card, Aadhaar card, salary slips, and bank statements.
  • Apply for a Loan: Select the loan amount you need and choose the repayment tenure. Submit your application.
  • Approval and Disbursement: Once your application is approved, the loan amount will be disbursed to your bank account.

Tips for Using Loan Apps

  • Check Interest Rates: Compare the interest rates offered by different apps to choose the best one.
  • Read Terms and Conditions: Make sure you understand the terms and conditions before applying for a loan.
  • Repay on Time: Always repay your loan on time to avoid penalties and improve your credit score.
  • Use for Emergency Needs: Use these loans for emergency needs and avoid unnecessary borrowing.

Documents required for Personal Loan

The following documents are required for a personal loan:

  • Identity Proof (Voter ID Card, Passport, Driving license, Aadhar Card, PAN Card etc.)
  • Address Proof ( Utility bills, Rental Agreement, Bank Statement etc.)
  • Income Proof (Salary slip, Tax Return, Business Documents etc.)
  • Credit score or Report
  • Proof of Employment
  • Bank Statement for the past 3 months

Eligibility Criteria

  • You must be an Indian citizen.
  • You must be in the age group of 18-65 years.
  • You must have a minimum monthly income of INR 15,000.
  • You must have a permanent residential address in India.
  • You must be employed or self-employed with a steady income.
  • You must have a minimum credit score of 650.

Conclusion

These 25 RBI-approved loan apps provide a convenient way to access quick loans in India. They are user-friendly and ensure a hassle-free experience. Whether you need a small amount for an emergency or a larger amount for personal use, these apps have got you covered. Always remember to borrow responsibly and repay on time to maintain a good credit score.

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