Traditionally, getting a loan from a bank or a financial institution can be a time-consuming process that takes lots of documents and verification. But nowadays loan apps become more popular just because of their easy and convenient way to access credit. But before taking a loan from any loan app make sure that the apps are RBI-registered loan apps, just to protect yourself from falling victim to any fake loan apps because there are hundreds of fake loan apps available in the online world. But the rbi registered loan app has a license NBFC from rbi.
Must Read: 8 Simple Tips on How to Save Money From Salary
It’s become very easy to take a personal loan for your need just because of these instant loan apps which offer very quick service. So here is the list of the top 10 RBI Approved loan apps in India.
Related: 10 Best Loan Apps Without Pan Card
Top 10 RBI Approved Loan Apps In India 2023
Rbi registered loan app list:
| Apps Name | Rating |
| Kreditbee | 4.8 |
| IDFC First | 4.3 |
| Home Credit | 4.2 |
| Dhani | 3.5 |
| Navi app | 4.2 |
| Buddy Loan | 4.0 |
| Pay me India | 4.4 |
| Lazypay | 4.2 |
| Nira loan app | 5.0 |
| Money Tap | 5.0 |
How to take a loan from these instant loan apps?
To borrow loans from these rbi registered loan apps you need proper documents and must come under the eligibility criteria. So here are the important documents which you need before applying for the loan.
Documents Required To Apply for a Loan from RBI registered loan apps
- Aadhaar Card.
- PAN Card.
- Voter ID.
- Salary Slip (Depends)
- The bank statement must be given.
- Selfie from the loan app.
Eligibility For Applying for a Loan from RBI-registered loan apps
- Your age should be between 21-55.
- You must be an Indian.
- Your credit score should be fine.
Credit Limit of RBI Approved Loan Apps In India
Each rbi approved loan app has its credit limit which represents the maximum amount you can borrow from the loan app.
| Apps Name | Credit Limit |
| Kreditbee | up to ₹3 Lakh |
| IDFC First | up to ₹5 Lakh |
| Home Credit | up to ₹75,000 |
| Dhani | up to ₹5 Lakh |
| Navi app | up to ₹20 Lakh |
| Buddy Loan | up to ₹15 Lakh |
| Pay me India | ₹2 Lakh+ |
| Lazypay | up to ₹1 Lakh |
| Nira loan app | up to ₹12k |
| Money Tap | up to ₹5 Lakh |
Kreditbee- rbi approved loan apps in India
KreditBee offers online instant personal loans in India. The RBI has approved and recognized KreditBee as a Non-Banking Finance Company (NBFC). KreditBee offer unsecured personal loans to the small business owner, salaried and self-employed. The interest rate of the KreditBee loan app is 18% to 36% per annum along with a one-time processing fee.
IDFC First- rbi approved loan apps in India
If you have a good CIBIL score then IDFC First would be a better option for you to apply for a personal loan. IDFC First is not just an app it’s a bank. IDFC First Bank has received several awards and recognition for its banking services.
Home Credit- RBI Approved NBFC
The Home Credit app NBFC provides a quick and convenient way for people to apply for loans. You can download the HC app on both Android & iOS. From electronics to home appliances, anything you buy through the Home Credit app.
Dhani- rbi approved loan apps in India
Dhani apps offer personal loans, two-wheeler loans, mutual funds, insurance, and other investment products.
Navi App- rbi approved loan apps in India
Navi app also provides financial services in India. Navi app provides personal loans at competitive interest rates and flexible repayment options. You can easily calculate your EMI through the Navi app EMI calculator.
Buddy Loan– Partnered with various NBFC
Buddy Loa app partnered with various NBFC lending partners which are RBI registered. Buddy loan also provides a personal loan.
PayMe India- RBI Approved NBFC
PayMe India app provides short-term loans. All you need to register yourself on this rbi approved loan app to borrow the loan by clearing the eligibility criteria and document verification.
LazyPay- rbi approved loan apps in India
LazyPay provides personal loans, pay-later options, and EMI facilities to eligible customers.
Money Tap- rbi approved loan apps in India
MoneyTap also offers personal loans to eligible people. You need a good Credit score to apply for a loan.
