RBI Approved Loan Apps in India
We hear news on fraud loan apps regularly like people falling prey to fraud loan apps, fraud loan apps freely publishing themselves on social media platforms, etc. The big question is how to protect yourself or your hard-earned money from these fraudsters. There was little guidance on social media if the loaded app was genuine or not.
Why borrowers are falling into the trap of these loan app fraudsters. It has been easy these days to get a small loan like a personal loan without much documentation. Young borrowers are using these personal loan apps to get instant loan approval. Fraudsters are taking advantage of this and getting the borrowers trapped.
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RBI approved loan apps in India
Reserve Bank of India (RBI) has published a list of “RBI approved loan apps”. Every individual needs to understand the risk of fraudulent loan apps and look for these “RBI approved loan apps in India to take a genuine benefit out of instant loan approval apps.
There are many RBI approved loan apps available in India. These loan apps are regulated by the Reserve Bank of India and hence they have to adhere to strict standards defined by RBI. Through these RBI registered loan apps list, you can avail of personal loans instantly and easily with minimum documentation.
However, these loan apps charge high interest rates considering the nature of risk. Here are 10 RBI Approved Loan Apps you can download and avail loan instantly.
RBI registered loan app
Below are the top RBI registered loan app
| RBI Approved Loan Apps | Associated Banks or NBFCs |
|---|---|
| PaySense | PayU Finance India Private Limited, IDFC First Bank, Kisetsu Saison Finance (India) Private Limited SMFG India Credit Company Ltd. |
| Bajaj Market | Bajaj Finserv |
| IndianLends | HDFC Bank, ICICI Banks, SBI, Axis Bank, IDFC First Bank, Yes Bank, etc. |
| KreditBee | Krazybee Services Private Limited IIFL Finance Limited Incred Financial Services Limited Vivriti Capital Limited Tata Capital Financial Services Limited Cholamandalam Finance Company Limited Poonawalla Fincorp, etc. |
| CASHe | Vivriti Capital Pvt. Ltd. Home First Northern ARC |
| EarlySalary | HDB Financial Services Northern Arc, InCred Finance Aditya Birla Finance, Vivriti Capital Pvt. Ltd. Piramal Finance, etc |
| Credy | Khosla Ventures, VY Capital |
| Dhani | Dhani Finance India |
| MoneyTap | RBL Bank |
| NIRA App | Muthoot finance, IIFL, HDB Financial Services Northern Arc, Liquiloans |
RBI registered loan app list
| RBI registered loan App Names | Loan Amount |
|---|---|
| PaySense | Up to Rs 5 Lakh |
| MoneyTap | Up to Rs 5 Lakh |
| Dhani | Up to Rs 15 Lakh |
| NIRA App | Up to Rs 5 Lakh |
| CASHe | Up to Rs 4 Lakh |
| EarlySalary | Up to Rs 10 Lakh |
| KreditBee | Up to Rs 3 Lakh |
| FlexiLoans | Up to Rs 5 Lakh |
| Money View Loans | Up to Rs 5 Lakh |
| IndiaLends | Up to Rs 50 Lakh |
| LendingKart | Up to Rs 5 Lakh |
| IndiaLends | Up to Rs 5 Lakh |
| Bajaj Market | Up to Rs 50 Lakh |
| Slice | Up to Rs 5 Lakh |
| ZestMoney | Up to Rs 5 Lakh |
| LazyPay | Up to Rs 5 Lakh |
| mPockket | Up to Rs 30 Thousand |
| CredAvenue | Up to Rs 5 Lakh |
| LoanTap | Up to Rs 10 Lakh |
| Capital Float | Up to Rs 5 Lakh |
| Fullerton India | Up to Rs 25 Lakh |
| Tata Capital | Up to Rs 5 Lakh |
| Aditya Birla Finance | Up to Rs 5 Lakh |
| Mahindra Finance | Up to Rs 5 Lakh |
| Hero FinCorp | Up to Rs 5 Lakh |
| Srei Equipment Finance | Up to Rs 5 Lakh |
| Cholamandalam Finance | Up to Rs 5 Lakh |
| Muthoot Finance | Up to Rs 5 Lakh |
| Manappuram Finance | Up to Rs 5 Lakh |
| Credy | Up to Rs 1 Lakh |
| SmartCoin | Up to Rs 1 Lakh |
| Branch | Up to Rs 50,000 |
| Navi | Up to Rs 20 Lakh |
| FlexiSalary | Up to Rs 2 Lakh |
| Money View | Up to Rs 5 Lakh |
| PayMe India | Up to Rs 2 Lakh |
RBI approved NBFC list
| NBFC Name | Corporate Identification Number |
|---|---|
| Bajaj Finance Ltd. | L65910MH1987PLC042961 |
| Shriram Finance Limited [Formerly: Shriram Transport Finance Company Limited] | L65191TN1979PLC007874 |
| Mahindra & Mahindra Financial Services Ltd | L65921MH1991PLC059642 |
| Tamilnadu Power Finance and Infrastructure Development Corporation Limited | U65191TN1991SGC021030 |
| Sundaram Finance Limited | L65191TN1954PLC002429 |
| Tamilnadu Transport Development Finance Corporation Limited | U65191TN1975SGC006887 |
| Muthoot Capital Services Ltd. | L67120KL1994PLC007726 |
| Tamilnadu Industrial Development Corporation Limited | U65993TN1965SGC005327 |
| Sakthi Finance Limited | L65910TZ1955PLC000145 |
| Berar Finance Limited | U65929MH1990PLC057829 |
| Tamilnadu Urban Finance And Infrastructure Development Corporation Limited | U65191TN1990SGC018909 |
| Amrit Malwa Capital Limited (Formerly Known as Amrit Hire Purchase Limited ) | U65921PB1987PLC007523 |
| Muthoot Vehicle & Asset Finance Ltd. (Formerly Known as Muthoot Leasing & Finance Ltd.) | U65910KL1992PLC006544 |
| Dhara Motor Finance Ltd. | U50101UP1990PLC012234 |
| Bansal Credits Limited | U65993DL1988PLC031421 |
| Punjab Kashmir Finance Ltd | U65921PB1958PLC002256 |
| PHF Leasing Limited | L65110PB1992PLC012488 |
| PKF Finance Limited | U65921PB1994PLC014314 |
| Kerala State Power and Infrastructure Finance Corporation Ltd. (Formerly Known As KPFC Ltd.) | U65910KL1998SGC012160 |
| Gove Finance Limited | U65921TN1983PLC010029 |
| Seyad Shariat Finance Limited | U65191TN1989PLC018167 |
| Valgaa Financial Services Limited (Previously G T P Finance Limited) | U65921TZ1991PLC003149 |
| Chinmay Finlease Ltd | U67120GJ1996PLC031275 |
| Ishan Finlease Limited | U65910GJ1995PLC027696 |
| Samrat Motor Finance Ltd. | U65921DL1985PLC019761 |
| Baba Purandass Financial Services Ltd. | U65921PB1995PLC017290 |
How to know if the loan app is RBI approved
- Loan app’s website: First thing first, when you are taking a loan from a loan app, it is mandatory to check the loan apps’ website. Most RBI approved loan apps will share the details of their partners NBFC with whom they are associated with. For example, PaySense loan app has mentioned on its website that it is partnered with leading Banks and NBFCs such as PayU Finance India Private Limited, IDFC First Bank, Kisetsu Saison Finance (India) Private Limited and SMFG India Credit Company Ltd.
- Again most of the RBI approved loan apps give a link on their respective website that directs to the RBI website as a token of confidence for the borrowers. You can check this link to verify if this is the RBI approved loan app.
- RBI website: The RBI publishes a list of RBI approved Non-Banking Financial Companies (NBFCs). You can check this list on the RBI website if the loan app is associated with an RBI approved NBFC. Refer to the below table for the complete RBI approved NBFC list.
- The most important is to know the loan app’s reviews: Read reviews of the loan app on the app store and also on third-party websites. This can help you to identify a genuine loan app.
- Always ask the question to the loan app contact person if the loan app is RBI approved, if yes share the registration number and the NBFC name with which this loan app is associated.
- Again, if the loan app is offering a low-interest rate while asking for an upfront payment of one installment, this is a fraud app. Try to avoid those loan apps that offer unrealistic interest rates with no documentation.
Bottom lines
Fraud loan apps usually give loans easily but charge a high-interest rate. If the borrower cannot repay the loan in time, these apps then threaten borrowers with the personal data collected from their phones during the loan application process. Genuine and RBI approved loan apps can save you from these fraudsters.
RBI has given orders to Google and Apple Play stores to remove the loan apps from their respective platform if the loan app does not have RBI validity. Hence it is always advisable to look for the “RBI Approved Loan App list” to confirm if this loan app is already approved by RBI or just another fraudster trying to trap you.
There are many reputed RBI registered loan apps in the market to choose from. Why hurry and fall prey to these fraudulent loan apps? Always look for genuine and RBI approved loan apps for a safe financial journey.
All the best for your loan applications. Let us know if you have fallen into the trap of these fraudsters. We will publish your story on our platform.
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