Top 10 RBI Approved Loan Apps in India That’ll Get You the Money You Need

RBI approved loan apps in India

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.

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 AppsAssociated Banks or NBFCs
PaySensePayU Finance India Private Limited,
IDFC First Bank,
Kisetsu Saison Finance (India) Private Limited
SMFG India Credit Company Ltd.
Bajaj MarketBajaj Finserv
IndianLendsHDFC Bank, ICICI Banks, SBI, Axis Bank,
IDFC First Bank, Yes Bank, etc.
KreditBeeKrazybee 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.
CASHeVivriti Capital Pvt. Ltd.
Home First
Northern ARC
EarlySalaryHDB Financial Services
Northern Arc, InCred Finance
Aditya Birla Finance,
Vivriti Capital Pvt. Ltd.
Piramal Finance, etc
CredyKhosla Ventures, VY Capital
DhaniDhani Finance India
MoneyTapRBL Bank
NIRA AppMuthoot finance, IIFL,
HDB Financial Services
Northern Arc, Liquiloans
Best RBI registered loan app list

RBI registered loan app list

RBI registered loan App NamesLoan Amount
PaySenseUp to Rs 5 Lakh
MoneyTapUp to Rs 5 Lakh
DhaniUp to Rs 15 Lakh
NIRA AppUp to Rs 5 Lakh
CASHeUp to Rs 4 Lakh
EarlySalaryUp to Rs 10 Lakh
KreditBeeUp to Rs 3 Lakh
FlexiLoansUp to Rs 5 Lakh
Money View LoansUp to Rs 5 Lakh
IndiaLendsUp to Rs 50 Lakh
LendingKartUp to Rs 5 Lakh
IndiaLendsUp to Rs 5 Lakh
Bajaj MarketUp to Rs 50 Lakh
SliceUp to Rs 5 Lakh
ZestMoneyUp to Rs 5 Lakh
LazyPayUp to Rs 5 Lakh
mPockketUp to Rs 30 Thousand
CredAvenueUp to Rs 5 Lakh
LoanTapUp to Rs 10 Lakh
Capital FloatUp to Rs 5 Lakh
Fullerton IndiaUp to Rs 25 Lakh
Tata CapitalUp to Rs 5 Lakh
Aditya Birla FinanceUp to Rs 5 Lakh
Mahindra FinanceUp to Rs 5 Lakh
Hero FinCorpUp to Rs 5 Lakh
Srei Equipment FinanceUp to Rs 5 Lakh
Cholamandalam FinanceUp to Rs 5 Lakh
Muthoot FinanceUp to Rs 5 Lakh
Manappuram FinanceUp to Rs 5 Lakh
CredyUp to Rs 1 Lakh
SmartCoinUp to Rs 1 Lakh
BranchUp to Rs 50,000
NaviUp to Rs 20 Lakh
FlexiSalaryUp to Rs 2 Lakh
Money ViewUp to Rs 5 Lakh
PayMe IndiaUp to Rs 2 Lakh

RBI approved NBFC list

NBFC NameCorporate Identification Number
Bajaj Finance Ltd.L65910MH1987PLC042961
Shriram Finance Limited [Formerly: Shriram Transport Finance Company Limited]L65191TN1979PLC007874
Mahindra & Mahindra Financial Services LtdL65921MH1991PLC059642
Tamilnadu Power Finance and Infrastructure Development Corporation LimitedU65191TN1991SGC021030
Sundaram Finance LimitedL65191TN1954PLC002429
Tamilnadu Transport Development Finance Corporation LimitedU65191TN1975SGC006887
Muthoot Capital Services Ltd.L67120KL1994PLC007726
Tamilnadu Industrial Development Corporation LimitedU65993TN1965SGC005327
Sakthi Finance LimitedL65910TZ1955PLC000145
Berar Finance LimitedU65929MH1990PLC057829
Tamilnadu Urban Finance And Infrastructure Development Corporation LimitedU65191TN1990SGC018909
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 LimitedU65993DL1988PLC031421
Punjab Kashmir Finance LtdU65921PB1958PLC002256
PHF Leasing LimitedL65110PB1992PLC012488
PKF Finance LimitedU65921PB1994PLC014314
Kerala State Power and Infrastructure Finance Corporation Ltd. (Formerly Known As KPFC Ltd.)U65910KL1998SGC012160
Gove Finance LimitedU65921TN1983PLC010029
Seyad Shariat Finance LimitedU65191TN1989PLC018167
Valgaa Financial Services Limited (Previously G T P Finance Limited)U65921TZ1991PLC003149
Chinmay Finlease LtdU67120GJ1996PLC031275
Ishan Finlease LimitedU65910GJ1995PLC027696
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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