Today, there are countless lenders and NBFCs available at your fingertips and finding the one that you can rely on can be the real challenge. While many lenders promise quick cash and instant approvals, the risk of hidden charges, unregulated practices, and complex terms can leave you feeling confused. Contrarily, loan apps that are working with RBI-registered NBFCs follow strict guidelines to ensure customer safety and transparency.
For Indian banks and NBFCs, the RBI acts as a guardian and regulator. It ensures that these financial institutions comply with its regulations, enhancing borrower security.
The RBI establishes standards for these institutions to guarantee that they effectively manage your finances and protect your data. Whether you need to finance an unexpected expense or plan a big purchase, these apps ensure a transparent application process, minimal documentation, and a seamless user experience.
Benefits of Using Loan Apps Working with RBI-Registered NBFCs
When it comes to borrowing money, trust is important, and that’s exactly what these loan apps offer. These apps follow strict guidelines so that borrowers are protected from hidden fees, unfair terms, and unreliable practices.
Listed below are a few benefits of using loan apps working with RBI-registered NBFCs:
Safety and Security
NBFCs that follow the RBI’s guidelines ensure you are protected from unethical lending practices by implementing strict data privacy and fair lending practices.
Transparency
Many fake loan apps impose fees that borrowers aren’t informed about. In contrast, RBI-registered NBFCs are required to provide a Key Facts Statement (KFS) that clearly outlines all charges, including interest rates and processing fees. This ensures complete transparency and helps borrowers avoid unexpected costs.
Grievance Redressal
NBFCs registered with the RBI offer an authorized portal for all your complaints. If the NBFC is not registered with RBI, you may not be able to take further action in case you come across a problem.
Convenience
Loan apps that are working with RBI-registered NBFCs make your application process simple. All you have to do is download the app, upload your documents online, and receive prompt approval. This helps in eliminating the frequent lender visits and lengthy paperwork hassles.
List of Top 20 Loan Apps Working with RBI-Registered NBFCs
If you want to secure a personal loan online, you must look for loan apps that are working with RBI-registered NBFCs.
Below are the top 20 loan apps that are working with RBI-registered NBFCs.
| Loan Apps | Loan Amount | Interest Rate | Repayment Tenure |
| LoanTap | ₹50,000 – ₹10 Lakh | 1.5% p.m.* onwards | 6 – 60 Months |
| Fibe | ₹5,000 – ₹5 Lakh | 1.16%p.m. | Up to 24 Months |
| Smart Coin Loan App | Up to ₹2 Lakh | 1.5% p.m. Onwards | 91 – 120 Days |
| IBL Finance | Up to ₹50,000 | 1.25% p.m. Onwards | 3 – 12 Months |
| Buddy Loan | ₹ 10,000 – ₹15 Lakh | 0.99% p.m. Onwards | 12 – 60 Years |
| FlexiSalary Instant Loan App | Up to ₹10 Lakh | 1.5% p.m. Onwards | 10 – 36 Months |
| DigiMoney | Up to ₹1 Lakh | 1% p.m. Onwards | 3 – 12 Months |
| PaySense | ₹5,000 – ₹5 Lakh | 1.3 % – 3% p.m. | 3 – 48 Months |
| PhonePe | ₹1,000 – ₹5 Lakh | 1.08% – 1.66% p.m. | 12 – 60 Months |
| Lendingkart | ₹50,000 Onwards | 2% – 5% p.m. | 12 – 36 Months |
| Tata Capital | Up to ₹35 lakh | 0.91% p.m. | Up to 6 Years |
| Bajaj Finserv | Up to ₹40 Lakh | 0.87% p.m. Onwards | 6 – 96 Months |
| Dhani | ₹1,000 – ₹15 Lakh | 1.16 % p.m. Onwards | 3 – 24 Months |
| KreditBee | ₹1000 – ₹4 Lakh | 1.25% – 2.49% p.m. | 3 – 24 Months |
| mPokket | ₹500 – ₹30,000 | 2% – 4% p.m. | Up to 4 Months |
| MoneyView | ₹5,000 – ₹10 Lakh | 1.33% p.m. Onwards | 6 – 60 Months |
| Finnable | ₹5,000 – ₹5 Lakh | 1 % – 2 % p.m. | 2 – 48 Months |
| Nira Finance | Up to ₹1 Lakh | 2% p.m. Onwards | 3 – 18 Months |
| Upwards | Up to ₹5 Lakh | 1.5 % – 2.66% p.m. | 6 – 24 Months |
| Branch Loan App | Up to ₹1 Lakh | 2% p.m. Onwards | 62 Days – 12 Months |
Details of Loan Apps Working with RBI-Registered NBFCs
Let’s look at the details of some of the loan apps that are working with RBI-registered NBFCs in India:
LoanTap
LoanTap, an RBI-registered NBFC, offers a range of specialized loan solutions, including personal loans, business loans, invoice financing, and electric two-wheeler loans. With flexible repayment plans and affordable monthly installments, the LoanTap personal loan app provides convenient features and benefits for all your financial needs. These include:
- Loan amounts between ₹50,000 and ₹10 lakh
- Eligibility – Must be at least 23 years of age and earn a minimum monthly income of ₹30,000
- Quick loan approval with disbursal in 24-36 hours
- Flexible repayment ranging from 6 months to 60 months
- An easy and hassle-free online application procedure
- No restriction on the usage of the loan – it can be used for any purpose
- An honest and transparent loan application procedure without any hidden charges
Tata Capital
Tata Capital, part of the reputable Tata Group, offers a wide range of financial services for individuals, businesses, and large organizations. Their products include personal, home, and vehicle loans, along with loans against property or securities. Businesses can access working capital, equipment finance, and structured financial solutions.
Tata Capital offers the following features and benefits:
- Loan amount up to ₹35 lakh
- Accepts online application
- No Collateral/Security
- Zero charges on part prepayment
Bajaj Finserv
Bajaj Finserv, a leading financial company in India under Bajaj Holdings & Investments Limited, provides personal, home, and business loans, along with savings options like fixed deposits and insurance.
Below are some of its features.
- Personal loan of up to Rs 40 lakh
- No hidden charges
- Easy Repayment
- Instant approval and disbursal
Dhani
Dhani Loans and Services Limited, an RBI-registered NBFC, provides instant personal loans and financial services right at your fingertips. Designed for quick and easy access, their loan app allows users to apply for loans without lengthy paperwork or visits to the bank. Here are some key features of the Dhani Loan App:
- Provides multiple EMI options
- User-friendly app
- Loan Amount up to ₹15 Lakh
- Easy repayment options
KreditBee
As an online platform, KreditBee partners with several RBI-registered NBFCs, including KrazyBee Services Private Limited and other collaborators. KreditBee provides a variety of personal loan options, including flexi loans and tailored personal loans for both salaried and self-employed individuals. Flexi personal loans are ideal for handling emergencies or covering smaller expenses, offering quick access to small-ticket funds when needed.
Below are some features of the KreditBee app.
- Quick approval
- Minimal documentation
- 24*7 customer support
mPokket
mPokket offers quick loans without requiring collateral. mPokket is known for its fast approval and disbursement, offering unsecured loans with minimal documentation requirements.
Below are some features of the mPokket app.
- Quick loan approval and disbursal
- Safe and secured platform
Fibe
Fibe, previously known as EarlySalary, offers quick and flexible personal loans to meet your financial needs. With its user-friendly app, Fibe provides instant loans to its individuals. You can apply for a loan of up to ₹5 lakh, with interest rates starting as low as 12%.
Below are some of the features of this loan app:
- The application process is completely online and paperless.
- Available 24/7, allowing you to apply and get instant disbursal anytime.
- Repayment is flexible, with installments spread over up to 24 months.
MoneyView
MoneyView provides users with personalized loan options. Below are some of the features of the MoneyView app.
- Easy online application process
- Minimum documentation
- Repay the loan through auto-debit EMIs
- Quick loan disbursal
Finnable
It is an RBI-registered NBFC that provides personal loans at affordable interest rates. Below are some features of the Finnable loan app.
- Quick and easy application process
- High loan amount with flexible repayment tenure
PhonePe
PhonePe, partners with several RBI-registered NBFCs and lenders who offer personal loans ranging from ₹1,000 to ₹5 lakh. This feature is a convenient choice for existing PhonePe users looking for quick and accessible financing.
Below are some of the features of the PhonePe app.
- Quick Approval within hours, often the same day.
- Applications can be submitted via the PhonePe app with minimal documentation.
- Existing users with good payment history may receive personalized loan offers.
DigiMoney
DigiMoney is an RBI-registered NBFC that specializes in providing instant online loans with a hassle-free experience. Whether you’re facing a medical emergency, planning a wedding, needing home repairs, or looking to fund a vacation, DigiMoney ensures quick and easy access to the financial support you need.
- 100% online process
- Affordable processing fee and interest rate
- Easy documentation
- Flexible EMI options
How to Verify if a Loan App is Safe to Use?
Here’s how you can verify whether a loan app is safe to use or not:
1. Checking the Official Website of the RBI
RBI maintains a list of NBFCs that they approve, which is regularly updated. It is a reliable way to know if the NBFC is RBI-registered or not.
2. Verifying the Registration Number
Authentic RBI-registered NBFCs and lenders have a valid registration number that is issued by the Reserve Bank of India. You can find this registration number on the lender’s or the RBI’s official website.
3. Verifying Company Information
Reputable lending applications and NBFCs will offer detailed information about their company, such as registration details, address, and contact details. You can also check RBI records for the details.
4. Reviewing Company Reputation
It is advisable to check the reviews of lenders before selecting the app. You can also check the feedback that users provide to determine whether the app is genuine or not. Apps with low ratings, unfavorable comments about fraud or other illegal activity, or a lack of transparency should be avoided.
How to Apply for a Loan Through These Apps?
The loan application process may differ depending on the lenders. Here is how you can apply for a loan with LoanTap:
- Visit the official website of LoanTap or download the app via the App Store or Play Store
- Choose the product you need and click on “Apply Now”
- Enter your basic info like Email ID, mobile number, City and Pincode
- Submit the required documents
- Once your application is submitted, wait for approval
- Upon approval, the loan amount will be transferred to your bank account within 24-36 hours
Conclusion
Choosing a loan app working with RBI-registered NBFCs ensures safety, transparency, and a seamless borrowing process. These trusted NBFCs provide an easier and safer way for individuals to meet their financial needs.
LoanTap, an RBI-registered NBFC, is one of the most reliable options for personal loans, offering minimal documentation, easy eligibility criteria, and flexible repayment options.
Frequently Asked Questions
Why choose a loan app working with RBI-registered NBFC?
Such apps are secure, regulated and follow RBI guidelines, providing a safer borrowing experience.
Do these loan apps perform a credit check?
Yes, RBI-registered NBFCs perform credit checks to assess your eligibility, though some apps are more lenient for low-credit individuals.
Are these loan apps secure for sharing personal and financial information?
Yes, RBI-registered NBFCs must follow data protection guidelines, making these apps secure for sharing sensitive information.
Is KYC verification required on these loan apps?
Yes, loan apps working with RBI-registered NBFCs also require KYC verification to confirm borrower identity and prevent fraud.
What are fake loan apps?
Fake loan apps may appear to be reliable sources for borrowing but often engage in fraudulent practices. They frequently target individuals in urgent need of funds, offering seemingly quick and hassle-free financing. These apps may use enticing promises to attract users while lacking the transparency and credentials of legitimate lenders, highlighting the importance of careful research before applying for a loan.
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