Are you looking for a quick and easy way to get a loan in India? Do you want to avoid the hassle of visiting banks or filling out lengthy forms? Do you want to get the best interest rates and repayment options?
If you answered yes to any of these questions, then you need to check out the best RBI approved instant loan app in India 2023.
What is an RBI approved instant loan app?
An RBI approved instant loan app is a mobile application that allows you to apply for a loan online and get instant approval and disbursal.
These apps are regulated by the Reserve Bank of India (RBI), which ensures that they follow the rules and guidelines for consumer protection and fair lending practices.
Why should you choose an RBI approved instant loan app?
There are many benefits of using an RBI approved instant loan app, such as:
- You can get a loan anytime, anywhere, without any physical documentation or verification.
- You can get a loan amount ranging from Rs. 1,000 to Rs. 5 lakhs, depending on your eligibility and credit score.
- You can get a loan tenure ranging from 15 days to 36 months, depending on your repayment capacity and preference.
- You can get a competitive interest rate starting from 10% per annum, depending on your credit profile and loan type.
- You can get flexible repayment options, such as EMI, prepayment, or part-payment, depending on your convenience and cash flow.
- You can get access to various features and tools, such as budget tracking, financial management, credit score improvement, and more.
Sounds amazing, right?
How do you find the best RBI approved instant loan app in India 2023?
Don’t worry, we have done the research for you and compiled a list of the top 5 RBI approved instant loan apps that you can use in 2023. These apps are:
Let’s take a closer look at each of these apps and see what they have to offer.
KreditBee
KreditBee is one of the most popular and trusted RBI approved instant loan apps in India. It offers personal loans, salary advance loans, and online purchase loans to salaried and self-employed individuals.
Here’s how you can get an instant loan through KreditBee:
- Download the KreditBee app from [Google Play Store] or [App Store].
- Register with your mobile number and verify it with OTP.
- Fill in your basic details, such as name, date of birth, PAN number, etc.
- Upload your KYC documents, such as Aadhaar card, PAN card, bank statement, etc.
- Choose your loan amount and tenure from the available options.
- Review your loan details and accept the terms and conditions.
- Get instant approval and disbursal of funds to your bank account within 15 minutes.
The maximum loan amount that you can get from KreditBee is Rs. 5 lakhs. The interest rate ranges from 10% to 29.95% per annum. The repayment options vary from 2 months to 15 months.
Some of the unique features that set KreditBee apart are:
- It offers a referral program that allows you to earn up to Rs. 10,000 by inviting your friends and family to use KreditBee.
- It offers a loyalty program that rewards you with cashback and discounts for timely repayments and repeat loans.
- It offers a credit score improvement program that helps you improve your credit score by reporting your repayments to credit bureaus.
SmartCoin
SmartCoin is another leading RBI approved instant loan app in India. It offers micro loans, personal loans, business loans, and education loans to individuals from all walks of life.
Here’s how you can obtain a loan with SmartCoin:
- Download the SmartCoin app from [Google Play Store] or [App Store].
- Sign up with your mobile number and verify it with OTP.
- Enter your personal details, such as name, address, income source, etc.
- Upload your KYC documents, such as Aadhaar card, PAN card, bank statement, etc.
- Select your loan amount and tenure from the available options.
- Confirm your loan details and agree to the terms and conditions.
- Get instant approval and disbursal of funds to your bank account within 10 minutes.
The maximum loan amount that you can get from SmartCoin is Rs. 50,000. The interest rate ranges from 16% to 32% per annum. The repayment options vary from 15 days to 6 months.
Some of the specific advantages or offerings from SmartCoin are:
- It offers a user-friendly experience that allows you to track your loan status, repayments, and credit score on the app.
- It offers a flexible eligibility criteria that does not require a minimum salary or credit score to apply for a loan.
- It offers a variety of loan products that cater to different needs and purposes, such as education, business, travel, etc.
Navi Cash Loan is a new and innovative RBI approved instant loan app in India. It offers personal loans, consumer durable loans, and two-wheeler loans to salaried and self-employed individuals.
Here’s how you can apply for a loan through Navi Cash Loan:
- Download the Navi Cash Loan app from [Google Play Store] or [App Store].
- Create your account with your mobile number and verify it with OTP.
- Fill in your personal details, such as name, gender, email, etc.
- Upload your KYC documents, such as Aadhaar card, PAN card, selfie, etc.
- Choose your loan amount and tenure from the available options.
- Review your loan details and accept the terms and conditions.
- Get instant approval and disbursal of funds to your bank account within 24 hours.
The maximum loan amount that you can get from Navi Cash Loan is Rs. 5 lakhs. The interest rate ranges from 11.99% to 35.99% per annum. The repayment options vary from 3 months to 36 months.
Some of the user reviews or testimonials that showcase the effectiveness of Navi Cash Loan are:
- “I got a loan of Rs. 50,000 from Navi Cash Loan within a day. The process was very simple and fast. The customer service was also very helpful and friendly. I would recommend this app to anyone who needs a quick loan.” – Ramesh Kumar
- “Navi Cash Loan is the best app for getting a loan online. I applied for a two-wheeler loan of Rs. 1 lakh and got it approved in minutes. The interest rate was very reasonable and the repayment option was flexible. I am very happy with this app.” – Priya Sharma
- “I needed a loan urgently for my medical expenses. I tried many apps but none of them gave me a loan. Then I found Navi Cash Loan and applied for a personal loan of Rs. 2 lakhs. To my surprise, I got the loan approved and disbursed in less than 24 hours. Thank you Navi Cash Loan for saving my life.” – Rajesh Singh
MoneyView
MoneyView is another well-known RBI approved instant loan app in India. It offers personal loans, home improvement loans, travel loans, wedding loans, and more to salaried and self-employed individuals.
Here’s how you can get a loan from MoneyView:
- Download the MoneyView app from [Google Play Store] or [App Store].
- Sign up with your mobile number and verify it with OTP.
- Enter your personal details, such as name, income, occupation, etc.
- Upload your KYC documents, such as Aadhaar card, PAN card,bank statement, salary slip, etc.
- Choose your loan amount and tenure from the available options.
- Review your loan details and accept the terms and conditions.
- Get instant approval and disbursal of funds to your bank account within 2 hours.
The maximum loan amount that you can get from MoneyView is Rs. 5 lakhs. The interest rate ranges from 12% to 36% per annum. The repayment options vary from 3 months to 60 months.
Some of the app’s key features that make MoneyView stand out are:
- It offers a budget tracking feature that helps you monitor your income and expenses and plan your finances better.
- It offers a financial management feature that helps you save money, invest wisely, and improve your credit score.
- It offers a credit score feature that gives you access to your free credit report and score from Experian and tips to improve it.
Incred Finance
Incred Finance is a new and promising RBI approved instant loan app in India. It offers personal loans, education loans, home loans, business loans, and consumer loans to salaried and self-employed individuals.
Here’s how you can avail a loan from Incred Finance:
- Download the Incred Finance app from [Google Play Store] or [App Store].
- Register with your mobile number and verify it with OTP.
- Fill in your personal details, such as name, email, address, etc.
- Upload your KYC documents, such as Aadhaar card, PAN card, income proof, etc.
- Select your loan amount and tenure from the available options.
- Review your loan details and accept the terms and conditions.
- Get instant approval and disbursal of funds to your bank account within 24 hours.
The maximum loan amount that you can get from Incred Finance is Rs. 10 lakhs. The interest rate ranges from 9% to 36% per annum. The repayment options vary from 6 months to 60 months.
Some of the additional perks or advantages that Incred Finance offers are:
- It offers a customized loan solution that matches your needs and preferences.
- It offers a flexible repayment option that allows you to choose your EMI date and amount.
- It offers a reward program that gives you cashback and vouchers for timely repayments and referrals.
RBI Approved Loan Apps List 2023
Here is a comprehensive list of RBI approved loan apps in India 2023 that you can use to get instant loans online:
| App Name | Maximum Loan Amount | Interest Rate | Repayment Tenure |
|---|---|---|---|
| KreditBee | Rs. 2 lakhs | 10% – 29.95% per annum | 2 months – 15 months |
| SmartCoin | Rs. 50,000 | 16% – 32% per annum | 15 days – 6 months |
| Navi Cash Loan | Rs. 5 lakhs | 11.99% – 35.99% per annum | 3 months – 36 months |
| MoneyView | Rs. 5 lakhs | 12% – 36% per annum | 3 months – 60 months |
| Incred Finance | Rs. 10 lakhs | 9% – 36% per annum | 6 months – 60 months |
Apart from these apps, there are some other noteworthy Rbi approved instant loan app list that you can explore, such as:
- PaySense
- EarlySalary
- MoneyTap
- CASHe
- Amazon Pay Later
- Bajaj Finserv App
- Bharatpe (Business Loan)
- Branch
- Dhani (Credit Line)
- DigiMoney
- Early Salary
- FairMoney Loan App
- FlexSalary Instant Loan App
- Flipkart Pay Later
- Freopay (Credit Line)
- IBL FINANCE App
- IDFC Bank Pay later
- Indialends
- Jupiter credit limit
- Khatabook App
- Kissht: Instant Line of Credit
- Lazypay (Credit Line + Personal Loan)
- MoneyTap
- Mobikwik (Credit Line + Consumer Loan)
- Mystro Loans & Neo Banking app
- NIRA
- OneCard App
- Ola Money pay Later
- Paytm Personal Loan
- Paytm Postpaid (Credit Line)
- Rufilo Loan App
- Rupeek App (Gold Loan)
- Slice (Credit Line)
- Stashfin – (Credit Line + Personal Loan)
- True Balance
How to verify if a loan app is RBI approved or not?
One of the most important things to consider before using any loan app is whether it is RBI approved or not.
RBI approval ensures that the app follows the rules and guidelines for consumer protection and fair lending practices.
But how can you verify if a loan app is RBI approved or not?
There are a few ways to do that, such as:
Checking the website or app store listing of the loan app
The easiest way to verify if a loan app is RBI approved or not is to check its website or app store listing. Look for the name of the bank or NBFC (non-banking financial company) that the app is associated with.
The app should clearly disclose this information upfront to the customers.
You can also look for the RBI registration number or certificate of the bank or NBFC on the website or app store listing.
Checking the list of NBFCs registered with the RBI
Another way to verify if a loan app is RBI approved or not is to check the list of NBFCs registered with the RBI on its website.
You can search for the name of the bank or NBFC that the app is associated with and see if it is registered with the RBI.
You can also check the type, category, and status of the NBFC on the website.
If you encounter any loan app that does not disclose its association with any bank or NBFC, or charges exorbitant interest rates, fees, and penalties, or harasses you for repayment or recovery, you should report it to the concerned law enforcement agencies.
You can also use the Sachet portal to file an online complaint against any fraudulent or illegal loan app.
By verifying if a loan app is RBI approved or not, you can avoid falling prey to any scam or fraud and ensure your safety and trustworthiness. Always choose an RBI approved loan app for your financial needs and purposes.
Conclusion
Getting a loan online has never been easier with the best RBI approved instant loan app in India 2023. These apps offer you fast, convenient, and secure access to credit for various needs and purposes.
However, before you choose any loan app, make sure to verify its RBI approval status by checking its website or app store listing. Also, compare the interest rates, fees, terms, and features of different apps to find the best deal for you.
Remember, a loan is a responsibility that you have to repay on time. So, use it wisely and only for genuine needs.
We hope this article has helped you find the best RBI approved instant loan app in India 2023 for your needs. If you have any questions or feedback, feel free to leave a comment below.
Get The Loan You Need With The Best RBI Approved Instant Loan App
FAQs
What are the benefits of using RBI approved loan apps?
RBI approved loan apps offer fast, convenient, and secure access to credit for various needs and purposes. They follow the rules and guidelines for consumer protection and fair lending practices. They also disclose the name of the bank or NBFC that they are associated with upfront to the customers. They have competitive interest rates, flexible repayment options, and transparent terms and conditions.
How to verify if a loan app is RBI approved or not?
You can verify if a loan app is RBI approved or not by checking its website or app store listing. You can also check the list of NBFCs registered with the RBI on its website. You can also report any suspicious or unauthorized loan app to the concerned law enforcement agencies or use the Sachet portal to file an online complaint.
How long does it take to get a loan approval and disbursal through RBI approved loan apps?
The time taken to get a loan approval and disbursal through RBI approved loan apps may vary depending on the app, the loan product, and the lender. However, some of the apps claim to offer instant approval and disbursal within minutes or hours. For example, KreditBee claims to disburse funds within 15 minutes, SmartCoin claims to disburse funds within 10 minutes, Navi Cash Loan claims to disburse funds within 24 hours, MoneyView claims to disburse funds within 2 hours, and Incred Finance claims to disburse funds within 24 hours.
