Mobile apps have revolutionized how we access financial services in today’s digital age. With just a few taps on your device, anyone can apply for and receive instant credit from the comfort of their home. However, with the availability of numerous lending apps, it’s crucial to choose a reliable small loan app for the best experience. Ensure the app is registered with and authorized by the Reserve Bank of India (RBI) to ensure financial safety and transparency.
These RBI-approved online lenders adhere to a set of regulatory standards, safeguarding consumer interests with complete data privacy. By securing a loan from any of these authorized platforms, you can avoid excessively high interest rates, untimely repayment demands, or misuse of your personal information.
Here’s a List of the Top Loan Apps
| Loan App | Interest Rate (pa) | Amount Disbursed | Repayment Tenure | Disbursal |
| Hero Fincorp | Up to 19% | Rs 50,000 – 5 Lakh | 1-3 years | 24-48 Hours |
| PaySense | 16-27% | Rs 5,000 – 5 Lakh | Up to 3 years | 1-2 days |
| KreditBee | 15-30% | Rs 10,000 – 4 Lakh | 1-3 years | 24 Hours |
| mPocket (mPokket) | 17-30% | Rs 500 – 30,000 | 3 months | 24 Hours |
| Fibe | 19-36% | Rs 5,000 – 5 Lakh | 1-3 years | 1-2 days |
How to verify if the online loan app is RBI-approved?
To confirm whether a loan app is approved by the Reserve Bank of India (RBI), you may look for your desired information through various sources available on the internet. However, make sure to also check with the central authority, as mentioned below:
- Visit the RBI Website: The RBI lists approved banks and non-banking financial companies (NBFCs) on its official website. You can search for best small loan apps or their company names to verify.
- Check for RBI Registration Number: Authorised online lenders are under a mandate to display their RBI registration numbers on their respective websites. Cross-check this number with the RBI’s list of approved entities.
- Verify Company Information: Trustworthy lenders and NBFCs provide details such as company registration, address, and contact info. Verify these details against the RBI records.
- Review the RBI Caution List: RBI maintains and updates a caution list containing unregulated entities, including online loan apps and companies under scrutiny.
- Contact RBI: If you remain uncertain about the legitimacy of a instant loan app, you can contact the RBI’s Consumer Education and Protection Cell (CEP Cell) for further clarification.
These apps are monitored 24×7 to ensure they meet the set standards and follow guidelines to protect borrowers from unfair practices and potential fraud.
RBI’s stringent approval process also includes thorough due diligence to eliminate apps involved in fraudulent activities, money laundering, or other illegal actions. This rigorous scrutiny helps protect borrower’s interests and upholds the integrity of the financial system.
Here’s a step-by-step guide to applying for a loan through a reliable loan app like Hero FinCorp:
- Download and install the loan app from the Google Play Store.
- Select your loan amount (up to Rs 5 lakh) and your preferred EMI.
- Provide your Name, Income, Purpose of loan, and PAN Card number.
- Perform KYC verification by uploading the required documents.
- Enter your bank account information for the loan credit.
- Receive instant approval based on your application and KYC.
- Sign the eMandate and loan agreement digitally.
- The loan amount is transferred to your bank account.
To keep up with repayment, choose a suitable repayment tenure. This allows you to pay off the loan with a manageable EMI amount that works within your budget. Opting for a longer loan term reduces the EMI amount significantly, making it easier to accommodate it within the monthly expenses.
Consider using an EMI calculator to figure out the right amount with a comfortable repayment plan. Once finalized, apply through a reliable instant loan app for instant approval and disbursal.