5 RBI-Registered Personal Loan Apps in India

 

Financial emergencies can happen at any time without any prior notice. You may find it difficult to ask money from a friend and your salary may take few days to come.An app that provides immediate personal loans can be really helpful in this situation. For immediate financial requirements, these appls provide speedy fixes; however, it’s important to make sure the app you use is registered with the RBI for your financial safety.

 

Importance of RBI Registration

 

You can be confident you’re working with a legitimate lender subject to stringent regulations when you use a quick personal loan app that is registered with the RBI. These apps protect the borrower from deceptive techniques and unstated fees by adhering to transparent lending rules.

 

Safety: RBI-registered apps will prioritize data security and align with Indian financial regulations.

 

Transparency: All the terms and conditions, be it interest rates, processing fees, or repayment schedule, are disclosed.

 

Reliability: Such apps are based on fair lending practices so that one cannot exploit the other person or use such unethical practice.

 

If you are looking to get funds safely and reliably, then an instant personal loan app registered with the RBI would be your best bet.

 

Eligibility

 

 

Age: Typically, the applicant should be between 21 and 60 years of age.

 

Income: A steady income, evidenced by salary slips or bank statements, is a prerequisite.

 

Credit Score: A good credit score (650 and above) will increase your chances of getting approval.

 

KYC Documents: PAN card, Aadhaar card, and proof of address are necessary.

 

Interest Rates

Interest rates of these apps range between 10% and 36% per annum. Rates are subject to change based on loan amount, tenure, and the credit profile of the borrower. An instant personal loan app usually provides competitive rates for eligible borrowers.

Here are some of the best RBI-registered apps that provide instant personal loans:

 

Bajaj Finance

 

Features and Benefits 

 

• High loan limits up to ₹25 lakhs.
• Attractive interest rates starting from 11% per annum.
• 24 hour approval and disbursal for eligible borrowers.
• There are various loan options tailored for both salaried and self-employed individuals.

 

Interest Rates and Loan Amount Range

 

The interest rates are competitive with loan amounts ranging between ₹1 lakh to ₹25 lakhs.

Application Process and Eligibility Criteria

Apply through the Bajaj Finance instant personal loan app or website.

 

Applicants must be between 21 and 60 years of age, have a credit score above 700, and have a steady income.

 

Repayment Flexibility

• Flexible tenures range from 12 to 84 months.
• Foreclosures can be exercised with minimal charges.
• The app offers pre-approved loan offers for existing customers.
• A user-friendly interface with round-the-clock customer support.

MoneyTap

 

Features and Benefits

 

• Unique credit line system where borrowers can withdraw money whenever they need it.
• Loan amounts up to ₹5 lakhs, and interest is only charged on the amount withdrawn.

 

Interest Rates and Loan Amount Range

 

• Rates as low as 13% per annum.
• Loan amounts are subject to the credit limit of the borrower.

 

Application Process and Eligibility Criteria

 

• The application process is simple. It can be done directly through the MoneyTap instant personal loan app.
• Eligible for salaried individuals with a monthly income of ₹20,000+.

 

Repayment and Processing 

 

• Tenures range from 2 to 36 months.
• No extra charge for early repayment.

• Instant approval and disbursal within hours.
• Transparent loan terms displayed within the app.

 

 

 

KreditBee

 

Features and Benefits

 

• Quick loans ranging from ₹1,000 to ₹3 lakhs.
• Instant disbursal within 15 minutes of approval.
• Open to both salaried and self-employed individuals.

 

Interest Rates and Loan Amount Range

 

• Rates range from 15% to 29% per annum, depending on loan type and profile.
• Starting from 15,000, the loan amount increases to 1,00,000 for self-employed and 5,0,000 for salaried people.

Application Process and Eligibility Criteria

 

• Easy-to-use instant personal loan app with real-time KYC verification.
• Minimal income requirement of ₹10,000 per month.

• Flexible Repayment
• Flexible repayment tenure between 2 to 15 months.

 

 

Why It Is User-Friendly

 

• It is approved quickly even for people with moderate credit scores.
• It has multilingual support for users.

 

 

 

Moneyview

 

Features and Benefits

 

• Loan amount between ₹10,000 to ₹5 lakhs.
• Approval in just 2 minutes through a smooth application process.
• Interest rates starting as low as 12% per annum

 

 

Application Process and Eligibility Criteria

 

• Open to both salaried and self-employed individuals between 21 and 57 years of age.
• Least paperwork needed, that too including Aadhaar and PAN.

 

Repayment Flexibility

 

• Tenure between 3 to 60 months.
• No pre-payment penalty.

 

 

Why It’s User-Friendly

 

• Status tracking in real-time through the instant personal loan app.
• Customer-friendly features rated very high.

 

PayRupik

 

Features and Benefits

 

• Short-term, low-value loans from ₹1,000 to ₹50,000.
• Perfect for emergencies as the disbursal time is within 10 minutes.
• Interest rates begin from 15% per annum.

 

Application Process and Eligibility Criteria

 

• Easy KYC verification through the app.
• Age must be 18+. Applicants with proof of income are eligible.

 

Repayment Flexibility

 

• Short repayment period. It is 1-3 months.
• Repayment dates can be chosen 

 

Why it’s user friendly?

 

• Heavily rated as the instant personal loan app for small-scale needs.
• Its speed and reliability get praised in customer reviews.

 

How to Choose the Right Loan App for Your Needs?

 

1. Compare Interest Rates and Terms: Check for apps that offer competitive rates and repayment options that suit your financial needs.

 

2. Review Customer Feedback: Customer reviews and app ratings are valuable indicators of reliability.

 

3. Read the Fine Print: Understand terms related to processing fees, prepayment penalties, and hidden charges before applying.

 

Things to Keep in Mind When Using Loan Apps

 

1. Timely Repayments: Set reminders to avoid late fees and maintain a good credit score. Automate payments wherever possible for peace of mind.

 

2. Avoid Over-Borrowing: Use an instant personal loan app only for genuine financial needs, not discretionary spending.

 

3. Check RBI Registration: Always check if the app is RBI-registered to avoid scams or predatory lending practices.

 

Conclusion

 

In a sea of options, choosing an RBI-registered instant personal loan app is the only way to ensure safety and peace of mind. Some of the leading apps in the market are Bajaj Finance, MoneyTap, and KreditBee, which have transparent practices and user-friendly interfaces.

 

Whether it is an emergency loan that you need quickly or a larger amount for planned expenses, these apps ensure you borrow responsibly and meet your financial goals. Always remember to read terms carefully and make timely repayments for good financial health.