5 Best RBI Approved Loan Apps in India

5 Best RBI Approved Loan Apps: There have been a lot more digital banking sites and loan apps in India in the last few years. However, a lot of them don’t follow the rules set by regulators and charge crazy high secret fees. This is the reason it’s important to only use loan apps that are allowed by the RBI and follow fair banking rules.

Apps that have been accepted by the Reserve Bank of India follow standard rules for showing rates and fees. They also do the right credit checks and take steps to protect your info.

The article discusses the top 5 RBI-approved loan apps in India, taking into account things like interest rates, loan amounts, payback terms, and more.

Benefits of RBI-Approved Loan Apps

RBI-approved apps offer several advantages compared to other lending platforms:


The applications and approval processes are quick and entirely digital. You can access funds instantly into bank accounts without extensive paperwork.


As RBI-regulated entities, these apps provide clear documentation regarding applicable interest rates, fees, credit checks, and borrower rights.

Lower Interest Rates

They cannot levy arbitrary processing fees or hidden charges, preventing inflated costs. Interest rates align with RBI mandates as well.

Factors to Consider When Choosing a Loan App

Here are key parameters to evaluate before selecting an RBI approved loan app:

RBI Approval

Verify their RBI registration and license details to ensure proper oversight.

Interest Rates and Fees

Opt for apps with competitive monthly/annual charges and no hidden costs.

Loan Amount and Tenure

Check if the loan amount and repayment tenures match your needs.

Repayment Terms

Review the flexibility in repayment modes – EMIs, pay later options, etc.

Customer Service

Good apps have quick response times and easy grievance redressal.

Top 5 RBI Approved Loan Apps

Based on the above criteria, the 5 best RBI approved loan apps in India are:


EarlySalary is among the most popular instant loan apps with over 10 million downloads.


  • Instant approval and disbursal in 10 minutes into bank account
  • Loans from ₹1,500 to ₹5 lakhs
  • Tenures from 7 days to 3 years
  • Interest rate of 24% per annum
  • Zero hidden fees or charges


  • Quick disbursal
  • Flexible repayment cycles
  • No prepayment or foreclosure charges


  • Rate higher than some competitors
  • Lower maximum loan amount


CashBean distinguishes itself with customized loan offerings.


  • Personalized loan amounts and tenures
  • Disbursal in 2 hours into bank account
  • Interest rate starting 12% per annum
  • Loans from ₹5000 to ₹5 lakhs
  • Repayment terms of 2 months to 3 years


  • Customized loan products
  • Lower interest rates


  • Limited to salaried professionals
  • Moderate processing fees

Money View

Money View is a full-stack financial services platform with loans as a flagship offering.


  • Instant disbursal into bank account
  • Ticket size from ₹3000 to ₹5 lakhs
  • Tenures from 2 months to 36 months
  • Interest rates starting 13.99% per annum
  • Complete digital application to disbursal


  • Lower interest rates
  • Larger maximum loan amount


  • Availability in metro cities only as of now
  • Eligibility criteria is strict


CreditMate positions itself as a digital credit consultant and lender.


  • Low interest rates from 13% per annum
  • Ticket size ₹10,000 to ₹5 lakhs
  • Tenures from 90 days to 3 years
  • Collateral free loans
  • End-to-end digitized process


  • Competitive interest rates
  • Longer repayment cycles


  • Moderate one-time processing fee
  • Operations in major metro cities currently


LazyPay pioneered the Buy Now Pay Later (BNPL) model in India before launching loan offerings.


  • Ticket size ₹5000 to ₹5 lakhs
  • Tenure 1 to 12 months
  • Interest rates starting 21% per annum
  • Complete digital application and disbursal process


  • BNPL experience
  • Quick disbursal times


  • Interest rates on higher side
  • Limited repayment cycles

How to Apply for a Loan on These Apps

Here is a step-by-step process to get a loan through these RBI-approved apps:

Documentation Needed

You need to provide basic KYC documents:

  • Aadhar card
  • PAN card details
  • Last 3 months’ salary slips
  • Bank account statements

Application Process

  • Download the loan app and sign-up by providing personal and employment details
  • Upload or capture KYC documents through the app
  • Answer additional questions regarding existing loans, monthly expenses, etc.
  • Receive the preliminary loan offer with applicable terms
  • Digitally sign the loan agreement to complete the application

Disbursal Timelines

  • EarlySalary: 10 minutes
  • CashBean: Within 2 hours
  • Money View: 4 hours
  • CreditMate: 12 hours
  • LazyPay: 24 hours

So the fastest disbursal times are offered by EarlySalary at just 10 minutes.


In summary, RBI approved loan apps should be preferred due to transparency, rate reasonability, and strong consumer grievance redressal. The 5 leading choices discussed above have quick disbursals, digital processes, and flexible repayment schemes. Based on specific requirements around loan amount, tenure, interest rates, and turnaround times, one can select the most suitable RBI approved lending app.

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