Top 5 RBI Approved Loan Apps in India: A Comprehensive Review

India is a country that has witnessed a surge in the number of loan apps in recent years. With the advent of technology, the process of getting loans has become easier than ever before. However, it has also led to an increase in frauds and scams. Therefore, it is crucial to choose the right loan app that is approved by the Reserve Bank of India (RBI). In this article, we will discuss the top 5 RBI approved loan apps in India and review their features, benefits, and drawbacks.

1. PaySense

PaySense is an RBI approved loan app that offers both personal and consumer durable loans. It is one of the most popular loan apps in India, with over 5 million app downloads. PaySense offers loans ranging from Rs. 5,000 to Rs. 5,00,000 at flexible interest rates, which range from 16.8% to 32%. The loan repayment tenure ranges from 3 months to 60 months, and the processing fee is up to 2.5% of the loan amount. The app also provides instant approval and disbursement of loans, making it an ideal option for those in need of quick loans. However, the late payment charges can be high, making it important to repay the loan on time.

2. Money View

Money View is an RBI approved loan app that offers personal loans of up to Rs. 5,00,000 at interest rates ranging from 16% to 33%. The loan repayment tenure ranges from 3 months to 5 years, and the processing fee is up to 2.5% of the loan amount. Money View offers instant loan approvals and disbursements, making it a convenient option for those seeking quick funds. However, the app is only available in select cities of India, and the late payment charges can be high.

3. KreditBee

KreditBee is an RBI approved loan app that offers personal loans ranging from Rs. 1,000 to Rs. 2,00,000 at interest rates ranging from 18% to 29.95%. The loan repayment tenure ranges from 2 months to 15 months, and the processing fee is up to 2.5% of the loan amount. KreditBee offers instant loan approvals and disbursements, making it an excellent option for those in urgent need of funds. However, the app charges high late payment fees, and the loan amount is limited compared to other loan apps.

4. EarlySalary

EarlySalary is an RBI approved loan app that offers personal loans ranging from Rs. 8,000 to Rs. 5,00,000 at interest rates ranging from 0% to 24%. However, the 0% interest rate is applicable only for the first loan, and subsequent loans come with higher interest rates. The loan repayment tenure ranges from 90 days to 365 days, and the processing fee is up to 2% of the loan amount. EarlySalary offers instant loan approvals and disbursements and also provides a salary advance feature, making it an excellent option for salaried individuals. However, the app charges high late payment fees and has limited availability in select cities.

5. Credy

Credy is an RBI approved loan app that offers personal loans ranging from Rs. 10,000 to Rs. 1,00,000 at interest rates ranging from 1.67% to 1.80% per month. The loan repayment tenure ranges from 3 months to 12 months, and the processing fee is up to 3% of the loan amount. Credy also provides instant loan approvals and disbursements. The app offers an easy and user-friendly interface, making it easy to navigate and access the required information. However, the app charges high late payment fees, and the loan amount is limited compared to other loan apps.

Conclusion

With the increased availability of loan apps in India, it is essential to choose an app that is approved by the RBI and offers flexible interest rates, low processing fees, and instant loan approval and disbursement. PaySense, Money View, KreditBee, EarlySalary, and Credy are some of the top RBI approved loan apps in India, each offering unique features and benefits. However, it is crucial to compare the interest rates, processing fees, repayment tenure, and late payment charges to make an informed choice and ensure timely loan repayment.