List of Top RBI-Approved loan apps in 2024 India

List of Top RBI Approved loan apps in 2024 India

What is a Loan App?

       A digital loan app is a smartphone application, which enables users to apply for loans online without needing to visit banks for document submission. Online technology improves the convenience, transparency, and efficiency of the loan application process. There are Top RBI Approved loan apps in 2024 for safety and security purpose. The loan applications can be easily filled by people only by providing personal loan and financial data.

Determining the creditworthiness of the borrower the lender decides the loan amount and the interest rate. After the loan gets authorized, the sanctioned amount is directly transferred to the borrower’s account which enables them to manage their loan and payments using the same app.

        Loan apps like Zap Money can be downloaded from the Google Play store which becomes easier for smartphone users. It offers instant personal loans for people with good credit scores. The loan apps offer a variety of loans which are mentioned as follows : 

Short-term Loan:

 As the name suggests it is the most common loan where the repayment period is 3-6 months.

Payday or salary loan:

The repayment tenure for this loan runs for 30 days.

Advance loan:

The repayment tenure for this loan can run for either three months or six months and sometimes even a year.

Also know the difference between an Early salary loan vs Personal loan.

Top RBI Approved Loan Apps in 2024 India:

1.Zap Money1000 to 1 lakh 15.99% p.a 3 – 12 months 
2.Bajaj FinservUp to 40 lakhs 11% p.a6 to 96 months
3.Tata CapitalUp to 35 lakhs10.99% – 35% p.a6 years 
4.NAVIUp to 20 lakh9.90% p.a48 months 
5.KreditbeeUp to 5 lakhs16- 29.95% p.a4 – 36 months
6.FinnableUp to 10 lakhs 16% p.a 1 – 5 years 
7.FibeUp to 5 lakhs 16% p.a3 – 24 Months 
8.Zest Money Up to 5 lakh 14% p.a3 – 36 months 
9.True Balance 1000 – 1 lakh2.4% per month3- 6 months 
10.NIRA Up to 1 lakh2% per month 12 months
11.StashfinUp to 5 lakhs11.9% p.a36 months 
12.Smart Coin Up to 5 lakhs 1.5% p.a12 months 
13.CASHe 1000 – 4 lakh2.50% per month 3 – 8 months 
14.KreditzyUp to 1 lakh1.40% – 2.50% per month 91 – 365 days 
15.Lazy PayUp to 5 lakhs 15% – 32% p.a3 – 24 months 
16.Dhani1000 – 15 lakhs  13.99% p.a3 – 24 months 
17.KisshtUp to 2 lakhs 18% p.a2 years 
18.Flex SalaryUp to 2 lakhs 18% – 54% 10 – 36 months 
19.India Lends Up to 25 lakhs 10.25% p.a1 – 5 years 
20.Home Credit Up to 5 lakhs1.6% per month 1.5 – 4 years 


RBI approved:

The important factor to consider when looking at online loan apps includes checking whether the platform is RBI registered or not. For example, the zap money loan app a NBFC registered with RBI, guarantees that you have obtained a loan from a reliable online lending app. Any app registered with RBI guarantees that there won’t be any issues with the loan repayment and strict adherence to RBI guidelines.

Avoid availing from Unofficial sources:

Avoid accepting loans from unofficial sources. Even though many online loan apps guarantee speedy loan processing, technology has also led to increased growth in cybercrimes in the digital world. Unofficial sources request personal information like credit card PINs and bank account information which should be avoided.

Be wary of low interest rates:

 Illegal Loan apps attract people by providing loans with low interest rates. These low interest rates may sometimes include pre-payment fees, processing fees, pre-closure fees, and other expenses. These additional hidden charges may result in expensive loans.

Loan amount and repayment tenure:

Each loan app will have its own credit limit and repayment tenure. Longer loan terms result in cheaper monthly installment payments but higher interest costs.

Credit Score:

The credit score matters more when it comes to loan apps in itself. A credit score is a 3-digit number ranging from 300- 900 which describes the borrower’s creditworthiness. If the credit score is higher than 750 there are better chances for loan approval.


24  Hours Availability:

 Instant loan apps like Zap Money are flexible as they are available to users to operate round the clock. This is advantageous for people with busy schedules and for those in urgent need of money. Because of the technological improvement financial support is only a few clicks away.

Convenient Usage:

These loan apps present as smartphone applications are easily accessible to people from different parts of INDIA. With a single click, a large sum of money can be accessed.

Minimal Documentation:

Unlike physical banks which require a lot of documentation, loan apps require basic and minimal documents like identity proof, address proof, and income proof. All the required documents can be submitted by uploading the documents through the app itself. 

Quick Process:

The application and approval process for personal loans obtained through apps is a quick process. The application process through apps takes only 15- 20 minutes while it may take hours in banks. The applied loan amount can be acquired within the same date of application.

Flexible Reason:

There is no specific reason to be mentioned while applying for a personal loan where the companies keep the reason confidential.

Compare and choose the best:

There are many personal loan applications makes it difficult for applicants to select a personal loan. But compared to other lending apps, Zap Money simplifies the process for the borrower.


  1. Download a secured loan app from the Google Play store approved by the RBI. 
  2. Create an account on the app with your phone number and email address to get started. 
  3. Enter the following Contact details: Name, Address, and Job title.
  4. Upload the necessary documents like bank statements, Aadhar card, PAN card, and address proof as instructed by the loan app. 
  5.  Calculate your CIBIL credit score to check whether you qualify for a personal loan.
  6. Select the loan choice with favorable terms that best suit your needs.  Followed by approving the loan agreement which contains the terms and conditions. 
  7. If approved the loan amount will be directly deposited in your bank account/ digital wallet.
  8. Finally followed by timely repayments according to the loan agreements to get a good credit score and avoid penalties. 


  • According to the RBI, you should be an Indian citizen.
  • Your age limit should be a minimum of 21 years and a maximum of 55 years.
  • None of the NBFCs should be the source of your previous loans. 
  • A stable source of income is required.


  • Aadhaar card or mobile number linked with the bank.
  • A self-portrait of yourself.
  • PAN card 
  • A good credit score or higher than 750.


  • Regulated by the Reserve Bank of India these RBI-approved loan apps are safe and trustworthy. 
  • These apps have a fair loan process.
  • Helps to stop fraudulent actions like money theft, and unauthorized access to the personal information of the borrower.
  • The RBI-approved loan app in itself is obliged to follow the rules and guidelines such as equitable lending practices and transparent pricing which helps the borrowers to receive a fair deal. 
  • These apps must strictly be followed to protect the user’s financial and personal information. 


       Before becoming a victim of the tactics used by financial institutions and companies that offer loans through online apps one must confirm whether the app is RBI-approved or not. Here are a few ways to check :

  1. Confirm the NBFC’s or Bank’s Name: Look for the name of the bank or NBFC on the loan application to confirm whether the lender is RBI- RBI-registered or not.
  1. Verify Name on the NBFC list authorized by RBI: Check whether the lender’s name exists in the All India List of NBFCs with a current registration certificate.
  1. Be Wary of unrealistic Promises: If a loan app offers instant loans with low interest rates then it might be a scam. 
  1. The KYC documents are typically asked by lenders only during the loan approval process and not before. 


 Through illegal apps, borrowers are scammed where the finance company collects excessive interest rates, hidden fees that the borrowers are not aware of, and unauthorized use of contracts to get information from borrowers’ mobile. 

        However, according to RBI, banks and NBFCs that are registered with RBI, and other organizations are permitted to conduct authorized public lending operations, as per RBI regulations, as are financial institutions governed by state governments in accordance with laws, such as the money lending acts.

Also Check:

Your Guide to the India’s Best Instant Personal Loan Apps in 2024


Which loan apps are approved by RBI?

RBI has approved a number of loan apps in India including Zap Money, Bajaj Finserv, NIRA, CASHe, Dhani etc,

How can I be sure a loan app is RBI-secured?

  • Check the RBI website whether the authorized NBFC’s to see whether the NBFC partnering with the app is registered.
  • Certain reputable apps will display the name of RBI-registered NBFC partner.

What are the important things to look at before using a loan app?

It’s important to read the terms and conditions mentioned on the app’s website which helps for a better understanding of the interest rates, repayment structure, and penalties.

Check for reviews before using an app.

Beware of low-interest rates, and instant approvals which can be a scam at times. 

Avoid sharing confidential information before clearly researching about the app.

Are there any risks associated with using Loan apps?

Yes, there can be risks when the borrower falls prey to the tactics played by lenders from illegal apps when not looked at properly. Unregulated lenders may have hidden fees, high interest rates, and other unfair charges. By verifying whether the app is RBI-approved or not and following safety tips the risks can be minimized. 

What documents are necessary to apply for a loan online?

  • KYC documents which include PAN card, Aadhar Card, address proof, etc.
  • Bank statements 
  • Current Income proof – salary slip.

How long will it take to get a loan approved through an RBI app?

Approval time differs based on the app and the application details. Loan apps Zap Money offer instant loan approval while others take some time.

Hariharan Ravichandran

Understanding the ever-changing environment of money may be a difficult experience.I'm Hariharan, a seasoned finance explorer and blogger. I am right there with you, beginning on this journey of financial enlightenment as a fellow traveler.


The ZapMoney app makes personal finance easy, accessible, and affordable. The App is available on Google Play Store and App Store for download, allowing you to sign up and access easy personal loans. ZapMoney is powered by Monexo Fintech Private Limited which is a registered NBFC-P2P.
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