When people need quick money for emergencies, education, medical bills, or monthly expenses, loan apps become very helpful. In India, hundreds of apps offer instant personal loans, but not all of them are safe. Many fake apps misuse customer data or charge extremely high interest.
That’s why choosing RBI-approved and trusted loan apps is extremely important. In this guide, we list the Best Loan Apps in India (Safe & RBI Approved) along with their features, benefits, drawbacks, and eligibility. The content is written in simple English to help every Indian reader understand easily.
What Are RBI-Approved Loan Apps?
RBI does not approve apps directly. It approves or regulates the NBFCs or banks that run these apps.
So, a safe loan app is the one that is:
- Owned by a RBI-registered bank or
- Operated by a RBI-licensed NBFC (Non-Banking Financial Company)
These apps follow RBI rules like:
- No hidden charges
- Transparent interest rates
- Data privacy protection
- No harassment for loan recovery
Top 10 Best Loan Apps in India (Safe & RBI Approved)
Below is a list of trusted and popular loan apps used by millions of Indians.
- Paytm Personal Loan
Backed by: Paytm Postpaid / NBFC partners
Loan Amount: ₹10,000 – ₹2,00,000
Tenure: 3 – 24 months
Interest Rate: Starts from 12% p.a.
Why It’s Good
- Instant approval
- Available 24×7
- Trusted brand
Drawbacks
- Higher interest for low CIBIL scores
- KreditBee
Backed by: RBI-registered NBFC
Loan Amount: ₹1,000 – ₹3,00,000
Tenure: 3 – 24 months
Interest Rate: 16% – 29% p.a.
Why It’s Good
- Best for small loans
- Fast KYC and instant transfer
Drawbacks
- Processing fee can be high
- Navi App
Backed by: Navi Technologies (NBFC registered)
Loan Amount: ₹10,000 – ₹20,00,000
Tenure: Up to 72 months
Interest Rate: 9.9% onwards
Why It’s Good
- Low interest for personal loans
- Fully digital
Drawbacks
- Good CIBIL score required
- MoneyTap
Backed by: RBI-licensed NBFC partners
Loan Amount: ₹3,000 – ₹5,00,000
Tenure: Flexible
Interest Rate: 13% onwards (only on used amount)
Why It’s Good
- Credit line facility
- Best for salaried employees
Drawbacks
- Not available in all cities
- Bajaj Finserv App
Backed by: Bajaj Finance Ltd (RBI regulated)
Loan Amount: ₹10,000 – ₹35,00,000
Tenure: Up to 84 months
Interest Rate: 11% onwards
Why It’s Good
- High approval rate
- Trusted brand for big loans
Drawbacks
- Extra charges for EMI bounce
- Fibe (formerly EarlySalary)
Backed by: RBI-approved NBFC
Loan Amount: ₹5,000 – ₹5,00,000
Tenure: 3 – 24 months
Interest Rate: 18% onwards
Why It’s Good
- Ideal for salary advance
- Fastest processing
Drawbacks
- Higher interest for short-term loans
- CASHe
Backed by: RBI-regulated NBFC
Loan Amount: ₹7,000 – ₹4,00,000
Tenure: 3 – 18 months
Interest Rate: 20% – 30%
Why It’s Good
- Easy for first-time borrowers
- No credit history required
Drawbacks
- Higher interest
- Dhani App
Backed by: Dhani Loans & Services Limited (NBFC)
Loan Amount: ₹5,000 – ₹15,00,000
Tenure: 3 – 36 months
Interest Rate: 13% – 28%
Why It’s Good
- 24×7 instant loans
- No heavy documents required
Drawbacks
- Customer service issues reported by some users
- Slice Card / Slice Loan
Backed by: Quadrillion Finance (NBFC)
Loan Amount: ₹2,000 – ₹2,00,000
Tenure: Flexible
Interest Rate: Depends on profile
Why It’s Good
- Best for students and young professionals
- Zero-cost EMI options
Drawbacks
- Low credit limit for new users
- IndiaBull Dhani Personal Loan
Backed by: RBI-authorized NBFC
Loan Amount: ₹10,000 – ₹10,00,000
Tenure: 3 – 60 months
Interest Rate: 13% onwards
Why It’s Good
- Good for medium-ticket loans
- Fast disbursal
Drawbacks
- High processing fees
Comparison Table: Best Loan Apps in India
| Loan App | Loan Amount | Interest Rate | Tenure | Good For |
| Paytm Loan | 10k–2L | From 12% | Up to 24 months | Daily expenses |
| KreditBee | 1k–3L | 16–29% | Up to 24 months | Small instant loans |
| Navi | 10k–20L | From 9.9% | Up to 72 months | Low-interest loans |
| MoneyTap | 3k–5L | From 13% | Flexible | Credit line |
| Bajaj Finserv | 10k–35L | From 11% | Up to 84 months | High-value loans |
| Fibe | 5k–5L | From 18% | Up to 24 months | Salary advance |
| CASHe | 7k–4L | 20–30% | Up to 18 months | Beginners |
| Dhani | 5k–15L | 13–28% | Up to 36 months | Zero paperwork |
| Slice | 2k–2L | Variable | Flexible | Students |
| Indiabulls Dhani | 10k–10L | From 13% | Up to 60 months | Medium loans |
Benefits of Using RBI-Approved Loan Apps
- Instant Money
Most apps provide loans within minutes after KYC verification.
- Minimum Documents
Usually you need:
- PAN card
- Aadhaar card
- Bank statement
- Safe and Secure
RBI-regulated NBFCs follow strict rules.
No misuse of personal data.
- No Guarantor Needed
Most personal loans are unsecured.
- 100% Online Process
No physical paperwork or branch visit needed.
Drawbacks of Loan Apps
- Higher interest rates compared to banks
- Late payment penalties
- Short tenure increases EMI pressure
- Some apps have processing fees
- Repeated borrowing can hurt CIBIL score
Eligibility to Get a Loan From These Apps
Although requirements vary, basic criteria are:
For Salaried People
- Age: 21–60
- Monthly salary: ₹12,000 – ₹20,000+
- Active bank account
For Self-Employed
- Minimum yearly income
- Bank statement
- GST/Business proof (sometimes)
Documents Required
- Aadhaar Card
- PAN Card
- Selfie for KYC
- Bank statement (3–6 months)
- Salary slips (for salaried people)
How to Apply for a Loan From These Apps (Step-by-Step Guide)
Step 1: Download the Loan App
Choose any trusted RBI-approved app like Navi, Paytm, or KreditBee.
Step 2: Complete Mobile Number Verification
Enter OTP to continue.
Step 3: Fill Basic Details
Name, address, income, employment type, etc.
Step 4: Upload KYC Documents
PAN + Aadhaar + selfie.
Step 5: Check Eligible Loan Amount
The app will show how much loan you qualify for.
Step 6: Accept Terms & EMI Plan
Check interest rate, processing fee, and tenure.
Step 7: Loan Disbursal
Money is transferred instantly to your bank account.
FAQs
- Are these loan apps really safe?
Yes, all apps listed above are backed by RBI-approved NBFCs or banks.
- Can students get loans from these apps?
Yes, apps like Slice may approve small loans for students.
- Does CIBIL score matter?
Yes, a good score helps you get better loan amounts and lower interest.
- What happens if I miss EMI?
You may face:
- Late fee
- Higher interest
- CIBIL score drop
- Which app gives loan instantly without documents?
KreditBee and CASHe require minimal documents.
- Which loan app is best for beginners?
CASHe, Paytm Loan, and KreditBee are good options.
- Can I borrow money at night?
Yes, apps like Paytm, Navi, and KreditBee work 24×7.
Conclusion
All the apps listed here are safe because they are backed by RBI-registered NBFCs or banks.
- For low-interest loans → Navi
- For instant small loans → KreditBee / CASHe
- For high-value loans → Bajaj Finserv
- For salary advance → Fibe
- For students or new borrowers → Slice
Before taking any loan, always compare interest rates, processing fees, and EMI affordability. Loan apps are helpful in emergencies, but you should borrow only what you can repay comfortably.
