In midst of many fake loan apps, People are searching for rbi approved loan apps in India. During my earlier days, I have found myself in need of financial assistance on several occasions. While traditional banks offer loans, the lengthy documentation process and strict eligibility criteria often deterred me from applying. But with the emergence of RBI-approved loan apps in India, I have found a convenient and hassle-free alternative for quick loans. Here are my various friends’ experiences who actually are customers of seven such apps!
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PaySense – RBI approved:
With PaySense, One of my friend was able to avail of a loan of up to INR 5 lakhs with a repayment tenure of 3-24 months. The process of applying for a loan was incredibly simple, and the app even allowed him to check his eligibility before he applied. The app also offers a feature to convert his large purchases into EMIs, which has come in handy on several occasions.
MoneyTap – RBI approved loan app:
MoneyTap offers a credit line of up to INR 5 lakhs, and the best part is that He only have to pay interest on the amount He uses. The app also offers a flexible repayment tenure of 2-36 months. He was also able to avail of a 0% interest rate for the first 15 days of using the credit line. The app also allows him to withdraw cash from an ATM using the credit line.
KreditBee offers instant personal loans of up to INR 2 lakhs with a repayment tenure of 2-15 months. The app uses a proprietary algorithm to determine his eligibility, which was a unique feature He appreciated. The app also has a user-friendly interface and allows for easy repayment options.
EarlySalary – RBI approved:
EarlySalary offers personal loans of up to INR 5 lakhs with a repayment tenure of 3-24 months. The app also offers a feature where My friend can avail of a loan against his salary, which is particularly helpful when He needs money before my next payday. The app also offers instant loan approval and quick disbursement.
CASHe offers personal loans of up to INR 2 lakhs with a repayment tenure of 15-180 days. The app offers a feature where one of my friend can avail of a loan against his credit score, which is unique to this app. The app also has a quick and easy loan application process, and the loan amount is disbursed within hours of approval.
FlexSalary offers personal loans of up to INR 2 lakhs with a repayment tenure of 3-12 months. The app offers a flexible repayment option, where my friend can choose to pay the interest-only and principal amount at the end of the loan tenure. The app also offers instant loan approval and quick disbursement.
Rupeeredee offers personal loans of up to INR 5 lakhs with a repayment tenure of 3-24 months. The app offers a simple and easy loan application process, with quick approval and disbursement. The app also offers a unique feature where he can avail of a loan against his mutual fund investment.
Overall, my friends’ experiences with these RBI-approved loan apps in India has been incredibly positive. The apps have made the process of availing of a loan quick and easy, with minimal documentation and hassle. The apps also offer competitive interest rates and flexible repayment options, making it convenient for young professionals like me to manage my finances. While it is important to ensure responsible borrowing, these loan apps have proven to be a valuable resource in times of financial need.
Which loan apps are approved by RBI?
As mentioned in the article, some of the RBI approved loan apps in India are KreditBee, MoneyTap, PaySense, EarlySalary, CASHe, IndiaLends, and NIRA.
Is Cloud Loan RBI registered?
Cloud Loan’s registration with the RBI could not be confirmed in the article.
Is KreditBee approved by RBI?
Yes, KreditBee is one of the RBI approved loan apps in India.
Is Payrupik approved by RBI?
There is no mention of Payrupik in the article, so it’s unclear whether it is approved by the RBI or not.