Personal And Business Loans
Learn about the top Non Banking Financial Corporations (NBFCs) and their respective RBI approved Loan Apps.
Unsecured business loans can be utilized by entreprenures to expand their business operations, meet short term financial requirements, raising working capital and expanding infrastructure capacities.
Personal loans can be availed by individuals in need for short term capital. This capital can be utilized for a plethora of activities like education, health care, travel, etc.
What are Personal and Business Loans?
Credit and loans are the life blood and fuel of an economy. Efficient credit services are a boon to a nation as it leads to development and innovation within a nation. If you as an individual or a business want to get a loan, you may want to consider the below mentioned companies and services. Loans in India are not only disbursed by banks, they are disbursed by NBFCs as well. That being said, it is important to ensure that the NBFC is registered and approved by the Reserve Bank of India (RBI).
RBI-approved Loan Apps in India
There is a long list of loan apps approved by the Reserve Bank Of India (RBI). Let us mention the top 10 loan apps approved by RBI.
1.) SBI YONO App
2.) Mobikwik App
3.) Kredit Bee App
4.) FlexSalary App
5.) Bajaj Finserv App
6.) DigiMoney– Online Loan App
7.) PaySense App
8.) Navi App
9.) Adarsh Financiers Ltd
10.) IIFL Loans
RBI Registered loan Apps
As said before, it is important to check that the loan app you are using is approved by the Reserve Bank of India (RBI). To avoid any kind of fraud you must check the loan app you are using is mentioned in RBI’s official PDF list titled “All India list of NBFCs“.
What are student loan apps?
Student loan apps are instant loan applications that provide quick loans to young students for higher education. As banking institutions take a little extra time to sanction students loan, young individuals can now avail of personal loans swiftly through an RBI-registered student loan app.
How to file for a loan:-
Step 1- Download any RBI-approved loan app
Step 2- Fill out all the details requested correctly like your name, date of birth, etc.
Step 3- Submit your KYC details like Aadhar and PAN
Step 4- Submit all the necessary documents like mark sheets and certificates
Step 5- The company will verify all the details and approve the loan accordingly
What are the Best Student Loan Apps in India?
Below provided are some of the popular Loan Apps in India:-
4.) IIFL Loans
Frequently asked questions
If you default on your online loan repayment, the company may take legal action against you depending on the terms of the loan contract.
Loan apps approved by the Reserve Bank of India are considered to be safe. It is imperative to check the RBI’s "All India list of NBFCs" document thoroughly.
KYC documents like Aadhaar and PAN are necessary to be submitted to apply for a quick loan app.