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If you need money for a medical bill, education, travel or another urgent expense, a personal loan app may help you apply online. However, not every loan app is safe, and a quick approval does not always mean a loan is affordable.
One important fact is that the RBI does not approve mobile loan apps individually in the way many advertisements suggest. Loans are provided by regulated banks and Non-Banking Financial Companies (NBFCs). An app may be operated by a lender or work with a lender as a digital lending platform.
Before applying, check the lender’s legal name, interest rate, Annual Percentage Rate (APR), processing fee and repayment period.
Top 10 Loan Apps in India: Comparison
The following platforms offer digital personal loan products. The amount and pricing shown are indicative published figures, not guaranteed offers. Check the current lender disclosure and Key Fact Statement (KFS) before accepting a loan.
Loan app or platform | Lending company | Loan amount and interest |
|---|---|---|
Bajaj Finserv | Bajaj Finance Limited | ₹40,000–₹55 lakh; interest 10%–30.5% p.a. |
Poonawalla Fincorp | Poonawalla Fincorp Limited | Check the current personal loan offer and KFS for the applicable amount and rate. |
Navi | Navi Finserv Limited | Published loan limits and rates depend on the current product and borrower eligibility. |
KreditBee | Krazybee Services Limited and applicable lending partners | ₹3,000–₹10 lakh; interest 12%–27.5% p.a. |
Moneyview | Whizdm Finance Private Limited and applicable lending partners | Published offers include loans up to ₹10 lakh; the applicable rate depends on the offer. |
Fibe | Earlysalary Services Private Limited and applicable lending partners | Up to ₹10 lakh; APR starts from 18% p.a. |
Hero FinCorp | Hero FinCorp Limited | Check the current product disclosure for the applicable loan limit and interest rate. |
Zype | Respo Financial Capital Private Limited and applicable lending partners | Check the current offer and KFS for the exact amount and APR. |
CASHe | Bhanix Finance and Investment Limited and applicable lending arrangements | Check the current product disclosure for the applicable loan amount, interest and fees. |
mPokket | mPokket Financial Services Private Limited | Published interest rates vary by loan amount and tenure; the current rate must be checked before borrowing. |
Important: A platform’s name alone does not confirm which lender will issue your loan. Verify the specific app and lending entity through official disclosures. The table is not a ranking of RBI approval or loan safety.
1. Bajaj Finserv
Bajaj Finserv offers personal loans through Bajaj Finance Limited, an RBI-regulated NBFC. Its published personal loan range is ₹40,000 to ₹55 lakh, with interest rates from 10% to 30.5% per annum. Processing fees can be up to 4.13% of the loan amount, including applicable taxes.
Your final offer depends on eligibility, income, credit profile and the lender’s assessment. Check the processing fee and any other applicable charges before accepting the loan.
2. Poonawalla Fincorp
Poonawalla Fincorp provides personal loan products through its lending business. Before applying, check the current loan amount, interest rate, processing fee and prepayment conditions on its official website.
Do not assume that an advertised starting interest rate will apply to every applicant. Compare the APR and total repayment amount in your KFS.
3. Navi
Navi offers digital personal loans through Navi Finserv Limited. Applicants may complete the process online, subject to identity verification and credit assessment.
Before accepting a loan, check the sanctioned amount, APR, processing fee and repayment schedule. Do not rely only on an advertised interest rate or an estimated EMI.
4. KreditBee
KreditBee offers digital personal loans for eligible borrowers. Its published product information lists loan amounts from ₹3,000 to ₹10 lakh and interest rates from 12% to 27.5% per annum.
The maximum amount is not available to every applicant. Your income, repayment capacity, credit profile and other eligibility conditions may affect the offer.
Check the name of the lender issuing your specific loan before proceeding.
5. Moneyview
Moneyview provides an online personal loan application service and works with regulated lending partners. Its published information lists loans up to ₹10 lakh, although the actual amount and rate depend on the applicable product and borrower profile.
Compare the APR, processing fee and total repayment amount rather than choosing a loan only because the application process appears quick.
6. Fibe
Fibe, formerly known as EarlySalary, offers personal loans through its lending arrangements. Its official personal loan page lists loans up to ₹10 lakh, an APR starting from 18% per annum and repayment tenures of 6 to 36 months. Processing fees start from 2% of the loan amount plus GST.
The final offer depends on your income, credit profile, loan amount and tenure. Review the applicable fees and foreclosure conditions before accepting the loan.
7. Hero FinCorp
Hero FinCorp offers personal loan products to eligible borrowers. Before applying through a digital platform, verify that the application is associated with the lender named in the official disclosure.
Check the current interest rate, APR, processing fee and repayment schedule. Do not assume that the same terms apply across all distribution channels.
8. Zype
Zype provides digital credit products for eligible borrowers. The exact lender and product terms should be checked on the official app or website before applying.
Review the sanctioned amount, APR, fees and repayment dates. If more than one lender is available, confirm which lender will issue your loan and appear in the loan agreement.
9. CASHe
CASHe offers short-term credit products for eligible applicants. Its loan terms may vary according to the product and the borrower’s profile.
Before accepting an offer, check the applicable interest rate, APR, processing fee and repayment tenure. Do not compare monthly interest rates directly with annual rates without converting them to a comparable basis.
10. mPokket
mPokket offers digital loan products with different amounts, tenures and interest rates. Its published interest rate policy shows that pricing varies by loan amount and repayment period.
Check the lender’s current offer before applying, especially if you are a student or first-time borrower. Make sure you understand the total repayment amount and whether the EMI fits your monthly budget.
Also read: 10 Best Personal Loan Apps for Students in India 2026
How to Check Whether a Loan App Is Legitimate
Do these checks before sharing your PAN, Aadhaar details or bank information.
1. Verify the actual lender
Find the full legal name of the bank or NBFC providing the loan. Check that lender’s official website and verify the relevant registration details through the RBI’s official resources.
2. Check the digital lending app
Use the RBI’s public Digital Lending Apps directory information and the lender’s own website to check whether the app is reported as being associated with that regulated entity.
The directory is based on information submitted by regulated entities. It should not be treated as a guarantee that every loan offer or activity is safe.
3. Read the Key Fact Statement
Before accepting a digital loan, read the KFS carefully. It should disclose the APR, applicable charges, repayment details and grievance redressal information.
If a fee is not disclosed in the required loan documents, ask the lender to explain it before proceeding.
4. Check how the money moves
For regulated digital loans, disbursal and repayment generally need to follow RBI’s prescribed account-to-account rules. Be cautious if an unknown person asks you to pay a loan fee to a personal UPI ID or an unrelated account.
5. Review app permissions
Check why the app requests access to your device data. RBI’s digital lending framework restricts unnecessary access to personal information and requires appropriate consent and privacy safeguards. Do not grant permissions without understanding their purpose.
Important RBI Digital Lending Rules
Borrowers should know these key protections:
APR disclosure: The lender must disclose the all-inclusive annualised cost of the loan, including applicable charges.
Cooling-off period: Eligible digital loans must provide an exit option during the lender’s prescribed cooling-off period, subject to applicable RBI requirements.
Direct disbursal and repayment: Regulated digital lending follows prescribed bank-account flows rather than routing ordinary loan payments through unrelated third parties.
Data privacy: Data collection must follow applicable consent and privacy requirements.
Grievance redressal: The borrower should be given details of the lender’s designated grievance redressal officer.
These requirements come from RBI’s digital lending framework.
Conclusion
A digital loan can help with an urgent expense, but the right choice depends on the lender’s credibility, the actual loan cost and your ability to repay on time.
Before applying, verify the lending company, compare the APR and read the KFS. Never borrow simply because an app promises quick approval, and avoid taking a new loan to repay an existing one unless you have carefully assessed the financial consequences.
Frequently Asked Questions
1. Does RBI approve loan apps individually?
No. RBI regulates eligible lending entities, such as banks and NBFCs. A digital lending app may operate for a regulated lender or act as a lending service provider. Verify the actual lender and the app’s association rather than relying on the phrase “RBI approved”.
2. Which loan app offers the lowest interest rate?
There is no single app that offers the lowest rate to every borrower. The final rate depends on the lender, income, credit profile, loan amount and repayment tenure. Compare the APR and total repayment amount in your KFS.
3. Can students apply for personal loans through loan apps?
Some lenders may consider eligible students or applicants with income, but eligibility differs by product. Check the lender’s age, income and documentation requirements before applying. Do not assume that every app listed here offers loans to students.
4. What should I do if a loan app harasses me?
Keep copies of the loan agreement, payment receipts, messages and other evidence. Contact the lender’s grievance redressal officer first. Depending on the issue, you can also use the RBI’s Complaint Management System or the Sachet portal.
5. Is a low interest rate enough to choose a loan?
No. Compare the APR, processing fee, repayment tenure, late-payment charges and total amount payable. A loan with a lower advertised interest rate may still cost more if it has higher fees or a longer repayment period.
