Instant loans: You can explore these 10 popular lending apps approved by RBI

If you are short of funds and planning to borrow from a fintech lending app, it is imperative that you stay careful about a number of things. At the outset, the app must be approved by the banking regulator, Reserve Bank of India (RBI).

There have been several cases in the past where fake apps and agents managed to dupe gullible borrowers. Frauds in the name of lending are not an unusual phenomenon. Read this Livemint article to know more about whether it's safe to borrow via loan apps.

Process to borrow

The process to borrow money via loan apps is quite swift and seamless. You can apply online and a quick eKYC is carried out by the lender, which also verifies your ability to repay on time through such documents as a credit report, a bank statement, and salary slips. Once the loan is approved, the loan money is transferred immediately after deducting processing charges.

These are some of the popular approved loan apps

Stashfin: Stashfin offers a credit limit upto ₹5 lakh, and there is upto a 30-day interest-free period.

Fibe: It offers upto ₹5 lakh in just two minutes. It tempts borrowers with an offer of 0 foreclosure charges and also offers loans against mutual funds.

Aditya Birla Capital: Aditya Birla Capital offers instant loans for a tenure of upto 12 months at an interest of 19.45 percent per annum, and loans for tenure longer than 12 months at an interest of 20.45 percent per annum. The minimum credit score should be 650 for higher chances of approval.

IDFC First Bank: It offers loans upto ₹10 lakh starting at 9.99 percent per annum. Tenure of repayment is between 9 to 60 months.

Money View: It offers upto ₹10 lakh in a short while. Tenure is between 3 months to 60 months.

Kredit Bee: It offers loans at an interest rate of 12 to 28 percent per annum for amounts between ₹6,000 to ₹10 lakh. It can be repaid between 6 months to 60 months.

Lazy Pay: It offers a loan for an amount between ₹3,000 and ₹5 lakh without physical documents. However, one needs to submit KYC, bank details, set up an auto-pay, and sign a loan agreement. The loan repayment can take place between 3 to 24 months.

CASHe: It offers loans between ₹50,000 to 3,00,000 with tenures ranging from 9 months to 18 months.

ZestMoney: It offers a credit facility of upto ₹2 lakh. There is no paperwork required, and one can repay the money in 3, 6, 9, or 12 parts.

mPokket: It offers small loans in the form of a credit limit of upto ₹50,000. For KYC, one has to submit PAN, Aadhaar, and proof of education (in case of a college student). One can repay in lumpsum or in EMIs.

Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.

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