In today’s fast-paced world, where financial needs can arise unexpectedly, the availability of quick and convenient loan options has become essential. Non-Banking Financial Companies (NBFCs) play a crucial role in catering to the financial requirements of individuals and businesses. With the digital revolution transforming the lending landscape, NBFC loan apps have emerged as a popular choice for accessing hassle-free financial assistance. In this article, we will explore the Top 5 RBI Approved NBFC Loan Apps that have received approval from the Reserve Bank of India (RBI) in 2023.
These apps have revolutionized the lending industry by leveraging cutting-edge technology and providing borrowers with a seamless borrowing experience. Whether you’re looking for personal loans, business loans, or any other financial aid, these RBI-approved NBFC loan apps are designed to simplify the loan application process and provide timely financial support. With the help of these apps, you can apply for loan only from your Aadhaar card, Pan Card and Bank Account.
Top 5 RBI Approved NBFC Loan Apps
Let us now know about those Top 5 RBI Approved NBFC Loan Apps one by one and see how you can get loan easily by using these applications –
5. Navi
With Navi Loan Application, users can easily apply for personal loans, track their application status, and receive loan approvals within a short span of time. The app provides a seamless and hassle-free experience, allowing users to fulfil their financial needs with transparency and efficiency. Navi Loan Application strives to simplify the loan application process, making it accessible to a wide range of users seeking timely financial support.
Navi is an RBI approved NBFC that you can trust. On Navi you can get a maximum loan of up to Rs.2 lakh. If we talk about its interest rate, then you are charged interest ranging from minimum 10% to maximum 20%. You are charged the interest rate mostly on the basis of your credit profile. Some of the important loan fees of Navi have been mentioned below –
| Interest Rate | 9.9% p.a. onwards |
| Pre-closure Fee | Nil |
| Processing Fee | Nil |
| Loan Tenure | Up to 72 months |
Apart from this, some of the important required documents for getting a loan on Navi are as follows –
- Indian Citizen, Age: 21-65
- Aadhaar Card & PAN card
- Salaried or self-employed Annual income > 3 lakhs
- Cibil score greater than 650
2. Bank Bazaar
Friends, Bank Bazaar is also not an NBFC like Paisabazaar.com, but it is also a Financial Marketplace that shows you many RBI Approved NBFC Loan Apps and applications on its website which you can compare together and select a best loan for yourself. The way this application works and the way Paisabazaar.com works is almost the same. Here you will find all the top popular loan companies listed and you will get to see the very best offers on them.
If your CIBIL score is between 650 to 800 and if you take a salary of 10-15 thousand in a month, then after verifying your details in this application, you will see various loan offers from different companies of which you can choose according to your comfort loan.
Friends, if you want to take a best loan for yourself using a trusted platform, then Bank Bazar can be a good option for you. Apart from this, on Bank Bazaar, you can get information related to credit cards, insurance and other financial products. If we see the biggest advantage of companies like Bank Bazaar and Paisa Bazaar, then it is that we do not have to register on different websites to purchase any financial product, whether it is insurance or a loan. We can discover the services of all the companies from one place.
3. Paisa Bazaar
Friends, you must have heard the name of Paisabazaar.com because it is a huge Ads promoting company. Now Paisabazaar is not an NBFC nor does it provide you any kind of loan on its behalf. But we have kept it in this list because this company may not provide you any kind of loan by itself, but it shows you all the popular NBFCs on the platform which provide you all types of loans by comparing them together. And all of these apps are RBI Approved NBFC Loan Apps.
Paisa Bazaar is known because here you can see all the financial products like Credit cards, Loans and Insurances by comparing them together. On Paisa Bazaar also you will find all types of loan providing company. Here too, due to the variety of loans and different NBFCs, you may find a difference in eligibility and required documents. And also, on the basis of different companies, you can also see the difference in their loans.
This app also has a rating of 4.4 on Play Store and 10 million plus have been downloaded. Those whose CIBIL score is low, then here they are given loan on the basis of their Aadhaar card and PAN card. This company gives you a loan of up to ₹ 50000 on the basis of your Aadhaar card and PAN card on very easy terms.
4. Bajaj Markets
Bajaj Markets also provides you many loans like Business Loan, Home Loan, Personal Loan and Two Wheeler Loan. You get to see loan offers of many companies in Bajaj market. Along with this, you can also compare the loan offers of all the companies on the basis of their interest rates here. When you verify by entering your details in it, it will show you a list of many leading NBFCs based on the key of your profile, which can provide you loan.
As I know, Bajaj Markets also provides many types of loans, so you can see different eligibility and required documents for each loan separately. Like if we talk about its personal loan, then you get to see the eligibility and Fee and Charges in this way –
| Personal Loan Eligibility | |
| Age Limit | 21 – 68 years |
| Minimum Monthly Income | ₹10,000 and above |
| Credit Score | Above 750 |
| Maximum EMI | Up to 65% of Income |
| Feed And Charges | |
| Interest Rate | 10.49% p.a. Onwards |
| Processing Fee | Between 0.5% and 2.50% of the loan amount |
| Loan Amount Range | Up to ₹50 Lakhs |
| Loan tenure | 1 to 6 years |
| Prepayment Charges | 2-3% of the outstanding loan amount |
| Late Payment Charges | 2% of the due amount |
In this way, you will get to see different eligibility and its fees and charges in all types of loans. For complete information about all its other loans, you can visit its official page. This application has a rating of 4.1 on the Play Store and has 10 Million+ downloads. Here you are also given a very good facility that you are shown the loans of many NBFCs on the same website so that you can compare all of them together. Bajaj Markets easily gives you a loan of up to Rs 1000000 on very easy terms and you can apply for a maximum loan of Rs 2500000 here.
5. L&T Financial Service
L&T (Larsen and Toubro) Financial Service Company provides you a loan of up to Rs.25 lakhs. Here you are offered a minimum loan of up to ₹ 50000 and maximum you can apply a loan of up to ₹ 2500000. The best thing about this application is that in this you are provided a loan for a minimum period of 12 months and maximum you can get a loan of up to 48 months. If we talk about the interest of this application, then you are provided with an interest rate ranging from minimum 10% to maximum 20%.
Now it depends on your profile and credit score that at what interest you will be given loan. When you verify by entering your details in this application, then you will get an idea at what interest rate the application will provide you the loan. Apart from this, the company also charges you a processing fee of 3%. You can see all its Fees & Charges below –
| Charge Type – Consumer Loans | Details |
|---|---|
| Processing Fee | up to 3% + applicable taxes |
| Repayment bounce charges | Rs.350/- + applicable taxes if any |
| Late payment interest | 3% per month on overdue EMI |
| Part Prepayment Charges | Up to 5 % of prepaid amount + applicable taxes Up to 25% allowed twice in a year. |
| Foreclosure Charges | 5% of principal outstanding + applicable taxes |
| Annual Maintenance charges | Nil |
| Legal /Recovery charges | As per actuals |
| Duplicate NOC charges (Charge is applicable for paper copy post 3 free copies per customer) | Rs 250/- + applicable taxes |
| Repayment swap charges ( per swap) | Rs 500/- + applicable taxes |
| SOA/RPS /FC letter & other documents | Nil |
This company provides you many types of loans such as – Home Loan, Consumer Loan, Vehicle Loan and SME Loan etc. If we talk about the eligibility of this company, it depends on the type of loan you want to take. Your eligibility and the required documents will depend on the type of loan you are availing. To get complete information about all their loans, you can visit their official page.
This application is very good and reliable, so if you want a personal loan, then I would recommend that you use L&T Financial Service only. This company is RBI Approved NBFC so you can rely on it.
Last Words:
Friends, in this article, we have told you about Top 5 RBI Approved NBFC Loan Apps on which you can get instant loan by signing up. Here I have given you a brief overview about each application, therefore, from whatever platform you want to apply a loan for yourself, first visit its official website and get to know all the Fees and Charges related to it very well. Because the data of Fee and Charges keeps changing from time to time, so after checking if you find its Fee and Charges Suitable then you can apply for that loan. If you find this information beneficial then do share it.