How to Check if a Lending App is RBI Approved

Borrowing money online can be convenient, but is it safe? With more than 600 digital lending apps in India, only a handful are formally regulated by the Reserve Bank of India (RBI). In this blog, we help you understand the process of checking whether a lending app is RBI-approved, ensuring your financial transactions are safe and legitimate.

Why It’s Important to Use an RBI-Approved Lending App

When choosing a loan from an RBI-approved lending app, you can be sure of a secure and reliable process. Such applications adhere to strict RBI guidelines to ensure

• Transparency in terms and conditions

• Security of personal information and privacy

• Legal recourse in case of grievances

• Secure and safe digital transactions

At the same time, using unauthorized or scam lending apps puts you at risk for hidden charges, theft of your data, or unlawful loan recovery practices. Therefore, for assurance, you should check whether the lending app is truly RBI-approved.

Steps to Check for a RBI-Approved Lending App

Here's a step-by-step guide to assist you in checking whether a lending app is RBI-approved:

1. Check the NBFC or Bank Association

RBI only approves digital lending apps that are either

• Registered Non-Banking Financial Companies (NBFCs), or

• Have a partnership with an RBI-regulated bank or NBFC​

To verify, visit the RBI official website (https://rbi.org.in) and search for the RBI-registered NBFCs list on the "Financial Entities" page. Search for the lending partner's name on the app there. If not found there, it's a warning sign.​

2. Look Up on Google Play Store or App Store

Go to the listing of the app and look at the "Developer Info." The name of the registered NBFC or bank should be clearly stated on the contract. Verify this name against the RBI's master list.

Additionally, do check on the ratings and reviews. While they are not always quite accurate, seeing too many bad reviews on harassment or hidden charges is not a good sign.

3. Visit the App or Company Website

Legit apps have to mention their licensing partner and the RBI registration number with their contact details. No obvious information on this means the app is a total no-go.

4. Be Aware of RBI’s Digital Lending Guidelines

RBI has issued guidelines for digital lending. Legit apps have to:

• Give all loan information upfront

• Provide customer grievance redressal

• Specify the regulated entity upfront

Rupee112: The Instant Loan App You Can Rely On

If you are looking for an RBI-approved lending app that offers its customers speed, convenience, and trust, BharatLoan is the place for you. Being a customer-friendly app, it ensures that all loans get disbursed as per the RBI's regulatory guidelines. Here are some of the reasons why BharatLoan is a great choice:

• No Collateral: Get loans with no need for security.

• 100% Digital: Apply and receive your loan online and cash it into your bank—no paperwork.

• Instant Approvals: Enjoy swift approvals with loans up to ₹100,000

• Disbursal in 10 Minutes: A quick process for lending

• Eligibility: 

• Age Criteria: 25 to 55

• Salaried employee only

With Rupee112, experience a smooth process set within RBI regulations for a trustworthy and secure borrowing process.

Choosing an RBI-approved lending app is your best bet to have your loan processed safely, securely, and with transparency. With various unregulated platforms in operation, it becomes imperative for customers to make an informed choice.

Rupee112 gives you an entirely digital and RBI-compliant alternative, which allows for quick disbursal and instant approvals. Apply now and get your loan in just a few taps!