Need a quick ₹5,000 loan? RBI-approved loan apps offer a convenient way to borrow money from your phone. These apps are regulated by the Reserve Bank of India, ensuring a safe and transparent experience.
You can apply for a loan from ₹1,000 to ₹5 lakhs without visiting a bank branch. While larger loans may be available elsewhere, banks often have higher minimum loan amounts.
Information about loan apps (in English)
| App Name | Amount of loan received | Rate of interest | Payment Term | Play Store Rating |
|---|---|---|---|---|
| Installment loan app | ₹5,000 – ₹2,00,000 | 12% – 36% | 3 – 24 Months | 4.1 |
| cashe loan app | ₹1,000 – ₹3,00,000 | 1.5% – 3% per month | 2 – 12 Months | 4.3 |
| niira loan app | ₹5,000 – ₹1,00,000 | 24% – 36% | 3 – 12 Months | 4.2 |
| Finable Loan App | ₹10,000 – ₹2,00,000 | 16% – 24% | 6 – 24 Months | 4.0 |
| Snapmint Loan App | ₹2,000 – ₹1,00,000 | 0% – 30% | 3 – 12 Months | 4.1 |
| Mobikwik Zip Loan | ₹500 – ₹60,000 | 18% – 36% | 1 – 12 Months | 4.0 |
| Branch Loan App | ₹1,000 – ₹50,000 | 22% – 34% | 2 – 6 Months | 4.4 |
| Amazon Pay Later Loan | ₹1,000 – ₹20,000 | 0% | 1 – 6 Months | 4.2 |
| Ring Loan App | ₹1,000 – ₹1,00,000 | 18% – 30% | 3 – 18 Months | 4.1 |
| fibe loan app | ₹5,000 – ₹2,00,000 | 20% – 36% | 6 – 24 Months | 4.0 |
| CreditBee Loan App | ₹1,000 – ₹2,00,000 | 15% – 29% | 3 – 15 Months | 4.3 |
| navi loan app | ₹10,000 – ₹5,00,000 | 9% – 24% | 3 – 36 Months | 4.2 |
| Perupic Loan App | ₹2,000 – ₹1,00,000 | 20% – 36% | 3 – 12 Months | 4.0 |
| Kosh Loan App | ₹3,000 – ₹50,000 | 22% – 36% | 2 – 9 Months | 4.1 |
| TrueBalance Loan App | ₹1,000 – ₹50,000 | 18% – 30% | 2 – 6 Months | 4.3 |
| Smartcoin Loan App | ₹4,000 – ₹1,00,000 | 20% – 36% | 3 – 12 Months | 4.1 |
| StashFin Loan App | ₹1,000 – ₹5,00,000 | 12% – 30% | 3 – 36 Months | 4.2 |
Friends, these are some loan apps that give you a loan of Rs. 5000 in the beginning, there are many such loan apps where you do not even have to pay interest on the given time, you can use all these loan apps with your wisdom to easily take a loan sitting at home,
Note: Interest rates and payment periods may vary by app. Play Store ratings are based on user reviews..
Eligibility for Loan Apps:
Age: Between 21 and 60 years old.
Citizenship: Must be an Indian citizen.
Income: Must have a steady income from a permanent job or other source.
Income Proof: Salary slips or bank statements from the past 3 to 6 months.
Credit Score: A good credit score (usually 650 or higher).
Bank Account: An active bank account in your name.
Contact Information: Active mobile number and email address.
Smartphone: Required to download and use the loan app.
Aadhaar Linked Mobile: An Aadhaar OTP (one-time password) is needed to sign the loan agreement online.
Before using a loan app, be sure to check your eligibility.
Documents Required for Loan Apps:
Identification Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
Proof of Residence: Aadhaar Card, utility bill (electricity, water), or rent agreement.
Income Proof: Salary slips (last 3-6 months), bank statements, or Income Tax Return (ITR).
Photograph: Passport-sized photo.
Bank Account Details: Cancelled cheque or copy of your bank passbook. (Optional: Proof of employment, such as a company ID card or appointment letter)
How to Get a Loan Upto ₹5,000 from Safe Loan Apps | Use RBI-Approved Loan Apps
Many loan apps are available to meet your financial needs. However, it’s crucial only to use apps approved by the Reserve Bank of India (RBI). RBI-registered apps are secure and follow transparent regulations.
Steps to Get a Loan
- Download the App: Download your preferred loan app from the Google Play Store or Apple App Store.
- Register: Register on the app with your mobile number and email ID.
- Fill Out the Profile: Fill in your details like name, address, date of birth, etc.
- Upload Documents: Upload the required documents like identity proof, residence proof, income proof, etc.
- Choose the Loan Option: Choose the loan amount and repayment term as per your needs.
- Check Interest Rates and Charges: Get information on interest rates and other applicable charges.
- Submit the Application: If all the information is correct, submit the loan application.
- Verification Process: The app will verify the information and documents provided.
- Loan Approval: After verification, the loan will be approved, and you will be notified.
- Receive Funds: The loan amount will be transferred to your bank account after approval.