How to check if a loan app is RBI approved

1. Find the lender’s name. A genuine app names the bank or NBFC that lends — on the offer and in the Key Fact Statement (KFS). An app that will not tell you who the lender is should not get your documents.
2. Check the lender with RBI. Search the lender’s name on the Reserve Bank of India website, rbi.org.in, which publishes the lists of registered NBFCs and banks.
3. Look the app up in RBI’s app list. RBI publishes the digital lending apps that regulated lenders have reported to it, under Citizen’s Corner → “DLAs deployed by Regulated Entities” on rbi.org.in. A listing means a regulated lender has reported the app; it is not an RBI endorsement, so still check that the lender named in the app matches the one on the list.
4. Check the lender’s own website. Under RBI’s digital lending rules, a lender must list the lending service providers and apps it works with, in one place on its website.
5. Read the KFS before you accept. It must show the amount you receive, the interest rate, every charge and the APR. A loan with no KFS is a warning sign.

• A caller or agent asking you to pay to get the loan approved or released.
• Requests to read your contacts, photos, files or call logs — RBI’s rules bar lending apps from accessing them. Only a one-time access to the camera, microphone or location may be taken for onboarding or KYC, with your explicit consent.
• An APK to install from a link instead of Google Play or the App Store.
• Threats, or calls to your family or friends, about repayment.
• Very short loans (a week or two) with charges that add up to far more than the stated rate.

• RBI’s Sachet portal: sachet.rbi.org.in.
• The national cybercrime portal, cybercrime.gov.in, or helpline 1930.

Innopay Money is a Lending Service Provider. Every offer names the RBI-regulated lender and shows its KFS before you accept. See our lending partners, and how to check you have the genuine Innopay app.