NBFCs are important players in the Indian financial system and economy. They help to increase credit availability and financial inclusion by bridging the credit gap for a variety of sectors, including small and medium-sized firms (SMEs), rural areas, and unbanked populations. Licensed NBFCs lend through lending apps, and they broaden the variety of financial goods and services accessible in the market by offering financial services such as leasing, hire-purchase, and investment consulting.
RBI’s regulation and supervision of NBFCs aims to reduce systemic risks and protect depositors’ and customers’ interests. The central bank oversees NBFC activities, capital adequacy, and risk management practises to ensure compliance with prudential standards and guidelines. This monitoring contributes to the financial system’s stability and builds trust in the NBFC industry.
Here are the top 5 lending apps that lend through RBI backed NBFCs:
- KreditBee is a popular online lending app in India that provides instant personal loans to individuals, particularly to young professionals and salaried individuals. It lends through its licenced NBFC along with other RBI licensed banking partners that operate digitally, offering quick and convenient access to credit through its mobile app and website.
- Fibe: a well-known lending app in India that provides instant salary advances and personal loans to individuals. It offers a convenient and digital platform for individuals to access quick cash based on their monthly income.
- True Balance: True Balance is a popular lending app in India that primarily focuses on providing financial services and solutions to individuals. While True Balance started as a mobile balance tracking app, it has expanded its offerings to include various features, including a lending through its RBI licensed NBFC.
- Kissht: is a digital lending app in India that offers instant loans and credit to individuals for various purposes such as shopping, travel, education, healthcare, and more. It aims to provide hassle-free and quick access to credit through its mobile app and website.
- LoanTap: is a fintech company in India that provides digital lending solutions to individuals. LoanTap’s platform offers a variety of loan products to cater to different financial needs, including personal loans, salary advance loans, wedding loans, education loans, and more.
NBFCs play a vital role in fostering entrepreneurship, investment, and consumption, thus driving economic growth.
Source: PR Agency
