Check the lender first
Every genuine digital loan must come from a bank or NBFC regulated by the Reserve Bank of India, even if you apply through an app. Ask which regulated entity is lending to you and check it on RBI's website.
Protections you're entitled to
- A Key Fact Statement showing the full cost of the loan, including all fees, before you sign
- The loan paid directly into your bank account, and repayments made directly to the lender
- A cooling-off period during which you can exit the loan by repaying the principal and proportionate cost
- A grievance officer you can complain to
Red flags
- Demands for access to your contacts or photos
- Upfront "processing fees" before any money is disbursed
- Threats or harassment from recovery agents
Coming soon
A guide to comparing loan offers and calculating their true cost.