Ask 5 questions before you share any documents with an app. The table gives the answer a safe digital loan app should give.
| Check | Safe answer |
|---|
| Who is the lender? | A bank or a Reserve Bank of India (RBI)-registered NBFC named in the app |
| Is there a KFS? | A full Key Fact Statement before you accept |
| What permissions does it ask for? | Nothing beyond what KYC needs; no contacts or gallery |
| Where does the money come from? | Directly from the lender into your bank account |
| Does it ask for fees upfront? | No; fees are disclosed and deducted or charged as per the KFS |
Last updated: 23rd October, 2026
If a digital loan app fails any check, stop. Delete that digital loan app and report it through the RBI's complaint channels.
Worked example: Shalini in Guwahati
Shalini is 33 and works as a salaried tea export documentation officer in Guwahati, on a Rs. 57,000 monthly salary; her CIBIL score is 741. She read the Key Fact Statement in the Bajaj Finance app and borrowed Rs. 1.2 lakh to replace her home's wiring and fittings, at an illustrative 15.5% per annum. She checked the equated monthly instalment (EMI) for 1 and 2 years.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. Here P = Rs. 1,20,000, R = 15.5 ÷ 1,200 and N = months.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | EMI as share of salary (%) |
|---|
| 12 months (1 year) | 10,859 | 10,312 | 19.1 |
| 24 months (2 years) | 5,847 | 20,327 | 10.3 |
Last updated: 23rd October, 2026
Doubling the tenure nearly halves the EMI, a fall of Rs. 5,012, while interest rises by Rs. 10,015. The processing fee would be at most Rs. 4,956. Shalini chose 24 months, as a 19.1% EMI share was too high for her budget. The digital loan app let her compare both before signing.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Applying through a digital loan app? With a Bajaj Finance Personal Loan, you can borrow Rs. 40,000 to Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.
