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Between 2022 and 2025, the Ministry of Electronics and Information Technology (MeitY) banned over 600 illegal loan apps. The Reserve Bank of India added hundreds more to their watch list. Chinese-funded, locally operated, or outright fraudulent — these apps offered instant loans that turned into nightmares.
But here is the problem: many borrowers who borrowed from illegal apps only discovered the app was unregistered after the harassessment began. And when they tried to file complaints with RBI, they discovered there was nothing to file against — the lender did not legally exist.
Checking whether your loan app is RBI-registered takes 3 minutes. It should be the first thing you do before borrowing from any app.
Why Registration Matters
An RBI-registered lender is: Supervised by RBI's regulatory framework Bound by RBI's Fair Practices Code Required to follow Digital Lending Guidelines 2022 Subject to the RBI Ombudsman scheme (giving you recourse if something goes wrong) Required to maintain capital adequacy, preventing predatory desperation
An unregistered lender has none of these obligations. They can charge any rate. They can use any collection method. And if they disappear tomorrow, you have almost no legal recourse through normal channels.
How to Check If Your Loan App Is RBI Registered
Method 1: RBI's NBFC List (Most Reliable)
Go to: rbi.org.in > Publications > Financial Companies > NBFC List
Download the current list and search for the company name behind your loan app. The app's name is not necessarily the company name — find the company name in the app's "About" section or the loan agreement.
Method 2: RBI's Company Search
Go to: prism.rbi.org.in (RBI's company search portal)
Enter the company name (not the app name). If it appears with "Active" status and "NBFC — Investment and Credit Company" or similar classification, it is registered.
Method 3: Check the App's Own Claims
Legitimate loan apps display their RBI registration number (CIN or NBFC registration) in their app, website, and loan agreements. Look for phrases like "RBI Registered NBFC: [Registration Number]."
If you cannot find any registration number anywhere in the app or its documentation, treat this as a major red flag.
Method 4: RBI Sachet's Alert List
Visit sachet.rbi.org.in and check the Alert List — a regularly updated list of entities against which RBI has received complaints or taken action.
Red Flags of an Illegal Loan App
Check your loan app against this list:
| Red Flag | What It Suggests |
|---|---|
| No company name visible anywhere in the app | Hiding identity — major warning |
| No physical address listed | No verifiable presence in India |
| App only on third-party sites, not Google Play | Avoiding platform scrutiny |
| Interest rate not stated until after login | Deceptive marketing |
| Requests for camera, contacts, gallery upfront | Data harvesting model |
| No KFS provided before disbursement | Either illegal or non-compliant |
| Threatens to viral photos or contact list | Criminal operation |
| No grievance/nodal officer contact on site | Not following RBI mandates |
| Payment demanded only to mobile wallets or personal accounts | Not a legitimate lender |
What to Do If You've Borrowed From an Unregistered App
If you discover your loan app is not RBI registered after borrowing:
Your obligations regarding the debt: This is legally complex. Courts have generally held that a borrower who received and used loan funds has an obligation to repay the principal — even if the lender was unregistered. However, illegal interest rates and fees may not be enforceable.
Your complaints path: File at cybercrime.gov.in — report the app as a financial fraud File at sachet.rbi.org.in — RBI tracks complaints against unregistered entities File with MeitY to request app removal Report to Google Play or Apple App Store
Do not pay beyond the principal: If a lender is illegal, their right to charge interest at any rate is questionable. Do not pay on the threat of harassessment — instead, document the harassessment and report it.
Contact HeyZ AI: SahiSujhav's HeyZ AI can check your loan app's registration status and advise you on next steps specific to your situation.
Check your loan app's RBI registration status with HeyZ AI — free at www.sahisujhav.com
If your app is not registered, HeyZ AI guides you through the complaint process step by step.
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