AI Lending Apps Grow: Is Your Loan Data Safe?

Digital lending platforms are raising massive funds and using AI to decide your loan eligibility in seconds. Here's what that means for your personal loan, your data privacy, and your rights as a borrower.

Here's what happened: Fibe, a digital consumer lending platform, is raising ₹750 crore to expand its AI-powered loan and credit operations across India.. The platform plans to embed AI across the full lending cycle — from customer acquisition and credit decisions to loan monitoring and collections.. This fundraise signals a broader industry trend where fintech lenders are scaling rapidly, competing directly with banks for salaried and self-employed borrowers..

What you should do: Check the Annual Percentage Rate (APR) on any digital lending app — not just the EMI amount — before accepting a loan offer.. Verify the lender is RBI-registered by searching the RBI's official list of Non-Banking Financial Companies before sharing any personal or financial data.. Read the Key Fact Statement (KFS) every lender is legally required to give you — it lists all fees, the true interest rate, and grievance contact details in plain language..

If an AI-driven lending app quotes you a rate that changes between application and final disbursement, you can reject the loan and demand a full refund of any processing fee paid — RBI rules require rate consistency post-sanction.