SalaryMantra Loan App Real or Fake? Its NBFC Lender and the Fine Print

SalaryMantra is a genuine loan app, not a fake one. Its loans come from Bagmane Traders Private Limited, which is on RBI's register of NBFCs. Whether it's safe is harder to say, because the app's own pages disagree on price, tenure and data use.

Delviant AI Labs Private Limited runs the app, which some people search for as "Salary Mantra". Before you apply, make sure Bagmane Traders is the lender on your Key Fact Statement, with figures close to SalaryMantra's own ₹50,000 example. Everything here is as of October 2026.

Quick answer: is SalaryMantra safe?

• Real or fake: real. SalaryMantra is live on Google Play, published by DELVIANT AI LABS PRIVATE LIMITED, with 500+ downloads.
• Who lends: Bagmane Traders Private Limited, entry 896 on the NBFC register RBI updated to 30 September 2026. Its certificate number is 05.01591.
• Safe to use: partly. The lender checks out, but the website and the app clash on tenure, cost and data collection.
• What it costs: 35% a year plus a fee of up to 2% and GST. Borrow ₹50,000 for a year and you receive ₹48,820, then repay ₹59,978.
• Biggest worry: Bagmane's terms keep a right to follow your location after the app is deleted, for as long as you owe money.

Who runs SalaryMantra and which NBFC lends to you

SalaryMantra follows the usual model for Indian loan apps. One company builds the app and signs people up. A separate, regulated company lends the money and holds the loan.

The app company is Delviant AI Labs Private Limited. Its Play listing calls SalaryMantra a Digital Lending Application and Delviant a Loan Service Provider, or LSP. It also says SalaryMantra "is not a bank, NBFC, or lending institution". Delviant's company number carries the year 2026, which points to a very new firm.

The lender named on Play and on SalaryMantra's lending partners page is Bagmane Traders (P) Ltd. Bagmane's website calls it an RBI-registered NBFC. Better still, Bagmane's own partner page lists Delviant AI Labs and SalaryMantra by name, for a personal term loan.

There's a catch, though. Bagmane's website shows the same Gurugram office and the same phone number as SalaryMantra, while RBI's register puts Bagmane in Ranchi. So the lender's page isn't a fully separate check. The RBI entry carries more weight.

SalaryMantra names a second lender too: Avinash Capital Markets Private Limited, paired with a different LSP, Vimanotech India. Avinash is on RBI's register. Yet its own partner page names BrightLoans, Kreditbuddha, Titan Fincorp and Lendingplate, and leaves SalaryMantra out. We treat Bagmane as the only lender we could confirm.

Is SalaryMantra RBI registered? The six checks we ran

SalaryMantra isn't an NBFC and has no RBI licence. What matters is whether its lender is registered and whether that lender owns up to the app. Anyone can redo the checks below, which we ran on 30 October 2026.

1. Get the lender's name from the app side. The Play listing and SalaryMantra's lending partners page both name Bagmane Traders (P) Ltd, certificate 05.01591.
2. Search RBI's register of NBFCs. Bagmane Traders Private Limited is entry 896, under RBI's Kolkata office. It is listed as a non-deposit-taking NBFC of the investment and credit type.
3. Match the company number. The register gives Bagmane's CIN as U51109JH1994PTC013317, with a Ranchi address. If the details on your loan papers differ, stop there.
4. See whether the lender claims the app. Bagmane's partner page lists Delviant AI Labs and SalaryMantra. Avinash Capital's page does not.
5. Try RBI's Digital Lending Apps directory. It was down when we tried, so search it for SalaryMantra before you sign anything.
6. Read the Key Fact Statement. It should name Bagmane Traders and show the APR, the fee and the amount you'll actually receive.

RBI's own server timed out that day. So we used a copy of its NBFC list that the Internet Archive saved on 20 October 2026. RBI's list of cancelled registrations had no usable copy, so it stays unchecked. Our searches turned up no RBI warning, police case or news story about SalaryMantra, Delviant or Bagmane.

Our step-by-step RBI app guide explains each of these checks in more detail.

What a SalaryMantra loan costs, page by page

SalaryMantra puts its terms in two places: the Google Play listing and the apply-now page on its website. They mostly agree. The big gap is how long you get to repay.

Both pages use one worked example: ₹50,000 at 35% for 12 months. First, ₹1,000 of fee plus ₹180 of GST is held back, and ₹48,820 reaches your bank. Twelve monthly EMIs of ₹4,998 follow, and SalaryMantra puts the total repaid at ₹59,978. Interest makes up ₹9,978 of the total.

Put simply, you get ₹48,820 and hand back ₹59,978. The gap of ₹11,158 is what the loan really costs you. Because the fee comes on top of the 35%, the true APR is higher than the headline figure.

Now the odd part. The homepage calculator charges 1% of the amount for every day. Enter ₹1,50,000 for 365 days and it shows ₹5,47,500 of interest and ₹6,97,500 to repay. That's 365% a year, sitting right next to a label that says 35%.

We can't tell which figure SalaryMantra means. The same calculator code shows up on B4Salary's site, which hints that it was copied, not set on purpose. Either way, trust only the numbers in your Key Fact Statement.

SalaryMantra also says it won't arrange any loan of 60 days or less. If an offer shows a shorter term, turn it down. Applicants must be salaried Indian residents aged 21 to 56. You'll need Aadhaar, PAN, a recent payslip and an electricity or LPG bill.

Why SalaryMantra can look fake

Several things on SalaryMantra's own pages would make anyone pause. None proves a scam, but each is real:

• Big claims, small numbers. The website shows a 4.8/5 app rating, ₹50 crore-plus disbursed and "500k+ users worldwide". Google Play shows 3.1 stars from 9 reviews and 500+ downloads.
• Store buttons that go nowhere. The Play Store and App Store buttons on the website link to "#", which opens nothing.
• App and lender mixed up. The homepage says "We are registered under the name BAGMANE TRADERS (P) LTD", and the footer copyright is Bagmane's. But SalaryMantra is the app, not the NBFC.
• A one-way second lender. SalaryMantra names Avinash Capital Markets, but Avinash doesn't name SalaryMantra.
• Data answers that don't add up. Play's data safety form says no data is collected, yet lists your name, phone, credit score, photos and location as shared. The privacy policy adds transactional SMS and the names of apps on your phone.
• Location after uninstall. SalaryMantra's terms allow tracking until your dues are cleared. Bagmane's terms stretch that past the point you remove the app.

Some of this is ordinary, though. An app working with a separate NBFC is the normal setup, and fees taken from the payout are common. A new app with few reviews isn't a fraud just for being small.

Our reading is a registered lender behind a careless front end that oversells itself. That's a reason for care. It isn't proof that the app is fake.

What SalaryMantra borrowers say

When we looked on 30 October 2026, SalaryMantra had 3.1 stars from just 9 ratings. It showed 500+ downloads and was last updated on 14 September 2026. That's far too little to judge an app on.

The ratings split hard. Four people gave one star, one gave four stars and four gave five. Nobody picked two or three. Only three written reviews were showing:

• 6 October 2026, one star. The reviewer called the service poor and the app "only data collector".
• 7 October 2026, one star. This user said the app would not open.
• 26 October 2026, five stars. Just "All Good", with nothing on speed, cost or support.

The developer replied to that last review on 29 October 2026, promising to keep improving CredMe. That's another app from the same developer, so the reply looks pasted. You can see how that app fares in our CredMe review. With so few ratings, we saw no clear burst of fake reviews, but a handful of new ones could swing the score.

Telling a real SalaryMantra app, agent or call from a fake

Fraudsters copy the names of real loan apps, small ones included. A few habits make you harder to fool:

• Install from Google Play only. Search for SalaryMantra and confirm the developer is DELVIANT AI LABS PRIVATE LIMITED. The package name is com.salarymantra.app.
• Skip APK files. The website's store buttons don't work, so someone may send you a "direct download" link instead. Don't install it.
• Never pay to get a loan. SalaryMantra takes its fee out of the payout, ₹1,180 on the ₹50,000 example. A caller who wants a "processing fee" first is not SalaryMantra.
• Repay inside the app. Being asked to pay a person's own UPI handle or private bank account is a red flag.
• Test the caller. The privacy policy allows calls about your loan, including AI-initiated ones. A genuine caller can quote your loan details and name Bagmane Traders as the lender.

Where to turn if a SalaryMantra loan goes wrong

Start with the company and keep a written trail of every step:

1. Customer care. Email care@salarymantra.com or call +91-8448422232, as the website lists. The Play listing shows a different number, +91-8796337504.
2. Grievance officer. Neha Gupta takes complaints on grievance@salarymantra.com and +91-9319208320. Bagmane's privacy policy names her as its grievance officer too, at grievance@bagmanetraders.com.
3. The lender. Play gives Bagmane's support email as info@bagmanetraders.com. Copy the lender on your complaint, since it holds the loan.
4. RBI. After 30 days without a fix, lodge a complaint with RBI's Integrated Ombudsman on cms.rbi.org.in or helpline 14448. Name Bagmane Traders Private Limited as the regulated entity. SalaryMantra's partner page also links RBI's Sachet portal.
5. Fraud or threats. If a fake app takes your money or someone threatens you, call 1930 and report it to the police.

You'll find every number in one place on our SalaryMantra customer care page.

Should you borrow from SalaryMantra?

If you're salaried, between 21 and 56, and need ₹5,000 to ₹1,50,000 for under a year, SalaryMantra could serve. It only works if you read the offer line by line. The Key Fact Statement should name Bagmane Traders, run at least 61 days and match the ₹50,000 example.

Look elsewhere if you want late and bounce fees in writing first. The same goes if location tracking after uninstall bothers you, or you want a longer track record. At a similar loan size, compare FlexSalary, which is built for salaried people, with MoneyView and KreditBee. For our ratings, read our full SalaryMantra review.

Frequently asked questions

Is SalaryMantra real or fake?

SalaryMantra is real: a working Google Play app run by Delviant AI Labs Private Limited. Its loans come from Bagmane Traders Private Limited, a company on RBI's NBFC register. We found nothing showing it is a fraud. Its weak spots are clashing prices, inflated claims and broad data terms, so read the Key Fact Statement first.

Is SalaryMantra RBI registered, and who is the lender?

SalaryMantra itself isn't registered with RBI, because it's an app, not a lender. Its lender, Bagmane Traders Private Limited, is entry 896 on RBI's NBFC register as at 30 September 2026. Bagmane holds certificate 05.01591 and names SalaryMantra on its own partner page. RBI's app directory was down for us, so look SalaryMantra up there yourself.

What does a SalaryMantra loan cost in real terms?

The published rate is 35% a year, plus a processing fee of up to 2% and 18% GST. In SalaryMantra's own example, ₹50,000 over 12 months puts ₹48,820 in your account. You repay ₹59,978 through monthly EMIs. Ignore the homepage calculator, which charges 1% a day, and go by your Key Fact Statement.

What is the SalaryMantra customer care number?

SalaryMantra's website lists +91-8448422232 and care@salarymantra.com, and Bagmane's partner page shows the same number. Its Google Play listing shows +91-8796337504 instead. Formal complaints go to Neha Gupta, the grievance officer, on grievance@salarymantra.com or +91-9319208320. Our care page keeps all of these together, along with the RBI routes.

How do I deal with abusive or fake SalaryMantra calls?

Ask the caller for your loan number and the lender's name, which should be Bagmane Traders. Never send money to a personal UPI handle. Save the call log and email the details to the grievance officer. If someone threatens you or your contacts, or wants money for a loan you never took, call 1930 and go to the police.

Can I close or cancel a SalaryMantra loan early?

The Play listing puts prepayment charges at nil. SalaryMantra's FAQ adds that early repayment depends on the lender's foreclosure terms, so confirm the closing amount with Bagmane first. Make the final payment in the app, save the receipt and get a no-dues letter in writing. Then you can ask for your data to be deleted.

Why does the SalaryMantra calculator show ₹5,47,500 of interest?

The homepage calculator adds 1% of the loan for each day. So ₹1,50,000 for 365 days shows ₹5,47,500 of interest, which works out to 365% a year. The rate card beside it, and the Play listing, both say 35% a year. We can't say which number is the slip, so rely on the Key Fact Statement alone.

Is Salary Mantra the same as SalaryOnTime or MyMoneyMantra?

No. "Salary Mantra" is just another way people write SalaryMantra, the app by Delviant AI Labs. It has no link to SalaryOnTime, Salary Now, Salary Finance or MyMoneyMantra. Google Play has one SalaryMantra app, package com.salarymantra.app. Its developer also publishes CredMe, a separate loan app.

Sources: SalaryMantra's website, including its rates, partner, terms and privacy pages, October 2026; SalaryMantra's Google Play listing, data safety form and reviews, October 2026; Delviant AI Labs' website, October 2026; Bagmane Traders' website and terms, October 2026; Avinash Capital Markets' partner page, October 2026; RBI's register of NBFCs, position at 30 September 2026, released 15 October 2026 (Internet Archive copy).