About this app

What is Personal Loan :
Simply put, it is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.

- Wedding loan. Indian weddings can turn out to be quite expensive. ...
- Home Renovation loan. Give your house a new look with a home renovation loan. ...
- Travel loan. ...
- Medical loan. ...
- Debt consolidation loan. ...
- Higher education loan. ...
- Small personal loan.

* Minimum and Maximum Period for Repayments :
Repayment Over Minimum 12 Month (1 Years) to Maximum 60 Month (5 Years).

* Maximum Annual Percentage Rate (APR) :
Minimum Annual Percentage Rate for unsecured Personal Loans 12% and Maximum Annual Percentage Rate is 24%. This Rate of interest varies basis our internal credit and risk policy and as per an algorithmic multivariate score card.

* Example of the total cost of the loan, including all applicable fees :
On a term personal loan for Rs.1,00,000 at rate of 12% per annum, for a tenor of 12 months, the EMI amount will be Rs.8885 Total Payable Amount Rs,1,06,619

Total Loan Amount : 1,00,000

Interest Rate per Annum : 12%

Time Period of Loan : 12 Month (1 Years)

Monthly EMI is : 8,885

Main Principal : 1,00,000

Interest Payable : 6619

Total Amount Payable : 1,06,619.

Personal Loan Foreclosure charge - ( Term Loan ) 4% plus applicable taxes on principal outstanding amount as on the date of full Pre-Payment

* Method for interest calculation for personal loan

1. Flat Rate Method : In this method, the applicable rate of interest is chargeable on the entire loan principal

2. Reducing Balance Method: In diminishing balance method or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers also have to pay lower interest on the loan compared to the flat rate method.

Penal Interest :- A delay in payment of monthly instalment/EMI shall attract penal interest of 2% to 4% per month on the Monthly Installment/EMI outstanding. This will be penal interest and chargeable from the date of default until the receipt of Monthly Instalment/EMI. Recently Updated

* Annual/Additional Maintenance Charges :

Flexi Term Loan :- 0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilization on date of levy of such charges

Flexi Hybrid Loan :- 0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilization on date of levy of such charges

* These charges will be levied annually.

* Mandate Rejection Service Charge: Rs. 450 (Inclusive of applicable taxes)

No hidden charges :- What you see is what you get.With easy to understand terms and conditions, our Personal Loan is transparent and comes with zero hidden charges.

What are the documents required for a personal loan?
To avail a loan you need to submit the following documents:
Passport-size Photographs
KYC Documents - PAN, Aadhaar, Driving license, Voter's ID, Passport
Bank account statements for last three months
What are the eligibility criteria for a personal loan?
To avail a quick personal loan, you only need to meet the basic eligibility criteria.
You must be a residing citizen of India
Aged between 23 and 55 years
Employed with an MNC, public or private company
If you meet the salary requirement based on your city of residence, you can qualify for a loan.

App Permissions

Allows applications to open network sockets.
Allows applications to access information about networks.