Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    NIRA Finance Loans

    NIRA Finance offers a line of credit for a short-term to salaried professionals in Bengaluru, India. It is a private limited finance company that allows you to avail credit whenever you want. It also offers a referral bonus for you and the person you refer when that person takes their first loan from NIRA Finance.

    Features of NIRA Finance Loan

    This loan facility works like a line of credit where you are assigned a limit. You can use the funds within that limit multiple times whenever you want. The interest charged is based on the amount you use and the tenure you chose to repay that particular amount. The main features of this loan are:

    • You need to pay interest only for the amount you use even if you are qualified for a higher line of credit.
    • The assigned limit would be between Rs.10,000 and Rs.1 lakh.
    • The available loan tenure would be between 3 months and 12 months.
    • You can take as many loans as you want within your credit limit.
    • The minimum amount you can use each time is Rs.5,000.
    • You can apply for this loan even if you are new to credit and do not have a CIBIL score.
    • You can repay the loan through auto-debit, netbanking, or debit card payment each month.

    NIRA Finance loan interest rates and charges

    The interest rate and other fees and charges for this facility are mentioned below.

    • The interest rate for this facility would be between 1.50% per month to 2.25% per month.
    • The processing fee would be Rs.500 (including GST) for your first loan. Your subsequent loans would also attract a processing fee each time you apply for one. The fee for subsequent loans would be lower than for the first loan.
    • The late payment charges imposed by NIRA Finance would vary based on the period of delay. Any payment made within 30 days after the due date would attract a penalty of 2% of the Equated Monthly Instalment (EMI). If you are late by 30 to 59 days, you need to pay a penalty of 2% of the EMI + 0.5% of the total outstanding amount. If you are late by 60 to 89 days, you have to pay a penalty of 2% of the EMI + 1% of the total outstanding amount. If you are late by more than 90 days, you have to pay a penalty of 2% of the EMI + 2% of the total outstanding amount.
    • The pre-payment charges apply for this loan facility when you pre-pay within the first 3 months. You have to pay 2.5% of the amount that you pre-pay. If you pre-pay your loan after the first 3 months, you will not be charged any fees.

    Eligibility criteria for NIRA Finance loans

    The eligibility criteria to apply for a NIRA Finance loan are:

    • You need to be an Indian citizen.
    • You need to be aged between 21 years and 65 years.
    • You need to possess a college degree.
    • You need to be working for a minimum of 6 months.
    • You need to earn a salary of Rs.20,000 or more each month.

    How does NIRA Finance loan work?

    The following points illustrate what you need to do to apply for this loan:

    • You need to download the NIRA app from the Google Play Store.
    • Once you apply for the loan, it may take up to 24 hours to get it approved based on how soon you submit the complete set of documents.
    • Your application will receive a final approval once your documents are verified.
    • You need to submit an auto-debit form to complete the process.
    • You can submit a request for withdrawal where you will receive the funds in your account anywhere between 2 hours to 24 hours.

    Documents required for NIRA Finance loan applications

    The documents required to apply for this loan facility are:

    • Copy of your Aadhaar card
    • Latest salary slips (6 months)
    • Latest bank statements (6 months)

    How to apply for a NIRA Finance loan?

    Given below are steps you need to follow to submit your application. They are:

    • You need to download the NIRA app on your mobile from the Google Play Store.
    • You can complete and submit an application form via the app or on the NIRA website.
    • Once you receive the in-principle decision from NIRA, you need to upload the supporting documents through the NIRA app.
    • You can check the status of your application on the NIRA app.
    • You will receive a final decision within 24 hours upon submission of documents.
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