Paisalo is a ‘Category B’ non-banking financial corporation (NBFC) registered with Reserve Bank of India which offers quick personal loans to those who wish to fulfill various needs and dreams.
If you wish to avail a loan in order to fulfill any of your dream, all you have to do is download the Paisalo app, create a profile and apply for a loan. Once the company verifies the details provided by you and finds it to be correct, they will disburse the money to your bank account.
The rate of interest levied on the personal loan will depend on factors such as the loan amount, repayment tenure, etc. However, it must be kept in mind that the rate of interest is subject to change and is at the discretion of the company to implement those changes.
The minimum loan amount you can avail from Paisalo is Rs.10,000 while the maximum loan amount is Rs.50,000.
You can pay back your EMIs via an auto-debit (NACH) mandate which has to be approved by your bank in which the loan amount is credited to. Once you get the approval from the bank, the amount will be deducted from your bank accout on the due date.
The first EMI date will be payable a month from the date on which the loan amount was disbursed to your bank account. The subsequent EMIs will be deducted on each due date after that.
If your loan does not get approved, you can then apply again for a loan after 3 months from the date of which your loan was not approved.
If you delay in paying your EMIs, the company will charge a late fee of 3% per month on your overdue amount. If you delay any further, you will not be able to apply for a loan from Paisalo again. Apart from that, any delay in repaying your loan on time will adversely affect your CIBIL score which in the future will create difficulties in you applying for a loan from other financial entitities.
Repaying your loan on a timely basis helps in improving your CIBIL score. An improved CIBIL score means you will be able to avail loans in the future easily and at a much lower interest rate.
No, you cannot avail a loan from Paisalo except by downloading the Paisalo on your mobile phone. You will have to create a profile, select the type of loan, the loan amount, and submit the required documents following which you will be able to avail loan from Paisalo.
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