• Truecaller Loans

    Truecaller offers term loans which can be availed by applicants on the basis of the quoted eligibility criteria. Borrowers can avail a loan amount ranging from Rs.10,000 to Rs.5 lakh at an interest rate of 16% p.a. The loan repayment tenure goes up to 18 months.
    Truecaller Loan Details
    Interest Rate   16% p.a. onwards  
    Loan Amount   Rs.10,000 to Rs.5 lakh 
    Loan Tenure   3 months to 18 months 
    Processing Fee   Dynamically calculated 
    More

    What are the features of Truecaller Loans?

    The features of the Truecaller Loans can be listed as follows:

    • Instant loan withdrawal facility
    • Flexible loan repayment tenure through EMIs
    • No prepayment charges
    • No late payment fees

    Who is eligible for the Truecaller Loans?

    At present, Truecaller is extending the loan facility to salaried individuals only. The eligibility criteria for salaried applicants are being listed below:

    Particulars Criteria
    Credit Score At least 650
    Monthly in-hand salary
    • Employed – Rs.13,500 p.m.
    • Self-employed – Rs.25,000 p.m.

    What are the fees and charges associated with Truecaller Loans?

    The fees and charges associated with Truecaller Loans can be summed up as follows:

    Prepayment Charges Nil
    Late Payment Fees Nil
    Processing Fees Dynamically Charged
    Preclosure Charges Nil
    Document Pick-up Fees Nil

    What are the documents required for Truecaller Loans?

    The documents required for the application process of Truecaller Loans are as follows:

    Particulars Document Required
    Proof of Identity Aadhaar card, PAN card, etc.
    Proof of Current Address Rent agreement, utility bills, etc.
    Proof of Income 3-month salary account statements

    How to apply for a Truecaller Loan?

    You can apply for a loan through Truecaller mobile phone application. You will be required to follow the steps mentioned below, to apply for a Truecaller Loan:

    Step 1: Open the Truecaller mobile phone application.

    Step 2: Go to the loan application option and open it.

    Step 3: Upload the necessary documents along with the filled-up application form for your loan requirement.

    Step 4: Submit the application form.

    Step 5: Once the application has been processed, Truecaller will verify and scrutinise the submitted documents and assess your creditworthiness.

    Step 6: If the loan application is approved, Truecaller will send you a NACH form.

    Step 7: You will be required to print, fill-up, and sign the NACH form. This filled-up form has to be scanned and forwarded back to Truecaller.

    Step 8: On the receipt of the NACH form, Truecaller will send you the loan agreement on your mobile application.

    Step 9: The loan agreement has to be reviewed and submitted by you.

    Step 10: Get the loan amount credited to your bank account.

    Frequently Asked Questions (FAQs)

    1. How do I know if I am eligible for a Truecaller Loan?

      You can open the Truecaller application on your mobile phone and check the banking tab to find out if you are eligible for a Truecaller Loan.

    2. How is the loan amount decided for Truecaller Loans?

      The loan amount for Truecaller Loans will be decided as per Truecaller’s policies. Your loan application will be used to decide the loan amount that you are eligible for.

    3. Can I apply for more than one Truecaller Loan at the same time?

      No, at present, Truecaller allows you to apply and avail on loan only. However, you can foreclose the existing loan account at any point in time and avail a fresh loan through Truecaller.

    4. Is it safe to sign the NACH form?

      Yes, through the NACH form, an instruction is given to your bank to make a payment on your behalf. Through this method, the repayment for your loan account will be made automatically.

    5. Can I change the date for my EMI payments?

      No, at present, Truecaller does not allow you to change the EMI payment dates.

    6. When are the EMI payments made for the Truecaller Loans?

      The EMIs for Truecaller Loans are collected on the 5th of every month.

    7. What happens if I forget to make an EMI payment?

      Although Truecaller does not charge any late payment fees, it is advised to make timely EMI payments to avoid defaulting which has an adverse effect on your credit score.

    8. Does Truecaller send reminders for my Truecaller Loan EMI payments?

      Yes, Truecaller will send you in-app push notifications for the Truecaller Loan EMI payments.

    9. When will I receive the EMI reminders for my Truecaller Loan?

      You willl receive the EMI reminders for your Truecaller Loans two days before the due date and on the due date.

    10. My Truecaller Loan application was rejected. What should I do now?

      Your Truecaller Loan application will be rejected in case of discrepancies in your documents. Truecaller will get back to you to complete the process and do the needful.

        

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