FLot Loan
FLot offers unsecured personal loans up to ₹99,000 through partnerships with RBI-registered NBFCs. FLot loans are completely digital with flexible tenures of 3 to 12 months. The loan is offered at competitive Annual Percentage Rate (APR) ranges from 28.8% to 55%, and processing fees of 5% of the loan amount. The entire process is digital and safe.
FLot Personal Loan Details
Below are the key details of the FLot personal loan:
| Loan Amount | ₹1,000 to ₹99,000 |
|---|---|
| Interest Rate | Starting from 2% per month |
| Loan Tenure | 3 to 12 months |
| Processing Fee | 5% of the loan amount |
| Age Requirement | 21 to 65 years |
Features & Benefits of FLot Loan
The main features and benefits of the FLot loan are as follows:
- Flexible loan amount: Ranges from ₹1,000 to ₹99,000.
- Flexible repayment period: 3 to 12 months.
- Best offers for selected customers: In real time, based on income, obligations calculations and fraud assessment through SMS and Device data collected during the journey.
- No need to upload income proof: User do not have to explicitly upload their personal bank statements/pay slips.
- Easy application process: A seamless borrowing experience.
- 100% safe and secure platform: With 24x7 full digital access.
- Annual Percentage Rate (APR): Ranges from 28.8% to 55%.
- Direct disbursal: The loan is directly credited to your registered bank account on approval.
FLot Loan Interest Rates & Charges
Below are the interest rate and other charges applicable to the FLot loan:
- Interest rate: 2% per month onwards, depending on the borrower’s risk profile.
- Processing fee: 5% to 6% of the loan amount + GST.
- Pre-closure charges: As applicable (varies based on loan terms).
Compare FLot Loan App with Other Loan Apps
Below is the comparison of the FLot Loan app with other loan apps:
| Lender | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| FLot Loan | 2% p.m. onwards | ₹1,000 – ₹99,000 | 3 to 12 Months |
| Jupiter Money | 1.33% p.m. onwards | Up to ₹5 Lakh | 3 to 24 Months |
| Airtel Finance | 12.75% p.a. onwards | ₹10,000 – ₹9 Lakh | 3 to 60 Months |
| Upwards | 16% – 36% p.a. | ₹25,000 – ₹5 Lakh | 6 to 36 Months |
| Branch Loan | 2% – 4% p.m. | ₹500 – ₹5 Lakh | 3 to 12 Months |
| TrueBalance | 2.4% p.m. onwards | ₹5,000 – ₹2 Lakh | 6 to 12 Months |
| PayRupik | Up to 36% p.a. | ₹1,000 – ₹1 Lakh | 3 to 12 Months |
| Speedo Loan | Up to 1% per day | ₹5,000 – ₹1 Lakh | Up to 12 Months |
| Anytime Rupee | 0.1% to 1% per day | ₹2,000 – ₹30,000 | 2 to 3 Months |
| Pocketly | 2.5% – 3% p.m. | ₹1,000 – ₹25,000 | 3 to 6 Months |
Eligibility Criteria for FLot Loan
The eligibility criteria for the FLot loan are mentioned below:
- Citizenship: Must be an Indian citizen who is competent to enter into legally binding contracts under the Indian Contract Act, 1872.
- Profession: Salaried or self-employed.
- Age: 21 to 65 years
- Ineligible applicants: Minors, undischarged insolvents, and others deemed incompetent are not eligible to avail FLot loans.
- Income Requirement: Applicants must have a stable and reliable source of income, with a minimum annual household income of at least ₹4 lakh.
- Other criteria: To avail of the FLot loan, fulfilment of KYC norms and submission of necessary information is mandatory. You also have to provide your explicit consent to the lender to access credit bureau records for your creditworthiness evaluation.
Documents Required for FLot Loan
To avail of a FLot loan, you must have the following documents and information ready:
- An active bank account
- A valid mobile number linked with Aadhaar
- Aadhaar and PAN for verification
- A smartphone for app-based applications
Steps to Apply for an FLot Loan Online
You can apply for the FLot loan online by following the easy steps given below:
- Install the Flot application on your mobile.
- Register with your mobile number linked to your Aadhaar.
- Submit KYC documents and apply for a loan.
- Loan gets approved within a few hours, after which, you receive the approved loan amount directly disbursed into your registered bank account.
FLot Loan Customer Care Details
For any queries, assistance, or loan-related support, you can reach out to FLot Loan through the following channels:
- Customer Care Number: +91-7428876535
- Email Support: support@myflot.com
FAQs
FLot is not directly RBI-approved. However, FLot operates as a digital platform that partners with RBI-registered NBFCs ( Tycoon Credit And Portfolios Limited or Growcap Creditwise Private Limited) to facilitate loans.
The interest rate of an FLot loan starts from 2% p.m. onwards.
The maximum loan offered by FLot is ₹99,000.
The minimum annual household income for an FLot loan should be at least ₹4 Lakhs.
Yes, you can foreclose your FLot loan early by paying a foreclosure fee.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.