NIRA Personal Loan
NIRA Finance is a Fintech Company aiming at providing access to credit for the majority of the country's population. Most of the proposals are rejected at banks/financial institutions due to insufficient credit score. This is the hindrance to financial access that NIRA intends to eliminate. Not every individual has a credit score. There are a lot of first-time loan seekers who do not have a credit history. They will have to start somewhere. If all the lending institutions reject their application, then where do they begin from.
In order to help such customers, NIRA has devised a new way of assessing the creditworthiness of the customer. They make the assessment by combining the new generation digital data with the earlier traditional forms. If the customer scores high according to the assessment by the new model, then they will qualify for the loan.
They are in the process of building simple and hassle-free credit products that are instantly available to the customers. This instant availability of funds will give financial freedom so that you can live life on your terms.
All you have to do is place a request through their mobile app or website and upload the required documents, and you will be given an instant decision.
At present they are offering only a line of credit which is similar to a Personal Loan up to 1 Lakh, which can be availed anytime from anywhere.
What is a Personal Loan?
A Personal Loan is an unsecured credit facility which can be used for just about anything. It can be used for planning a wedding, for medical emergencies, for travelling, for the education of your children, for the repair and renovation of your house, and much more. There is no restriction on its end-use. The loan amount on approval will be credited to your bank account and you can utilise it the way you want.
The procedure of assessment for a Personal Loan is very simple and the approval is given almost instantly. The documentation is also simple. The repayment tenure is flexible and the loan can be repaid in easy instalments.
NIRA offers Personal Loans, which can be applied online through their mobile app or through their website and the decision will be conveyed almost instantly.
Features of NIRA Personal Loan
The following are the features of NIRA Personal Loan:
- Purpose: The loan can be used as you desire. It can be used to plan a holiday, for wedding expenses, to meet medical emergencies, for the education of your children, repairs and renovation of your house, purchase of gadgets, and even purchase of a mobile. The loan will be similar to a Credit Card where there is a pre-set limit which you can utilise the way you desire.
- Quantum: The minimum quantum of loan is 5,000 and the maximum quantum is 1 Lakh. The quantum eligibility is assessed based on the income and the affordability to service the loan. You can withdraw as many times as you desire in multiples of 5,000, but the minimum drawdown should be 5,000.
- Security: This is an unsecured loan, so no security is required
- Interest: The rate of interest charged is 1.50% to 2.25% p.m. The rate of interest depends on the credit score as per their proprietary model. The higher the score, the lower is the interest. Interest need not be paid on the pre-set limit but has to be paid only to the extent of the loan availed. The loan operates just like a Credit Card, where there is a pre-set limit with only the difference that the loan amount has to be repaid in equated monthly instalments (EMIs).
- Repayment: The loan tenure can be chosen between 3 months to 12 months with increments of 1 month. For example, 3 months, 4 months, 5 months, etc.
- Processing fee: A processing fee of 500 plus applicable GST will be collected on the first loan and 250 for the second loan.
- Credit score: You are eligible for the loan even if you do not have a credit score. New borrowers who are new to credit are welcome. However, if you do have a CIBIL score, it should be 681 or above to process your loan application.
Benefits of NIRA Personal Loan
The following are the benefits of NIRA Personal Loan:
- Loan processing and documentation are simple and easy
- A nominal processing fee will be collected
- The rate of interest is based on your credit score as per their proprietary assessment tool. The higher the score, the lower is the interest charged.
- The loan approval will be given instantly and as quickly as 3 minutes
- The loan can be applied online and so can be availed anytime from anywhere
Eligibility for NIRA Personal Loan
The following are the eligibility criteria for NIRA Personal Loan:
- The applicant should be an Indian citizen
- The age of the applicant should be between 21 years and 65 years
- The applicant must have a college degree
- The applicant should have a minimum work experience of 6 months
- The minimum monthly income required is 20,000
- Having an Aadhaar Card is mandatory to complete the KYC and verification process, and to get NIRA Personal Loan.
- You are eligible for the loan even if you do not have a credit score. However, if you already have a CIBIL score, the score required is 681.
Documents Required for NIRA Personal Loan
The following documents are required for NIRA Personal Loan:
- Aadhaar Card
- Identity and address proof
- PAN Card
- Recent salary slips of 6 months
- 6 months bank statement of the bank account
How to Apply for NIRA Personal Loan?
The process of applying for NIRA Personal Loan is very simple. You can apply online or through the NIRA app.
All you have to do is follow a few simple steps:
- Install NIRA's mobile app or log in to their official website
- Fill in the details required to get an in-principle decision in just 3 minutes
- If you have qualified for the loan, upload the required documents, including the identity proof, bank statement, etc.
- Once your documents are verified successfully, you will get approval
- Soon after the KYC compliance is completed, you will have access for the line of credit
- Set up an auto-debit mandate. You can sign the mandate digitally if your bank enables it. If not, NIRA will arrange a pick-up for a paper mandate from the place and time you choose.
- The loan will be disbursed into your bank account
- Voila! You are ready to use your loan.
How to Calculate EMI?
Even before applying for the loan, it is essential to calculate the EMI using MyMoneyMantra's EMI Calculator available online. Finally, when you arrive at a loan amount proportionate to your affordable EMI, you will be able to decide whether the amount will serve the purpose for which you are availing the loan.
NIRA Personal Loan - Processing Fee and Other Charges
The following are the charges for NIRA Personal Loan:
|Name of the charge||Amount|
1.5% to 2.5% per month, depending on your credit score.
A processing fee of 500 plus applicable GST will be collected for the first loan and 250 for the second loan.
500 will be charged for an auto-debit bounce from your bank apart from 100 being the partner charges.
Charges for delayed payment
NIRA - Customer Care Numbers
If you have any queries regarding the Personal Loan, you can contact NIRA Customer Care Division at the following numbers:
- +91 6363531535
- +91 9591196740
Frequently Asked Questions
What happens if the applicant does not have any one of the required documents to apply for the loan?
In such circumstances, you can contact the support team of NIRA at 9591196740 and they will help you complete the application process.
What is the CIBIL score required for NIRA Personal Loan?
If you already have a credit score, the required score for NIRA Personal Loan is minimum 681. If you do not have a credit history, then the CIBIL Score required is -1 or 3 to 5.
How is the assessment done if the applicant does not have a credit score?
At NIRA, they have designed their own proprietary assessment tool, which is a combination of the new generation digital data and the earlier traditional form. The creditworthiness of the applicant will be assessed with this tool.
In the absence of net banking facilities, how will the applicant provide the bank statements while applying for the loan?
In the absence of net banking facilities, the applicant can upload the soft copy of the bank statement for the last six months in the PDF format.
Which are the locations where NIRA is operating?
NIRA is currently operating in Hyderabad, Bangalore, Gurgaon, Chennai, Delhi, Indore, Pune, Noida, and Kolkata.
What is a line of credit?
In a line of credit, a limit will be pre-set for each borrower according to the eligibility which can be used as and when required. It is similar to a credit card wherein there is a pre-set limit that can be used as desired.
What is the quantum of loan permitted under NIRA Personal Loan?
The minimum quantum is 10,000 and the maximum quantum is 1 Lakh.
How many times a loan can be availed under NIRA Personal Loan?
A limit will be fixed according to the eligibility which can be drawn any number of times within the pre-set limit in multiples of 5,000.
What is the repayment period for the loans?
Whenever a withdrawal is made from the pre-set credit limit, you can choose the repayment period between 3 months to 12 months incremental by 1 month, i.e., 3 months, 4 months, 5 months, etc.
What are the repayment modes for NIRA Personal Loan?
The repayment of the loan can be made in two modes. You can either pay through auto-debit, which will be set at the time of applying for the loan or using the mobile app you can make payment through debit card or the net banking facility. Make sure to maintain sufficient balance in the account to cover the EMI amount, if you have chosen for auto-debit.
Can the option for payment using the mobile app be made instead of choosing for auto-debit?
No, the loan application process will not be complete without opting for auto-debit. However, pre-payments for the loan can be made through the mobile app.
Are there any hidden charges for the loan?
There are no charges other than the processing charges of 500 + applicable GST. But if the payment of EMI is delayed, penal charges will be collected for the delayed payment.
Is rescheduling the EMI date permitted?
At present, the rescheduling of the EMI date is not permitted.
Can the loan tenure be changed after the disbursement of the loan is done?
No, the tenure of the loan cannot be changed once it is set.
What happens to the data/documents submitted if the loan is rejected?
The data/documents will be stored safely with NIRA if the loan is rejected just in case the applicant would want to apply for the loan again. Under no circumstances, the data/documents will be shared with third parties without the permission of the applicant unless required by law.
Describe the NIRA Referral Program?
Anyone who has already availed a loan from NIRA becomes eligible for the Referral Program. This Referral Program is a move to increase the client base while both the new client and the referrer benefit. If the person who has been referred qualifies for the loan, he or she gets a concession of 150 on the processing fee and the referrer will get a concession of 150 on the processing fee for the next loan.
Is the accumulation of reward points permitted?
Yes, the accumulation of reward points is permitted.
What is the validity period of the reward points?
The reward points are valid for one year.
How can the application status be tracked?
The application status can be viewed on the NIRA app.
What is the time required to approve the loan application?
The in-principle sanction will reflect on the app immediately on completion of the application. After uploading and collection of the documents is done, the final approval will be given. The whole process will take 2 to 48 hours.
How long does it take to disburse the amount once the final approval is given?
The setup of auto-debit has to be completed after obtaining the final approval. Thereafter the credit limit will be fixed and you can place a request for withdrawal on the line of credit at any time. If the request for a draw is made on a weekend, your account will be credited on the subsequent Monday.