About OptaCredit Personal Loan
OptaCredit is one of the finest online personal loan providers. OptaCredit has revolutionized the personal loans segment. They use Artificial Intelligence (AI) for data assimilation, and this leads to faster processing of personal loans for the eligible loan applicants. Enhanced algorithms do the predictive analysis, and hence the underwriting process is secure. All these enable OptaCredit to give unsecured loans to qualified individuals.
OptaCredit has made the best use of technology and follows sound lending practices, which ensures a faster process of personal loans. The online application takes a couple of minutes, and the evaluation of the information and approval of the investment happens within 10 minutes. The loan disbursement occurs within 24 hours.
OptaCredit has helped millions to Get Personal Loans and realize their dreams quickly.
The OptaCredit personal loan can be availed by a salaried individual to meet any emergency expenses or family expenses for travel and Marriage Loan or any other type of personal expenses.
|All About OptaCredit Personal Loan|
20,000 to 5 Lakhs
2 to 36 months
Loan turnaround period
Within 24 hours
Who can apply?
3,516 per lakh
Why OptaCredit Personal Loan?
OptaCredit Personal Loans are unsecured loans with repayment options that are flexible. It is a short-term loan. OptaCredit has introduced an initiative called Lending Responsibly. The main objective of this initiative is to make the personal loan affordable to everyone, to have transparent terms and conditions, and to offer support to the borrower when needed. Lending Responsibly makes the lender to conduct thorough checks before lending of every applicant and to make the borrowers aware of the steps of the process followed and give sanction details.
Here are other few reasons to consider OptaCredit Personal Loan:
- Online processing of the loan and fast disbursement
- The minimum monthly salary requirement is only 12,000 to be eligible for the loan
- Credit available for a short duration of 2 months as well
- Best for emergency purposes
- Direct disbursement of the loan amount to the bank account
- No guarantors needed
Features and Benefits of OptaCredit Personal Loan
Following are the features and advantages of OptaCredit Personal Loan:
- The loan application process is online: Online application guarantees faster personal loan processing.
- Interest rates: The interest rates are highly competitive so that maximum borrowers can be Eligible for a Personal Loan.
- The eligibility check is completed within 10 minutes: AI-powered data analyzing technology enables risk analysis faster. Hence within the submission of the online application, the eligibility test is completed within 10 minutes.
- Loan turnover: The loan amount is sanctioned on the same day as a personal loan application; the approved amount is credited into the bank account.
- Loan amount as low as 20,000 can be applied: Personal Loan can be availed for an amount as small as 20,000 to meet your emergency requirements or to ease out temporary cash crunch. The maximum loan that can be availed is 5 Lakhs.
- Track the application status in real-time: The OptaCredit personal loan status of the application can be tracked step by step in real-time. Email and SMS alerts are also sent on the registered mobile number.
- No collateral required for availing personal loan: No guarantee or security needs to be pledged for availing OptaCredit Personal Loan.
- The loan amount is disbursed directly to bank account: The bank account provided at the time of loan application is used to spend loan directly.
- Account access 24x7: The applicant can track OptaCredit personal loan status online through the Customer dashboard and also track the account status, that is, the amount of interest paid and amount to be repaid, online 24x7.
- The interest rates are quoted upfront: At the time of application, the OptaCredit interest rates are mentioned to avoid any future problems.
- No hidden charges: The one-time application fee is levied at the time of application, and any other charges or fees, if any, are intimated.
- Complete transparency: By mentioning OptaCredit interest rates, processing fees, and other charges at the initial application process, OptaCredit supports transparency of financial transactions.
- Opta Score: OptaCredit has proprietary credit sourcing technology known as Opta Score, so that the borrower's risk and needs can be measured.
- Loan available for New-To-Credit Applicants: Loan is also sanctioned to the applicant who is availing OptaCredit personal loan for the first time.
- The industry-standard date for EMI payment: 7th of every month is the due date for EMI payment. In case 7th falls on a public/bank holiday, then the next working day is considered as the EMI due date.
- There are no prepayment charges on loan: The loan availed can be pre-closed without paying any prepayment charges.
- Flexible repayment options: The amount can be repaid through various options available like direct debit, cash, cheques, etc.
- All the queries about Personal Loan can be effectively resolved by contacting the OptaCredit Contact number or through their online chat. OptaCredit has an excellent customer support team.
OptaCredit Personal Loan Interest Rates & Processing Fees
OptaCredit interest rates range from 8.88% to 15.8% p.a. The flat interest rate depends on the borrower's profile. The higher the risk profile, the higher will be the interest rates. The risk analysis is done based on the amount of loan applied, other outstanding loans, repayment capacity of the borrower, loan tenure asked for, and more, to name a few.
The one-time loan processing fee of 2.5% of the approved loan amount will be charged at the time of disbursement. This amount is deducted from the sanctioned loan amount.
For the prepayment of the loan, there are no additional charges. The advance can be made in two windows. The first is within 6 months of the loan disbursement, and the second is the next 6 months.
The other charges applicable, if any, are mentioned on the loan documents as per the Fair Practices Code.
OptaCredit Personal Loan Eligibility Criteria
The basic eligibility for a personal loan with OptaCredit is as follows:
- The monthly minimum salary of the applicant should be 12,000
- The applicant should have been working in the current organization for more than 6 months. The probation period of 6 months should have been completed as well.
- The personal loan applicant should be a resident Indian citizen
Personal loan eligibility is based on the age, income, and credit history of the applicant. The other factors that are considered are current outstanding loans, repayment capacity, tenure of loan applied for, and so on.
The eligibility can be checked online on the OptaCredit website. The applicant needs to provide personal details like name and contact details, loan amount, repayment tenure. The professional information to be mentioned are Employer name and income details, vintage details, and other EMI and rent outflow details, if any. Basis the above, OptaCredit will crunch numbers and inform whether you are eligible for availing OptaCredit personal loan or not.
Documents Required for OptaCredit Personal Loan
The application, verification of documents, OptaCredit Personal loan status, and the sanction of loans are all completed online through the OptaCredit website. Hence the materials for applying personal loans are the primary documents.
List of documents needed as follows:
- Original Bank PDF statement for the last 6 month In case the PDF statement is password protected then the applicant should share the password while sending the documents.
- The applicant's payslip of the last 3 months
- PAN card of the applicant
- Aadhar card of the applicant
All the above documents need to be correctly scanned and uploaded. In case any additional documents are required while processing the personal loan application, then the same will be intimated to the applicant.
Other Products by OptaCredit
Corporate Partnership - Personal Loans
Financial worries cause stress among corporate employees, and this harms their productivity. OptaCredit brings in Financial Wellness and individual Personal Loans for such employees in partnership with their employers. Corporate Employers can partner with OptaCredit to avail custom credit solutions for their employees.
Benefits for Employers
- Helps to motivate employees: The financial needs are met through the employer's tie-up with OptaCredit. Hence employees stay highly motivated and efficient and loyal towards the organization.
- Retention of talent: Financial worries once met through employers; the employees prefer to stay with the organization for a more extended period.
- No loan documentation: There is no hassle for loan application documentation for the employer/employee. Loan granted on the creditworthiness of individual employees.
- Employee Welfare: OptaCredit financial nirvana takes care of employee benefit at zero cost to employers.
Benefits for Employees
- Helps to increase employee morale
- High morale brings in high productivity
- Trust building
- Secured stress-free financial health
Financial Wellness for Employees
OptaCredit financial experts offer tips regarding unsecured loans and financial planning ideas. This is done through workshops at the on-site corporate location of organizations. The aim is to educate the employee about financial planning and freedom that follows such an accurate plan.
The corporates can use the financial wellness central online platform to increase financial awareness amongst employees. The employees can improve their credit score and plan taxes wisely using the Employee Savings Calculator.
The employees can read more about financial planning through blogs and videos, specially created by OptaCredit for such organizations for their employee's benefits. All this keeps the employees engaged and well-informed.
How to Avail Corporate Wellness for Employees?
The corporate can avail of Personal loan for Employees and Financial Wellness products in three simple steps:
- Agreement - The employer is required to MoU with OptaCredit
- Update the employees - The employer needs to inform their employees about OptaCredit and its products and benefits.
- Validation of employee documentation - The employer can submit documents of employees who wish to apply for OptaCredit personal
How to Calculate OptaCredit Personal Loan EMI?
OptaCredit website has an EMI Calculator on its website. The applicant can easily calculate the EMI using the online calculator. The applicant can enter the required loan amount and tenure in months. The EMI calculator will give the range of EMI and also the total interest range.
Why Apply for OptaCredit Personal Loan on MyMoneyMantra?
MyMoneyMantra simplifies the Personal Loan application.
A personal loan is the most in-demand product of banks and non-banking financial institutions. It becomes quite tedious reviewing the various offers offered by these financial institutions. MyMoneyMantra collates all the information and offers for personal loans. It is easy for the applicant to quickly browse through the offers, eligibility, and loan application procedure and choose the right company for a personal loan.
MyMoneyMantra has experts from the field of finance to guide the applicant in the following manner:
- To access the borrower's profile and ascertain his eligibility
- To analyze the borrower's repayment history and CIBIL ratings
- To advise to improve the CIBIL score in case it is low
- To understand and evaluate offers by companies with an attractive rate of interest
MyMoneyMantra guides the borrower in the following manner:
- To determine the most appropriate personal loan for the borrower
- To highlight the processing fees of all companies and to select the most cost-effective company
- To help with documentation
- To offer all the financial products of various companies, so the borrower has diverse options to choose from.
MyMoneyMantra abides by 100% privacy of personal information, and no information is shared or misused. Hence the borrower can be worry-free while applying for a personal loan through MyMoneyMantra.
How to Apply for OptaCredit Personal Loan on MyMoneyMantra?
Once the borrower decides on availing a personal loan, they would need to give necessary information so that the experts from MyMoneyMantra can evaluate the best options for them to choose.
The steps to follow are simple as follows:
- The applicant needs to mention whether they are a salaried or self-employed person
- The applicant should provide contact details like name and email address
- In the next section, they should select the present city of residence
- Next, choose the current residential city
- Mention the details of the current employer
- Mention the income details
- Choose the type of loan the applicant needs
- The applicant should provide the mobile number
The expert will evaluate your profile and connect with the applicant over the phone. The borrower can go through the list and select the suitable option and intimate MyMoneyMantra about the same.
Then the loan processing will happen in 3 steps:
- Fill the application form and submit documents for evaluation
- The lender will verify the documents and sanction the loan amount
- The loan, once approved, the applicant can sign the agreement, and the funds will be released into their bank account.
The experts from MyMoneyMantra will guide the applicant in every aspect so that they can get their loan amount without any hassle. The services provided by MyMoneyMantra is free of cost to the applicant.
OptaCredit Personal Loan - Customer Care
The OptaCredit contact numbers are 9884 870988 / 9962 495566. They can be reached during working hours. The response to any queries is prompt.
Apart from the OptaCredit contact numbers, you can connect to them through online chat 24x7. The applicant can also email them on email@example.com.
Frequently Asked Questions
Can I submit documents required for a personal loan through offline mode as well?
Yes, you can apply for a loan by filling the online application form. The OptaCredit representative will verify your details, and will collect the documents. After document verification and the disbursal will happen on the next working day.
Will I have to visit the office for collection of loan amount cheque?
No, the loan amount will be credited to your bank account directly.
How much time is needed for the evaluation of my application?
The underwriting process is data-driven, and the evaluation basis the information provided will be done within 10 minutes.
Where can I get the Loan Agreements signed?
The loan agreement can be e-signed using your Aadhar number. In case, due to any specific reason, e-sign is not possible, then OptaCredit's representatives will come to your house/office at a time convenient to you.
Will I need any additional documents for sanctioning the loan?
OptaCredit's AI technology can analyze massive data and access your application. In case they need additional information, then they will need additional documents to understand you and help you in a better manner.
How many times can I apply for a loan?
There is no cap on the number of times you can apply for a loan. You will need to repay the entire existing loan and then apply for the next. You cannot have more than one personal loan at the same time.
How do I track the status of my application?
The status of the application can be tracked through OptaCredit's Dashboard. The Real-time status is reflected on the dashboard. In addition to this, you can know the status through SMS and email as well.
How to track the outstanding balance?
The intuitive dashboard displays complete details of the loan amount, EMI paid, interest paid, balance due date, and more. You will also receive SMS and email about the same. In case you can't get the information through the above channels, then you can email at firstname.lastname@example.org. You will need to mention your customer identification number on all emails or calls.
Are there any loan prepayment charges?
No, there are no loan prepayment charges.
Can I pay the loan before the due date?
Yes, you can. They have two prepayment options. The first is within the first six months, and the next option is to repay within the next six months. Both the options expire if not availed.
What are the methods for repayment?
You can pay the EMI using direct debit or ECS. The repayment can also be made through cheque, cash, RTGS/NEFT.
For me, as an employer, would I be liable to pay in case my employee defaults?
No, the employer is not at risk in case the employee defaults. The employer only has to provide complete employee details and data to validate the application.
In case the employee quits the organization after taking the loan, will the company be liable?
No, the loan repayment is designed in such a manner that the EMI is directly debited from the employee's bank account. There will be no liability in the name of the company.
On what basis is the interest calculated on every 7th of the month?
The interest is calculated from the date it is credited to your account till the 7th of the next month. This is interest for the 1st month. For the later months, interest is calculated from 7th to 6th of every month.
Under the Employer loan program, are all the employees eligible for the loan?
As per the current rule, all permanent employees who have completed six months in the organization are eligible for the loan. A personal loan is not offered to contractual and temporary employees.
What is the benefit of signing MOU with OptaCredit?
Your valuable employees can procure personal loan at any time and anywhere easily from OptaCredit.