Branch Loan
The Branch loan app offers instant unsecured personal loans up to ₹5 Lakhs for all your personal needs at an attractive interest rate starting from just 2% per month. You can apply online using your smartphone and get approved within 24 hou₹The loan can be repaid within a 3 to 12-month tenure. If you repay your loans as scheduled, the amount that you can borrow will increase.
Branch Loan App Details
The key details of the Branch loan are mentioned in the table below:
| Loan Amount | ₹500 to ₹5 Lakhs |
|---|---|
| Interest Rate | 2% to 4% per month |
| Tenure | 3 to 12 months |
| Prepayment/ Foreclosure Charges | Up to 6% + applicable taxes |
| Age | At least 21 years |
Features & Benefits of Branch Personal Loan
Below are the key features and benefits of the Branch personal loan:
- The Branch personal loan app offers instant personal loans from ₹500 to ₹5,00,000 through smartphone, anytime and anywhere.
- The Branch personal loan process is 100% online, ensuring a hassle-free experience to access quick loans digitally.
- If you repay the loan as scheduled, the amount you can borrow will increase.
- The Branch app aims to process all loans within 24 hours, and on average, they process loans in less than 8 hours.
- The Branch personal loan app is operated by Branch International Financial Services Pvt. Ltd., which is an RBI-registered NBFC.
- The Branch app can be downloaded from the Google Play Store.
- If you apply through the Branch app, you can get approved in under 24 hours after Branch login and application.
- All the data used is encrypted and protected.
- No paperwork, collateral or office visits are required.
- Use your loan money for a home or a business.
- You can prepay the loan partially or in full before the due date.
- The interest rate ranges from 2% to 4% based on various factors.
- The tenure of the loans granted ranges from 3 to 12 months.
Branch Loan Interest Rates & Charges
The Branch personal loan involves the following interest rates and charges:
- Interest rate: 2% - 4% p.m.
- Penal charges: Up to 10% of the overdue EMI amount or ₹500 (whichever is lower) + applicable taxes.
- Prepayment/ foreclosure charges: Up to 6% + applicable taxes on the prepaid/ foreclosed principal amount.
- Processing fee: A processing fee is applied to loans; for example, a ₹9,000 loan might include a ₹800 processing fee + GST.
Compare Branch App with Other Loan Apps
Below is the comparison of the Banch personal loan app with other loan apps:
| Lender | Starting Interest Rates | Loan Amount | Tenure |
|---|---|---|---|
| Branch Loan | 2.00% p.m. | ₹500 - ₹5 Lakhs | 3 - 12 months |
| Speedo Loan | Up to 1% per day | ₹5,000 - ₹1 Lakh | Upto 12 months |
| RupeeRedee | 28.00% p.a. | ₹2,000 - ₹1,5 Lakhs | 2 - 12 months |
| TrueBalance | 2.40% p.m. | ₹5,000 - ₹2 Lakhs | 6 - 12 months |
| CASHe | 2.79% p.m. | ₹45,000 - ₹3 Lakhs | 9 - 18 months |
| FatakPay | 12.00% p.a. | ₹30,000 - ₹5 Lakhs | 3 - 36 months |
| InCred | 13.49% p.a. | ₹50,000 - ₹15 Lakhs | 12 - 60 months |
| Muthoot Finance | 13.50% p.a. | ₹50,000 - ₹20 Lakhs | 3 - 60 months |
| SMFG India | 13.00% p.a. | ₹50,000 - ₹30 Lakhs | 12 - 60 months |
Branch Loan Eligibility Criteria
Below are the Branch Loan eligibility criteria:
- Location/ citizenship: Indian resident.
- Age: At least 21 years.
- A valid Android smartphone is required with relevant SMS data to download the app.
- The applicant must provide app permissions to analyse SMS messages and contacts for credit scoring.
Documents Required for Branch Personal Loan
All you need to apply for the Branch loan is:
- Active mobile number
- PAN number
- Aadhaar card or Voter ID
- Bank account number. We will also request access to the data on your phone in order to build your credit score.
Steps to Apply for a Branch Personal Loan
Applying for a loan is easy. Just follow these steps:
- After downloading the Branch app, sign up.
- Navigate to the “Loans” option given at the bottom of the Home screen.
- Fill in your personal details, mobile number and bank details.
- Then you will be able to view available loan offers.
- Select an option, and tap “Apply”.
Login Process for Branch Loan App
To log in to the Branch Loan App, follow the steps given below:
- Download the app from the Google Play Store.
- Enter your mobile number and verify it via SMS.
- Set a secure PIN.
- You can also link your Facebook account, give identification, and provide SMS permissions to verify your identity and build credit for instant loan approval.
Branch Loan Customer Care Details
To reach the Branch Loan customer care team, you can ask your queries to one of their advisors through email at india@branch.co. Their preferred method of communication is their in-app chat feature or email. You can send them a message at any time, and their team will help you resolve whatever issue you may have. At present, there is no branch customer care number.
FAQs
Yes, the Branch personal loan app is operated by Branch International Financial Services Pvt. Ltd., an RBI-registered NBFC, making it safe to use
At present, there is no Branch loan app customer care number.
Yes, the Branch Loan App is an RBI-registered app in India.
The maximum loan amount offered by the Branch Loan app is ₹5 Lakhs.
The interest rate charged by the Branch personal loan ranges from 2% to 4% per month, depending on various factors.
Yes, you can get a loan from the Branch app without a CIBIL score. The Branch app uses alternative data from the customer’s smartphone (such as SMS transaction messages, handset details, etc.) along with an Aadhaar/ PAN verification to assess their creditworthiness and create a personalised score for new borrowers.
Yes, the Branch Loan App requires an Aadhaar and a PAN card for KYC and verification.
Yes, you can get an instant loan from the Branch app.
The repayment tenure of Branch loans varies between 3 and 12 months.
Yes, the Branch Loan App charge any processing fee on a case-by-case basis.