Fi Money Personal Loan
Get an instant pre-approved Fi Money loan up to Rs. 5 Lakhs at an attractive interest rate starting from just 12.75% p.a. Repay the borrowed amount in a flexible tenure of up to 48 months as per your convenience. Fi Money offers collateral-free personal loans through more than 5 regulated lending partners. You can also obtain a zero-pre-closure-charge deal from select lenders.
Fi Money Loan Details
The following are the key details of the Fi Money personal loan:
| Loan Amount | Rs. 10,000 to Rs. 5 Lakhs |
| Interest Rate | 12.75% to 36% p.a. |
| Tenure | 6 to 48 months |
| Processing Fee | 1% to 3% of the loan amount |
| Pre-closure Charges | Nil at select lenders |
| Ideal Credit Score | 750+ |
Features & Benefits of Fi Money Personal Loan
The following are the features and benefits of a personal loan obtained through the Fi Money loan app:
- You can avail of a minimum loan amount of Rs. 10,000 and a maximum of Rs. 5 Lakhs.
- The pre-approved loan can be repaid within flexible tenures of 6 months to 4 years.
- The ideal credit score is above 750, as it can increase your chances of loan approval and secure a lower interest rate.
- Select lenders associated with Fi Money also offer a zero foreclosure charges deal.
- Fi Money offers a 3-day grace period, starting from the actual loan disbursement date, during which you can close the loan without incurring any additional charges or penalties. However, the processing fee (including GST) collected by the lender during loan disbursal will not be refunded.
- Depending on your lending partner, it may take anywhere between 5 minutes to 48 hours for your loan amount to get reflected in your bank account.
Fi Money Loan Interest Rates & Charges
- Interest rate: 12.75% to 36% p.a.
- Processing fee: 1% to 3% of the loan amount
- Pre-closure charges: 2% to 4% of the loan amount (Nil at select lenders)
- Fees for duplicate statement: Rs. 200 to Rs. 500 (Rs. 500 in rare cases)
Apart from the charges mentioned above, the borrower also has to pay verification charges and penalties for default on EMI (as applicable).
Compare Fi Money Loan App with Other Loan Apps
Below is the comparison of Fi Money loan with other app-based personal loans:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| Fi Money | ₹ 10,000 - ₹ 5 Lakhs | 12.75% to 36% p.a. | 6 months - 4 years |
| CASHe | ₹ 45,000 - ₹ 3 Lakhs | 2.79% - 3% per month | 9 months - 1.5 years |
| PaySense | ₹ 5,000 - ₹ 5 Lakhs | 14% - 36% p.a. | Up to 2 years |
| LoanTap | ₹ 3,000 - ₹ 5 Lakhs | 15% - 32% p.a. | 1 - 5 years |
| FlexSalary | ₹ 500 - ₹ 3 Lakhs | 18% - 36.5% p.a. | Up to 3 years |
| MoneyTap | ₹ 3,000 - ₹ 5 Lakhs | 13% - 18% p.a. | 3 months - 3 years |
| Olyv (SmartCoin) | ₹ 1,000 - ₹ 5 Lakhs | 1.5% per month onwards | 2 months - 2 years |
| KreditBee | ₹ 1,000 - ₹ 5 Lakhs | 17% - 29.95% p.a. | 6 months - 60 years |
| Stashfin | ₹ 1,000 - ₹ 5 Lakhs | 11.99% - 59.99% p.a. | Up to 3 years |
| mPokket | ₹ 500 - ₹ 50,000 | 0% - 4% per month | Up to 4 months |
| IIFL | ₹ 5,000 - ₹ 5 Lakhs | 12.75% - 44% p.a. | Up to 42 months |
Fi Money Loan Eligibility Criteria
Below are the basic eligibility criteria required to be met to avail of the Fi Money loan:
- Fi Money currently offers personal loans to working professionals residing in India.
- Ideal credit score: Above 750; A higher score improves your loan approval chances and secures lower interest rates.
- Age of the applicant: Minimum 21 years and maximum 60 years.
- Minimum monthly income required: Rs. 20,000.
Documents Required for Fi Money Personal Loan
It is helpful to have the following documents to apply for the Fi Money personal loan:
- PAN
- Aadhaar for a seamless KYC process
- Debit card or net banking credentials for setting up a mandate
- Income proof to enhance your loan offer from select lenders
- In some cases, you can apply for a loan without salary slips, depending on the loan profile, requirement, and bureau. However, you may need to provide income proof through connecting accounts digitally via the account aggregator framework or uploading a salary slip to verify income.
How to Apply for a Fi Money Loan
Applying for a personal loan through Fi Money is simple and easy. Just follow the steps given below.
- Visit the instant personal loan page of Fi Money.
- Fill out the online application form.
- Then, scan and upload the required KYC documents.
- Submit the form.
Fi Money Customer Care Details
To contact the Fi Money customer care team, you can chat with them through In-app chat or send your concern via email at help@fi.care.
FAQs
Fi Money loan is generally considered safe as it has partnered with licensed and regulated entities (such as Federal Bank) to offer financial services. Also, your money is insured up to Rs. 5 Lakhs by the DICGC (Deposit Insurance and Credit Guarantee Corporation). Fi Money also implements security measures such as two-factor authentication and data encryption for protecting user information.
The interest rate for Fi Money Loan ranges from 12.75% to 36% p.a.
The repayment tenure for Fi Money loan ranges from 6 months to 4 years.
Fi Money offers Rs. 10,000 to Rs. 5 Lakhs for the loan amount.
Yes, you can prepay your Fi Money loan. Some lenders may also offer you a zero pre-closure charges deal.
Fi Money charges a processing fee of 1% to 3% of the loan amount. There are no hidden charges. All charges are disclosed upfront.