Finnable Personal Loan

The following are the key details of Finnable personal loan:

Note: Finnable Credit Pvt Ltd is powered by https://www.finnable.com/, and the information mentioned here is provided by Finnable Credit Pvt Ltd.

The main features of Finnable personal loans are as follows:

• Loan amounts: Ranges from Rs. 25,000 to Rs. 10,00,000. The maximum loan amount eligibility is determined by using one of two methods, i.e. the multiplier technique or the fixed obligation-to-income ratio. 
• Interest rates: Varies between 16.00% to 35.99% p.a.. Interest is charged on the reducing balance method.
• Repayment tenure: 6 months to 60 months.
• Ease of application: 100% digital application through the Finnable loan app with no physical documentation requirement. You can apply from anywhere, anytime.
• Flexible EMIs: Choose the amount you can afford.
• No hidden fees: Transparency in charges.
• Minimal documentation: Submit only a few basic documents to get the loan approved and transferred to your account as quickly as 24 hours.
• CIBIL score: Finnable requires borrowers to have a general minimum CIBIL score of 675 for higher amounts. However, it also offers instant online loans to first-time borrowers who do not have a CIBIL record yet.

Currently, Finnable personal loan interest rates range from 16.00% to 35.99% per annum. With Finnable, you can enjoy lower EMIs as the interest is charged on the reducing balance method. As opposed to a flat interest rate, reducing balance ensures your EMI amount remains low. The exact interest rate depends on various factors, including the borrower’s CIBIL score, monthly income, the principal loan amount, tenure of the loan repayment, etc.

Apart from an interest rate ranging from 16.00% to 35.99% p.a., Finnable charges a processing fee of  4% of the loan amount on its personal loan. In addition to processing fees, personal loans may also involve other associated fees, such as service charges, administrative fees, or prepayment penalties. It is important to carefully read your personal loan agreement and all the terms and conditions mentioned in the document to identify all applicable fees and charges.

The following are the eligibility criteria required to be met for a Finnable finance personal loan:

• Age: For a salaried applicant, the age limit should be 21 to 60 years.
• The applicant should be a resident of India.
• The applicant should be employed full-time in the private or public sector. 
• The applicant should have a total work experience of minimum 6 months with more than 3 months in their current organisation.
• The applicant should have a salary of more than Rs. 20,000 per month if living in Tier-1 cities and Rs. 15,000 per month if living in Tier-2 cities.
• The applicant should have a salary account in any authorised bank.
• CIBIL score: A general minimum CIBIL score of 675 is required for higher amounts is 675. However, Finnable also offers instant loans online to first-time borrowers without a CIBIL record yet.

*The personal loan eligibility given above is illustrative. The eligibility criteria may vary from one customer to another at the sole discretion of the Finnable management.

To avail of a personal loan from Finnable, you require minimal documentation as mentioned below:

• Identity proof: Such as a copy of Voter ID Card, Driving Licence, Passport, PAN Card or Aadhaar Card.
• Income proof: 3 months’ Pay Slip and Bank Statement showing salary deposits or Bank Passbook for the previous 6 months, most recent Form 16, and a current-dated Salary Certificate.
• Address proof: Such as a copy of Passport, Voter ID, Driving Licence, or Aadhaar Card.

Below is the comparison of Finnable loan app with the 5 instant loan apps:

You can apply for a Finnable personal loan in the following 4 easy steps:

• Download and install the Finnable app on your smartphone.
• Sign up and check your personal loan eligibility.
• Choose your loan amount and tenure.
• Complete your KYC and set up auto-debit to receive funds within a few hours.

Finnable does not have a Finnable loan customer care number yet. However, if you have any queries or concerns, you can write an email to your personal loan assistant at makeiteasy@finnable.com for any support.