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Loanbaba Personal Loan Details 

Following are the key details of personal loans offered by the Loanbaba app:

Loan amountRs. 1 Lakh to Rs. 15 Lakhs
Rate of interest10.50% p.a. onwards
Repayment tenure1 year to 7 years
Processing feeUp to 2% of the loan amount
Prepayment chargesUp to 5% of the outstanding principal
Instant small cash loanUp to Rs. 1 Lakh
Minimum age required21 years
Minimum income requiredRs. 25,000 per month

Note: LoanBaba is powered by  https://www.loanbaba.com/ and the information mentioned here is provided by LoanBaba.

Loanbaba Personal Loan Features

Following are the features of personal loans available on baba loan app:

  • Loan amount: The loan amount available for personal loans on Loanbaba is between Rs. 1 Lakh to Rs. 1 Crore. 
  • Eligible applicants: These loans are usually offered to salaried individuals only. However, some banks and NBFCs may also offer personal loans for self-employed professionals (architects, lawyers, doctors, and Chartered accountants), firms, and enterprises.
  • No security required: These loans are collateral-free. You can borrow funds up to Rs. 1 Crore without pledging any asset as collateral with the lending bank/NBFC.
  • Affordable rate of interest: The personal loan interest rates at Loanbaba start from just 10.50% p.a.
  • Flexible tenure: The repayment tenure is flexible and ranges between 1 year and 5 years. You can choose tenure as per your repayment ability.
  • Instant small cash loan: Apart from offering the personal loan products of partner banks and NBFCs, Loanbaba also offers its flagship instant loan of Rs. 1,00,000 for up to18 months tenure in just 30 minutes at zero prepayment and pre-closure charges.

Why Apply for Loanbaba Personal Loan?

Following are the benefits of applying for a personal loan through the loan baba app:

  • Easy repayments: You can opt for a tenure of up to 5 years and can foreclose anytime.
  • Quick disbursal: The loan amount is disbursed quickly in your bank account on approval from the lender.
  • Online application: Most partner lenders of Loanbaba allow you to apply for a personal loan online. This reduces the chances of branch visits to request the funds.
  • Completely paperless application process: The application and disbursal process is completely digital. Even the KYC is done via the RBI-approved video KYC process.
  • Data safety: The app is highly secure HTTPS with 256-bit encryption, so your Data is always in safe hands.
  • Minimal documentation: You are just required to submit the basic KYC and income documents to avail of the loan. 
  • No restriction on the end-use of the fund: The sanctioned loan amount can be used for any financial need, including a marriage, vacation, education, medical treatment, and so on.

Loanbaba Personal Loan Interest Rate

One of the important things to do before you apply for a personal loan is to check the interest rates offered by the lending bank or NBFC. The personal loan interest rate at Loanbaba starts at 10.50% per annum, which is much lower than the interest charged on a credit card loan. The personal loan interest rates differ from one financial institution to another depending on the borrower’s individual profile, income, repayment capacity, credit score, loan amount requirement, loan tenure preference, and other factors.

Loanbaba Personal Loan Eligibility

Following are the personal loan eligibility norms to be met when applying through the baba loan app:

  • Age: You must be aged above 21 years
  • Income: Your minimum net monthly income must be Rs. 25,000 or more.
  • Credit score: A credit score of 650 or above is considered good to avail of the loan via the Loanbaba app.
  • Employment history: Most lenders at Loanbaba prefer a minimum work experience of 1 year. You must be able to provide your income proof. Also, a cash salary is not acceptable.
  • Ongoing EMIs: As a thumb rule, your ongoing Equated Monthly Instalment (EMIs) should not be more than 60% of your net monthly income.

Loanbaba Personal Loan Documents Requirement

Below is the list of documents required for salaried, professional, and self-employed applicants to apply for a personal loan via Loanbaba:

Documents RequiredIndividualsSelf-employed, Partnerships, Firms
Filled & signed application formRequiredRequired
Identity Any one of PAN Card, Driving License, Passport, Voter ID Card, Government issued ID Card, or Aadhaar CardAny one of PAN card, Driving License, Voter ID Card, Passport, Government issued ID Card, or Aadhaar Card
Income proofSalary slips of last 6 months, last 2 years’ Form 16, bank account statements of the last 6 months showing credited salaryBank account statements of the last 6 months & last 2 years’ ITR
Address proofAny one of Driving License, Passport, Election ID Card, Bank Statement/ Electricity Bill/ Mobile Bill/ Telephone Bill (not more than 3 months old)Any one of Utility Bill/ Bank Statement (not older than 3 months), TAN Allotment Letter, Lease or Rent Agreement, or Registry copy
Age proofAny one of Passport, Birth Certificate, School/College Leaving Certificate, Driving License, Voter ID Card, PAN Card, Employee ID Card (only for PSU & Government employees)Any one of Passport, Birth Certificate, School/College Leaving Certificate, Driving License, Voter ID Card, PAN Card, Employee ID Card (only for PSU & Government employees)
Certificate & Business Existence ProofNot requiredCertificate of Practice, Trade License, PAN Card, VAT/ Sales Tax/ Excise/ Service Tax Registration, copy of Partnership Deed, Registration Certificate issued by RBI/ SEBI

How to Apply for Loanbaba Personal Loan?

Follow the steps mentioned below to apply for a personal loan at Loanbaba:

  • Download and install the Loanbaba app. Loan baba app download can be done on Android phones only as of now.
  • After installation, create your profile and complete the Loanbaba login process.
  • Now scroll to the top of the page and complete your loan application online.
  • Fill in the required details like your name, loan amount required, employment status, etc.
  • Now, you can check the personal loan offers of top banks and NBFCs in India and apply for paperless loans to get immediate quotes.

Steps to Apply for Small Cash Loan through Loanbaba:

  • Install the Loanbaba app on your Android mobile device.
  • Select Small Cash Loan and apply.
  • Then verify your internet banking when asked.
  • Accept loan terms as displayed and select the preferred repayment tenure.
  • Keep your PAN Card and Aadhaar Card handy to complete the Video KYC process.
  • Configure Auto Debit for EMI deduction.
  • eSign the Loan Agreement
  • Voilla! Your loan is disbursed.For more information regarding the application process or for any other query, you 
  • can contact the customer care team at loan baba customer care number +91 7875380889 or 7057280385. 

Loanbaba Personal Loan Contact Details

For any help regarding Loanbaba and the products & services offered by it, get in touch with the customer care team by dialling the Loanbaba customer care number, i.e. +91 7875380889/ 7057280385.  
You can also share your concern or query via email at customersupport@loanbaba.com.

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Navi Personal Loan @9.9% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

Loanbaba Personal Loan FAQs

What is the Loanbaba referral code?

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With the Loanbaba referral code, you get a commission of 1% on referring customers to Loanbaba. You can register as a referral partner for Loanbaba.com and get a guaranteed incentive for referring customers. The commission is paid within 60 days of the month’s end when the loan is disbursed.

On which platforms can I access Loanbaba?

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Currently, you can download the Loanbaba app on Android devices from Google Play Store. The app is also accessible on the web.

Is my data safe with Loanbaba?

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Your data is transferred through a secured connection on the Loanbaba portal and is not shared with any unconcerned third party. Hence, it is 100% safe. 

How is my credit limit determined?

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Loanbaba tracks the applicant's credit history from their income and other relevant documents that are submitted during the application process to decide the credit limit.

What does a personal loan agreement contain?

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The personal loan agreement contains all the important details about the loan offer, fees, charges, EMI schedule, and other terms & conditions.

Can I cancel my loan request on Loanbaba?

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If your loan is approved and disbursed, then it cannot be cancelled. You have to repay the entire loan amount along with the interest amount as per the terms and conditions of Loanbaba.

How can I pay the processing fee?

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The processing fee is deducted upfront from the sanctioned loan amount at the time of disbursal. Almost every lending institution follows this process.

Are there any charges for the late payment of EMI?

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Yes, the late payment charges will apply if you miss the EMI payment after the due date. The charges will be given in the loan agreement.

Is the setting up of the NACH mandate necessary?

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As Loanbaba supports repayment through NACH, the borrower has to comply with the set-up of the NACH mandate for auto deduction of EMI on the due date. However, you can also repay through other methods.

Can I prepay my loan?

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Yes, you can prepay the loan amount any time before the due date. There are no charges for prepayment for a small cash loan and instant personal loan.