Following are the key details of personal loans offered by the Loanbaba app:
|Loan amount||Rs. 1 Lakh to Rs. 15 Lakhs|
|Rate of interest||10.50% p.a. onwards|
|Repayment tenure||1 year to 7 years|
|Processing fee||Up to 2% of the loan amount|
|Prepayment charges||Up to 5% of the outstanding principal|
|Instant small cash loan||Up to Rs. 1 Lakh|
|Minimum age required||21 years|
|Minimum income required||Rs. 25,000 per month|
Note: LoanBaba is powered by https://www.loanbaba.com/ and the information mentioned here is provided by LoanBaba.
Following are the features of personal loans available on baba loan app:
Following are the benefits of applying for a personal loan through the loan baba app:
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.
Following are the personal loan eligibility norms to be met when applying through the baba loan app:
Below is the list of documents required for salaried, professional, and self-employed applicants to apply for a personal loan via Loanbaba:
|Documents Required||Individuals||Self-employed, Partnerships, Firms|
|Filled & signed application form||Required||Required|
|Identity||Any one of PAN Card, Driving License, Passport, Voter ID Card, Government issued ID Card, or Aadhaar Card||Any one of PAN card, Driving License, Voter ID Card, Passport, Government issued ID Card, or Aadhaar Card|
|Income proof||Salary slips of last 6 months, last 2 years’ Form 16, bank account statements of the last 6 months showing credited salary||Bank account statements of the last 6 months & last 2 years’ ITR|
|Address proof||Any 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 proof||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)||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 Proof||Not required||Certificate of Practice, Trade License, PAN Card, VAT/ Sales Tax/ Excise/ Service Tax Registration, copy of Partnership Deed, Registration Certificate issued by RBI/ SEBI|
Follow the steps mentioned below to apply for a personal loan at Loanbaba:
Steps to Apply for Small Cash Loan through Loanbaba:
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 firstname.lastname@example.org.
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.
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.
Currently, you can download the Loanbaba app on Android devices from Google Play Store. The app is also accessible on the web.
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.
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.
The personal loan agreement contains all the important details about the loan offer, fees, charges, EMI schedule, and other terms & conditions.
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.
The processing fee is deducted upfront from the sanctioned loan amount at the time of disbursal. Almost every lending institution follows this process.
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.
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.
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.