Nira
Personal Loan

The following are the features of NIRA Personal Loan:

• Purpose: The loan can be used as you desire. It can be used to plan a holiday, for wedding expenses, to meet medical emergencies, for the education of your children, repairs and renovation of your house, purchase of gadgets, and even purchase of a mobile. The loan will be similar to a Credit Card where there is a pre-set limit which you can utilise the way you desire.
• Quantum: The minimum quantum of loan is Rs. 5,000 and the maximum quantum is Rs. 1 Lakh. The quantum eligibility is assessed based on the income and the affordability to service the loan. You can withdraw as many times as you desire in multiples of Rs. 5,000, but the minimum drawdown should be Rs. 5,000.
• Security: This is an unsecured loan, so no security is required. 
• Interest: The rate of interest charged is 2% to 3% p.m. (or 24% to 36%). The rate of interest depends on the credit score as per their proprietary model. The higher the score, the lower the interest. Interest need not be paid on the preset limit but has to be paid only to the extent of the loan availed. The loan operates just like a Credit Card, where there is a pre-set limit with only the difference that the loan amount has to be repaid in equated monthly instalments (EMIs).
• Repayment: The loan tenure can be chosen between 3 months to 12 months with increments of 1 month. For example, 3 months, 4 months, 5 months, etc.
• Processing fee: A processing fee of minimum Rs. 500 plus applicable GST and maximum 2% of the loan amount will be collected on the first loan.
• Credit score: You are eligible for the loan even if you do not have a credit score. New borrowers who are new to credit are welcome. However, if you do have a CIBIL score, it should be 681 or above to process your loan application.

The following are the benefits of NIRA Personal Loan:

• Loan processing and documentation are simple and easy.
• A nominal processing fee will be collected.
• The rate of interest is based on your credit score as per their proprietary assessment tool. The higher the score, the lower is the interest charged.
• The loan approval will be given instantly and as quickly as 3 minutes.

The loan can be applied online and so can be availed anytime from anywhere.

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The following documents are required for NIRA Personal Loan:

• Aadhaar Card
• Identity and address proof
• PAN Card
• Recent salary slips of 3 months
• 3 months bank statement of the bank account

Note: Check the lists of best personal Loan Apps available in India.

The following are the eligibility criteria for NIRA Personal Loan:

• The applicant should be an Indian citizen.
• The age of the applicant should be between 21 years and 55 years.
• The applicant must have a college degree.
• The applicant should have a minimum work experience of 6 months.
• The minimum monthly income required is Rs. 12,000.
• Having an Aadhaar Card is mandatory to complete the KYC and verification process, and to get NIRA Personal Loan.
• You are eligible for the loan even if you do not have a credit score. However, if you already have a CIBIL score, the score required is 681.

The process of applying for NIRA Personal Loan is very simple. You can apply online or through the NIRA app. All you have to do is follow a few simple steps:

• Install NIRA's mobile app or log in to their official website.
• Fill in the details required to get an in-principle decision in just 3 minutes.
• If you have qualified for the loan, upload the required documents, including the identity proof, bank statement, etc.
• Once your documents are verified successfully, you will get approval.
• Soon after the KYC compliance is completed, you will have access for the line of credit.
• Set up an auto-debit mandate. You can sign the mandate digitally if your bank enables it. If not, NIRA will arrange a pick-up for a paper mandate from the place and time you choose.
• The loan will be disbursed into your bank account.
• Voila! You are ready to use your loan.

Even before applying for the loan, it is essential to calculate the EMI using MyMoneyMantra's EMI Calculator available online. Finally, when you arrive at a loan amount proportionate to your affordable EMI, you will be able to decide whether the amount will serve the purpose for which you are availing the loan. To calculate your NIRA personal loan EMI, through our Personal Loan EMI Calculator, you have to enter the loan amount, interest rate, and tenure.

Here’s an example:

Personal loan amount required: Rs. 1 Lakh

Applicable rate of interest: 24% p.a.

Tenure: 1 year

EMI to be paid each month till the tenure ends: Rs. 9,456

Total interest to be paid: Rs. 13,472

Total amount to be paid to the lender: Rs. 1,13,472

Our EMI Calculator also provides the amortization schedule for your loan payment.

Amortization schedule of the above example:

The following are the charges for NIRA Personal Loan:

If you have any queries regarding the Personal Loan, you can contact NIRA Customer Care Division at the following numbers:

• +91 6363531535
• +91 9591196740