NIRA Finance Personal Loan Details

Loan amountRs. 5,000 to Rs. 1 Lakh
Rate of interest24% to 36% p.a.
Processing feeMinimum Rs. 350 + GST and maximum 2% of the loan amount
Tenure3 months to 12 months
Prepayment Nil after 3 months and 2.5% within 3 months
Age21 to 55 years
Minimum monthly salaryRs. 12,000 or higher 
CIBIL score681 or above
Approval TAT2 to 48 hours once the application is completed and all the documents are uploaded and collected.

Features of NIRA 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.

Why Apply for NIRA Personal Loan?

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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Documents Required for NIRA Personal Loan

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.

NIRA Personal Loan Eligibility Criteria

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.

How to Apply for NIRA Personal Loan?

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.

NIRA Personal Loan EMI Calculation

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:

YearOpening BalanceAmount Paid by Customer (EMI*12)Interest Paid During the YearPrincipal Paid During the YearClosing Balance
1Rs. 1,00,000Rs. 28,368Rs. 5,550Rs. 22,818Rs. 77,182
2Rs. 77,182Rs. 85,104Rs. 7,922Rs. 77,182Rs. 0

Comparison of Citibank Personal Loan with Other Lenders

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
NIRA24% - 36%Up to 2%Rs. 1 Lakh
Citibank9.99% - 16%Up to 2% + GSTRs. 30 Lakhs
DBS Bank10.99% - 34%1% to 3% + GSTRs. 15 Lakhs
Deutsche Bank9.99% - 11.49%Up to 2%Rs. 15 Lakhs
ICICI Bank10.50% - 19%Up to 2.25%Rs. 25 Lakhs

NIRA Personal Loan Charges

The following are the charges for NIRA Personal Loan:

Name of the chargeAmount
Interest rate24% - 36% p.a.
Processing feeMinimum Rs. 350 + GST & maximum 2% of the loan amount
Prepayment feeNil if prepaid after 3months; 2.5% of the prepaid amount if prepaid before 3 months
Auto-debit bounceRs. 500 will be charged for an auto-debit bounce from your bank apart from Rs. 100 being the partner charges.
Charges for delayed payment
  • Delay of 30 days: 3% of the EMI amount
  • Delay of 30-59 days: 3% of the EMI amount + 2% of the outstanding balance
  • Delay of 60 to 89 days: 3% of the EMI amount + 4% of the outstanding balance
  • Delay above 90 days: 3% of the EMI amount + 5% of the outstanding balance

NIRA Personal Loan Customer Care Number

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

  • +91 6363531535
  • +91 9591196740

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Nira Personal Loan FAQs

What happens if the applicant does not have any one of the required documents to apply for the loan?


In such circumstances, you can contact the support team of NIRA at 9591196740 and they will help you complete the application process.

What is the CIBIL score required for NIRA Personal Loan?


If you already have a credit score, the required score for NIRA Personal Loan is minimum 681. If you do not have a credit history, then the CIBIL Score required is -1 or 3 to 5.

How is the assessment done if the applicant does not have a credit score?


At NIRA, they have designed their own proprietary assessment tool, which is a combination of the new generation digital data and the earlier traditional form. The creditworthiness of the applicant will be assessed with this tool.

In the absence of net banking facilities, how will the applicant provide the bank statements while applying for the loan?


In the absence of net banking facilities, the applicant can upload the soft copy of the bank statement for the last six months in the PDF format.

Which are the locations where NIRA is operating?


NIRA is currently operating in Hyderabad, Bangalore, Gurgaon, Chennai, Delhi, Indore, Pune, Noida, and Kolkata. 

What is a line of credit?


In a line of credit, a limit will be preset for each borrower according to the eligibility which can be used as and when required. It is similar to a credit card wherein there is a preset limit that can be used as desired.

Is Nira loan app approved by RBI?


Yes, Nira loan app is RBI approved and is the registered NBFC with RBI.