Nira Personal Loan

Get Nira Instant Loan of up to Rs. 1 Lakh online at an attractive interest rate of 24% to 36% p.a. The repayment tenure varies from 3 to 12 months. You can prepay the loan after 3 months at zero additional charges. Apart from the interest rate, the borrower also has to pay a processing fee of up to 2% of the loan amount.

Apply for Nira Loan @ 24% Interest Rates

  • Details
  • Features
  • Benefits
  • Charges
  • Eligibility Criteria
  • Documents Required
  • Comparison
  • How to Apply
  • EMI Calculation
  • Customer Care Number

NIRA Instant Personal Loan App Details

The following are some important Nira loan app details:

Loan AmountRs. 5,000 to Rs. 1 Lakh
Interest Rate24% to 36% p.a.
Processing FeeMinimum Rs. 350 + GST and maximum 2% of the loan amount
Loan Tenure3 months to 12 months
Prepayment FeeNil after 3 months and 2.5% within 3 months
Age21 to 55 years
Minimum Monthly SalaryRs. 12,000 or higher 
CIBIL Score681 or above

Features of NIRA Loan

The following are the features of the 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 the 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% p.a.). 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.

Benefits of NIRA Personal Loan

The following are the benefits of the NIRA instant personal loan app:

  • 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 the interest charged.
  • The loan approval will be given instantly, and as quickly as 3 minutes.
  • The loan can be applied for online, and so can be availed anytime from anywhere.

NIRA Personal Loan Charges

The following are the charges for NIRA loan app:

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 Loan Eligibility Criteria

The following are the eligibility criteria for the NIRA Personal Loan:

  • The applicant should be an Indian citizen.
  • The age of the applicant should be between 21 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 a 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.

Documents Required for NIRA Loan

The following documents are required for the NIRA Personal Loan:

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

Comparison of Nira Loan App with Other Loan Apps

The table below provides a comparison between the Nira Loan App and other popular loan apps in India to help you make an informed decision.

Name of LenderInterest Rate (Per Annum)Processing FeeMaximum Loan Limit
NIRA24% - 36% p.a.Up to 2%Rs. 1 Lakh
Credy12% - 18% p.a.3% + GSTRs. 1 Lakh
AnyTimeLoan18.25% - 54.75% p.a.Up to 2%Rs. 10 Lakhs
EarlySalary24% - 30% p.a.Rs. 199 onwardsRs. 5 Lakhs
CASHe27% - 33% p.a.Up to 3%Rs. 4 Lakhs
PaySense16% - 36% p.a.Up to 2.5% + GSTRs. 5 Lakhs

Note: Check the lists of the best personal loan apps available in India.

How to Apply for NIRA Loan

The process of applying for NIRA Personal Loan is very simple; you can Nira loan apply online or through the NIRA app by following 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 Loan EMI Calculation

You can calculate your Nira Loan EMI through MyMoneyMantra's Personal Loan EMI Calculator by just entering a few details like loan amount, interest rate, and tenure of repayment.

This EMI Calculator tool also provides you with the complete amortization schedule for loan repayment.

Here’s an example:

  • Loan Amount: ₹1,00,000
  • Interest Rate: 24% per annum
  • Loan Tenure: 12 Months
  • Monthly EMI: ₹9,456
  • Total Interest Payable: ₹13,472
  • Total Repayment Amount: ₹1,13,472

Amortization schedule of the above example:

MonthOpening BalancePrincipal PaidInterest PaidEMILoan Paid To Date
1st₹ 100,000₹ 7,456₹ 2,000₹ 9,4567.46%
2nd₹ 92,115₹ 7,605₹ 1,851₹ 9,45615.06%
3rd₹ 84,151₹ 7,757₹ 1,699₹ 9,45622.82%
4th₹ 76,108₹ 7,912₹ 1,544₹ 9,45630.73%
5th₹ 67,984₹ 8,071₹ 1,385₹ 9,45638.80%
6th₹ 59,779₹ 8,232₹ 1,224₹ 9,45647.03%
7th₹ 51,492₹ 8,397₹ 1,059₹ 9,45655.43%
8th₹ 43,122₹ 8,565₹ 891₹ 9,45663.99%
9th₹ 34,668₹ 8,736₹ 720₹ 9,45672.73%
10th₹ 26,130₹ 8,911₹ 545₹ 9,45681.64%
11th₹ 17,507₹ 9,089₹ 367₹ 9,45690.73%
12th₹ 8,797₹ 9,271₹ 185₹ 9,456100.00%

NIRA Personal Loan Contact Number

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

  • +91 6363531535
  • +91 9591196740

FAQs

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.

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

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

To be eligible for a NIRA loan, you generally need a minimum monthly salary of ₹12,000, be aged between 21 to 55 years, and be an Indian citizen and resident.

NIRA loan interest rates typically range from 24% to 36% APR (reducing balance), or starting from around 2% per month, varying based on your credit profile and loan terms.

The minimum salary requirement for a NIRA loan is typically ₹12,000 per month.