|Loan amount||Rs. 5,000 to Rs. 1 Lakh|
|Rate of interest||24% to 36% p.a.|
|Processing fee||Minimum Rs. 350 + GST and maximum 2% of the loan amount|
|Tenure||3 months to 12 months|
|Prepayment||Nil after 3 months and 2.5% within 3 months|
|Age||21 to 55 years|
|Minimum monthly salary||Rs. 12,000 or higher|
|Minimum CIBIL score||681 or above|
|Approval TAT||2 to 48 hours once the application is completed and all the documents are uploaded and collected.|
The following are the features of NIRA Personal Loan:
The following are the benefits of NIRA Personal Loan:
The loan can be applied online and so can be availed anytime from anywhere.
The following documents are required for NIRA Personal Loan:
The following are the eligibility criteria 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:
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.
|Year||Opening Balance||Amount Paid by Customer (EMI*12)||Interest Paid During the Year||Principal Paid During the Year||Closing Balance|
|1||Rs. 1,00,000||Rs. 28,368||Rs. 5,550||Rs. 22,818||Rs. 77,182|
|2||Rs. 77,182||Rs. 85,104||Rs. 7,922||Rs. 77,182||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|NIRA||24% - 36%||Up to 2%||Rs. 1 Lakh|
|Citibank||9.99% - 16%||Up to 2% + GST||Rs. 30 Lakhs|
|DBS Bank||10.99% - 34%||1% to 3% + GST||Rs. 15 Lakhs|
|Deutsche Bank||9.99% - 11.49%||Up to 2%||Rs. 15 Lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
The following are the charges for NIRA Personal Loan:
|Name of the charge||Amount|
|Interest rate||24% - 36% p.a.|
|Processing fee||Minimum Rs. 350 + GST & maximum 2% of the loan amount|
|Prepayment fee||Nil if prepaid after 3months; 2.5% of the prepaid amount if prepaid before 3 months|
|Auto-debit bounce||Rs. 500 will be charged for an auto-debit bounce from your bank apart from Rs. 100 being the partner charges.|
|Charges for delayed payment|
If you have any queries regarding the Personal Loan, you can contact NIRA Customer Care Division at the following numbers:
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In such circumstances, you can contact the support team of NIRA at 9591196740 and they will help you complete the application process.
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.
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, the applicant can upload the soft copy of the bank statement for the last six months in the PDF format.
NIRA is currently operating in Hyderabad, Bangalore, Gurgaon, Chennai, Delhi, Indore, Pune, Noida, and Kolkata.
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.