Oye loan
Personal Loan

There are different types of loans that are provided based on the requirement of the customer. These loans are available in four main categories namely:

1. Personal Loans

Personal loans are provided to help you raise enough funds when you have an unexpected financial emergency. These loans can be used for any expenses towards functions, travel, higher education, medical emergencies and a lot more. There are different sub categories with these loans as follows.

2. Consumer Loans

These short-term cash loans help you invest in necessary consumer durables. You do not have to worry about giving up on any monthly expense to save up for them anymore. All you have to do is apply for a consumer loan with OYE loans. These loans are available quickly and are also easy to repay.

3. Vehicle Loan

Your dream motorbike is just a few clicks away. OYE loans funds both new and used two wheelers. These loans are quick, affordable and extremely easy to repay.

Other Loans

There are several other occasions when you need immediate financial assistance.

To help you meet these emergencies as they arise, OYE loans has a list of different loan options for you as mentioned below:

To help you get instant access to the funds that you need, OYE loans are loaded with several beneficial features. Here is a list of the features that you can make the most of with OYE loans:

• Loan amount: The loan amount that is provided to customers is based on the repayment capacity. With OYE Loans, you can get funds between Rs. 10000 and 1 Lakh to suit your requirements.
• Interest rate: There are several factors such as the income, the credit score and the social media score of the customer that determine the interest rate. The OYE loan interest rate for these loans varies from 1.5% to 2.5% per month.
• Processing fees: At the time of disbursement of the loan, a processing fee of 3% of the sanctioned loan amount plus GST is payable by the customer.
• Repayment tenure: OYE provides short term loans based on various needs of the customer. You can get a repayment tenure of up to 12 months with all the loans.
• Prepayment charges: You can repay the loan before the end of the tenure without paying any additional prepayment charges.
• Collateral security: These loans require zero collateral security for approval.

OYE Loans are designed for the tech savvy gen next. You no longer have to wait in queues or even leave the comfort of your home or office to avail a loan when you need it.

Here are some of the main benefits of choosing OYE Loans to get credit facilities in case of an emergency:

• Get a loan on the go: The entire application process is online, helping you apply for a loan on the go. You can apply for the type of loan that you need through the website or the mobile application. All you have to do is enter the amount that you need, share the necessary details and upload a few documents.
• No collateral needed: If you do not have assets to pledge against the loan, you do not have to worry. These loans are completely collateral free. The assessment of the loan is also faster when you do not have to provide any security against it.
• Minimal documentation: The only documents that you need to avail these loans are your KYC documents and bank statements. Even these documents can easily be uploaded online.
• No Credit history required: Unlike any traditional bank, OYE Loans does not require your credit history in order to process and approve your loan. They use innovative methods to check the eligibility and the repayment capacity of the customer in order to approve the loan. This includes your social media activity as well.
• Quick funding options: The application process only takes five minutes. You can get an approval on your loan and quick disbursal in just an hour or a maximum of one day. So, if you have any financial emergency, you can always be prepared with these loans.

You can conveniently calculate your OYE Personal Loan EMI online using our personal loan EMI calculator. The tool uses the following to calculate the EMI instantly:

• Loan Amount
• Interest Rate
• Tenure

Apart from calculating the EMI, this EMI Calculator tool also shows you the amortization schedule for loan repayment.

Here’s an example:

• Personal loan amount required: Rs. 1 Lakh
• Applicable rate of interest: 18% p.a.
• Tenure: 1 year
• EMI to be paid each month till the tenure ends: Rs. 9,168
• Total interest to be paid: Rs. 10,016
• Total amount to be paid to the lender: Rs. 1,10,016

Amortization schedule of the above example:

The documents required to apply for personal loan at OYE Loans are as mentioned below:

• Proof of identity: PAN Card
• Proof of address: Passport or Aadhaar Card
• Proof of employment: Office ID Card
• Salary slips: You will have to upload original pay slips (preferably along with PF details) if you don’t have any original office ID card.
• Bank statements: Last 3 - 4 months of salary bank account statement, showing at least 3 salary credits. If your PDF bank statement is protected by a password, you will have to share your password. OYE Loans has also partnered with Perfios to give an alternative option for uploading your bank statements. With this, you can download your salaried bank account statement by sharing your net banking login information.

The personal loan eligibility criteria for OYE Loans are as follows:

• Applicants should be aged 20 years and above.
• Applicants should be currently employed full-time and getting salary credited directly in their bank account.
• Applicants should have a net monthly take home income of more than Rs. 15,000.
• Applicants should be residing and working in cities where OYE Loans is operational.
• Currently, OYE loans are available in Bengaluru, Chennai, Coimbatore, Delhi, NCR, Hyderabad, Secunderabad, Mumbai, Mysore, Pune, and Kolkata.

• Processing fee: 3% on the approved loan amount + GST. The processing fee is deducted from the loan amount disbursed to you.
• Default/ late payment fee: 1% of the outstanding principal balance + GST, or Rs. 500, whichever is higher. This fee is applicable if you miss the payment on your due date.

OYE brings together a team of world class financial experts who have a great track record of providing alternative lending options and credit scoring in India, the UK and the United States. This is an instant online loan platform that allows you to get credit facilities on the go through and easy to use website and mobile application.

OYE makes use of innovative methods to use the data that is available for unique credit scoring options that help provide easy access to credit based on the needs of the customers. Active experimenting enables customers to avail loans for different purposes, be it for any personal use, education, medical needs and a lot more.

Lending processes are becoming extremely fast and paperless in order to provide instant access to credit facilities to customers. Instant online loans are becoming a lot more popular in comparison to traditional loans as they save a lot of time not only for the customer but also the lenders.

Instant online loans help provide cash loans to customers within 1 hour of application based on the credit profile of the customer. Lenders like OYE loans help connect borrowers to top banks, NBFCs and other lenders across India to provide these instant loans. The unique feature of these loans is that they are available to customers even with a low credit score.

These loans make use of your social media activity besides the traditional CIBIL score to assess your repayment capacity. This is why you are able to get personal loans, salary loans, vehicle loans, same day loans and more even when you have a CIBIL score that low.

Oye loans has partnered with some of the best lending institutions in the country. This includes:

• Banks
• Private Finance Lenders
• Peer to Peer Lending Organizations
• Direct Lenders
• NBFCs
• The borrower will be connected to a suitable lender based on the details provided in the application form.

The instant online loans availed through OYE Loans can be used for the following:

• To take care of any unexpected financial emergency.
• To pay medical bills.
• To purchase consumer durables like mobile phones, laptops, ACs, TVs, Fridge and Washing Machines.
• To purchase a new or used two wheeler.
• For travel expenses.
• For wedding expenses
• To consolidate existing debts.
• To repair or renovate your home.
• To purchase furniture and other commodities for your home.
• For higher education.

You can repay your OYE loans in the form of monthly installments. A NACH or ECS mandated is set up with your account once the loan amount is approved. This means that the EMI amount will be debited from your account automatically on the due date. You need to ensure that the balance in the account is sufficient enough to pay the EMI each month. When the NACH or ECS mandate is set up, the customer will receive a notification.

Customers also have the option of making an IMPS or NEFT transfer to the loan account directly. In case the payment has been made without using the OYE mobile app, the customer must send an email to info@oyeloans.com with details of the same.

If you have any query, feedback or complaint regarding OYE loans, you can fill up the feedback form available at the link mentioned below and the customer care team will get in touch with you shortly.

https://www.oyeloans.com/contact-us/ 

• You can call OYE at 080 6807 0000 between 9am and 7pm from Monday to Friday
• You can also send an email to info@oyeloans.com