What is Rattanindia Instant Loan?

RattanIndia Finance PVT Ltd is a non-deposit taking financial institution with a corporate headquarters in New Delhi and a branch office in Mumbai, India. This financial company is a loan issuing institution that offers different types of instant personal loans to interested and qualified borrowers. Applying for the loan is easy as the application bottlenecks common with loans issued by traditional lenders are absent from RattanIndia's loan application process.

Also commonly referred to as a Same Day Loan, this financial package is issued at a minimum interest rate of 13.5%, which may rise to 19.50% depending on the loan tenure and principal. You can avail RattanIndia instant loan to clear immediate debts, pay education or medical bills or even fund social engagements such as weddings and birthday parties. RattanIndia loans are available to borrowers who live and work in Gurugram, Delhi, Noida, Mumbai, and Faridabad.

Applying for this loan is done online so you don't have to visit RattanIndia's offices to submit an application. You can always fill and submit applications online alongside your personal documents. You can now avail a minimum of Rs 1 lakh and a maximum of Rs 25 lakh as loans for a period ranging between 12-72 months.

What are instant online Loans?

Instant loans are emergency fund sources open to interested applicants who don't have the qualifications to approach traditional lenders (banks and NBFCs) for quick loans or those who have very little time on their hands. The process of applying to traditional lenders in India is quite cumbersome. From stringent eligibility criteria to rigid documentation processes, the difficulty in assessing loans offered by traditional lenders can be discouraging for many applicants. Throw into the mix the relatively high-interest rates and processing fees and you'll understand why many a borrower is not so keen to approach traditional lenders for help.

Instant loans on the other are relatively easy to apply for and attract very low rates of interest. The processing timeframe is also very short which is why one can apply for the loan and get the cash on the same day if the applicant is eligible. You can use instant loans for any purpose since there is no restriction placed on what you can use the loan for.

Benefits of taking a Loan from Rattanindia

There are numerous benefits to be had by taking RattanIndia's loan. Some of them are highlighted below.

  • Transparent terms: The lending terms of RattanIndia are fair and transparent. Before you receive the funds into your bank account, the financial implications and repayment terms will be made known to you. There are no hidden charges attached to this loan. The interest rates, processing fee and every other charge will be brought to light.
  • Fast processing: If you are on a very short time window, this is the loan you should go for. The application process can be completed in just a few steps and it also takes a short time for application approval. You can apply for this loan and get the funds on the same day you apply for it if you are eligible.
  • Low Credit score accepted: Instant loans became highly sought after because many applicants cannot meet the high credit score demands of traditional lenders. If you have a low credit score (under 650), you can still access RattanIndia loans. The credit score requirement is lower than conventional lenders so you have nothing to worry about in this regard.
  • Minimal documentation: First, the number of documents required for this loan is very few and more importantly, these documents can be easily obtained from the right sources. To simplify the process even further, you don't need to visit any of RattanIndia' offices to submit them as the process is done online. From the comfort of your home, you can upload and submit soft copies of your personal documents.
  • Unsecured loan: This loan is an unsecured loan and this is very significant. An unsecured loan does not require that borrowers present collateral to access it. If you do not have an asset to access other loan types, you can access instant loans online without one.
  • Vast Lender Network: RattanIndia has built a cast lender network consisting of banks, NBFCs and peer to peer lending platforms. By leveraging on their vast network you will surely get a loan that suits your requirement and one that you are eligible for.
  • Effective communication channels: During periods of crises or difficulty, RattanIndia has an effective and open communication channel through which you can register your grievance or make inquiries. Their customer care agents are friendly and helpful.
  • Low-interest loans and processing fees: This loan attracts a very low-interest rate as low as 13.5% and an affordable processing fee of 2%.
  • Flexible tenure: You also have the luxury of choosing a repayment tenure that suits your capacity. Each loan package carries repayment tenure of 12 - 72 months.

Types and Features of Loans from Rattanindia

The loans offered by RattanIndia under their personal loan category is curated to meet the specific need of every borrower. Finding a tailor-made loan that meets your needs is what drives RattanIndia's loan service delivery. These loans are essentially for salaried employees and self-employed individuals in need of cash to meet personal financial commitments and they can avail as much as 250,000 as a loan. Find below the different loan types offered by RattanIndia.

Wedding Loan

As the name implies, a Wedding loan is offered to borrowers who have an upcoming wedding to plan for. As you already know, weddings are cost-intensive to pull off and for several reasons you may not be able to fund it on your own. RattanIndia offers this loan facility to borrowers so they can cover wedding expenditures as they arise. Find below the features of RattanIndia Wedding Loan

Loan TypeWedding Loan
PurposeFor funding wedding expenditure
Eligibility

*Salaried Employee who has worked with a current employer for a long time

*Self-employed individual who has operated a business or trade for a minimum period of 2 years at least

Maximum amount250,000
Age

*Salaried employee: 23 years - 60 years

*Self-employed: 28 years - 65 years

Credit ScoreYou must have a very good repayment record as shown in your financial statements
Interest rate13.5% -19.50%
Processing fee2% of loan amount
CollateralNone required

Travel Loan

Travel loans are essentially for applicants who are planning a trip but lack the finance to fund it. You can apply for this loan to pay for transport costs, accommodation and the purchase of personal effects for your trip. Find below the features of RattanIndia Travel Loan.

Loan TypeTravel Loan
PurposeTo fund travel expenses
Eligibility

*Salaried Employee who has worked with a current employer for a long time

*Self-employed individual who has operated a business or trade for a minimum period of 2 years at least

Maximum amount250,000
Age

*Salaried employee: 23 years - 60 years

*Self-employed: 28 years - 65 years

Credit ScoreYou must have a very good repayment record as shown in your financial statements
Interest rate13.5% -19.50%
Processing fee2% of loan amount
CollateralNone required

Loan for Child Education

RattanIndia offers this Child Education loan to parents and/or guardians looking to fund the education of their children. This loan is issued at an affordable rate of interest so the student can continue with his her education uninterrupted. This loan can either be taken up by the student if her or she is within the age range or their parents can do so on their behalf if they do not fulfill the eligibility criteria. A Child Education Loan has extended repayment tenure of up to 6 years giving the borrower ample time to repay it. Find below the features of RattanIndia Travel Loan.

Loan TypeChild Education Loan
PurposeTo fund education
Eligibility

*Salaried Employee who has worked with a current employer for a long time

*Self-employed individual who has operated a business or trade for a minimum period of 2 years at least

Maximum amount250,000
Age

*Salaried employee: 23 years - 60 years

*Self-employed: 28 years - 65 years

Credit ScoreYou must have a very good repayment record as shown in your financial statements
Interest rate13.5% -19.50%
Processing fee2% of loan amount
CollateralNone required

Medical Loan

During periods of medical emergencies, access to cash can be a matter of life and death. Not all loans can be availed within short windows and this difficulty is something RattanIndia has taken note of. This is why this loan has been designed to offer an answer to the medical needs of borrowers. Due to the urgency of medical conditions and health care provision, applicants who apply for a medical loan can expect feedback on the same day they applied for it provided they apply early enough. The documentation process for this loan is short and approval takes under 24 hours. Find below the features of RattanIndia Medical Loan.

Loan TypeChild Education Loan
PurposeTo cover medical expenses
Eligibility

*Salaried Employee who has worked with a current employer for a long time/ Employer should have Personal Loan terms and packages for employees/ Employees of listed and recognized companies are given top priority

*Self-employed individual who has operated a business or trade for a minimum period of 2 years at least

Maximum amount250, 000
Age

*Salaried employee: 23 years - 60 years

*Self-employed: 28 years - 65 years

Credit ScoreYou must have a very good repayment record as shown in your financial statements
Interest rate13.5% -19.50%
Processing fee2% of loan amount
CollateralNone required

Home Renovation Loan

This loan is meant for homeowners who wish to renovate their personal living space or apartments rented to tenants. With this loan, you can fund repair or beautification projects. You can also buy furniture and other domestic essentials to make your home comfortable and welcoming. Find below the features of RattanIndia Home renovation loan

Loan TypeHome Renovation Loan
PurposeTo fund home renovation projects
Eligibility

*Salaried Employee who has worked with a current employer for at least a 1 year period/ Employees of listed and recognized companies are given top priority

*Self-employed individual who has operated a business or trade for a minimum period of 2 years at least

Maximum amount250,000
Age

*Salaried employee: 23 years - 60 years

*Self-employed: 28 years - 65 years

Credit ScoreYou must have a very good repayment record as shown in your financial statements
Interest rate13.5% -19.50%
Processing fee2% of loan amount
CollateralNone required

How to apply for a Loan from Rattan India?

Unlike the complex application process associated with traditional lenders, RattanIndia operates a very short and quick process that can be completed within minutes. If you have decided to apply for this loan, follow these simple steps below.

Step 1- State your purpose

To start the process, you have to clearly define your purpose of applying for the loan in the first place. Choose any option between wedding loan, education loan, travel loan or loans for general purposes.

Check your eligibility

Before you start the application proper, you need to be sure that you are eligible for the loan. The good thing about this is that there is sufficient information on RattanIndia's website to guide you. Simply navigate to the loan section you picked to review the eligibility criteria for the loan.

Documentation

If you find out that you are eligible for the loan, go ahead to submit your documents. In doing so, make sure you only submit the approved documents. Also, make sure that the documents submitted are valid, not expired or fake.

Fill the Application form

Fill the online application form and submit by pressing the "Submit" button.

Submit all details

Submit all your details by filling the appropriate fields provided on the loan application page.

Documents required to apply for a Rattanindia Loan

Here is a list of documents all self-employed and salaried applicants are expected to submit alongside their online application form.

ProofDocument
Proof of AgeAnyone will do - Aadhar Card, PAN Card, Voter ID, Driver License, Passport
Proof of AddressAnyone will do - Aadhar Card, Registered Rent agreement, Property Lease, Passport, Bank Statement, Latest Utility Bill
Proof of Income

*Salaried Employee: Salary Slip (3 months), Bank Account Statement reflecting cash credit

*Self-employed: Balance Sheet and Profit and Loss Account, Income Tax Return, Bank Statement reflecting cash credit

Other documentsLoan application form, 2 passport sized photographs

Eligibility Requirements for RattanIndia Loan

RattanIndia offers loans to only two classes of borrowers. They are Salaried employees and Self-employed persons. So therefore, the eligibility requirement for one differs from the other.

Eligibility requirement for Salaried employees

  • The applicant must fall within the ages of 23 years - 65 years
  • The applicant must work for a recognized employer
  • The applicant must have worked with the same employer for at least 1 year
  • The applicant must present documents to prove his or her income

Eligibility requirement for Self-employed persons

  • The applicant must fa within the ages of 23 years - 65 years
  • The applicant must show proof of business continuity for a minimum period of 2 years
  • The applicant must present a document to prove businesses address and income

Who are the Lending partners for RattanIndia?

RattanIndia has been able to amass quite a large lending portfolio by building a rich network of lenders in the Indian money market. This is why applicants tend to find a loan scheme that suits your requirements and eligibility. When you apply for a loan, RattanIndia will link you up with instant loans they offer as well as those offered by other lenders.

The lending partners they work with are:

  • Direct Lenders
  • Banks
  • Private Lenders
  • NBFCs
  • Peer to Peer Lending platforms and companies

Things you can use an Instant Loan for

Here are some of the things you can use RattanIndia Instant loans for:

  • Wedding expenses
  • Travel and vacation expenses
  • Medical bills
  • To repay immediate debts
  • To purchase a two Wheeler
  • Salary advance
  • Personal loan transfer
  • Education bills
  • Home renovation

Things you cannot use an Instant loan for

Although there are no restrictions placed on this loan, there are quite a few things it cannot ne used for due to the minimal amount on offer.

You cannot use this loan to:

  • Buy a land
  • Build a residential or commercial property
  • Fund a business
  • Buy stocks and government securities
  • Cover a loan against property
  • Procure business equipment
  • Buy a car

How to repay a RattanIndia Loan?

RattanIndia has made loan repayments easier by offering borrowers two repayment methods. If you want to pay your EMI, endeavor to use any of the following platforms.

  • Online transfers: You can easily pay your EMI by utilizing NEFT/IMPS/RTGS. This electronic transfer system is a swift repayment method. Once you initiate payments using any of these three platforms, the EMI amount will be transferred from your bank account to the lender' bank account using an interbank electronic transfer service.
  • National Automated Clearing House (NACH): Another option is to issue a standing order to your banker to deduct the monthly EMI amount from your account and send the same to RattanIndia's bank account or a bank account operated by any of her partners.

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Rattanindia Personal Loans FAQs

What is the maximum amount I can get from RattanIndia?

The maximum amount you can avail from RattanIndia is Rs 250,000. However, there are several factors to be considered before this amount or any amount for that matter is given to you. These factors are your eligibility for the loan amount, how much you earn as a monthly income and your repayment capacity. If you are not found wanting after each of these factor is considered, RattanIndia will issue you the loan amount as requested by you. If on the other hand, you are eligible for the loan but your income or repayment capacity can't cover the loan amount, you will be given a lesser amount your profile qualifies you for.

What are the minimum and maximum tenure ranges?

The minimum tenure is 12 months and the maximum tenure is 72 months. Loans with higher tenure attract a much lower EMI amount than those with shorter tenure. Make sure you consider your repayment capacity before settling for repayment tenure.

Does RattanIndia accept co-application from two people?

Yes, you can apply using a co-application to boost your income eligibility rating.

Who can co-apply with me?

RattanIndia accepts co-application from you and your spouse or your parents. Note that your co-applicant must have a steady means of income.

How can I track my application status, repayment schedule, and statement?

To track your Account statement, repayment schedule or interest, you can use any of the following means.

  • Log onto the Customer Service portal of RattanIndia and submit an online request
  • Call the Customer agent at any of the toll-free numbers provided under "Quick Connect"
  • You can also write to RattanIndia using your registered email. All mails should be forwarded to wecare@rattanindia.in . In your mail, include your personnel detail and Loan Number.

What other Charges will I pay?

The additional charges attached to instant loans are the processing fee and documentation fee. When filling the loan form and before agreeing to the terms and conditions make sure you read all the necessary information involved in the application process. Apart from the interest rate, processing fee, and documentation fee, there are also GST charges on interest payment.

Will I be allowed to foreclose my loan if I want to?

Yes, you can foreclose your loan in you want to. Loan foreclosure is allowed after paying regular EMI for the first 6 months.

Is there a loan cancellation facility?

There is a loan cancellation facility for all borrowers. You can cancel the loan within the first 15 days after the loan amount is disbursed to you if you are not satisfied with the terms and conditions of the loan. Note that loan cancellation will attract a cancellation charge.

Do I need to provide an asset as collateral?

No, you may not. This unsecured loan requires no collateral.

What is the interest rate for RattanIndia Instant Loan?

The interest rate is between 9.5% to 19.50%