|Loan amount||Rs. 5,000 - Rs. 25,000|
|Rate of interest||36% - 48% p.a.|
|Processing fee||Up to 5% of the loan amount|
|Tenure||7 days - 3 months|
|Age||18 - 65 years|
|Minimum monthly income||Rs. 15,000|
|Loan disbursed TAT||10 minutes|
RupeeRedee is a digital platform that enables personal loan customers borrow money for any of their personal needs at the click of a button. RupeeRedee app operates with multiple Non-Banking Financial Institutions (NBCIs or NBFCs) in the background to facilitate short-term personal loans along with with PhyGital, POS, LaaS and Brokerage services. It is not restricted to credit score based underwriting only and has deployed various forms of underwriting including alternate data sources.
RupeeRedee offers instant personal loans in minutes and the features of the loan are as given below:
There are various benefits of taking a loan from RupeeRedee that makes it a unique platform for availing instant personal loans.
It is crucial to know the EMI before you apply for a loan to plan your loan repayments and manage a good credit record.
You can easily calculate the RupeeRedee Personal Loan EMI online with our Personal Loan EMI Calculator. The tool uses some loan details to calculate the EMI, such as the loan amount, interest rate, and tenure. After filling in the details, hit the Enter button..
Apart from calculating the EMI, the tool also displays the entire amortization schedule for loan repayment.
Here’s an illustration:
Personal loan amount required: Rs. 25,000
Applicable rate of interest: 36% p.a.
Tenure: 6 months
EMI to be paid each month till the tenure ends: Rs. 4,615
Total interest to be paid: Rs. 2,690
Total amount to be paid to the lender: Rs. 27,690
Amortization schedule of the above example:
|Year||Opening Balance||Amount Paid by Customer (EMI*12)||Interest paid during the year||Principal paid during the year||Closing Balance|
|1||Rs. 25,000||Rs. 9,230||Rs. 1,384||Rs. 7,846||Rs. 17,154|
|2||Rs. 17,154||Rs. 18,460||Rs. 1,306||Rs. 17,154||Rs. 0|
The documents required for RupeeRedee are:
The following are the charges applicable for the loan apart from the interest:
To apply for an instant personal loan through RupeeRedee you will have to access the website or download the mobile of RupeeRedee and follow the steps mentioned below.
Following is the process for logging in on RupeeRedee
• Visit https://www.rupeeredee.com/ and register yourself if you are not registered already.
• Click on the ‘Log In’ tab given on the top right corner of the page.
• Now you can either opt for RupeeRedee login via OTP or via password.
• Mention your mobile number, enter the OTP received on your mobile, and click on the ‘Submit’ button if you are logging in via OTP otherwise enter the password.
Additional Info: Compare Best Banks for Personal Loan
The process of checking the RupeeRedee loan status is mentioned below:
• Open the RupeeRedee loan status tracker by clicking the link rupeeredee.com/appstatus.
• Enter your registered mobile number and application number.
• Click on the ‘Check Now’ button to know your RupeeRedee loan application status.
Check - Personal Loan Application Status
You can repay a RupeeRedee loan by requesting for setting an auto-debit instruction to your bank account through a digital mandate i.e., NACH mandate. You will have to provide the details of the loan account, EMI amount and the due date for the auto-debit. Your account will be debited automatically on the due date, provided you maintain sufficient balance for the debit of the EMI amount on the due date. This facility will enable you to make the repayments promptly on the due date as there will be no miss out of EMIs. The only reason for missing out of EMIs will be not maintaining sufficient funds on the EMI due date.
Ensure that sufficient funds are available on the due date or else you will have to pay a penalty on the overdue amount for the overdue period which will be an unnecessary addition to the cost of the loan.
You can contact RupeeRedee personal loan customer care team through any of the following ways to enquire or compliant about the loan:
Through email at Customer Service: firstname.lastname@example.org.
Customer queries on email shall be responded within 48 hours.
Visit at the following address:
UG-06, MGF Metropolis Mall,
Gurugram, Haryana 122002
Also Check: Personal Loan Customer Care
Now get IDFC First Bank personal loan of Rs. 1 Lakh to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
The following are the reasons to avail a loan from RupeeRedee:
RupeeRedee is operational in the following cities:
Hyderabad, Delhi, Chennai, Jaipur, Visakhapatnam, Delhi NCR, Vadodara, Ahmedabad, Surat, Mysore, Indore, Bhopal, Nasik, Chandigarh, Nagpur, Dehradun, Lucknow, Ludhiana and Pune
The quantum of loan provided by RupeeRedee varies from Rs. 5,000 to Rs. 25,000.
RupeeRedee personal loan is a short-term loan and the repayment period varies from 7 days to 3 months.
The rate of interest charged on RupeeRedee personal loans ranges from 36% to 48% per annum.
The following are the eligibility criteria to qualify for a personal loan from RupeeRedee.
The lending partners of RupeeRedee will do a free CIBIL score check. However, a low credit score or no credit score does not stop you from applying for a loan from RupeeRedee. RupeeRedee will find a suitable deal for every customer.
The loan approval is based on the risk assessment and the credit policy of the lenders chosen. While an effort is put forth to satisfy the requirement of a maximum number of customers, there could be various factors for the rejection of a loan application. Non-compliance of any one of the eligibility criteria could be one of the reasons.
Once the loan is approved, the same will be communicated either through SMS or Email. If additional information is required to process the application, you will be notified through SMS or Email. You can also know the status of your loan application by logging in to the official website of RupeeRedee with your login credentials.
If for any reason you are unable to make repayments on time you can make a request for an extension. An extension will be permitted by levying a fee of 0.42% per day. For the default repayment a penalty will be charged at the rate of 3.39% per week on the defaulted amount and the same will be informed to the Credit Bureau. This will impact your application for future loans. Also, as per the agreement executed, many other provisions will be invoked.
If all the documents as required are uploaded and the required information provided accurately, you can get the disbursement of the loan within 5 minutes after the approval of the loan application. You can apply for a loan on a Sunday or a holiday but the processing of the loan will be done only on the next working day. RupeeRedee functions only up to 6.00 p.m. on working days. The online platform is available 24 x 7 and you can access the online loan application form.