Snap Paisa Loan
Snap Paisa is a digital lending platform that offers instant loans up to ₹1 Lakh through Ampire Finance Private Limited, an RBI-registered NBFC. The borrowed amount can be repaid in a flexible tenure of 61 to 365 days at a competitive interest rate starting from 1.25% per month. There are no prepayment charges for closing the loan before the tenure ends.
Snap Paisa Personal Loan Details
The following table highlights the key features and charges associated with the Snap Paisa Loan:
| Loan Amount | ₹5,000 to ₹1,00,000 |
|---|---|
| Loan Tenure | 61 to 365 days |
| Interest Rate | 1.25% to 2.92% p.m. |
| Min Income Requirement | ₹40,000 or above |
Features & Benefits of Snap Paisa Loan
The main features and benefits of the Snap Paisa Loan App are mentioned below:
- The loan amount ranges from ₹5,000 to ₹1 Lakh.
- Flexible repayment tenure of 61 to 365 days.
- Zero partial or full prepayment charges.
- An online personal loan calculator helps you calculate your EMI beforehand.
- Get approved and receive funds within minutes.
Snap Paisa Loan Interest Rates & Charges
The interest rate, processing fee, and other charges associated with the Snap Paisa Loan are as follows:
- Interest Rate: 1.25% - 2.92% per month.
- APR: 15% - 35% p.a.
- Processing Fee: Up to 10% of loan amount + applicable GST
- Part-Prepayment Charges: Nil (Free)
- Foreclosure Charges: Nil (Free)
Compare Snap Paisa Loan App with Other Loan Apps
Below is the comparison table for the Snap Paisa loan app with other loan apps:
| Lender | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| Snap Paisa | 1.25% - 2.92% p.m. | ₹5,000 - ₹1 Lakh | 61 to 365 Days |
| Salary Adda | 0.9% p.m. onwards | ₹10,000 - ₹1 Lakh | 91 to 365 Days |
| Jet Fund | Up to 3% per month | ₹5,000 - ₹1 Lakh | 91 to 365 Days |
| Dhan Pocket | 0.50% per day onwards | ₹5,000 - ₹1 Lakh | 7 Days to 3 Months |
| CreditSea | 14.00% p.a. onwards | ₹10,000 - ₹2 Lakhs | 3 to 36 Months |
| SalaryOnTime | 0.25% per day onwards | ₹10,000 - ₹1,20,000 | Up to 12 Months |
| Zype | 18.00% p.a. onwards | ₹3,000 - ₹5 Lakhs | 6 to 36 Months |
| Loanwalle | 2.91% p.m. onwards | ₹10,000 - ₹3 Lakh | 12 to 36 Months |
| Squid Loan | 0.9% per day onwards | ₹5,000 - ₹1 Lakh | 7 to 365 Days |
| LoanPey | 2.00% p.m. onwards | ₹5,000 - ₹1 Lakh | 3 to 12 Months |
SnapPaisa Loan Eligibility Criteria
To qualify for a loan with SnapPaisa, applicants need to:
- Provide proof of employment.
- Have a steady income.
- Have a minimum salary of ₹40,000 or above per month.
- Meet certain credit criteria.
- Specific requirements may vary depending on the loan product and regulations in your area.
Documents Required for Snap Paisa Loan
The documents and details required to apply for a loan with SnapPaisa are as follows:
- Employment proof.
- Personal identification information: Your name, email address, and phone number.
- Financial information: Income, employment details, and bank statements.
- Identity verification documents: PAN Card, Aadhaar, and Address proof.
Steps to Apply for SnapPaisa Loan Online
You can apply for the SnapPaisa loan online through their portal by following the steps given below:
- Online application: Complete a quick, easy loan application form by providing basic personal information, employment details, and the loan amount you need.
- Instant verification: Snap Paisa’s advanced technology verifies your documents and creditworthiness immediately. You will receive a preliminary decision on your loan application within minutes.
- Approval and disbursal: Once your loan is approved, the approved loan amount will be transferred directly to your bank account within 5 minutes.
Snap Paisa Customer Care Details
For any queries, assistance, or grievance redressal regarding your loan application, you can reach out to Snap Paisa through the following official channels:
- Snap Paisa Customer Care Number: +91 87502 38443
- Snap Paisa Email Support: care@snappaisa.com
FAQs
Snap Paisa is not directly registered as an NBFC with the Reserve Bank of India (RBI).
The interest rate for Snap Paisa Loan ranges from 1.25% to 2.92% per month.
To get a Snap Paisa Loan, you must meet their credit criteria.
Snap Paisa Loan's website does not mention late payment charges. You can contact their customer support team at +91 87502 38443 to enquire about the same.
Snap Paisa states an average disbursal time of 30 minutes (sometimes as fast as 5 minutes) after approval.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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