Squid Loan
If you need instant funds of ₹5,000 to ₹1 Lakh to survive the month, you can apply for Squid Loans' short-term loans online. These collateral-free loans can get you funds in minutes with zero paperwork and no credit history. The loan can be repaid in a flexible tenure of 7 to 365 days along with an affordable interest rate starting from 0.9% per day.
Squid Loan Details
Below are the key details of SquidLoans:
| Loan Amount | ₹5,000 - ₹1 Lakh |
|---|---|
| Tenure | 7 - 365 days |
| Interest Rate | Starts at 0.9% per day |
| APR | 15% - 35% |
| Preclosure/ prepayment charges | Nil |
| Net Monthly Salary | ₹40,000 or more |
Features & Benefits of Squid Loans
Here are some of the most attractive features and benefits of SquidLoans:
- Loan amount: Instant loans of ₹5,000 to ₹1,00,000.
- Repayment: Flexible online and offline repayment options with convenient tenure ranging from 7 to 365 days.
- Annual Percentage Rate (APR): Ranges from 15% to 35%, depending on the borrower’s risk profile, credit score, funds-raising cost, cost of equity, operational expense ratio, credit loss/ recovery cost, and other factors that may be relevant in each case.
- Get funds in minutes: 3-step loan process that requires zero paperwork.
- No credit history needed: First-time borrowers with no credit history are welcome to apply.
- Instant approval: Receive money directly in your account on approval.
- Transparent terms: Zero hidden charges, no fine print, and no surprises. SquidLoans is backed by RBI-registered NBFC Aman Fincap Limited.
Squid Loan Interest Rates & Charges
The interest rates and other charges involved in obtaining SquidLoans are mentioned below:
- Interest rate: Starts at 0.9% per day.
- Annual Percentage Rate (APR): 15% - 35% p.a.
- Application fees: 5% - 10% of the loan amount.
- Preclosure/ prepayment charges: Nil.
- Other charges: Charges for EMI mandate return; ECS/Direct Debit/ACH mandate registration/lodgement/handling; rescheduling of loan; any other services or costs incurred by the Company; and service tax and other cesses (if any) will be communicated by the Company from time to time.
Compare SquidLoans App with Other Loan Apps
Below is the comparison table for the SquidLoans app with other personal loan apps:
| Lender | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| Squid Loan | 0.9% per day onwards | ₹5,000 - ₹1 Lakh | 7 to 365 Days |
| LoanPey | 2% - 2.72% per month | ₹5,000 - ₹1 Lakh | 3 to 12 Months |
| Creditt+ | 0.3% - 0.6% per day | ₹8,000 - ₹35,000 | Up to 3 Months |
| Click My Loan | 12.00% - 28.5% p.a. | ₹6,000 - ₹10 Lakh | 6 to 60 Months |
| TrustPaisa | 18.25% p.a. onwards | ₹2,500 to ₹45,000 | 3 to 6 Months |
| RING | 3.8% p.m. onwards | ₹5,000 - ₹5 Lakh | 3 to 36 Months |
| Upwards | 16.00% – 36.00% p.a. | ₹25,000 – ₹5 Lakh | 6 to 36 Months |
| FLot Loan | 2% p.m. onwards | ₹1,000 – ₹99,000 | 3 to 12 Months |
| Jupiter Money | 1.33% p.m. onwards | Up to ₹5 Lakh | 3 to 24 Months |
| Airtel Finance | 12.75% p.a. onwards | ₹10,000 – ₹9 Lakh | 3 to 60 Months |
Squid Loan Eligibility Criteria
You must meet the following basic criteria to be eligible for SquidLoans :
- Nationality: Must be an Indian resident.
- Age: Must be aged between 21 and 58 years.
- Net monthly salary: Should be at least ₹40,000 or above.
- Credit history: Not needed. First-time borrowers without any credit history can apply too.
Documents Required for Squid Loans
You will need the following documents/ details to apply for SquidLoans:
- Internet-enabled bank account
- Bank statement
- Aadhaar Card
- PAN Card
Steps to Apply for Squid Loan Online
You need to complete this easy 3-step process to get SquidLoans online:
- Circle: Sign up and enter your details (such as your name, Aadhaar number, income details) to get an invitation to the loan process.
- Triangle: Get approved instantly with real-time checks and no eliminations. No long forms required.
- Square: On approval, get money in your account.
SquidLoans Customer Care Details
Below are the SquidLoans Customer Care Details:
- Call support: +91 9717007945
- Email support for existing customers: support@squidloans.com
- Email support for general queries: info@squidloans.com
Customer Support Hours: 09:00 AM to 05:30 PM (Monday to Saturday)
FAQs
SquidLoans is backed by RBI-registered NBFC Aman Fincap Limited.
The interest rates for Squid Loans start from 0.9% per day.
No, all the charges on SquidLoans will be communicated by the Company from time to time.
The maximum loan amount offered by Squid Loan is up to ₹1 Lakh.
Yes, SquidLoans is backed by RBI-registered NBFC Aman Fincap Limited.
Yes, you can get a Squid Loan with a bad CIBIL score.
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.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.