Upwards Loan
Upwards is the quickest personal loan provider in India. The app offers instant credit to salaried individuals seeking short-term loans between ₹25,000 and ₹5,00,000. Upwards loan interest rates start from just 16% per annum, and the tenure ranges from 6 to 36 months. The app provides hassle-free personal loans to all profiles, including software engineers, retail store employees, accountants, nurses, etc., with a monthly salary of ₹20,000 or above.
Upwards Personal Loan Details
Below are the key details of the Upwards Loan:
| Feature | Details |
|---|---|
| Loan Amount | ₹25,000 to ₹5,00,000 |
| Interest Rate | 16% – 36% p.a. |
| Loan Tenure | 6 to 36 Months |
| Processing Charges | 1.5% – 2% of the loan value |
| Income Requirement | Minimum ₹20,000 per month |
| Age Eligibility | 21 to 50 years |
Features & Benefits of Upwards Loan
The key features and benefits of the Upwards loan are listed below:
- Quick personal loans for home construction & renovation, family functions & weddings, self-improvement, medical emergencies, travel, two-wheeler purchase, electronic purchases, etc.
- Multiple loan repayment methods.
- Straightforward application process that takes more than 15 - 30 minutes.
- No paperwork is required as everything is done through the mobile app.
- Only PAN, Bank Statement, and Salary Slip are required for documentation.
- Protection of your privacy and data security is a top priority at Upwards.
- Flexible repayment period of 6 to 36 months.
- The final approve/reject decision takes up to 24 hours and an additional 3 - 5 working days for loan disbursal.
- Upwards provides unsecured loans without needing any collateral.
- An online EMI calculator is available for calculating your EMI based on the amount, interest rate, and tenure.
- Minimal foreclosure and prepayment charges if you decide to foreclose your loan or make a partial prepayment.
- In-app chat support for resolving your queries.
Upwards Loan Interest Rates & Charges
The interest rates and charges associated with the Upwards loan are mentioned below:
- Interest rates: Range from 16% to 36% p.a. as per CIBIL score.
- Processing fee: 1.5% - 2% of the principal loan amount applied for (minimum ₹500).
- Maximum Annual percentage rate (APR): 36% p.a.
Compare Upwards Loan App with Other Loan Apps
Below is the comparison of the Upwards Loan app with other loan apps:
| Lender | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| Upwards | 16% – 36% 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 |
| Branch Loan | 2% – 4% p.m. | ₹500 – ₹5 Lakh | 3 to 12 Months |
| TrueBalance | 2.4% p.m. onwards | ₹5,000 – ₹2 Lakh | 6 to 12 Months |
| PayRupik | Up to 36% p.a. | ₹1,000 – ₹1 Lakh | 3 to 12 Months |
| Speedo Loan | Up to 1% per day | ₹5,000 – ₹1 Lakh | Up to 12 Months |
| Anytime Rupee | 0.1% to 1% per day | ₹2,000 – ₹30,000 | 2 to 3 Months |
| Pocketly | 2.5% – 3% p.m. | ₹1,000 – ₹25,000 | 3 to 6 Months |
Eligibility Criteria for Upwards Loan
Here are the eligibility criteria to be met for the Upwards loan:
- Salaried employee with a monthly income of at least ₹20,000.
- All job profiles can apply, including software engineers, accountants, retail store employees, nurses and more.
- The applicant's age should be between 21 and 50 years.
- Upwards personal loan is available in Mumbai, Pune, Delhi, Gurgaon, Noida, Bengaluru, Chennai, Coimbatore, Tirupur, Hyderabad, Secunderabad, Ahmedabad, Jaipur, Indore and 100+ more cities.
- CIBIL score should be above 625.
- Upwards also considers the borrower’s Income-to-Expense ratio, demographics, and professional experience (like employer and total work experience)
- The loan will be rejected if you provide false income information, apply for an amount which you cannot afford, or past EMI payment history is not up to the mark.
Documents Required for Upwards Loan
The following original documents and self-attested digital copies should be ready for a seamless Upwards personal loan application process:
- PAN Card
- Aadhaar Card
- Salary Slips (of last 3 months)
- Bank Statements (of last 3 months)
- Profile picture
- Proof of current address (such as electricity bill, phone bill, etc.)
Steps to Apply for an Upwards Loan Online
Follow these easy steps to apply for the Upwards personal loan online:
- Download and log in to the Upwards app.
- Fill in your loan requirements and employment details.
- Upload your KYC documents, AADHAAR, PAN and photograph.
- Approval will be communicated within 1 - 2 hours.
- After that, the lender will process the loan agreement, and you will get the loan amount.
Upwards Loan Customer Care Details
Below are the Upwards loan customer care details:
- Email Support: care@lendingkart.com
FAQs
Yes, Upwards is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI).
The interest rate for an Upwards Loan ranges from 16% to 36% p.a.
To close an Upwards loan, you must pay off your outstanding principal and interest amount by contacting their customer support to begin the foreclosure process.
Yes, for an Upwards loan, you will need to submit Salary Slips and Bank Statements of the last 3 months as income proof.
The minimum salary required for an Upwards Loan ₹20,000 per month or above.
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.