Nira Personal Loan: Nira is a digital lending platform that offers instant personal loans to borrowers in India. The app has been downloaded over 5 million times and has a 4.3 rating on the Google Play Store.
However, there have been some concerns about the legitimacy of the app, with some users claiming that it is a scam.
In this blog post, we will take a closer look at Nira to see if it is a real or fake app. We will discuss the app’s features, eligibility requirements, and lending process. We will also review some of the user reviews of the app.
By the end of this post, you will have a better understanding of whether or not Nira is a legitimate app. You will also be able to decide whether or not it is a good fit for your needs.
What is Nira Loan App?
Nira is a digital lending platform that offers instant personal loans to borrowers in India. The app was launched in 2019 and has since grown to become one of the most popular lending apps in the country.
Is Nira Loan app real or fake?
Nira Loan app is a real and legitimate lending platform. It is regulated by the Reserve Bank of India (RBI) and is a member of the Indian Microfinance Association (IMA).
Nira Loan app is a real and legitimate lending platform. It is regulated by the Reserve Bank of India (RBI) and is a member of the Indian Microfinance Association (IMA).
The app allows users to apply for personal loans of up to Rs. 1 lakh. Nira has a good reputation among borrowers. The app has a rating of 4.3 out of 5 on the Google Play Store, based on over 200,000 reviews.
If you are considering applying for a Nira loan, I recommend that you do your research and compare the terms and conditions of other lenders before you make a decision.
Nira Personal Loan benefits
- Fast approval and disbursement: Nira claims to approve and disburse loans within 24 hours. This can be a major benefit for borrowers who need quick access to funds.
- Low interest rates: Nira’s interest rates are competitive, starting at 2% per month. This can save borrowers money on their overall loan costs.
- Flexible repayment terms: Nira offers repayment terms of 3 to 12 months, giving borrowers the flexibility to choose a term that fits their budget.
- No hidden fees: Nira does not charge any hidden fees, so borrowers know exactly what they are paying for.
- Easy application process: The Nira application process is simple and straightforward, and can be completed online or through the Nira app.
Nira Personal Loan eligibility
- Citizenship: You must be an Indian citizen.
- Age: You must be between 21 and 55 years old.
- Income: You must have a minimum monthly income of Rs. 12,000.
- Employment: You must be employed full-time.
- Credit score: You must have a minimum CIBIL score of 681.
- Documents: You must provide the following documents:
- Aadhaar card
- PAN card
- Recent salary slips
- Bank statement
If you meet these criteria, you can apply for a Nira Personal Loan online or through the Nira app. The application process is simple and straightforward.
Nira Personal Loan Interest Rate
The interest rate for Nira Personal Loan is 2% to 36% per annum. The interest rate you are offered will depend on your CIBIL score, income, and other factors.
It is important to note that these are just the starting interest rates. The actual interest rate you are offered may be higher, depending on your individual circumstances.
If you are concerned about the interest rate, you can try to improve your CIBIL score. A higher CIBIL score will give you access to lower interest rates.
You can also try to negotiate the interest rate with Nira. If you have a good credit history and a strong income, you may be able to get a lower interest rate.
It is important to compare the interest rates offered by different lenders before you apply for a loan. This will help you to get the best possible deal.
Nira Personal Loan charges
- Processing fee: The processing fee for a Nira Personal Loan is 350 + GST. This is a one-time fee that is charged when you apply for the loan.
- Late payment fee: If you miss a payment, you will be charged a late payment fee of 2.5% of the outstanding amount.
- Prepayment fee: If you repay the loan early, you may be charged a prepayment fee. The prepayment fee is typically 4% of the outstanding amount.
- Other fees: Nira may charge other fees, such as a documentation fee or a bank charge. These fees will vary depending on your individual circumstances.
It is important to read the terms and conditions of the loan carefully before you apply. This will help you to understand the charges that you may incur.
Also Read: Money View personal loan 2024: Is money view approved by RBI?
Nira Personal Loan apply online
Follow The Process Given Below To Get Instant Loan From Nira App –
- First Of All Download Nira App From Play Store.
- Open The Nira App, Select Your Language And Click On The OK button.
- Now Calculate EMI By Selecting Loan Amount And Tenure. And Click On The Option With Process.
- After This, Some Questions Will Appear In Front Of You Related To Nira App Loan, You Read Them And Click On The Option Of Apply Now.
- Now Nira App Asks You For Permission To Access Personal Information, Contact, Location, Camera, SMS Etc., Which You Have To Click On Okay, I Understand By Ticking The Privacy Policy Box Below.
- Now You Have To Enter Your 10 Digit Mobile Number Which Is Linked To Your Aadhaar Card.
- After Verifying OTP That Will Come In The Mobile Number You Have Entered, Click On The Register Option.
- After This You Have To Fill Your Personal Information Like –
- Are You Salaried Or Self Employed
- How Do You Receive Your Income In Bank Or Cash
- Your Monthly Income
- Your Name As In Your Aadhaar
- Date Of Birth
- E –Mail
- Mobile Number
- Pin Code Of Where You Live Now
- Your Experience In Your Work
- Name Of Your Organization Or Store
- Gender
- Your Marital Status
- Is Your Mobile Number Linked To Aadhaar
- Do You Have Any Ongoing Loan
- Reason For Taking Loan
- Loan Amount
- By Filling Your Personal Information, Click On The Processed Option Below.
9. If You Are Found Eligible For The Loan, Then Complete The KYC By Submitting Your Documents, The Loan Amount Will Be Credited To Your Bank Account Within 24 Hours.
But If You Are Not Eligible For The Loan, Then After 2 Months You Can Apply For The Loan Again On Nira App.
So After Understanding This Process Well, You Must Have Understood How To Get Loan From Nira App. Let Us Now Know Some Important Information Ahead.
Nira Personal Loan required documents
To apply for a NIRA loan, you will need to submit your Aadhaar card, PAN card, and bank statements for the last 3 months. You can do this by uploading the documents to the NIRA app via net-banking or by uploading a PDF of the documents.
Also Read: What is Zest Money 2024: how to get personal loan, eligibility, benefits, charges
Nira Personal Loan EMI Calculator
Nira Personal Loan EMI calculator:
Loan amount: ₹
Interest rate: %
Tenure: months
EMI = (loan amount * interest rate * tenure) / (12 * (1 + interest rate) ^ tenure)
For example, if you take a loan of ₹100,000 with an interest rate of 18% for a tenure of 12 months, your EMI will be ₹10,875.
Note that this is just an estimate. The actual EMI may vary depending on your individual circumstances. To use nira personal loan emi calculator.
Nira Loan repayment
There are two ways to pay your NIRA loan. You can set up an auto-debit instruction during the loan application process, or you can pay using the app via netbanking or debit card.
If you choose to set up auto-debit, please make sure that you have sufficient funds in your account on the EMI due date.
Also Read: What is Navi Personal Loan 2024: Is Navi loan app RBI approved?
FAQs
Q. Who is the owner of Nira Finance app?
The owner of Nira Finance app is Shuhari Tech Ventures Private Limited, a company incorporated in India. The company’s registered office is located in Bengaluru, Karnataka.
The company was founded by Rohit Sen, Nupur Gupta, and Ishan V. The company’s mission is to “democratize access to finance for working India.”
Q. Is Nira approved by RBI?
Yes, Nira is approved by the Reserve Bank of India (RBI). It is a lending platform that is regulated by the RBI. This means that Nira is required to follow the RBI’s guidelines on lending practices. This ensures that Nira is a safe and reliable option for borrowers.
Q. What is the cibil score for Nira loan?
The minimum CIBIL score required for a Nira loan is 681. However, your chances of getting approved for a loan are higher if your CIBIL score is 750 or above.
Q. What is the maximum amount of Nira loan?
The maximum amount of Nira loan is Rs. 1 lakh. However, the actual amount that you are approved for will depend on your CIBIL score, income, and other factors.
Q. What is the processing fee for Nira personal loan?
The processing fee for a Nira Personal Loan is Rs. 350 + GST. This is a one-time fee that is charged when you apply for the loan. The GST amount will depend on the state where you reside.
Q. What is the minimum amount of Nira loan?
The minimum amount of Nira loan is Rs. 5,000. Therefore, the actual amount that you are approved for will depend on your CIBIL score, income, and other factors.
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