True Balance Loan Review 2024: Is True Balance RBI approved?

true-balance-loan-review
true-balance-loan-review

True Balance Loan Review 2024: True Balance is a popular financial app that offers a variety of services, including a personal loan. In this blog post, we will review the True Balance loan in detail, including how to get it, eligibility requirements, charges, interest rates, and repayment process.

We will also provide some tips for getting approved for a True Balance loan, and we will compare it to other personal loan options available in India.

What is True Balance Loan?

True Balance is a mobile financial platform that offers a variety of services, including a digital wallet, lending, recharge & utility payments, e-commerce, insurance and cash loans. It is operated by Balancehero India Pvt. Ltd., a company based in Gurugram, India.

True Balance was launched in 2014 and has since grown to become one of the most popular financial apps in India. The app has over 100 million users and has processed over $1 billion in transactions.

True Balance Loan Details

  • Cash Loan: This is a general-purpose loan that can be used for any purpose. The loan amount ranges from Rs. 5,000 to Rs. 1,00,000 and the interest rate is from 2.4% to 36%.
  • Level Up Loan: This is a loan for users who have recently upgraded their True Balance account. The loan amount ranges from Rs. 1,000 to Rs. 30,000 and the interest rate is from 2.4% to 36%.
  • Welcome Loan: This is a loan for new users of True Balance. The loan amount ranges from Rs. 1,000 to Rs. 6,000 and the interest rate is from 3.9% to 36%.
  • CASHe: This is a loan offered by Bhanix Finance and Investment Limited. The loan amount ranges from Rs. 25,000 to Rs. 4,00,000 and the interest rate is from 18% to 36%.
  • Moneytap: This is a loan offered by Moneytap. The loan amount ranges from Rs. 2,000 to Rs. 5,00,000 and the interest rate is from 0% to 36%.

The terms and conditions of each loan type vary, so it is important to read the terms carefully before applying for a loan. You can compare the terms of different loan types on the True Balance website.

To apply for a True Balance Loan, you must download the True Balance app and create an account. Once you have created an account, you can apply for a loan by providing some basic information about yourself, such as your name, address, and income.

True Balance will then review your application and let you know if you are approved. If you are approved, the funds will be deposited into your bank account within 24 hours.

It is important to note that True Balance Loans are not guaranteed. Your application may be declined if you do not meet the eligibility criteria or if your credit score is not good enough.

If you are considering applying for a True Balance Loan, it is important to compare the terms and conditions of the loan with other loan options available. You should also make sure you are eligible for the loan and that you can afford the monthly payments.

True Balance Loan Review: Key Features

  • Quick and easy application process: You can apply for a True Balance Loan through the True Balance app. The application process is quick and easy, and you can get a decision within minutes.
  • Flexible loan amount: The loan amount offered by True Balance Loan ranges from Rs. 1,000 to Rs. 1,00,000. You can choose the loan amount that best suits your needs.
  • Competitive interest rates: The interest rates for True Balance Loan are competitive. You can expect to pay an interest rate of between 18% and 36%.
  • Easy repayment: You can repay your True Balance Loan through the True Balance app, by bank transfer, or by cash deposit.
  • Secure loan: True Balance Loan is a secure loan. Your personal information is protected by the latest security features.

True Balance Loan eligibility

  • A Selfie
  • You must be a resident of India.
  • You must be at least 18 years old.
  • You must have a valid PAN card.
  • You must have a bank account in India.
  • You must have a good credit score.

The minimum credit score required for a True Balance Loan is 750. However, your actual credit score may vary depending on your individual circumstances.

If you are not sure whether you are eligible for a True Balance Loan, you can check your eligibility online. You will need to provide some basic information about yourself, such as your name, address, and income.

Once you have checked your eligibility, you can apply for a True Balance Loan through the True Balance app. The application process is quick and easy, and you can get a decision within minutes.

True Balance Loan Required Documents

  • Aadhaar card: Your Aadhaar card is a unique identification number issued by the Government of India. It is used to verify your identity and address.
  • PAN card: Your PAN card is a 10-digit alphanumeric number issued by the Income Tax Department. It is used to track your income and tax payments.
  • Bank statement: Your bank statement is a record of your recent bank transactions. It is used to verify your income and expenses.
  • Salary slip: If you are employed, you will need to provide a salary slip. This is used to verify your income.
  • Self-employed: If you are self-employed, you will need to provide documents that show your income, such as tax returns or invoices.

You may also be asked to provide other documents, such as a passport or driving license.

The documents you need to provide will depend on your individual circumstances. If you are unsure what documents you need, you can contact True Balance customer support.

True Balance Loan apply online

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true-balance-loan-apply-online
  1. Download the True Balance app from the Google Play Store or the App Store.
  2. Create an account and login to the app.
  3. Click on the “Loans” tab.
  4. Click on the “Apply for a Loan” button.
  5. Enter your personal information, such as your name, address, and contact details.
  6. Enter your employment information, such as your employer’s name, your job title, and your salary.
  7. Enter your income and expenses.
  8. Upload your documents.
  9. Submit your application.

You will receive a decision on your loan application within minutes. If your application is approved, the funds will be deposited into your bank account within 24 hours.

True Balance Loan interest rate

The interest rates for True Balance Loans vary depending on the loan type and the borrower’s credit score. The interest rates for Cash Loans range from 2.4% to 36%, the interest rates for Level Up Loans range from 2.4% to 36%, the interest rates for Welcome Loans range from 3.9% to 36%, the interest rates for CASHe Loans range from 18% to 36%, and the interest rates for Moneytap Loans range from 0% to 36%.

The interest rate for a True Balance Loan is calculated based on the borrower’s credit score, the loan amount, and the repayment term. The higher the borrower’s credit score, the lower the interest rate will be. The longer the repayment term, the lower the interest rate will be.

It is important to note that the interest rates for True Balance Loans are not fixed. The interest rate may change depending on the borrower’s credit score and the prevailing market conditions.

True Balance Loan other charges


In addition to the interest rate, there are other charges associated with a True Balance Loan. These charges can include:

  • Processing fees: The processing fee is a one-time fee that is charged when you apply for a loan. The processing fee for a True Balance Loan is typically Rs. 500 to Rs. 1,000.
  • Late payment fees: If you make a late payment on your True Balance Loan, you may be charged a late payment fee. The late payment fee is typically Rs. 50 to Rs. 100 per day.
  • Overdue fees: If you do not make your monthly payments on time, your loan may become overdue. If your loan becomes overdue, you may be charged an overdue fee. The overdue fee is typically Rs. 100 to Rs. 200 per month.
  • Prepayment fees: If you pay off your True Balance Loan early, you may be charged a prepayment fee. The prepayment fee is typically 3% of the outstanding loan amount.

It is important to read the terms and conditions of your True Balance Loan carefully to understand all of the charges that may apply. You should also make sure that you can afford the monthly payments before you apply for a loan.

True Balance Loan Repayment

  • Through the True Balance app: You can make your payments through the True Balance app. The app will show you your due date and the amount due. You can also set up a recurring payment so that your payments are made automatically.
  • Through your bank account: You can also make your payments through your bank account. You will need to provide your bank account number and your IFSC code.
  • Through cash deposit: You can also make your payments through cash deposit. You will need to go to a True Balance partner bank and make a cash deposit.

It is important to make your payments on time. If you make a late payment, you may be charged a late payment fee. If you do not make your payments, your loan may become overdue and you may be charged an overdue fee.

True Balance Loan Customer Care Number

Should you have any questions or concerns about the service charges, don’t hesitate to seek assistance. You can reach out to the company via email at [email protected] or directly contact them at (0120)-4001028.

Is True Balance RBI approved?

Yes, True Balance is RBI approved. True Credits, the lending partner of True Balance, is a non-banking financial company (NBFC) that is regulated by the Reserve Bank of India (RBI). True Credits has a Certificate of Registration to commence/carry on the business of non-banking financial institutions (NBFC) by RBI.

The Certificate of Registration was issued to True Credits on October 4, 2019. The certificate number is RBI-NBFC-45/2019-19.

True Credits is a subsidiary of Balancehero India Private Limited, the company that owns and operates the True Balance app.

True Balance is a popular financial app that offers a variety of services, including a digital wallet, lending, recharge & utility payments, e-commerce, insurance and cash loans. It is operated by Balancehero India Pvt. Ltd., a company based in Gurugram, India.

True Balance was launched in 2014 and has since grown to become one of the most popular financial apps in India. The app has over 100 million users and has processed over $1 billion in transactions.

True Balance is a safe and secure app. It is encrypted with SSL technology and all of your personal information is protected.

If you are looking for a safe and secure way to manage your finances, then True Balance is a good option.

True Balance Lending Partners

True Balance is a digital lending platform that offers loans through its lending partners. Some of the lending partners of True Balance include:

  • True Credits: True Credits is a non-banking financial company (NBFC) that is regulated by the Reserve Bank of India (RBI). True Credits offers a variety of loans, including personal loans, credit cards, and business loans.
  • CASHe: CASHe is a mobile lending platform that offers loans to salaried individuals. CASHe is a subsidiary of Bhanix Finance and Investment Limited, which is also an NBFC.
  • Moneytap: Moneytap is a mobile lending platform that offers loans to salaried and self-employed individuals. Moneytap is an NBFC.
  • Grow Money Capital: Grow Money Capital is a non-banking financial company that offers loans to salaried and self-employed individuals. Grow Money Capital is a subsidiary of Eclear Leasing and Finance Private Limited, which is also an NBFC.
  • Muthoot Finance: Muthoot Finance is a non-banking financial company that offers loans against gold. Muthoot Finance is one of the largest gold loan companies in India.

True Balance also partners with banks to offer loans. Some of the banks that partner with True Balance include:

  • HDFC Bank: HDFC Bank is one of the largest private banks in India. HDFC Bank offers a variety of loans, including personal loans, home loans, and car loans.
  • ICICI Bank: ICICI Bank is one of the largest private banks in India. ICICI Bank offers a variety of loans, including personal loans, home loans, and car loans.
  • Axis Bank: Axis Bank is one of the largest private banks in India. Axis Bank offers a variety of loans, including personal loans, home loans, and car loans.
  • Kotak Mahindra Bank: Kotak Mahindra Bank is one of the largest private banks in India. Kotak Mahindra Bank offers a variety of loans, including personal loans, home loans, and car loans.

True Balance’s lending partners offer a variety of loans, so you can find a loan that meets your needs. You can apply for a loan through the True Balance app. The application process is quick and easy, and you can get a decision within minutes.

FAQs

Q. What is the interest rate on true balance?

The interest rate on True Balance Loan depends on your credit score and the amount of the loan. The interest rates for True Balance Loans range from 2.4% to 36%.

Q. What is the maximum loan amount in true balance?

The maximum loan amount in True Balance can vary, depending on the lending partner and your credit score. For example, the maximum loan amount for a True Balance Loan from True Credits is 1,00,000 INR, while the maximum loan amount for a True Balance Loan from CASHe is 4,00,000 INR.

Q. What is level up loan in true balance?

A Level Up Loan is a type of loan offered by True Balance that is available to users who have recently upgraded their True Balance account. The loan amount ranges from Rs. 1,000 to Rs. 30,000 and the interest rate is from 2.4% to 36%.

Q. What is the minimum loan amount in True Balance?

Different loan offers in True Balance have varying minimum loan amounts. The minimum loan amount in True Balance ranges from Rs. 1,000 for the Level Up Loan, to Rs. 5,000 for the Cash Loan, to Rs. 25,000 for the CASHe Loan, and Rs. 2,000 for the Moneytap Loan.

Q. What happens if we don’t pay true balance loan?

In that case you need to pay overdues fees, Late Repayment fees according to days. Your Credit Score will be burn and after a bad credit score, In future you will not be able to take any loan from any others sources also.

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