Nira Finance Instant Personal loan, How to apply, Nira personal loan interest rate, fee & charges, documents required, eligibility criteria
Nira Finance is an instant online platform that helps you to meet your financial requirements. It offers various types of loans like Instant cash loans, personal loans, Mobile EMI loans, Small loans.
| Loan App Name | Nira Finance |
| Loan Amount | Rs. 5000 to Rs. 1 lakh |
| Interest Rate | 1.67% to 2.25% per month (24 % p.a to 36 % p.a.) |
| Loan Tenure | 3 to 12 months |
| Processing Fee | Rs. 500 for the first loan, for a second loan the fee will be reduced. |
Features & Benefit of Nira Personal Loan
- Loan application process is completely online.
- Check your personal loan eligibility in 3 mins.
- The interest rate is 1.67 % to 2.25 % per month ( 24% to 36% per year ).
- Loan Repayment tenure is from 3 months to 12 months.
- Nira offers personal loan ranging from Rs. 5000 to Rs. 1 lakh.
- A minimum CIBIL score of 681 is required in order to be eligible for credit from NIRA.
- Nira will charge processing fee of a minimum of Rs.350 + GST and a maximum of 2.0% of loan amount on your first loan.
- NIRA online instant personal loan in the form of a personal credit line.
What is Personal Credit Line?
Nira provides you with an instant personal loan in the form of a credit limit. It means you are free to withdraw a part or all of the credit limit depending on your requirement. You have to only pay interest on the drawn amount.
For Example: if you get the approval for a credit limit of Rs. 60,000. you can take 6 loans of Rs.10000 or two loans of Rs. 30,000 at different times, or the entire Rs. 60,000 at once. You are, of course, free to choose any other amount less than Rs.60,000 that you want.
Eligibility Criteria For Nira Personal Loan
- Applicant must be an Indian Citizen.
- Applicant age should be between 21 years to 55 years.
- You must have a work experience of minimum 6 months.
- Your minimum monthly income should be Rs. 12000.
- You must have a college degree.
- If you already have a CIBIL score, the score must be 681 and above.
- You must have Aadhaar card to complete the KYC verification process.
Documents Required For Nira Instant Personal Loan
- Aadhaar Card
- Identity and address proof
- PAN Card
- Recent salary slips of 3 months
- 6 months bank statement of the bank account
- A Selfie
How to Apply a Loan from Nira App Online?
- Download and install NIRA Mobile App or visit official website
- launch the app and enter your mobile number to verify it. Enter the received OTP.
- On the next screen enter your name, mobile number, email ID, Date of Birth, gender etc.
- On the next screen enter your current address and click on Next.
- Now, enter current company details like company name, employment type, designation, work experience, monthly take home salary etc.
- On the next screen verify your details once more and click on the Confirm button. based on your entered details app will show you offered credit limit on the screen.
- If you are happy with the offered amount click on the Next button. Now enter your work email and click on the Submit button. upload photo of your company ID as well.
- Now, enter your Aadhaar number and Selfie and click on Next button.
- On the next screen enter your salary account number, IFSC code, PAN number and click on the Save button. upload your latest bank statement of 6 months.
- Next, complete your KYC by uploading PAN card document and click on the Submit button.
- Once the required document is uploaded , the bank will verify it and will disburse the loan to your bank account within 24 hours.
How to Repay Your Nira Instant Personal Loan?
There are two modes of payment. You can either pay with the auto-debit instruction which was set up during the time of loan application or you can pay using the app via net banking/debit card.
For the auto-debit, kindly ensure that you have sufficient funds in your account on EMI due date to avoid any charges.
Nira Finance Interest Rate, Fees & Charges
| Fees and Charges | Amount Chargeable |
|---|---|
| Interest rate | 2.0% to 3.0% per month, or 24% to 36% per year |
| Loan processing charge | minimum of Rs.350 + GST and a maximum of 2.0% of the loan amount on your first loan |
| Prepayment Fee | 2.5% if prepayment before 90 days Nil after 90 days |
| Auto debit bounce | A penalty of up to Rs. 500 from your own bank. Additionally, a bounce fee of Rs.100 will be charged by the Nira partner funder. |
| Delayed payment charges | Delay up to 30 Days : 3% pm of EMI Delay 30-59 Days : 3% pm of EMI + 2% of Outstanding Balance Delay 60-89 Days : 3% pm of EMI + 4% of Outstanding Balance Delay by more than 90 Days : 3% pm of EMI + 5% of Outstanding Balance |
Nira Finance Pros & Cons
| Pros | Cons |
|---|---|
| The online loan application process | EMI due date can not be changed |
| Quick disbursal of loans | The interest rate is high |
| Referral bonuses and reward points programs are offered | A prepayment fee is charged |
| Without a CIBIL score, customers can also apply for a loan | the loan amount is less |
| Pay interest only on the drawn amount from the offered credit limit | Minimum monthly take-home salary should be equal to or greater than Rs. 12000 |
Is Nira App Safe and Legit?
NIRA is in partnership with RBI authorized & regulated NBFCs/Financial Institutions which make it trustworthy for choosing a personal loan.
Some of Nira’s lending partners are Muthoot Finance, Ujjivan small finance, Pincap, Dhanvarsha, etc.
Nira provides a secure HTTPS connection, which makes your data secure, and it does not share customer information with anyone without your consent. All the transactions are secured via 256-bit SSL encryption.
Nira Finance Customer Care Details
| Contact Type | Email/Phone/Address |
|---|---|
| Nira finance email ID | support@nirafinance.com |
| Nira finance What’s App Number | 9591196740 |
| Nira finance office address | NIRA,2nd floor, UrbanVault Indiranagar 2024,16th Main Road HAL 2nd Stage,Kodihalli Bengaluru, Karnataka 560008 |
Conclusion
We have discussed Nira finance in detail including applying procedure, interest rate & fees, eligibility, etc.
It is in partnership with some of the prominent banks or NBFCs like Muthoot Finance and Ujjivan Finance which make Nira a perfect choice for an instant personal loan.
Pay your loan EMIs on time in order to avoid any extra charges and to maintain your credit score intact.
Read Also
- How to take a Loan from KreditBee Mobile App Online | KreditBee Instant Personal Loan
- Money View Personal Loan App | Get Instant Loans Up to 5 Lakhs from Money View
- EarlySalary Personal Loan Review | Get Instant Loan Up to Rs. 5 Lakh
FAQs
If you have a CIBIL score, you need a minimum score of 681 in order to be eligible for credit from NIRA. If you are new to credit, your CIBIL score should be -1 or 3, 4, and 5.
It offers personal loans from Rs 5,000 to Rs 1,00,000.
you can select loan tenure between 3 to 12 months.
You can see the status of your application at any time on your NIRA app.
After the final approval and completing the auto-debit setup, the money will come into your account within 2-24 hours.
Unfortunately, changing the loan tenure is not possible after loan disbursal.
