NIRA partners with various RBI regulated NBFCs/Banks to facilitate loans for salaried people. Important Things to Note About NIRA Loan App
Loan Amount: Rs 5,000 to Rs 1,00,000
Minimum Annual Percentage Rate (APR): 24%, Maximum Annual Percentage Rate: 36% (reducing balance)
Minimum repayment period: 90 days, Maximum repayment period: 24 months
Processing Fees: Max (₹350 + GST, Up to 2%-7% of loan amount plus GST)
Prepayment Fees: 3.0% prepayment amount
Late fee: In case overdue exceeds 30 days, you'll be charged Rs.500. Maximum late fee charged would be Rs.1000 if overdue exceeds 90 days. Your bank may also levy charges in case of a bounce. A representative example of the total cost of the loan:
✔ Amount Borrowed (Principal) = ₹14,999/-
✔ Interest Rate (APR) = 36% (on Reducing Principal Balance interest calculation)
✔ Tenure = 6 months
✔ Processing Fee (incl. GST) = ₹826
✔ Amount disbursed = ₹14,173
✔ Your EMI amount = ₹2769 (based on PMT method, sample monthly payment)
✔ Interest amount = ₹2769 x 6 - ₹14999 = ₹1614(sample interest calculation)
✔ Late Fee = ₹0 if paid on time
✔ Total Cost of Loan = Processing Fee + Interest Amount + Late Fee = ₹826 + ₹1614= ₹2440
✔ Principal repayment amount = ₹14,999/- (same as amount borrowed)
✔ Total repayment amount = Principal repayment amount + Interest Amount + Fee = ₹14,999 + ₹1614 + ₹0 = ₹16,613
Why should you download the NIRA Loan App?
Here are some of the features that make NIRA one of the best instant loan apps in India for salaried individuals! 1. Get money in bank account within 24 hours 2. No credit history required 3. We give loans pan India! 4. Repay in affordable EMIs 5. No Hidden fees 6. Instant bank balance check. All major banks such as SBI, ICICI, HDFC, Kotak, Bank of Baroda, Axis Bank and more are supported. 7. More free utilities: QR code scanner, EMI calculator and EMI reminder.
Eligibility Criteria: 1. Salaried with minimum income of Rs.12,000 per month 2. Aged between 22-59 years 3. An Indian Citizen Responsible Lending NIRA has partnered with RBI authorized & regulated NBFCs/Financial Institutions.
Steps for availing an Instant Personal Loan from NIRA : It's very easy to apply from our online loan app :- 1.Complete a short application form. Receive loan approval decision on qualification instantly. 2.Once you qualify, upload 3 months bank statements Most recent payslip Aadhaar card (you can e-sign your loan agreement in our Aadhar Card Loan App) PAN card Selfie 3. Get instant cash in your bank account
Free services for all: Small finance lessons to help improve your CIBIL score and financial health. Check bank account balance anytime with one click. Contact us for help or any other details about our instant personal loans, at firstname.lastname@example.org. Our office is located at - NIRA, 2nd floor, UrbanVault Indiranagar, 2024, 16th Main Rd, HAL 2nd Stage, Kodihalli, Bengaluru, Karnataka 560008