What are offers of NIRA Personal Loan in India for Individuals?

NIRA Finance is a Fintech company that aims to give the majority of the country's people access to loans. The majority of proposals are rejected by banks and financial institutions due to a low credit score. This is the impediment to financial access that NIRA aims to remove. A credit score is not something that everyone has. Many people seeking loans for the first time have no credit history. NIRA Finance Instant Loan has devised a new method of analyzing a customer's creditworthiness in order to assist such clients. They currently only offer a line of credit, which is equivalent to a Personal Loan of up to 1 lakh, that may be used at any time and from any location.

What are the benefits of using the NIRA Loan App?

Here are the key points of benefits by using NIRA Loan App for an individual are as under:

You can take out quick personal loans at any time and from any location once you've been accepted.

You just have to pay interest on the money you take out.

The credit limit will not be sanctioned at any cost.

Within 1-2 days, cash is deposited into your bank account.

Higher credit limits might be awarded for good payback performance.

Features of NIRA Personal Loan

NIRA Instant Loan in India has the following features for the individual:

Purpose of the loan: The loan can be used for whatever you like. It can be used to plan a vacation, pay for wedding expenditures, cover medical crises, fund your children's education, repair and renovate your home, buy gadgets, and even buy a phone. The loan will function similarly to a credit card, with a pre-determined limit that you can spend as you choose.

Loan amount: The smallest loan amount is Rs. 5,000, while the highest loan amount is Rs. 1 lakh. The quantum eligibility is determined by the borrower's income and ability to repay the loan.

Collateral fee: No collateral is required because this is an unsecured loan.

Interest Rates Charged: Interest is charged at a rate of 1.50% to 2.25% each month. According to their unique formula, the rate of interest is determined by the credit score. The smaller the interest, the higher the score. Interest does not have to be paid on a pre-determined maximum; instead, it must be paid just to the extent of the loan taken out. The loan works similarly to a credit card in that it has a pre-set limit, with the exception that the loan amount must be repaid in equal monthly installments (EMIs).

Repayment: The loan term can range from three to twelve months, with one-month increments. 3 months, 4 months, 5 months, and so forth.

Eligibility Criteria of NIRA Personal Loan

The following are the requirements for obtaining a NIRA Personal Loan:

The applicant must be a citizen of India.

The applicant's age should be between 21 and 65 years.

A college diploma is required of the applicant.

The applicant must have a minimum of six months of work experience.

A monthly income of Rs. 20,000 is required.

To complete the KYC and verification process and apply for a NIRA Personal Loan, you must have an Aadhaar Card.

Even if you don't have a credit score, you are eligible for the loan. If you already have a CIBIL score, however, the needed score is 681.

Documents Required for NIRA Personal Loan App

For a NIRA Personal Loan, the following documents are required:

PAN Card

Recent 6 month

Salary slips 6 month

bank statement of the bank account

Aadhaar Card

Identity and address proof

Conclusion

Besides the eligibility criteria, interest rates, and features of the NIRA App, you can check the other details, visit the official website. As the best instant loan in India, NIRA offers the best features and benefits to its customers. However, you can also get the loan facility through Afinoz.com and get financial help.