NIRA: The Smart Way to Get Small Loans
Are you in need of a small loan to fulfill your urgent financial needs? Look no further than NIRA, an Indian consumer finance business that offers small loans to low-income salaried individuals. With a pre-set limit similar to a credit card, you can utilize the loan as per your desire. In this article, we will discuss NIRA's features, target audience, documents required, fees and charges, and the application process.
Features of NIRA NIRA offers a 100% digital and paperless process, making it convenient for individuals to apply and get their loans approved from the comfort of their homes. The loan amount ranges from Rs. 5,000 to Rs. 1,00,000, with quick loan disbursal within 48 hours. The interest rate is low, making it affordable for individuals to repay their loans, and the repayment tenure is flexible.
Target Audience NIRA targets salaried individuals aged between 18-45 years with a minimum salary of Rs. 11,000 and a CIBIL score of 681 or above. This service is perfect for those who need a small loan to fulfill their urgent financial needs.
Documents Required To apply for a loan with NIRA,
you need to have your Aadhar Card, PAN Card, Bank Statements (last 3 months), 3 months of Salary Slip, and 3 months of Salary Bank account statement. If you are self-employed, you will need 3 months of Bank statement if provided as a personal account, but if the current account statement is provided, then you will need some business proof like GST certificate, Shop Lic. etc.
Fees and Charges
NIRA charges a processing fee of approximately Rs. 750 and foreclosure charges of approximately 3% of the outstanding loan amount (after 3 months).
Applying for a NIRA loan is quick and easy. Here are the steps to follow:
Step 1: Click on the NIRA link from your screen.
Step 2: Enter your name, mobile number, email ID and Pincode, then click on “Start Journey Now.”
Step 3: You will be redirected to the Play Store app to install the NIRA app.
Step 4: Select your preferred language and click on “OK.”
Step 5: Select the loan amount and tenure on the screen and click on “Proceed.”
Step 6: Mark the check box and accept the terms and conditions, then click on “Agree.”
Step 7: Allow access to your device and location, then enter your mobile number and verify with the received OTP.
Step 8: On the next page, select your employment type and mention whet page, complete KYC by clicking on “Apply Now.”
Step 14: Submit your current address details and emergency contact details.
Step 15: Submit your salary account details like account number, IFSC code and proceed.
Step 16: Now verify your bank statement through net banking or yn a sanction letter. Mark the check box and click on “Confirm.”
Step 24: After that, set up eMandate to repay your loan amount automatically.
Step 25: Finally, the system will do a final verification of your details, and if everything is correct, the loan will be approved and transferred into your bank account.
It is important to note that the same mobile number should be used in the complete onboarding process, and your mobile number should be linked with your Aadhaar card.
Fees and Charges
NIRA charges a processing fee of around INR 750 and foreclosure charges of around 3% of the outstanding loan amount (after three months) for its personal loans.
Conclusion
If you are a salaried individual with a minimum salary of INR 11,000 and a CIBIL score of 681+, NIRA is an excellent option to consider for small personal loans. Its digital and paperless process, quick loan disbursal, low interest rates, and flexible repayment tenure make it an attractive option for those who need quick access to funds. With easy application and approval processes, NIRA is definitely worth considering if you need a small personal loan.