NIRA: India’s Instant Loan App

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: 91 days, Maximum repayment period: 24 months

Processing Fees: Max (₹350 + GST, Up to 2%-7% of loan amount plus GST)

Prepayment Fees: Zero within 7 days of disbursal, 4% of prepayment amount thereafter

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

We have the following NBFCs as our lending partners:

Muthoot Finance Limited

IIFL Finance Limited

HDB Financial Services Limited

NDX P2P Private Limited (Nbfc - P2P)

Northern Arc Capital Limited

PayU Finance India Private Limited

Why should you download the NIRA Loan App?

1. Repay in EMIs of 3 to 24 months

2. Get money in bank account in 24 hrs

Eligibility:

1. Min salary of Rs.12,000 per month

2. Age between 22-59 years

Responsible Lending

We are a member of Digital Lenders Association of India http://bit.ly/DLAI_Mem and adhere to the DLAI code of conduct http://bit.ly/DLAI_C

For users more comfortable with Hindi :-

💥 NIRA se aapko mil sakta hai Personal Loan Rs.5000 se Rs.1,00,000 tak . Bas Personal Loan App Download kare kuch details dalen, documents upload karen aur payein loan, approval ke 24-48 ghanton mein.100% digital loan application process. 💥

Steps for availing an Instant Personal Loan from NIRA :

1. Fill quick application form on our app. Receive loan approval decision on qualification instantly.

2. Once you qualify, upload

3 months bank statements, Aadhaar card, e-sign your loan agreement in our Aadhar Card Loan App

PAN card

Selfie

3. Get instant cash in your bank a/c and Money tap away

Our Instant Loans are safe:

Your data is transferred over a secure connection, and we do not share it with anyone without your consent. All the transactions are secured via a 256-bit SSL encryption.

Our app requires some permissions to provide you a loan in a fast and easy manner.We need access to your User Account data such as name and email to auto fill your application and help you login. We also need access to your financial sms to enrich credit profile, auto read otp and give the best instant personal loan. We need access to your location to verify your address. We require permission to access your contacts to get references for your loan application. For easy upload of documents in the app, we require access to Camera and Photo Gallery. We also need access to your device info to prevent misuse by any other individual. To understand how we collect and use your data in detail, please read our privacy policy https://nirafinance.com/privacy-policy

Our collections code of conduct is here: http://bit.ly/NIRA_Collections

You may write to us at support@nirafinance.com.

Our office is located at - NIRA, 2nd floor, UrbanVault Indiranagar, 2024, 16th Main Rd, HAL 2nd Stage, Kodihalli, Bengaluru, Karnataka 560008