| Interest Rate | 40% |
| Duration | From 7 days |
| Access Level | Public |
| Company Name | Loanbaba |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | |
| Category | Mild Loan |
| Company Email | |
| Views | 168 |
Loanbaba is the best instant personal loan app in India, providing fast and convenient financial solutions. Get an instant small personal loan of up to Rs. 100,000 in just 30 minutes by applying for our flagship product, the Small Cash Loan. Here’s a detailed overview of what Loanbaba offers and how you can get started:
Key Features of Loanbaba
Instant Personal Loans: Borrow up to Rs. 100,000 without any collateral.
Fast Processing: Loan sanction in just 5 minutes and disbursement in as low as 30 minutes, subject to customer completing the full on-boarding journey.
Flexible Tenure: Choose a repayment period ranging from 3 months to 18 months.
Interest Rate: Competitive interest rates from 18% to 48% per annum.
No Hidden Charges: Transparent terms with no pre-payment or pre-closure charges.
Secure Transactions: Highly secure HTTPS with 256-bit encryption ensures your data is in safe hands.
Advantages of Using Loanbaba
RBI Registered & Regulated: Lending via RBI registered and regulated Non-Banking Finance Company (NBFC), Amros Commercial Pvt Ltd. (https://www.amros.in).
Paperless Application: Completely paperless process, making it convenient and efficient.
Digital Video KYC: Fully digital RBI approved video KYC process.
Easy Repayments: Flexible repayment options with the ability to foreclose anytime.
How to Get Started
Install the Loanbaba App: Download the Loanbaba app from the Google Play Store.
Select Loan Product: Choose the Small Cash Loan and apply.
Verify Internet Banking: Follow the prompts to verify your internet banking.
Accept Terms and Select Tenure: Review and accept loan terms, and choose your repayment tenure.
Complete Video KYC: Keep your PAN card and Aadhaar card handy for the video KYC process.
Configure Auto Debit: Set up auto debit for repayments.
eSign Loan Agreement: Electronically sign the loan agreement.
Loan Disbursal: Once approved, the loan amount is disbursed to your bank account.
Example Loan Calculation
Personal Loan Example:
Loan Amount: Rs. 50,000
Tenure: 12 months
Interest Rate: 20% per annum
Processing Fee: Rs. 1,500 (3%)
GST on Processing Fee: Rs. 270 (18%)
Total Processing Fee Including GST: Rs. 1,770
Amount Disbursed: Rs. 48,230
Total Interest: Rs. 10,000
Total Payable: Rs. 60,000 (Principal + Interest)
EMI: Rs. 5,000
Eligibility Criteria
Nationality: Indian citizen.
Identification: PAN card and Aadhaar card mandatory.
Employment: Salaried individuals only.
Age: Above 23 years.
Income: Minimum net monthly salary of Rs. 20,000 (cash salary not acceptable).
Required Documents
PAN Card
Aadhar Card
Current Address Proof
3 Months’ Bank Statement
Customer Risk Profile Wise APRs
Low-Risk Profile: 18% to 24% APR
Medium-Risk Profile: 24% to 36% APR
High-Risk Profile: 36% to 48% APR
Operational Cities
Loanbaba is operational PAN India, serving customers across the country.
Become a Business Associate
Referral Program: Become our business associate, start referring leads, and earn commissions on every disbursal.
Enroll: Simply enroll as a business associate through the app
Expert Counsel
Although loan apps might seem like a quick solution to financial challenges, they often come with significant risks. Here are 10 important tips to keep in mind when using these online loan applications:
- Expect Aggressive Messaging for Late Payments
Even if you're just a day late on your repayment, you might face aggressive and harassing messages, especially on platforms like WhatsApp. If this happens, don’t hesitate to block the sender to preserve your peace of mind. - Avoid Borrowing from Multiple Loan Apps
Resorting to other loan apps to repay existing debts can trap you in a never-ending cycle of borrowing. This practice often worsens your financial situation rather than improving it. - Be Aware of High Penalty Interest Rates
Missed payments can result in daily interest rates ranging from 5% to 7%. These penalty rates can quickly balloon your debt, making repayment even more difficult. - Download Apps Only from Official Sources
Always ensure you're downloading loan apps from trusted platforms like the Google Play Store. Downloading from unofficial sites puts your personal information at risk and can expose you to fraud or harassment. - Consider Skipping Loan Apps Altogether
Many loan apps are designed to trap users in cycles of debt, often compromising their privacy and financial health. It's often safer to explore alternative, more secure financial options. - Watch for Short Repayment Periods
Some loan apps offer repayment periods as short as 6 to 14 days, which can make it difficult to pay off the loan on time and increase the risk of falling into a debt trap. - Protect Your Personal Reputation
In some cases, loan apps will contact your friends or family in an attempt to shame you publicly. Once this damage is done, some borrowers may feel there’s no point in repaying the loan, but avoiding the loan altogether is a better solution. - Stop Borrowing to Break Free
The best way to escape the clutches of loan sharks is to stop borrowing. Though difficult, this step is necessary to regain control of your financial life and prevent further debt. - Use Call Management Tools Like Truecaller
Truecaller is a great tool for blocking unwanted calls from loan apps, helping you manage stress and reduce harassment from lenders. - Report and Block Harassing Messages
If you receive threatening messages, particularly on platforms like WhatsApp, take immediate action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps protect others from similar harassment.
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