| Interest Rate | 20% |
| Duration | From 30 Days |
| Access Level | Public |
| Company Name | Moneymitra IT Solution Private limited |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | Vatika Triangle, 7th Floor, Mehrauli Gurgaon Road, Block B, Sushant Lok Phase I, Gurgaon, Haryana - 122002 |
| Category | Safe Loan |
| Company Email | care@rupeeredee.com |
| Views | 131 |
Looking for an urgent personal loan? RupeeRedee can credit money to your account within 10 minutes through a simple application process. Our NBFC lending partner, FincFriends Private Limited, is a registered NBFC with RBI.
Why Choose RupeeRedee:
- Chota Loan Badi Khushi: Get quick loan approvals and disbursals through a fully online process.
Fast Loan Approval and Quick Disbursal: With a 100% online process, you can get fast approval and quick loan disbursal.
Loans for All Purposes and Needs: Cover emergency expenses, consolidate debt, travel, shop, pay bills, school fees, and much more with our loans.
Flexible Interest Rates and Tenures: Enjoy flexible personal loans with interest rates ranging from 12% to 36% per annum, depending on your credit score. We offer flexible tenure options from 62 days to 6 months for loan repayment.
Transparency and Security: We work exclusively with RBI-certified NBFCs/banks, ensuring our processes are transparent, safe, and secure.
Our Loan Offerings:
Flexi Personal Loan: We offer personal loans ranging from ₹2,000 to ₹25,000 with short repayment tenures of 3-4 months. Required documentation includes just a PAN card and proof of address.
Personal Loan for Self-Employed & Salaried: We offer personal loans for self-employed individuals and salaried employees, ranging between ₹2,000 to ₹30,000 with flexible repayment terms of 3 to 6 months. Required documentation includes a PAN card and proof of address.
Top Features:
- Simple EMIs: Repay in 2-12 months at your convenience.
- 100% Online: The entire application process is paperless.
- Complete Transparency: No hidden costs; all charges are disclosed in the application summary before processing the loan.
FincFriends Private Limited:
Upon approval, you will receive a direct bank transfer within minutes from our lending partner, FincFriends Pvt Ltd, which follows a dynamic risk-based pricing model. Loan terms and rates are described below:
Personal Loan Charges (Example):
- Loan Amount: From ₹2,000 to ₹30,000
- Minimum Tenure: 62 Days
- Maximum Tenure: 365 Days
- Maximum Annual Percentage Rate (APR): 36% to 160%
- Interest Rate: 2.5% to 3% per month
- Processing Fee: Starting at 10% of the loan amount (Inclusive of GST)
- Service Charges: Starting at 3% of the loan amount (Inclusive of GST)
Representative Example:
- Loan Amount: ₹11,000
- Loan Tenure: 3 Months
- Processing Fees (10% incl. GST): ₹1,100
- Service Charges (3% per EMI incl. GST): ₹990
- Interest (32%): ₹583.6
- Amount Disbursed: ₹9,900
Repayment Schedule:
- First Instalment: ₹4,191
- Second Instalment: ₹4,191
- Third Instalment: ₹4,191
- Total Repayment: ₹12,573
Eligibility:
- Must be an Indian national with a valid PAN card and Aadhaar card.
- Must be over the age of 18 years.
- Minimum monthly income should be ₹15,000.
Steps to Avail a Loan:
- Install the RupeeRedee App: Download from the app store.
- Register: Use your mobile number to sign up.
- Enter Basic Information: Provide your personal details and verify your KYC by Aadhaar OTP or upload KYC documents.
- Verify Bank Account: Ensure your bank details are correct.
- Approval: Review charges, provide acceptance, and sign the loan agreement.
- Loan Disbursal: Loan amount will be credited to your bank account upon approval.
Documents Required:
- Address Proof: Acceptable documents include Aadhaar.
- Selfie: For identity verification.
- PAN Card: For financial verification.
- Bank Account: Access to bank account details.
Why RupeeRedee Needs the Following Permissions:
Location - ACCESS_FINE_LOCATION
- Explanation: To collect and monitor the location of your device, ensuring serviceability of your loan application. It also helps in quicker credit risk decisions and ensures KYC compliance as per regulatory guidelines.
Camera & Media Access - CAMERA, READ_EXTERNAL_STORAGE, WRITE_EXTERNAL_STORAGE
- Explanation: To capture KYC documents and selfies for liveness testing, ensuring KYC compliance as per regulatory guidelines.
Expert Counsel
Loan apps offer quick and convenient access to credit, often with minimal documentation and fast approval. However, they can be notorious for high-interest rates, hidden fees, and predatory lending practices. Here’s how to avoid the pitfalls and make informed decisions:
How to Avoid Using Loan Apps:
- Build an Emergency Fund Save 3-6 months' worth of expenses to avoid needing quick loans.
- Create a Budget Track expenses, prioritize needs over wants, and allocate funds wisely.
- Explore Alternative Credit Sources Consider banks, credit unions, or peer-to-peer lending platforms with more favorable terms.
- Improve Your Credit Score A good credit score can help you qualify for lower-interest loans.
- Avoid Unnecessary Expenses Cut back on discretionary spending to reduce the need for loans.
Precautions When Using Loan Apps:
- Read Terms and Conditions Understand interest rates, fees, repayment terms, and penalties.
- Check Lender Legitimacy Research the lender's reputation, licenses, and regulatory compliance.
- Borrow Only What You Need Avoid taking more than necessary to minimize debt.
- Set Realistic Repayment Expectations Plan to repay on time to avoid penalties and interest.
- Monitor Your Credit Report Ensure loan app activities are accurately reflected.
How to Pay Off Loan Apps:
- Prioritize Repayment Pay on time to avoid penalties and interest.
- Create a Repayment Plan Break down debt into manageable installments.
- Use Automatic Payments Set up automatic transfers to ensure timely payments.
- Consider Debt Consolidation Merge multiple debts into a single, lower-interest loan.
- Communicate with Lenders Inform them of financial difficulties to negotiate payment extensions or reductions.
What to Do in a Financial Crisis:
- Seek Professional Help Consult a financial advisor or credit counselor.
- Prioritize Essential Expenses Focus on necessities like food, rent, and utilities.
- Negotiate with Creditors Discuss payment extensions or reductions.
- Explore Government Assistance Look into programs like unemployment benefits or financial aid.
- Consider Debt Restructuring Work with a credit counselor to reorganize debt.
Red Flags to Watch Out For:
- Exorbitant Interest Rates Rates above 36% APR are considered predatory.
- Hidden Fees Look out for origination fees, late fees, or prepayment penalties.
- Unclear Repayment Terms Ensure you understand repayment schedules and amounts.
- Lack of Transparency Be wary of lenders with unclear or misleading information.
- Aggressive Marketing Be cautious of lenders with pushy or deceptive marketing tactics.
Additional Tips:
- Regulatory Bodies Familiarize yourself with local regulatory agencies, such as the Central Bank of Nigeria, to report suspicious lenders.
- Loan App Reviews Research reviews from multiple sources to gauge lender reputation.
- Financial Education
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