NIRA is a new type of financial company whose mission is to help and empower people to live a life of freedom and choice by providing access to credit. We value transparency, honesty and fairness. We employ encryption and information safeguards to keep your information safe at all times.
Currently, we are only available to customers in Bangalore, Chennai, Pune & Mumbai. We will be expanding to other cities soon so stay tuned!
NIRA offers qualifying borrowers a credit line of ₹10,000 to ₹1 lakh. The minimum that you can borrow on a loan is ₹5,000. When you make a drawdown, the money will be transferred directly to your bank account.
Users typically borrow money for consumer durables purchases, educational courses, travel, and towards medical costs. You can choose to repay your loan over a period of 3 to 12 months.
The monthly interest rates vary from 1.5%-2.25% pm. Annualized, this amounts to 20%-30% interest rate on a declining balance.
To be eligible for credit, you must:
a) have graduated from college
b) have been working for last 6 months
c) be a salaried employee earning at least ₹20,000 per month
Note: we don't require a CIBIL score, but if you have one then it must be 681 or better.
It's very easy, it only takes 3 minutes to find out if you qualify:
1. Complete short application form on app. Receive decision on qualification immediately.
2. If you qualify, we need you to upload
i) bank statements
ii) most recent payslip
iii) Aadhaar card
iv) a selfie
v) PAN card
3. Once documents have been verified, you will receive confirmation of approval.
4. Sign KYC documents (courier will be sent to you at your convenience).
5. Funds will be transferred to your bank account.
6. Enjoy your financial freedom!
Q. How much can I borrow?
A. You will be granted a credit limit of upto Rs.1 lakh. You can then use that how you wish. The smallest amount you can borrow on a single loan is Rs. 5,000. The largest amount you can borrow in one go is your credit limit.
Q. Can I take more than one loan at once?
A. Yes. You can take multiple loans as long as your total outstanding is within your credit limit.
Q. What are your interest rates?
A. 20% to 30% per annum. Your rate will depend on your risk score on our model.
Q. How long does it take for the money to reach my account?
A. The first loan will take 24 hours since you need to sign a paper document. Subsequent loans are faster; money should hit your account in a few of hours.
Q. Do I need a CIBIL score?
A. No, we can take your application even if you don't have a CIBIL score and have not borrowed before. However, if you do have a CIBIL score, we require it to be 661 or better.
Q. Does NIRA take any security against the loan?
A. No, the loans are unsecured.
In case of issues, reach out to us on firstname.lastname@example.org.
For more details, get on our website: https://nirafinance.com/