Personal Loan – 1 Lakh Personal Loan For 1 Year – Rupee112 Review
Personal Loan
personal loans have become an essential financial tool for many individuals. Whether it’s for emergency expenses, home renovations, or even debt consolidation, personal loans can provide the necessary financial support. Rupee112 is one such platform that offers personal loans tailored to meet various needs. This review will delve into the specifics of the Rupee112 personal loan, including loan amounts, repayment tenure, interest rates, processing fees, and eligibility criteria.
Table of Contents
Overview of Rupee112 Personal Loan
Rupee112 is a financial service provided by DEV-AASHISH CAPITALS PRIVATE LIMITED, a Non-Banking Financial Company (NBFC) registered in India. It offers a range of personal loans with flexible amounts and repayment terms, making it an attractive option for salaried employees looking for quick and convenient financial solutions.
Loan Details
Loan Amount
Rupee112 offers personal loans ranging from a minimum of ₹5,000 to a maximum of ₹1,00,000. This flexibility allows borrowers to choose an amount that best suits their financial needs. Whether you need a small loan for minor expenses or a larger amount for significant financial obligations, Rupee112 caters to a wide spectrum of financial requirements.
Repayment Tenure
The repayment tenure for Rupee112 loans ranges from a minimum of 2 months to a maximum of 12 months. This wide range provides borrowers with the flexibility to select a repayment period that aligns with their financial situation and repayment capacity. Short-term loans can be repaid quickly, reducing the overall interest paid, while longer-term loans can offer lower monthly payments, making it easier to manage finances.
Rate of Interest
The Annual Percentage Rate (APR) for Rupee112 personal loans is fixed at 35%. While this rate might seem high compared to traditional bank loans, it’s important to note that Rupee112 provides quick and easy access to funds, often without the stringent requirements of traditional lenders. The fixed interest rate ensures that borrowers know exactly how much they will be paying over the loan tenure, allowing for better financial planning.
Also Read… 10 Lakh Personal Loan for 36 Months
Processing Fees
Rupee112 charges a processing fee of 2% of the loan amount. Additionally, there is an 18% GST applicable on the processing fee. This fee is deducted upfront from the loan amount disbursed to the borrower. While processing fees are a common aspect of personal loans, it’s crucial for borrowers to factor this into their overall loan cost. For example, if you take a loan of ₹1,00,000, the processing fee would be ₹2,000, plus ₹360 as GST, totaling ₹2,360.
Eligibility Criteria
To be eligible for a Rupee112 personal loan, applicants must meet the following criteria:
- Indian Citizen: The applicant must be a citizen of India.
- Age: The applicant must be over 25 years of age.
- Employment: The applicant must be a salaried employee.
These criteria ensure that the borrower has a stable income and is legally able to enter into a loan agreement. The focus on salaried employees helps mitigate the lender’s risk, as regular income increases the likelihood of timely repayments.
Application Process
Applying for a Rupee112 personal loan is a straightforward process designed to be quick and hassle-free. Here’s a step-by-step guide:
- Online Application: The application process begins with filling out an online form on the Rupee112 website or mobile app. Applicants need to provide personal information, employment details, and loan requirements.
- Documentation: Applicants are required to submit supporting documents, including proof of identity (Aadhaar card, PAN card), proof of address (utility bills, rental agreement), and proof of income (salary slips, bank statements).
- Loan Approval: Once the application and documents are submitted, Rupee112 reviews the information. This typically involves verifying the applicant’s creditworthiness and repayment capacity. The approval process is usually swift, often within a few hours.
- Disbursement: Upon approval, the loan amount is disbursed directly into the applicant’s bank account. The processing fee is deducted from the loan amount before disbursement.
Conclusion
Rupee112 offers a convenient and flexible personal loan solution for salaried employees in India. With loan amounts ranging from ₹5,000 to ₹1,00,000 and repayment tenures from 2 to 12 months, it caters to a wide range of financial needs. The fixed APR of 35% and transparent processing fees provide clarity and predictability in loan costs. However, potential borrowers should carefully consider the high-interest rate and processing fees before applying. By understanding the terms and ensuring the loan fits within their financial plan, borrowers can effectively utilize Rupee112 personal loans to meet their financial goals and obligations.
Disclaimer : This essay provides an overview of Rupee112 personal loans based on available information. Prospective borrowers should conduct their own research and consult with financial advisors before making any borrowing decisions. The terms and conditions of loans can change, and it’s crucial to verify all details with the lender directly. This review does not constitute financial advice and should not be relied upon as such.
