Nira Personal Loan: Interest Rates, Eligibility, How to Apply

With Nira App one can get instant personal loan up to Rs 1 lakh at an attractive interest rate of 24% to 36% p.a. The repayment period varies from 3 to 12 months. You can prepay the loan after 3 months at zero additional charges. In addition to the interest rate, the borrower also has to pay a processing fee of up to 2% of the loan amount.

Complete Details of Nira Personal Loan

Loan amount 5,000 to 1 lakh
Rate of interest 24% to 36% per annum
Processing fee Minimum Rs.350 + GST ​​and Maximum 2% of loan amount
Tenure 3 months to 12 months
Prepayment Nil after 3 months and 2.5% within 3 months
Age 21 to 55 years
Minimum monthly salary Rs 12,000 or more
Minimum CIBIL Score 681 or more
Loan approval time 2 to 48 hours after completion of application

Features of Nira Personal Loan

Nira Personal Loan has the following features, each of the features are discussed below:-

Purpose: The loan can be used as per your wish. It can be used for planning vacations, for wedding expenses, to meet medical emergencies, for your children’s education, repair and renovation of your home, purchase of gadgets and even mobile. can also be done for The loan will be similar to a credit card where there is a predetermined limit that you can use as per your wish.

Loan Amount: The minimum loan amount can be up to Rs.5,000 and maximum up to Rs.1 lakh. It is assessed on the basis of income and ability to repay the loan. You can withdraw money as many times as you want. The minimum amount that can be withdrawn is Rs.5,000 or multiples thereof.

Security: No security deposit is required for this.

Interest : The rate of interest is 2% to 3% per month. (or 24% to 36% per annum). The interest rate depends on their credit score. The higher the score, the lower the interest. Interest is not required to be paid on the predetermined limit but is to be paid only up to the extent of the loan taken. The loan operates like a credit card, where there is a pre-determined limit, with the only difference that the loan amount has to be repaid in Equated Monthly Installments (EMIs).

Repayment : The loan tenure can be chosen between 3 months to 12 months with increments of 1 month. For example, 3 months, 4 months, 5 months, etc.

Processing Fee: Processing fee of minimum Rs.500 + GST ​​and maximum 2% of loan amount will be collected on the first loan.

Credit Score: You are eligible for the loan even if you do not have a credit score. New borrowers with low credit scores are welcome. However, if you have a CIBIL score, it needs to be 681 or higher to process your loan application.

Why apply for Nira Personal Loan?

Following are the benefits of Nira Personal Loan so that you can consider using this app:-

  • The loan process and document submission is very simple and easy.
  • A nominal processing fee is charged.
  • The rate of interest is based on your credit score as per the assessment tool. The higher the score, the less interest is charged.
  • Loan approval is done instantly within about 3 minutes.
  • The loan can be applied online and for this you can click on this link .

Documents Required for Nira Personal Loan

The following documents are required for Nira personal loan:

  • Aadhar card
  • Proof of identity and address in which you can submit driving license, passport, electricity bill, landline phone bill to anyone.
  • Pan card
  • 3 Months Recent Salary Slip
  • 3 months bank statement of bank account

What is Nira Personal Loan Eligibility Criteria?

Following are the eligibility criteria for Nira personal loan:

  • Applicant must be an Indian citizen.
  • Applicant age should be between 21 years to 55 years.
  • Applicant must have a college degree.
  • Applicant should have at least 6 months work experience.
  • The minimum monthly income required should be Rs.12,000 or more.
  • It is mandatory to have an Aadhar card to complete the KYC and verification process and get a Nira personal loan.
  • You are eligible for the loan even if you do not have a credit score. However, if you already have a CIBIL score, the required score is 681.

How to Apply for Nira Personal Loan?

The process to apply for Nira personal loan is very simple. You can apply online or through Nira app. All you have to do is follow some of the following steps:

  • Install Nira’s mobile app or log in to their official website. Click on the link for the official website .
  • Fill in the required details to take an in-principle decision in just 3 minutes.
  • Upload the required documents, which include identity proof, bank details, etc., if you are eligible to avail the loan.
  • Once your documents are successfully verified, you will get approval.
  • Immediately after the completion of KYC compliance, you will have access to the Line of Credit.
  • Set auto-debit mandate. You can digitally sign the mandate if your bank enables it. If not, Nira will arrange a pickup for the Paper Mandate from the location and time chosen by you.
  • The loan will be transferred to your bank account.

Nira Personal Loan EMI Calculation

Even before applying for the loan, it is necessary to calculate the EMI using the EMI calculator available online. Finally, when you arrive at the loan amount in proportion to your affordable EMI, you will be able to decide whether the amount will serve the purpose for which you are availing the loan. To calculate your Nira personal loan EMI, through our personal loan EMI calculator, you need to enter the loan amount, interest rate and tenor.

Let’s take it as an example here:-

Personal loan amount required: Rs 1 lakh

Applicable interest rate : 24% p.a.

Tenure: 1 year

EMI to be paid every month till the end of the tenure: Rs 9,456

Total interest to be paid: Rs 13,472

Total amount to be paid to the lender: Rs 1,13,472

Let us consider the above example in the form of a table:

The year opening balance Amount paid by the customer (EMI x 12) interest paid in the year principal payment in the year credit balance
1 Rs. 1,00,000.00 Rs 28,368.00 Rs 5,550.00 Rs 22,818.00 Rs.77,182.00
2 Rs.77,182.00 Rs.85,104.00 Rs 7,922.00 Rs.77,182.00 Zero

Nira Personal Loan Comparison with other lenders

name of lender Interest Rate (per annum) processing fee Maximum loan amount
stark 24% – 36% up to 2 1 lakh rupees
City Bank 9.99% – 16% Up to 2% + GST 30 lakh rupees
DBS Bank 10.99% – 34% 1% to 3% + GST Rs 15 lakh
Deutsche Bank 9.99% – 11.49% up to 2 Rs 15 lakh
ICICI Bank 10.50% – 19% up to 2.25% 25 lakh rupees

Nira Personal Loan Fees & Other Fees

Following are the charges for Nira personal loan:-

Type of fee Amount
Rate of interest 24% to 36% per annum
Processing fee Minimum Rs.350 + GST ​​and maximum up to 2% of loan amount.
Prepayment fee Nil, if payment is made after 3 months; 2.5% of the amount if paid before 3 months.
Auto-debit bounce charges In case of bounce, Rs 500 will be auto-debited from your bank.
Late payment fee
  • Delay of 30 days : 3% of EMI amount
  • Delay of 30-59 days : 3% of EMI amount + 2% of outstanding amount
  • Delay of 60 to 89 days : 3% of EMI amount + 4% of outstanding amount
  • Delay beyond 90 days : 3% of EMI amount + 5% of outstanding amount

Nira Personal Loan Customer Care Number

If you have any queries regarding personal loan, you can contact Nira Customer Care Division on the following numbers:

  • +91 6363531535
  • +91 9591196740

Nira Personal Loan Frequently Asked Questions and Answers ( FAQs )

What if the applicant does not have one of the documents required to apply for the loan?

In such circumstances, you can contact Nira’s support team on 9591196740 and they will assist you in completing the application process.

What is the CIBIL Score required for Nira Personal Loan?

If you already have a credit score, then the minimum score required for Nira personal loan is 681. If you do not have a credit history, the required CIBIL score is -1 to 5.

How is the assessment done if the applicant does not have a credit score?

At Nira, they have designed their own assessment tool, which is a combination of the new generation of digital data and the earlier traditional form. This tool will assess the applicant’s profile.

In the absence of net banking facilities, how will the applicant provide the bank details while applying for the loan?

In the absence of Net Banking, the applicant can upload the soft copy of the Bank Statement for the last six months in PDF format.

What are the locations where Nira is working?

Nira is currently working in Hyderabad, Bangalore, Gurgaon, Chennai, Delhi, Indore, Pune, Noida and Kolkata.

What is a credit line?

The credit line will be a pre-determined limit for each borrower as per eligibility which can be utilized as and when required. It is similar to a credit card which has a predetermined limit that can be used at will.

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Complete details of Nira Loan have been told in this post. What is the interest rate of Nira personal loan? What are the documents required for Nira personal loan? What is the eligibility for Nira personal loan? How to apply for Nira personal loan? What is the customer number of Nira personal loan? Everything is explained in detail.

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