NIRA

NIRA Personal Loan App: Quick Financial Solutions for Salaried Individuals

NIRA is a digital lending platform that partners with RBI-regulated NBFCs and banks to provide personal loans tailored for salaried professionals. The app offers a seamless and secure way to access funds with a completely online application process.

Key Loan Details:

Loan amounts range from ₹5,000 to ₹1,00,000, with an Annual Percentage Rate (APR) between 24% and 36% on a reducing balance basis. The repayment tenure is flexible, starting from 91 days up to 24 months. A processing fee of up to 2%-7% of the loan amount plus GST (capped at ₹350 + GST) applies. Prepayment is free within the first 7 days, after which a fee of up to 4% may be charged. Late payments beyond 30 days incur a ₹500 fee, with a maximum late fee of ₹1,000 for defaults exceeding 90 days.

Example Loan Calculation:

For a loan of ₹14,999 at 36% APR over 6 months, the processing fee (including GST) is ₹826. The disbursed amount would be ₹14,173, with EMIs of ₹2,769. The total interest paid would be ₹1,614, resulting in a total repayment of ₹16,613 if paid on time.

Lending Partners:

NIRA collaborates with trusted financial institutions including Muthoot Finance Limited, IIFL Finance Limited, HDB Financial Services Limited, Northern Arc Capital Limited, PayU Finance India Private Limited, and Komac Investments & Finance Private Limited.

Benefits of Using NIRA:

1. Repay via EMIs with tenures from 3 to 24 months.
2. Receive funds in your bank account within 24-48 hours after approval.

Eligibility Criteria:

Applicants must be between 22-59 years old with a minimum monthly salary of ₹12,000.

Responsible Lending:

NIRA is a member of the Digital Lenders Association of India (DLAI) and adheres to its code of conduct. The app ensures data security with 256-bit SSL encryption and requires permissions solely to streamline the loan process, such as auto-filling applications, verifying financial SMS, and uploading documents securely.

For Hindi-speaking users, NIRA offers full support in Hindi for a smooth borrowing experience.

For more details, users can read the privacy policy at https://nirafinance.com/privacy-policy or contact [email protected]. The office is located at NIRA, 2nd floor, UrbanVault Indiranagar, Bengaluru, Karnataka 560008.