FairMoney App 2021: How to get a loan from the app? With the help of the FairMoney app, you can take a personal loan very quickly and without any hassle. Anyone who possesses all the required and essential documents and is eligible for it can easily take the loan within minutes. You can get a maximum of 50,000 loans at a time, whereas the minimum amount is 750 INR.
The FairMoney App provides excellent flexibility to all the applicants, whether they are new in it or experience. The tenure to repay the loan is also very flexible and long enough to assist you. You have a total of 61 to 180 days by default, but you can also extend the tenure by paying extra charges. The interest rate and processing fee are also very manageable. You can take a loan simply in minutes, which makes this app very unique. Once the loan is approved, you can expect it to be transferred within a few hours into your bank account. The after service of the Fair Money app is very good as well.
|Interest rate||The minimum interest rate is 12 %, and the maximum interest rate is 36 % per annum.|
|Processing fee||The processing fee ranges from 3 % to 12 %, and additional taxes|
|Features||With the help of the FairMoney app, anyone can easily take a loan without any collateral, and any paperwork and documentation are well. You need to fulfil some simple eligibility criteria, and you need to have few documents.|
|Eligibility criteria||The applicant must have to be a citizen of India. You need to have a regular source of income and a specific minimum monthly salary to be eligible for a loan from the Fair Money app.|
|Application process (Online)||The application process is entirely online, which provides convenience and comfort to all applicants. You can quickly fill the application form after downloading the app and registering yourself on it.|
|Documents Required||There are some documents which you need to have. You need to have identity proof like an Aadhaar card, passport, voter ID card, etc. You also need to have address proof like driving license, passport, Aadhaar card, etc.|
You need to look for some eligibility criteria if you are willing to take a loan from the FairMoney app. Although if you had taken a loan in the past, you must be aware of these eligibility criteria. However, for beginners, it is pretty essential to state all of the eligibility criteria briefly.
We have mentioned all the eligibility criteria below:
- The applicant must have to be a citizen of India to be able to take a loan from the FairMoney app.
- You also need to have a regular source of income and a certain minimum monthly salary to be eligible for loan.
- Your age must have to be either equal to 18 or more than that, but it should go beyond 55 years.
- You need to have a good credit score to take a handsome amount of loan in the first attempt. Although if your credit score is less, then you can’t have the maximum loan amount.
Application process (Online)
The application process to take a loan from the FairMoney app is very simple and convenient. You can take out a loan within a few minutes. Also, the form filling and documentation doesn’t take a lot of time. As all the process is online, it provides a great deal of flexibility to all the customers.
The steps are mentioned below for the online application process:
Step II – now, you need to get yourself registered on the app. For that, you need to link your phone number and bank account with it.
Step III – once you have completed the previous step, you need to fill the application form and provide all the details required.
Step IV – now, you need to upload the scanned image of the documents required. Once you complete that process, you can submit the application form as well.
Step V – Now, you need to wait for a while, and in a few hours or minutes, the loan is transferred to the account you have linked with the Fair Money app.
The documents required to take a loan from the FairMoney app is mentioned below:
- We need to have an identity proof like, aadhaar card, Voter ID card, passport, etc.
- You also need to have address proof like, Aadhaar card, passport, driving license, etc.
- Now, you need to show the income proof, for that you can either use the bank statement of the last few months or the most recent salary slip.
- Pan card and a few other documents are also required for further processing.
Frequently asked questions
Is the FairMoney app a safe platform to take loans from?
Yes, without any doubt, the FairMoney app is entirely safe and secure. The app is approved by the RBI itself, so there isn’t any doubt left. It also has a very transparent and secure network. It has also partnered with some of the biggest NBFC.
How can I take a loan of 50,000 from the FairMoney app?
It would help if you had an excellent credit score to take the maximum loan amount on the first attempt. It would help if you also had a tremendous income per month, and your background and stats should also be good.
What is the maximum interest rate?
The maximum interest rate is 36 % per annum. The interest rate depends a lot on your credit score, loan amount and tenure.
What percentage of tax will be applied to my loan amount?
You need to pay a GST of 18 % on your loan amount. It will be added to your processing fee.