RupeeRedee is a financial services platform that provides short-term personal loans to both salaried and self-employed individuals. Even applicants with no credit history can borrow from the RupeeRedee platform. Read this article to know about the documents that are required to avail a RupeeRedee personal loan.
What are the Required Documents for RupeeRedee Personal Loan?
The documents required to apply for a personal loan at RupeeRedee have been discussed in this section. Please note that these documents are required for compliance with Know Your Customer (KYC) regulations as per RBI guidelines. Moreover, it helps the lender assess your credit profile in order to approve the loan application.
- Proof of Address: This may include your Aadhaar Card, Voter ID or Driving License.
- Bank Account Statement/ Access to Bank Account Details: This should be indicative of a regular source of income.
- PAN Card (mandatory)
- Latest Photographs
NOTE: You can submit the above-mentioned documents through online medium only. You ca do so via the RupeeRedee website or mobile application. The completely digital process results in a quick turn-around time.
Important Aspects
You should keep the following points in mind while applying for a personal loan. Doing so will not only increase the chances of getting the loan approved, but will also help you get the lowest personal loan interest rate.
- Check the eligibility criteria and ensure you meet them all before submitting the loan application.
- Carefully go through the list of the documents required to avail the personal loan.
- Maintain a high credit score, which is a numeric summary of your repayment history. As the score increases, the chances of getting the personal loan at a low rate of interest also increase.
- Do not use a large amount of the total credit available to you in order to maintain a low credit utilization ratio.
- Improve your repayment capacity by maintaining a low Fixed Obligation to Income Ratio (FOIR). In other words, don’t allow your ongoing loan EMIs and credit card dues to form a large part of your monthly income.
- Always maintain a healthy mix of credit by seeking a balance between the quantum of secured and unsecured loans.
- Avoid submitting multiple loan applications as this may lead to multiple hard enquiries of your credit report, and hence lower your credit score.
Frequently Asked Questions (FAQs)
Q1. Can I apply for a personal loan at RupeeRedee as a first time borrower?
Ans. Yes, you can apply for a personal loan at a RupeeRedee even if you have never availed a loan before.
Q2. Who can apply for a personal loan at RupeeRedee?
Ans. Both salaried and self-employed individuals falling in the age group of 18 to 65 years with a minimum monthly income of Rs. 15,000 can apply for a personal loan at RupeeRedee.
Also Know: Which bank gives a personal loan for a low salary employee?
Q3. Can residents of all Indian cities get a personal loan from RupeeRedee?
Ans. No, residents of all Indian cities cannot get a personal loan from RupeeRedee. Currently, the lender is functional in only the following 20 cities – Bangalore, Hyderabad, Pune, Delhi NCR, Mumbai, Ahmedabad, Vadodara, Surat, Nashik, Nagpur, Vishakhapatnam, Chennai, Mysore, Jaipur, Indore, Bhopal, Chandigarh, Lucknow, Dehradun, and Ludhiana.
Q4. How much does RupeeRedee charge as processing fee on personal loan?
Ans. RupeeRedee charges a processing fee of Rs. 400 on personal loans. Please note that additional GST may apply.
Q5. What is the interest rate on RupeeRedee personal loan?
Ans. The RupeeRedee personal loan interest rate is 0.20% per day.
Q6. Do I need a guarantor to take a personal loan from RupeeRedee?
Ans. No, you don’t need a guarantor to take a personal loan from RupeeRedee.
Q7. What are the acceptable formats to upload the documents required for RupeeRedee personal loan?
Ans. The acceptable formats to upload the documents required for RupeeRedee personal loan are JPEG, JPG and PNG. Moreover, the file size should not exceed 2 MB.
Q8. How can I contact RupeeRedee customer care?
Ans. You can either call on 0124-4847111 or write to care@rupeeredee.com in order to contact RupeeRedee customer care.
Q9. What are the minimum and maximum loan amounts offered by RupeeRedee?
Ans. The minimum and maximum loan amounts offered by RupeeRedee are Rs. 5,000 and Rs. 25,000, respectively.
Q10. What is the repayment tenure for RupeeRedee personal loan?
Ans. You can repay the loan taken from RupeeRedee in a period varying from 7 days to 3 months.