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RupeeRedee is an online lending platform offering personal loans for amounts starting from Rs. 5,000 and up to Rs. 25,000. These short terms loans can only be availed via the online route and need to be repaid within a period of 30 days. The following sections contain details about the eligibility criteria for availing these unsecured personal loans and ways to improve your chances of approval for a RupeeRedee personal loan.
RupeeRedee Personal Loan Eligibility Criteria
The following table summarizes the eligibility criteria for RupeeRedee personal loan.
| Eligible Applicant Types | Salaried employees and self-employed individuals |
| Age | 18-65 years |
| Minimum Monthly Income | Rs. 15,000 |
| City of Residence (RupeeRedee currently operates in only these 20 cities) | Bangalore, Delhi NCR, Hyderabad, Mumbai, Surat, Ahmedabad, Nashik, Vadodara, Nagpur, Chennai, Mysore, Dehradun, Vishakhapatnam, Jaipur, Bhopal, Indore, Chandigarh, Lucknow, Pune, and Ludhiana. |
NOTE: RupeeRedee may at its discretion require applicants to meet additional eligibility criteria on a case by case basis.
Also read about RupeeRedee Personal Loan Customer Care.
How to Increase your chances of approval for a RupeeRedee Personal Loan?
In actual practice, meeting the personal loan eligibility criteria by itself does not guarantee approval for a personal loan. You can follow the tips mentioned below to improve your chances of approval for a RupeeRedee personal loan:
- Maintain a clean Credit History: Having a clean credit history with no defaults and no/as few as possible late payments for prior loan EMIs and credit card dues will help you maintain a high credit score. This can improve your chances of being eligible for a new loan.
- Keep Credit Utilization Low: If you do not use a large proportion of the total credit available to you, you will be judged as fiscally prudent and increase your chances of loan application approval due to being considered as a low risk borrower by potential lenders.
- Minimise Existing Debt: If you have low level of debt, your repayment capacity will be judged to be higher. This can improved your chances of being approved for additional loans in the future.
- Avoid Multiple Loan Applications: When you submit multiple loan applications within a short time, these show up on your credit report. This will portray you as a credit hungry borrower who is at a higher risk of defaulting. By avoiding this, you will improve your chances of being approved for a new loan.
Frequently Asked Questions (FAQs)
Q1. What is the interest rate applicable to a personal loan from RupeeRedee?
Ans. RupeeRedee personal loan interest rates start at 0.20% per day.
Q2. What documents are required to apply for a personal loan at RupeeRedee?
Ans. You need to provide the following key documents to apply for a RupeeRedee personal loan:
- Address Proof such as Aadhaar Card, Voter ID or Driving License
- Income Proof such as Bank Account Statement showing monthly income credit/Latest Salary Slips.
- PAN Card (mandatory)
NOTE: These documents and any other documents have to be submitted online on the RupeeRedee mobile app or official website.
Q3. Can I take multiple loans from RupeeRedee?
Ans. No, you cannot take more than one loan from RupeeRedee at a time.
Q4. Do I need a collateral/ guarantor to get a personal loan from RupeeRedee?
Ans. No, you don’t need a collateral/ guarantor to get a personal loan from RupeeRedee.
Q5. How much does RupeeRedee charge as processing fee on personal loan?
Ans. RupeeRedee charges a processing fee starting from Rs. 400 on personal loans. Please note that additional taxes may apply.
Q6. What is the late payment penalty on RupeeRedee personal loan?
Ans. RupeeRedee charges 3.39% per week as late payment penalty on personal loans.