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RupeeRedee is a digital lending platform that offers short term personal loans up to Rs. 25,000 even if to applicants who have no credit history at all. These short term loans have a repayment period of up to 30 days, a 100% paperless application process and are disbursed quickly. Read on to know more about the interest rate, loan interest calculation, ways to reduce personal loan interest rate and related aspects of a RupeeRedee personal loan.
RupeeRedee Personal Loan Interest Rate
- The interest rate for a RupeeRedee personal loan starts at 0.20% per day. The maximum tenure currently offered on personal loans by this lender is 30 days.
- The actual rate at which you will get the loan will depend on various factors like your monthly income, credit score and income stability.
- Further, the lender charges a processing fee starting from Rs. 400 + GST depending on the loan parameters.
How to Get RupeeRedee Personal Loan at a Low Interest Rate?
You can follow the below tips to get RupeeRedee personal loan at the best possible interest rate.
- Repayment History & Credit Score: Always pay EMIs of your ongoing loans and credit card dues on time. Credit bureaus keep a record of your repayment behaviour to generate a 3-digit credit score, which sums up your credit history and is checked by lenders before approving any loan application. Thus, maintaining a high credit score improves your chances of getting a loan at a low rate of interest.
- Credit Utilization Ratio: Do not use a large proportion of the total credit available to you. This improves your repayment capacity, and hence the lender’s trust.
- Fixed Obligation to Income Ratio (FOIR): Never allow your monthly payments like credit card dues and EMIs to form a large part of your income. Maintaining a low FOIR improves your creditworthiness, and hence helps to get a loan at a low interest rate.
- Multiple Loan Applications: You should not submit multiple loan applications at the same time, as it may portray you as credit hungry and reduce your credit score.
- Healthy Mix of Credit: Keep a balance between the amount of secured and unsecured loans availed by you. Ideally, the amount of unsecured loans should be lesser than that of unsecured loans.
Also Read: How to Track RupeeRedee Personal Loan Application Status?.
Frequently Asked Questions (FAQs)
Q1. What are the minimum and maximum personal loan amounts offered by RupeeRedee?
Ans. RupeeRedee offers a minimum of Rs. 5,000 and a maximum of Rs. 25,000 as a personal loan.
Q2. Who can get a personal loan from RupeeRedee?
Ans. Salaried employees as well as self-employed individuals who meet the eligibility criteria can avail a personal loan from RupeeRedee.
Q3. What is the minimum income criterion for RupeeRedee personal loan?
Ans. You should earn a minimum of Rs. 15,000/ month to meet the RupeeRedee personal loan eligibility criteria.
Q4. What documents are required to apply for a personal loan at RupeeRedee?
Ans. You need the following documents to get a personal loan from RupeeRedee:
- Proof of Address: It can include your Aadhaar Card, Driving License or Voter ID.
- Bank Account Statement: It should indicate a regular source of monthly income.
- PAN Card (mandatory)
- Latest Photographs
NOTE: These documents can be submitted through online medium only. You ca do so via the RupeeRedee website or mobile application.
Q5. 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.