RapidRupee offers personal loans with instant approval for amounts up to ₹60,000, without the need for a credit score. The interest rate is 1% per month, and the entire process takes just 30 minutes through the secure RapidRupee app in India. Once approved, the cash is directly transferred to your bank account, and you have the flexibility to repay for up to 12 months.
Table of Contents:
- ⇾ RapidRupee Personal Loan In Details
- ⇾ RapidRupee Personal Loan Interest Rates
- ⇾ RapidRupee Personal Loan Eligibility Criteria
- ⇾ Documents Required for RapidRupee Personal Loan
- ⇾ RapidRupee Personal Loan EMI Calculator
- ⇾ Calculation of RapidRupee Personal Loan Monthly Payment
- ⇾ Compare RapidRupee Personal Loans Vs Other NBFCs
- ⇾ Purposes of RapidRupee Personal Loan
- ⇾ Benefits of RapidRupee Personal Loan
- ⇾ How Do You Apply for RapidRupee Personal Loans?
- ⇾ Things To Keep In Mind When Applying for RapidRupee Personal Loan
- ⇾ Frequently Asked Questions
RapidRupee Personal Loan In Details
The table below shows the highlights of the RapidRupee personal loan:
| Feature | Details |
|---|---|
| Loan Amount | Rs. 1,000 to Rs. 60,000 |
| Tenure | 3 to 12 months |
| Interest Rate | 12% to 36% p.a. |
| Processing Fee | Starts from Rs. 99 |
| Time for Loan Sanction | 30 minutes |
| Credit Score | Not Required |
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RapidRupee Personal Loan Interest Rates
The interest rate for Rapid Rupee personal loans is currently fixed at 1% per month, which equals 12% per year and the maximum rate is up to 36% p.a.
| Interest Rate | 12% to 36% p.a. |
|---|
RapidRupee Personal Loan Eligibility Criteria
The following criteria determine the Eligibility Criteria for a Rapid Rupee instant loan:
- The applicant's age must be between 22 and 59 years.
- The applicant must have a monthly income of Rs. 10,000 or more from a legitimate source.
- RapidRupee loans are open to both salaried and self-employed individuals.
Documents Required for RapidRupee Personal Loan
After meeting the mentioned eligibility criteria, you will need to upload the following documents on the RapidRupee loan app:
- Aadhaar Card
- PAN Card
- Selfie
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RapidRupee Personal Loan EMI Calculator
A personal loan EMI (Equated Monthly Installment) calculator helps you to estimate the monthly payments you would need to make for a personal loan. You can experiment with different loan amounts, interest rates, and repayment tenures to see how these factors affect the monthly EMI. By adjusting these variables, you can determine the most suitable loan terms that fit your budget and financial requirements.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Calculation of RapidRupee Personal Loan Monthly Payment
You can manually calculate the personal loan EMI using the following formula:
E = P x R x (1+R)^N/ [(1+R)^N-1]
Where
- E- your monthly loan EMI amount,
- P- Principal Amount (₹4000)
- R- the monthly interest rate,
- N- the total number of months for EMI payment.
Example: Here's how you can calculate the EMI for a loan of ₹10,000, the interest rate of 12% p.a., and a tenure of 1 year:
Annual Interest Rate (R) = 12%
r = 12% / 12 months = 0.01 (as a decimal)
n = 1 year = 12 months
EMI = [ ₹10,000 x 0.01 x (1 + 0.01)^12 ] / [ (1 + 0.01)^12 - 1]
EMI ≈ ₹888
Therefore, your EMI for this loan would be approximately ₹888
Compare RapidRupee Personal Loans Vs Other NBFCs
The following table gives a comparison of the interest rates from other leading NBFCs with that of RapidRupee.
| Top NBFCs | Interest Rates (p.a.) |
|---|---|
| RapidRupee | 12% onwards |
| DMI Finance | 12% onwards |
| Fullerton India | 11.99% onwards |
| Fibe | 12% onwards |
| Paysense | 16.8% onwards |
| HDB Financial services | Upto 36% |
| CASHe | 27% onwards |
| Home Credit | 24% onwards |
| Money View | 15.96% onwards |
| RBL Bank | 17.50% onwards |
| Kredit Bee | 15% onwards |
| Muthoot Finance | 14.50% onwards |
| IIFL | 16.50% onwards |
| mPokket | 24% onwards |
| InCred | 21% onwards |
| L&T Financial Services | 11% onwards |
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Note: The interest rates mentioned above are subject to change at the lenders' discretion.Purposes of RapidRupee Personal Loan
You can easily manage the following financial emergencies with the RapidRupee personal loan app:
- Bill payments: Cover outstanding payments for phone bills, credit card bills, utility bills, etc. without worrying about late fees.
- Healthcare expenses: Obtain quick funds to cover medical bills and unexpected healthcare costs.
- Travel expenses: Don't let lack of funds restrict your travel plans - get a personal loan for holiday or travel expenses.
- Household Repairs or Renovations: Quickly secure funds to address home maintenance issues or fund home improvement projects.
- School Fees: Avoid last-minute panic over pending school fees by applying for a personal loan through the RapidRupee app.
- Anniversary/Special Occasion Expenses: Get a personal loan to cover the cost of anniversary gifts, dinners, or other special occasion expenses.
Benefits of RapidRupee Personal Loan
Here are the benefits of using the RapidRupee personal loan app:
- Fast Approval: Get your loan approved in just 30 minutes.
- 24/7 Accessibility: Access the app anytime, day or night.
- Fully Online: Complete the entire loan process digitally.
- No Credit Checks: Apply without a detailed credit history.
- Secure Data: Your information is transmitted through a secure connection.
Don't know your credit score? You can find out for free!
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Steps to Apply for RapidRupee Personal Loans
Here are the steps to get a RapidRupee cash loan:
- Step 1. Download the RapidRupee loan application and install it.
- Step 2. Fill out a simple form in the RapidRupee personal loan app.
- Step 3. Upload your documents.
- Step 4. Wait for your RapidRupee online loan to be approved.
- Step 5. Get the money in your bank account within 30 minutes.
Want to know more? You can check more on different loan types available by various lenders from the table below:
Things to Keep In Mind When Applying for RapidRupee Personal Loan
Before you apply for RapidRupee Personal Loan, you need to consider certain things. Here is what you need to know:
- Avoid Upfront Fees: Never pay any upfront fees to the lender. Some instant loan apps in India may ask for this, but it's a sign of an untrustworthy lender.
- Check the Ratings: Aim for instant loan apps with a rating of 4 stars or higher. Lower ratings indicate potential issues with the loan offerings or customer service.
- Compare Turnaround Times: Compare the time it takes for different instant loan apps in India to provide approvals. RapidRupee can provide approvals and disburse funds within 30 minutes.
- Look for Affordability: The best lenders will offer lower interest rates (starting from 1% per month) and minimal processing fees (as low as Rs. 349).
- Review Repayment Terms: Avoid lenders that expect quick repayment (a couple of months) and charge late fees. RapidRupee offers repayment tenures of 3 to 12 months.
Apply For a Personal Loan with the Best Interest Rates
Frequently Asked Questions
RapidRupee offers a faster and more convenient loan application process compared to traditional lenders. The entire process can be completed online through the RapidRupee app.
The required documents typically include identity proof, address proof, and income proof documents.
To be eligible, you must be at least 21 years old and have a stable source of income in India.
The loan amount available through RapidRupee can vary, but it is typically based on your income and creditworthiness.
Yes, RapidRupee is an RBI-approved digital lending platform.
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