Apply Online for Truecaller Instant loan and Review
What is Loans on Truecaller?
Truecaller offers term loans. A term loan is a loan that is repaid
in regular payments over a set period of time.
Who is eligible for Truecaller Loans?
At this point in time, Truecaller only provides salaried
individuals with loans. In addition, here are the criteria truecaller consider:
Truecaller will check your credit score from the Credit
Bureau score. Truecaller doesn’t provide loans if your Credit Bureau score is
less than 650.
The minimum salary requirement for Mumbai/Delhi/NCR is Rs. 30,000, other Metro is Rs. 20,000 and Non-Metro Cities is Rs. 15,000. If you’re self-employed, your monthly income should be a minimum of Rs. 25,000 as per your ITR..
How do I know if I am eligible for a Truecaller Loan?
If you are eligible for the offer, it will be seen on the landing
page under the banking tab of the Truecaller app.
Watch the below video for the application process of True caller Instant Loan (in Hindi)
What is the amount you are eligible for?
The amount offered is between Rs.10000 to Rs.5 lakh. The actual amount you’re eligible for will be displayed in the app.
Are there any charges/fees for using Truecaller Loans?
Truecaller only charges a one-time processing fee that’s
dynamically calculated. For instance, if you’ve borrowed Rs.50,000 as a
loan, the application processing fee will be deducted from the loan amount while
the remaining funds will be transferred to your account.
What Are The Steps You will Need To Follow To Get A Loan From
Truecaller?
You can get an instant loan on Truecaller without any paperwork by
following these steps:
- Complete
and submit your loan application on the app.
- Once
you’ve submitted your loan application, Truecaller will go through your
documents and assess your creditworthiness along with other important
details on your application.
- Post the verification process, Truecaller will send you a NACH form, which you’re required to print, sign on, scan, and send back to us. This NACH form is to enable the auto-debit facility for your bank account so you can pay your EMIs on time automatically.
- After receiving your NACH form, Truecaller will send you a loan agreement on the app. You’ll need to review and submit the agreement. Post this, your loan amount will be credited into your bank account in a few hours.
What are the unique features of Truecaller Loans?
Instant Loan withdrawal when you need it - anytime, anywhere
No prepayment fees.
Flexible EMIs as per your convenience
Where to apply for a Truecaller Loan?
If you have a Truecaller Loan offer, you will see it on the
landing page under the banking tab of the Truecaller app for pay registered users
& underpayments tab for nonpay users. Click on the Truecaller Loan card,
and complete the sign-up process in the app. Once Truecaller receives the
documents, Truecaller will enable Truecaller Loans for you and the money can be
withdrawn anytime you want.
How do you pay your monthly EMI?
The loan EMI will be automatically deducted from your bank
account. This is done only after you’ve authorized us to deduct the proposed
EMI amount that’s specified during the loan request process in the app.
What is NACH?
National Automated Clearing House (NACH) is a mandate from you,
telling your bank to make regular monthly payments on your behalf. Once set up,
it is an easy and automatic method to pay the EMI.
Will Truecaller send EMI reminders?
Truecaller will send you EMI reminders 2 days before the EMI due
date & on the EMI due date as well.
Where can you see your payment due date?
The EMI due date will be updated on the Truecaller Loans card on
the landing page under the banking tab of the Truecaller app.
What happens if you don’t pay you EMI on time?
Truecaller does not charge any late payment fees. However, paying the EMI is very important in order to maintain a healthy credit score. It will affect your credit score and credit worthiness
Can you change you repayment date?
Currently, the EMIs are collected only on the 5th of every month.
How can you make payments in case of failure of my NACH registration?
In case of failure of NACH registration, Truecaller will
re-attempt setting up your NACH mandate. If the EMI due date arrives before the
NACH mandate is set up, you can make the payments through the Truecaller app
What happens if you miss the payment on the due date?
There will be no late payment penalty charged by Truecaller partner NBFC,
failure to service EMI might impact you in the following manner:
Credit rating (reporting to Credit Bureau)
NBFC may initiate recovery proceedings to recover the dues apart
from the late payment charges
Why Is The Amount Of NACH Higher Than My EMI?
The amount in the NACH form is equal to your loan amount but your
EMI remains the same as what you’ve chosen on the app. This is done for your
convenience by reducing multiple NACH authorizations when taking an additional
loan.
For instance, each time you borrow more money through a top-up
loan or credit line, Truecaller will have to get a new NACH mandate to
accommodate the change in the EMI amount.
To avoid such a cumbersome process, Truecaller have simplified
things by taking a single NACH mandate authorization, which is equal to your
initial loan amount.
What can you use the Truecaller Loan for?
You can use the Truecaller Loan for absolutely anything you want.
Whether you want to buy a new phone, take a vacation or cover yourself in times
of emergency
Is a good CIBIL score required for your application to be accepted?
If you see the Truecaller Loans card in your app, you already have
an offer. A good CIBIL score is not mandatory for you to receive an offer.
What should you do in case your application was rejected?
Your application will be rejected only if there are discrepancies
in the documents you have signed on. Truecaller will get in touch with you to
complete the sign-up process again.
How do you cancel your registration for Truecaller Loans?
Please email us at support@truecaller.com to cancel the registration
for Truecaller Loans.
What are the minimum and maximum tenure for repayment of withdrawal?
The minimum tenure for repayment of withdrawal is 3 months and the
maximum tenure is 18 months.
How is the Interest calculated?
The applicant would be charged interest on a daily basis for the
cash withdrawn from Truecaller at the rate mentioned in the app. Interest will
accrue on a daily basis and will need to be paid on the dates shown on the app.
Can you avail of a partial disbursement?
No, Loans on Truecaller is a term loan. The amount you choose at the time of registration will be disbursed after the documents and repayment details get approved.
There is no cost associated! No document pick-up fees,pre-closure
fees or any other fees.
What are the documents you need to submit to avail cash disbursement
from Truecaller Loans?
Here’s the list of documents you will need to apply online for Truecaller Instant loan on
truecaller app:
- Identity
Proof – Aadhaar/PAN Card
- Current
Address Proof – If Aadhaar Card doesn’t feature your current address
- Bank
Statement (Salary A/C) – Last 3 months’ statement with salary credits
Please make sure that the documents listed above are valid at the
time of submission of your loan application.
What Are The Applicable Rates Of Interest For A Loan?
The rate of interest starts from 16% p.a. and will be based on the
assessment of your spending patterns by Truecaller's algorithm.
Is There Any Collateral/Security For This Loan?
This loan is collateral-free.
Can You Really Process The Loan And Disburse The Amount In 24
Business Hours?
Truecaller tries its best to process your loan within 24 business
hours. This time period starts when you’ve reviewed and submitted your
loan agreement. It ends once you receive the loan amount in your account.
To keep you informed, the time is taken for your loan application, NACH mandate and eligibility checks are not part of this 24-hour period. These steps usually involve plenty of discussions between you and Truecaller customer support team. This makes it difficult for us to provide you with a conclusive timeline.
Are you Allowed To Change The Loan Amount Once you’ve Applied
For It?
No, you can’t change your loan amount on the app after you’ve
submitted your application. If you’ve made any errors during the application
process, please email us at support@truecaller.com
Do keep in mind that you can’t change the loan amount or the terms
after you’ve reviewed and submitted the Loan Agreement.
Is There A Reason Why Truecaller Need your Bank Details?
Truecaller will need your bank details to transfer the loan amount
to your account and to deduct the Easy Monthly Installments (EMIs) for the loan
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