You get funded from your trusted
Checking your rate is free and won’t impact your credit score*
Finnable Personal Loan
Rate of interest
@16% to 26%
Loan Amount
1 Lakhs - 25 L
Processing Fee
0.5% to 3.5%
.png)
Tenure
1 year to 5 years
Rate of interest %
@16% to 26%
Loan Amount
1 Lakhs - 25 L
Processing Fee
0.5% to 3.5%
Tenure
1 year to 5 years
Features
Finnable offers a range of features in its personal loan products that make them an attractive choice for those in need of quick financing:
Loan Amount and Tenure: Finnable provides personal loans ranging from Rs. 50,000 to Rs. 10 lakhs, with repayment options varying from 6 to 60 months, allowing for flexibility based on the borrower's needs and repayment capacity.
Interest Rates: Interest rates on these loans start from 16% per annum, making them competitive within the market. The specific rate can vary based on the borrower's credit profile and other factors.
Quick and Digital Process: The application process is fully digital, which means there are no physical branch visits required. Loans are typically approved within minutes, and the funds can be disbursed swiftly within a few hours after approval, making it an excellent option for urgent financial needs.
Minimal Documentation: Applying for a loan with Finnable requires minimal paperwork, streamlining the process significantly. Essential documents include identity proof, address proof, recent bank statements, and salary slips.
Processing Fees: A processing fee of up to 4% of the loan amount is charged, which is a standard practice across most lenders.
Foreclosure and Prepayment Options: Finnable allows the foreclosure and prepayment of loans after six months of service with associated charges, providing flexibility to manage your loan effectively.
Finnable's personal loans are designed to offer quick financial assistance with competitive rates and flexible repayment options, making them suitable for a variety of financial needs, from emergency expenditures to planned purchases.
Products
Finnable offers a variety of personal loan products tailored to meet different financial needs. Here are some of the main products available:
General Personal Loans: These are versatile loans that can be used for various purposes such as debt consolidation, home renovation, or covering other significant expenses.
Medical Loan: Specifically designed for medical emergencies, these loans help cover medical expenses without the need for insurance claims or savings depletion.
Wedding Loan: Aimed at funding the expenses of a wedding, this loan helps manage the high costs associated with such an event, allowing for a memorable celebration without financial strain.
Travel Loan: For those looking to fund vacations or travel, Finnable provides travel loans to cover all related expenses, ensuring a stress-free holiday.
Education Loan: These loans are intended to cover education-related expenses, helping students or professionals pursue their studies without worrying about financial barriers.
Home Renovation Loan: Targeted at homeowners looking to upgrade or refurbish their homes, these loans provide the necessary funds for various home improvement projects.
Vehicle Loan: This includes loans for purchasing vehicles, enabling borrowers to buy a car or bike without dipping into savings.
Shopping Loan: For retail therapy or big-ticket purchases, Finnable offers shopping loans to cover consumer expenses like electronics, furniture, and other household items.
Each of these loan products comes with specific terms and conditions regarding eligibility, interest rates, repayment tenures, and loan amounts. These products are designed to be flexible and accessible, ensuring that borrowers can meet their financial goals effectively.
Eligibility Criteria
To qualify for a personal loan from Finnable, applicants must meet certain eligibility criteria, which ensure that they have the ability to repay the loan. Here are the general eligibility requirements for a Finnable personal loan:
Age Requirement: Applicants must be between 21 and 60 years old at the time of loan maturity. This age range ensures that applicants are in their working years.
Income Requirement: Finnable requires salaried applicants to have a minimum monthly income. This threshold is set to ensure that borrowers have enough financial stability to handle their loan repayments. The exact income requirement may vary, but it generally starts from Rs. 15,000 per month.
Employment Stability: For salaried individuals, there should be a minimum service continuity. Applicants should be employed for at least one year overall, and should have been with their current employer for at least 6 months. This helps demonstrate job stability and a consistent income source.
Credit Score: A credit score of 700 or above is typically required. A good credit score not only increases the likelihood of loan approval but may also result in more favorable loan terms, such as lower interest rates.
Nationality: Applicants must be Indian citizens to qualify for the loan.
These criteria are designed to assess the applicant’s financial health and ability to repay the loan. It’s advisable for potential borrowers to check their eligibility through Finnable's online tools or contact their customer service for more detailed information before applying. This preparation can help streamline the application process and improve the chances of loan approval.
Fees and Charges
When considering a personal loan from Finnable, it's important to be aware of the various fees and charges that are associated with the loan. Here’s an overview of the typical costs you might encounter:
Interest Rates: Finnable offers competitive interest rates starting from 16% per annum. The specific rate applicable to your loan depends on factors such as your credit score, income, and loan amount.
Processing Fee: Finnable charges a processing fee of up to 4% on the loan amount. This fee is deducted from the loan amount at the time of disbursement.
Prepayment Charges: If you choose to prepay your loan, Finnable allows this after 6 months of loan disbursement. The charges for prepayment are between 3% to 6% of the outstanding principal amount, plus applicable taxes.
Late Payment Charges: If your EMI payment is delayed, Finnable typically imposes a late payment charge. This is often 2% per month on the overdue EMI amount.
Loan Cancellation: If you cancel the loan after it has been disbursed, Finnable does not charge an additional fee but retains the processing fee. Any interest accrued from the disbursement date to the cancellation date also needs to be paid.
These fees are indicative and can vary based on specific loan terms and your individual profile.
Documents Required
To apply for a Finnable personal loan, you will need to submit several documents as part of the application process. Here are the typical documents required:
Proof of Identity: A copy of your PAN card, Aadhaar card, passport, driving license, or voter ID card.
Proof of Address: Documents such as your Aadhaar card, passport, voter ID, driving license, or recent utility bills (electricity, water, or gas).
Income Proof:For salaried individuals: Recent salary slips (typically for the last 2 months), bank statements for the last three months showing salary credits, and your most recent Form 16 or Income Tax Returns.
For self-employed individuals: Recent Income Tax Returns, financial statements (profit and loss statement and balance sheet for the last 2-3 years), and bank statements for the last six months.
Employment Proof: Salaried individuals may need to provide an employment certificate or a current-dated salary certificate from their employer.
These documents help Finnable assess your creditworthiness and verify your identity, income, and employment status. It's advisable to have these documents ready before starting the application process to ensure a smooth and quick approval.
Policies
Bank / NBFC :
Finnable
Applicable to :
salaried
NTH Salary:
Above 20,000
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 60 yrs
1 Lakh / 25 Lakhs
12/60 months
Yes
Yes
Listed and Unlisted companies.
1 month
1 Year
9 EMI
Unlimited
No
After 6 EMI
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
