Rupeeredee Personal Loan

RupeeRedee is a digital platform that enables personal loan customers to borrow money for any of their personal needs at the click of a button. RupeeRedee app operates with multiple Non-Banking Financial Institutions (NBCIs or NBFCs) in the background to facilitate short-term personal loans along with PhyGital, POS, LaaS, and Brokerage services. It is not restricted to credit score-based underwriting only and has deployed various forms of underwriting including alternate data sources.

RupeeRedee offers instant personal loans in minutes and the features of the loan are as given below:

• Purpose: The loan can be utilized for small size financial requirements like planning a budget holiday, for payment of utility bills, the purchase of consumer durables, for tuition fees, for servicing of your vehicle, for the insurance premium and for building an investment portfolio.
• Flexible loan amount: The quantum of loan could be as small as Rs. 5,000 to Rs. 25,000. The quantum is available as per your requirement.
• Competitive rate of interest: The rate of interest is competitive and is charged at 36% to 48% p.a.
• Repayment: The loan is a short-term loan and is payable within 7 days to 30 days.
• Security: It is an unsecured loan and so no security will be required.
• Processing Charges: Processing fee for RupeeRedee personal loan starts from Rs. 400 + GST and can go up to 5% of the approved loan amount.
• Foreclosure charges: 5% of the amount prepaid.

There are various benefits of taking a loan from RupeeRedee that makes it a unique platform for availing instant personal loans.

• Paperless documentation: The whole process of availing the loan is paperless. The loan is applied through an application form and soft copies of the required documents are uploaded for processing the loan.
• Round-the-clock access: You can apply for a loan any time and from anywhere as the website and the mobile app are accessible round-the-clock. You can apply for the loan as per your comfort and convenience.
• Money in minutes: After the approval of the loan application, the money will land directly into your bank account within minutes.
• Collateral-free: The personal loan offered is an unsecured loan and so no collateral will be required.
• Easy process: The whole process of availing a loan from RupeeRedee is seamless and hassle-free.

It is crucial to know the EMI before you apply for a loan to plan your loan repayments and manage a good credit record.

You can easily calculate the RupeeRedee Personal Loan EMI online with our personal loan EMI calculator. The tool uses some loan details to calculate the EMI, such as the loan amount, interest rate, and tenure. After filling in the details, hit the Enter button..

Apart from calculating the EMI, the tool also displays the entire amortization schedule for loan repayment.

Here’s an illustration:

Personal loan amount required: Rs. 25,000

Applicable rate of interest: 36% p.a.

Tenure: 6 months

EMI to be paid each month till the tenure ends: Rs. 4,615

Total interest to be paid: Rs. 2,690

Total amount to be paid to the lender: Rs. 27,690

Amortization schedule of the above example:

The documents required for RupeeRedee are:

• Address Proof: Aadhar Card, Voter’s ID Card, Driving Licence, Ration Card with Photo, etc.
• Photo ID Proof: PAN Card
• Income Proof: Statement of bank account for the last 6 months and access to bank account.details.
• Photograph: The latest photograph is required.

• The applicant should be a resident Indian.
• The age of the applicant should be above 18 years and below 65 years at the time of applying for a loan.
• Both salaried individuals and the self-employed are eligible for the loan.
• A regular source of income is mandatory to be eligible for the loan. A minimum monthly income of Rs. 15,000 is required to qualify for the loan.

The following are the charges applicable for the loan apart from the interest:

• Processing charges: Rs. 400 + GST to 5% of the approved loan amount.
• Service charges: 0.68% per day + applicable GST.
• Online secure fee/ origination fee: 6% - 8% 
• Account management fee: 3% - 7% per EMI Instalment
• Foreclosure/ prepayment charges: 5%
• Collection fee: Starting from 0.1% per day
• Charges for tenure extension: 0.42% per day + applicable GST.
• Late payment fee: Rs. 550 per EMI to 3.39% per week + GST
• Overdue interest: 36% - 48% p.a.
• Overdue service fee: 8.5% per missed EMI Instalment

To apply for an instant personal loan through RupeeRedee you will have to access the website or download the mobile of RupeeRedee and follow the steps mentioned below.

• Choose your loan amount and tenure.
• Enter your mobile number.
• An OTP will be generated and sent vide SMS to your mobile number.
• Enter the OTP to verify your mobile number.
• Enter your Email Id and verify.
• You should then agree to the terms and conditions of RupeeRedee by clicking the box on the left-hand corner.
• Then click on the next button to continue.
• Enter the Pan Card Number and click the verify button.
• Provide the pin code of your current address.
• Select the employment type from the dropdown menu.
• Provide your income details.
• Provide a reference name and the mobile number of the reference. Also, mention your relationship with the reference provided.
• Upload the pan card and a photograph.
• You then provide the KYC details to complete the application.
• Verify your bank account through a secure online process.
• RupeeRedee will have access to your latest bank statement through a secure finance application, i.e., Perfios.
• On submission of the application, you will be contacted by the representative of RupeeRedee for any further details.
• If the loan application is approved the money will be credited to your bank account in minutes.

Following is the process for logging in on RupeeRedee 
• Visit https://www.rupeeredee.com/ and register yourself if you are not registered already. 
• Click on the ‘Log In’ tab given on the top right corner of the page. 
• Now you can either opt for RupeeRedee login via OTP or via password.  
• Mention your mobile number, enter the OTP received on your mobile, and click on the ‘Submit’ button if you are logging in via OTP otherwise enter the password.

The process of checking the RupeeRedee loan status is mentioned below: 
• Open the RupeeRedee loan status tracker by clicking the link rupeeredee.com/appstatus.  
• Enter your registered mobile number and application number. 
• Click on the ‘Check Now’ button to know your RupeeRedee loan application status.

You can repay a RupeeRedee loan by requesting for setting an auto-debit instruction to your bank account through a digital mandate i.e., NACH mandate. You will have to provide the details of the loan account, EMI amount and the due date for the auto-debit. Your account will be debited automatically on the due date, provided you maintain sufficient balance for the debit of the EMI amount on the due date. This facility will enable you to make the repayments promptly on the due date as there will be no miss out of EMIs. The only reason for missing out of EMIs will be not maintaining sufficient funds on the EMI due date.

Ensure that sufficient funds are available on the due date or else you will have to pay a penalty on the overdue amount for the overdue period which will be an unnecessary addition to the cost of the loan.

You can contact RupeeRedee personal loan customer care team through any of the following ways to enquire or compliant about the loan:

Through email at Customer Service: care@rupeeredee.com.

Customer queries on email shall be responded within 48 hours.

Visit at the following address:

UG-06, MGF Metropolis Mall, 

Mehrauli-Gurgaon Rd, 

Gurugram, Haryana 122002