Question 1

What is Rupyy?

Accepted Answer

Rupyy is a digital lending platform where you can apply for a loan with our wide range of lending partners. There is no paperwork involved, and you just need to submit a soft copy of your documents. In Rupyy, you have multiple loan options: personal loan, car loan, loan against car, two wheeler loan and business loan.

Question 2

How to apply for a loan on Rupyy?

Accepted Answer

Get loan offers on Rupyy by filling out the online application form. To begin with,

Provide your mobile number
Click on the “check offer” button
Now, the eligible offers will be displayed to you.

Question 3

What are the eligibility criteria for a loan on Rupyy?

Accepted Answer

To apply for a loan on Rupyy, you need to meet the basic eligibility. This includes age, income, work experience, etc. Based on the information you provided, we’ll evaluate your profile for eligible loan offers.

Question 4

What are the interest rates and processing fees on Rupyy?

Accepted Answer

The actual interest rate and processing fee may vary based on your chosen loan offer. Rupyy partners with multiple lenders, each with its interest rate and processing charges.

Question 5

What is the maximum Loan on Rupyy?

Accepted Answer

The maximum amount you can borrow will depend on your loan eligibility if you’re eligible for a higher loan amount.

Question 6

What is Rupyy Car Loan interest rate?

Accepted Answer

Rupyy provides two types of car loans: used car loans and new car loans. These loans come at an attractive interest rate. Do compare the rate of interest using our car loan EMI calculator.

Question 7

How to do Rupyy Login?

Accepted Answer

To log in to your Rupyy account, follow these steps:

Visit www.rupyy.com
Click on the “Login” button
Select “As a Customer”
Enter your registered mobile number
Click on “Get OTP’
Enter the OTP and login to your account

Question 8

What is Rupyy Partner Login?

Accepted Answer

Rupyy's partner program allows lenders to get quick customer responses through our digital loan services. To begin, follow the steps below:

Visit www.rupyy.com
Click on the “Become a Partner” button
Enter your mobile number and the OTP you’ve received

Question 9

Can a self-employed person apply for a Rupyy loan?

Accepted Answer

Yes, a self-employed person can get a loan from Rupyy. As an applicant, you just need to ensure you meet the income and other criteria. If you do, request a loan by providing details like your mobile number and PAN details.

Question 10

What is a personal loan?

Accepted Answer

A personal loan is an unsecured loan provided by financial institutions, which can be used for various personal expenses, such as consolidating debt, financing major purchases, or covering unexpected expenses. Unlike secured loans, personal loans do not require collateral.

Question 11

How does a personal loan work?

Accepted Answer

A personal loan is offered to you on the basis of your creditworthiness for the lump sum amount. After meeting your needs, you can repay the loan in equal instalments.

Question 12

When should I borrow a personal loan?

Accepted Answer

Apply for a personal loan when you need a large sum of money for situations like renovation, wedding, medical emergency, etc.

Question 13

What can I use a personal loan for?

Accepted Answer

You can use a personal loan for anything. If you need money and don’t know where to get a lump sum amount, apply for a personal loan. This way, you can meet your needs and repay them later.

Question 14

What is the maximum personal loan amount that I can borrow?

Accepted Answer

The maximum amount you can borrow will depend on how much your monthly income is. If you have a high income, your loan limit will be high as well.

Question 15

Do I need to pledge any assets/collateral to apply for a Rupyy personal loan?

Accepted Answer

No, you don’t need any assets to pledge when applying for a Rupyy personal loan. We provide paperless, quick personal loans without any collateral.

Question 16

What is the personal loan application process?

Accepted Answer

The application process typically involves the following steps:

Visit Rupyy.com on your smartphone or tablet
Go to the ‘Loan’ tab and select ‘Personal Loan’ from the dropdown
Enter your mobile phone number and check available offers in 15 seconds
Choose the loan offer you find attractive and submit the necessary documents
Await approval and review the loan terms.

Question 17

What are the benefits of a personal loan?

Accepted Answer

Benefits of personal loans include:

No collateral is required
Fixed interest rates and monthly instalments
Can be used for different needs (debt consolidation, travel, medical expenses)
Lower interest rates compared to credit cards

Question 18

Can I apply for another loan when I already have a personal loan?

Accepted Answer

Yes, you can apply for another loan while having an existing personal loan. However, we will assess your creditworthiness, including your current debt obligations and credit score, to check your eligibility for a new personal loan.

Question 19

What is the minimum credit score for a personal loan application?

Accepted Answer

The minimum credit score to qualify for a personal loan changes based on your lender. To maintain a healthy credit score and get approved for a personal loan ensure your credit card and loan debts are paid.

Question 20

How to get an urgent loan with a bad credit score in India?

Accepted Answer

To secure a loan despite a bad credit score in India, borrow a secured loan. With this type of loan, you can avail of a loan based on your repayment capacity and collateral value.

Question 21

Is there a specific list for personal loan documents?

Accepted Answer

Yes, the specific documents required may vary by lender, but generally, you should prepare with:

Proof of identity (Aadhaar Card, PAN Card, Voter ID Card)
Proof of income (salary slip, bank statement, form 16)
CIBIL report

Question 22

What are the basic personal loan requirements?

Accepted Answer

Basic requirements usually include:

A minimum age (typically 18 or above)
A steady source of income
A valid ID proof
A decent credit score (requirements vary by lender)
A permanent residence status

Question 23

What is the personal loan eligibility for salaried people?

Accepted Answer

Eligibility for salaried individuals generally includes:

Indian citizen
Currently working
Regular income
Decent credit score

Upon meeting the above criteria, salaried people can apply for personal loans.

Question 24

What is the minimum salary to apply for a personal loan?

Accepted Answer

The minimum salary requirement varies by lender but typically ranges from Rs. 20,000 to Rs. 30,000 per month. Some banks may have specific thresholds based on your location. At Rupyy, you can check your loan eligibility based on your income.

Question 25

Is there an extra charge I need to pay when applying for a personal loan?

Accepted Answer

No, there are no charges applicable for loan applications. You can apply for a personal loan with no extra charges on Rupyy.

Question 26

What are the tax benefits of a personal loan?

Accepted Answer

There are no tax benefits on personal loan repayments. However, if you’ve borrowed money for home renovation, you are eligible for deduction under Section 24b of the Income Tax Act, 1961. You need proper receipts and documentation to prove the loan is used for home renovation.

Question 27

What is the minimum processing fee for a personal loan?

Accepted Answer

Banks and NBFC charge a processing fee when your personal loan is approved. This amount is around 1%-2% of the approved loan amount. A minimum processing fee of a personal loan will depend on the amount you’ve borrowed.

Question 28

Can I apply for a personal loan without documents?

Accepted Answer

Yes, you can apply for a personal loan without going through any paperwork. With Rupyy, you just need to upload your documents in a soft copy, and the loan application will get accepted for review.

Question 29

Can a personal loan be foreclosed?

Accepted Answer

Yes, a personal loan can be foreclosed after a certain period of time, based on your lender’s terms and conditions. This will allow you to pay off the loan balance early and save on interest.

Question 30

Can a personal loan be paid off early?

Accepted Answer

Yes, you can pay off a personal loan early without any prepayment penalty, depending on the loan agreement.

Question 31

What happens if I miss a payment?

Accepted Answer

Missing a payment will affect your credit score. You’ll have to pay a late fee, and your lender may report the missed payment to the credit bureau, which can impact your future creditworthiness.

Question 32

Can I close my loan account before the due date?

Accepted Answer

Yes, you can close your loan account early by paying the outstanding amount in full. This may include early foreclosure charges as per the terms and conditions.

Question 33

What is foreclosure of a loan?

Accepted Answer

Loan foreclosure refers to the early repayment of the loan, where you clear the entire balance before the due date. It can reduce the total interest you have to pay over the loan tenure.

Question 34

What is the process for closing a loan?

Accepted Answer

The process of closing a loan typically involves clearing the total outstanding amount, including principal and interest. Once cleared, the lender will send you the necessary closure documents, confirming that the loan has been paid off.

Question 35

How long will it take to foreclose a personal loan?

Accepted Answer

The time taken to foreclose a personal loan depends on the lender. Generally, it can take 2-3 business days for the closure process, after which the outstanding balance will be cleared.

Question 36

Can I get my foreclosure amount reduced?

Accepted Answer

No, the foreclosure amount is calculated based on the outstanding principal, interest, and applicable charges. It cannot be reduced, but some lenders may offer a discount if you prepay the loan in full.

Question 37

What is the penalty for loan foreclosure?

Accepted Answer

A penalty for loan foreclosure can be charged as per the loan agreement. It is typically a small fee calculated based on the outstanding loan amount.

Question 38

How is foreclosure of loan calculated?

Accepted Answer

Foreclosure of a loan is calculated based on the outstanding principal, interest, and any applicable charges. It is advisable to check with your lender for the specific calculation.

Question 39

What are the consequences of not paying a loan?

Accepted Answer

Not paying a loan can lead to legal consequences, a drop in your credit score, and loss of collateral if it’s a secured loan. You may face difficulty in obtaining future loans.

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