RupeeCircle

Loan Eligibility

Who can Avail a loan from RupeeCircle?

To avail a loan one needs to be:

  • An Individual Indian Resident
  • At least 18 years old
  • Have a valid Govt. issued ID proof (PAN card, Aadhar card, Passport)
  • Have a valid Indian bank account
  • Salaried or Self-employed
Why RupeeCircle?

P2P Loan Process

1. Registration – Create a Loan Account

To apply for a personal loan, the first step is to create a loan account... Read More

close 1. Registration – Create a Borrower’s Account

1. Registration – Create a Loan Account

To apply for a personal loan, the first step is to create a loan account online by registering on the website or mobile app. You need to provide basic personal details and upload required documents.

2. Apply for Loan

2. Submit Application

Choose the loan purpose, loan amount, and the loan tenure. ... Read More

close 2. Apply for Loan

2. Submit Application

Choose the loan purpose, loan amount, and the loan tenure.

  • Loan Purpose You need to provide the purpose for taking loan for e.g. home improvement, debt consolidation, medical emergency etc.
  • Loan Amount You can apply for any amount starting from Rs 25,000/- to Rs 5,00,000/-. The loan amount should be a multiple of Rs 5000/-.
  • Loan Tenure You can apply for loans of tenure up to 24 months.
3. Loan Assessment - Profile Verification
                                                + Loan Evaluation

3. Risk Assessment

RupeeCircle’s in-house underwriting team will evaluate the loan application using ... Read More

close 3. Loan Assessment - Profile Verification
                                                    + Loan Evaluation

3. Risk Assessment

RupeeCircle’s in-house underwriting team will evaluate the loan application using its proprietary credit algorithm and assign a RupeeCircle risk grade (A to F) for the loan application and applicable interest rate based on the credit risk.

4. Approval and Listing of Loan

4. Loan Approval and Listing

Approved loans get listed in the marketplace for funding by... Read More

close 4. Approval and Listing of Loan

4. Loan Approval and Listing

Approved loans get listed in the marketplace for funding by RupeeCircle investors. Investors have maximum 14 days to fund the loan requirement.

5. Funding of Loan by Investors

5. Loan Funding

RupeeCircle Investors can fund as little as Rs. 5000 for one loan application and... Read More

close 5. Funding of Loan by Investors

5. Loan Funding

RupeeCircle Investors can fund as little as Rs. 5000 for one loan application and can commit funds multiple loans on the marketplace. You can monitor the loan status by logging into your loan account. You have the option to accept the fund once 80% or more of the requirement has been committed.

6. Physical Verification and Legal
                                                Documentation

6. Loan Agreement and Verifications

RupeeCircle conducts physical verification to avoid fraudulent and dubious practices. Upon successful verification, you are required to... Read More

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                                                    6. Loan Agreement and Verifications

6. Loan Agreement and Verifications

RupeeCircle conducts physical verification to avoid fraudulent and dubious practices. Upon successful verification, you are required to sign a loan agreement with investors, which is a legally binding document enforceable in the court of law. The loan agreement outlines the terms and conditions of repayment. You are also required to provide 10 Post Dated Cheques (PDC).

7.Loan Disbursal

Loan amount is disbursed from an escrow account to your bank account within 2 working days. Processing Fee... Read More

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7.Loan Disbursal

Loan amount is disbursed from an escrow account to your bank account within 2 working days. Processing Fee (up to 5% of loan amount, depending upon Risk Grade or Rs 1500 – whichever is higher) is auto deducted from the loan amount prior disbursal of funds to the bank account.

8. Loan Repayment

8. Loan Repayment

You need to repay the loan through monthly EMIs as per the repayment schedule. A complete repayment schedule will be provided to the borrower. Every month EMI amount is... Read More

close 8. Loan Repayment

8. Loan Repayment

You need to repay the loan through monthly EMIs as per the repayment schedule. A complete repayment schedule will be provided to the borrower. Every month EMI amount is auto-deducted from your bank account to a Repayment Escrow Account. Any delay or default in repayment will attract severe penalty.

You can make repayments via direct debit, PDCs, NEFT, demand draft or any other mode of payment as mentioned in the Loan Agreement.

  • Loan Pre-payment – You may also foreclose the loan without any charges post 3 EMIs.
  • Loan Completion – Once the total loan amount has been repaid in full along with all the dues, a loan closure certificate will be issued.

List of Documents Required

Photographs

  • 1 Latest Passport Size Photograph

Identity Proof

  • Aadhar Card

Signature Proof

  • PAN Card

Date Of Birth Proof

  • PAN Card
  • Aadhar Card
  • Passport
  • Driving Licence

Bank Details

  • Cancelled Cheque
  • Bank statements (Last 6 Months)

Address Proof (Any One)

  • Electricity Bill
  • Utility Bill

Contact Proof (Any One)

  • Post-paid mobile bills (last month)
  • Post-paid landline bill (last month)

Proof of Income

  • Last 3 years personal ITR or Income Tax Declaration
  • Last 3 Months salary Slips
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