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Finzy personal Loan

Apply Finzy personal Loan

Max Tenure

6 to 36 months

Best Rate

7.99% p.m

Processing Fee

2%

View Details

Features

  • TAT - 1 day ; Quick Loan Disbursal
  • Rate of interest starting from 7.99% ( reducing rate of interest)
  • No prepayment charges
  • No foreclosure charges
  • Flexible tenure 6 to 36 months

Pricing

  • Interest rate – 7.99% onwards
  • Processing fee – 2-4%

Documents Required

  • Photo
  • Pan card
  • Address proof
  • 3 months bank statement
  • 3 months payslips
  • Form 16/ ITR ( if salary above 62500 per month)
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How to Get a Finzy Personal Loan

Finzy Personal Loans offer loan amounts of up to Rs.5 lakhs with interest rates starting at just 7.99%. They also offer a convenient repayment tenure of up to 36 months to repay the loan in easy EMIs.

Finzy Personal Loan Snapshot

Finzy Personal Loan

Personal Loans for various needs

Loan Amount

Up to a maximum of Rs.5 lakhs

Interest Rate 

Starts at 7.99%  - up to 27.99% (Calculated on Reducing Balance Method)

Repayment Tenure

Up to 36 months

Processing Fees

2 – 5%

Part Payment / Foreclosure Charges

Nil

Personal loans are a great way of meeting emergency fund crunch. You might be faced with any kind of financial need and arranging funds may be an issue. But with Finzy personal loans, you can get a personal loan instantly. Moreover, Finzy personal loans are flexible and totally transparent as they are totally processed online. We have rounded up some of the important features of Finzy Personal Loans to help you in getting the best personal loans for you;

What are Finzy Personal Loans?

  • Finzy is a first of its kind P2P lending platform in India. 
  • It connects prospective borrowers with private lenders who are looking to invest money.
  • Your loan application is categorized into 4 different categories and your loan amount is disbursed upon successful processing of your application
  • Your loan terms and interest rates are determined based on the category you are assigned to
  • You can choose to complete the documentation process either online or their agents will do a doorstep pickup
  • EMIs are auto-debited from your bank account from the following month

Once the loan is disbursed, you have up to 36 months to repay the loan. You can just stick to the monthly EMIs or if you have any surplus money, you can make part payments, which don’t carry any charges. You can also foreclose the loan at any time during the tenure without any additional charges.

Why should I go for Finzy Personal Loans?

One of the best features of a personal loan is that it is unsecured and can be availed instantly. Personal loans offer you high loan amount without any collateral so that you can take care of your needs at the earliest.

Here are some of its best features: 

  • Unsecured, collateral-free loans for any purpose
  • Totally digital lending platform for a transparent loan process
  • Simple documentation needs that can be done either online or in person
  • Totally secure platform where the investors are not shared your personal information
  • Get multiple loans in a year based on your eligibility and repayment track record
  • Prepay or partially pay your loan without incurring any prepayment penalties

Find The Top 10 Personal Loans To Apply In 2022

How does one become eligible for a Finzy Personal Loan?

Finzy does not follow the traditional assessment process to sanction your loan. They use an AI designed approach to that is built of various parameters that is not just limited to your credit score. This enables Finzy to lend to a wider borrower segment who are unable to get instant personal loans from banks and NBFCs.

Eligibility Criteria

  • Applicant should be at least 18 years old
  • Should be an Indian resident
  • Monthly income eligibility of Rs.35,000 or more for salaried individuals; and a minimum of Rs.5 Lakhs annual business income in case of self-employed individuals

What is the application process for a Finzy Personal Loan?

Applying for a Finzy Personal Loan is very simple. Since the entire process is online, you can apply for a personal loan in a few simple steps;

  • Login to the Finzy Personal Loan website
  • Enter your KYC details like name, address, PAN details and Aadhaar details
  • Scan and upload your income documents and bank account statements
  • Go through the loan terms and conditions offered based on the loan amount and the repayment tenure you have selected
  • Once you accept the loan terms, loan agreement shall be executed
  • The loan amount shall be disbursed to your account instantly 
  • EMIs are auto-debited from your bank account from the next month

Finzy Multiple Loans

Finzy wants to reward borrowers with an impeccable repayment track record. So they have come up with this feature called ‘Multiple Loans’; Under this scheme, Finzy customers with a great track record on timely repayments can get multiple loans under the same terms and conditions. They may even avail a lower rate of interest on consequent loans.

This allows customers to avail lower rate of interest on all their loans. They can also get timely financing for all their needs without having to go through the loan application process again.

What is the credit score required to get a Finzy Personal Loan?

Finzy uses its in-house credit algorithm that checks your credit history instead of your credit score. So they will only be doing a soft check on your credit report which will not affect your credit score in any way. However, it is advisable to achieve and maintain a credit score of 750 and above to get the cheapest loans in the market.

Find your credit score along with a detailed analysis of your credit report on Creditmantri!

Another benefit of perusing your credit history instead of credit score is that, it allows Finzy to lend to a great segment of customers. Borrowers currently having a low credit score, but have a good track record on repayment, can benefit from this credit assessment used by Finzy.

Security and Privacy aspects of a Finzy Personal Loan

If Finzy is completely processed online, is my data safe? What kind of privacy assurance does Finzy offer?

  • Finzy collects only relevant data from you. Your information is not revealed to the lenders and hence you can enjoy complete privacy.
  • The platform allows only screened investors to lend on the platform to ensure that the lending is totally secure
  • Your data is not shared with anyone so that it is not misused
  • Finzy will be your point of contact throughout the loan process though the loan may be funded by multiple investors

Finzy can be considered a revolutionary idea in the lending market. Finzy connects investors who are willing to lend money, with borrowers who are looking for low cost financing. This enables the platform to process loans quickly and disburse loans in less than 48 hours. The competitive interest rates are an added bonus for people looking to fund various needs like marriage, vacations, medical emergencies, professional training courses, and so on.

FAQS

1. Is Finzy approved by RBI?

Yes, Finzy is registered as an NBFC P2P with RBI.

2. What is the credit score required to get a personal loan from Finzy?

Finzy checks your credit history rather than your credit score. So borrowers with less than average credit score can also get a personal loan from Finzy.

3. Is Finzy safe?

Finzy uses necessary encryptions on their platform to ensure that your data is safe. None of your personal details, like your name, address, or photograph, are not shared with investors to protect your privacy.

4. Who funds my Finzy loan?

Your Finzy loan is funded by registered investors who are pre-screened before they can invest. A minimum of 5 investors are involved in funding your personal loan.

5. How is the interest rate on my Finzy personal loan calculated?

The interest rate is calculated on a reducing balance basis so that interest is charged only on the total outstanding and not on the entire loan amount.

6. What are the payment options for my monthly EMI?

A NACH mandate is issued to your bank account for auto debit of the EMI amount on the payment due date every month.

7. What happens if I miss my EMI payment for a month?

Missing an EMI payment can result in late payment penalty and interest charges. Here are the late payment and penal charges for payment defaults:

Principal Outstanding (In Rs.)

Penalty

finzy Fees

1 - 50000

Rs. 15 per day of delay

6 to 30 days: Rs.500
31 to 60 days: Rs.1000
61 to 90 days: Rs.1500
Above 91 days: Rs.2000

50,001 - 1,50,000

Rs.30 per day of delay

1,50,001 - 2,50,000

Rs.60 per day of delay

2,50,001 - 3,50,000

Rs.90 per day of delay

3,50,001 - 4,50,000

Rs.120 per day of delay

4,50,001 - 5,00,000

Rs.150 per day of delay

8.Can I make part payments?

Yes, you can either make part payments, or foreclose the loan before the loan tenure ends. There are no charges for that.

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