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Get personal loans in India that are best matched to your credit profile
6 to 36 months
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
Up to a maximum of Rs.5 lakhs
Starts at 7.99% - up to 27.99% (Calculated on Reducing Balance Method)
Up to 36 months
2 – 5%
Part Payment / Foreclosure Charges
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;
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.
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:
Find The Top 10 Personal Loans To Apply In 2022
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.
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;
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.
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.
If Finzy is completely processed online, is my data safe? What kind of privacy assurance does Finzy offer?
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.
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.)
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.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.