The All In One "App Based Loan" Thread

The All In One "App Based Loan" Thread

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Apps like Mobikwik, Udio, Lazypay, Dhani etc. sanctioning loan these days without much hassle, without standing in bank queues.
Share your experience here for the benefit of Dimers.

13 Comments  |  
7 Dimers
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Udio: MakeMyWish- 1% Cashback on top up

Users who successfully applied for the loan using Udio Mobile Application shall be entitled to receive 1% Cashback as Udio treats to their Udio wallet. (“Offer”)
The cashback shall be credited only after disbursement of drawdown loan into the customer’s Udio wallet

This offer is valid during 31st July 2018, to 2nd August 2018, 23:59:59 hrs. (“Offer Period”).
This Offer would be applicable only to Users using the latest version 2.2.0 of Udio Wallet Mobile App available on the Google Play Store.

Eligible customers to whom loan is disbursed until 2nd august 2018 shall be eligible for the Offer. Incomplete Application/Failed/Cancelled loan customers shall not be eligible for the Offer.

full details: https://offers.udio.in/makemywish-1-cashback-on...

Kid 1 1518039
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I took a lone through Dhani app. After the KYC process through Aadhaar and PAN, it showed me that I am eligible for 2L loan. Then, it asked for bank details to create an auto debit and I had to log into the bank for the app to create a mandate. All document signing process was electronic and it went through NSDL.

Whole process took just 5 minutes. Most of the details were auto-populated from Aadhaar.

Processing fee for 2L was around 7k change and I unchecked insurance, which reduced the processing by 3k, otherwise it was around 10k. EMI for 3 years was 7.7k per month. Interest rate is 22.5%/year.

I was satisfied with the process. It was simple and Amazing fast disbursal. Just clicked finish and within a minute or so, the amount was credited into my bank account. Already, I have a loan of 2L from ICICI is running and I had to sign a bunch of documents and had to attach my employer’s letter, bank statement, etc. etc. and took more than 3 weeks. But, ICICI offered loan at 18% interest rate. Processing fee was 10k.

Hope this helps.

Kid 1 1518039
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Udio is offering loan to only Delhi, Bangalore, Mumbai residents.

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How is this different from getting a loan against your credit card? The interest rates would be cheaper as well ?

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schumacher wrote:

How is this different from getting a loan against your credit card? The interest rates would be cheaper as well ?

That will block part of your credit card limit. Credit card is same as a loan without any interest then why block the limit and pay interest?

Sometimes bank do offer loan on cc without blocking limit. But that’s not the usual case.

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larrylevine wrote:

I took a lone through Dhani app. After the KYC process through Aadhaar and PAN, it showed me that I am eligible for 2L loan. Then, it asked for bank details to create an auto debit and I had to log into the bank for the app to create a mandate. All document signing process was electronic and it went through NSDL.

Whole process took just 5 minutes. Most of the details were auto-populated from Aadhaar.

Processing fee for 2L was around 7k change and I unchecked insurance, which reduced the processing by 3k, otherwise it was around 10k. EMI for 3 years was 7.7k per month. Interest rate is 22.5%/year.

I was satisfied with the process. It was simple and Amazing fast disbursal. Just clicked finish and within a minute or so, the amount was credited into my bank account. Already, I have a loan of 2L from ICICI is running and I had to sign a bunch of documents and had to attach my employer’s letter, bank statement, etc. etc. and took more than 3 weeks. But, ICICI offered loan at 18% interest rate. Processing fee was 10k.

Hope this helps.

What about interest bhai ??

22.5% interest isn’t too high ? rolleyes

Kid 1 1518039
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Original wrote:

What about interest bhai ??

22.5% interest isn’t too high ? rolleyes

Yes…it is a bit high, but I need loans for business frequently. Here, private lenders give loan for 3% per month/36% per year.

So…that rate is okay for me, though it is on the higher side.

HDFC was best, it’s interest rate was 16%.

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larrylevine wrote:

Yes…it is a bit high, but I need loans for business frequently. Here, private lenders give loan for 3% per month/36% per year.

So…that rate is okay for me, though it is on the higher side.

HDFC was best, it’s interest rate was 16%.

Okay, got that grinning

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larrylevine wrote:

I took a lone through Dhani app. After the KYC process through Aadhaar and PAN, it showed me that I am eligible for 2L loan. Then, it asked for bank details to create an auto debit and I had to log into the bank for the app to create a mandate. All document signing process was electronic and it went through NSDL.

Whole process took just 5 minutes. Most of the details were auto-populated from Aadhaar.

Processing fee for 2L was around 7k change and I unchecked insurance, which reduced the processing by 3k, otherwise it was around 10k. EMI for 3 years was 7.7k per month. Interest rate is 22.5%/year.

I was satisfied with the process. It was simple and Amazing fast disbursal. Just clicked finish and within a minute or so, the amount was credited into my bank account. Already, I have a loan of 2L from ICICI is running and I had to sign a bunch of documents and had to attach my employer’s letter, bank statement, etc. etc. and took more than 3 weeks. But, ICICI offered loan at 18% interest rate. Processing fee was 10k.

Hope this helps.

I also applied through dhani, but at last showing interest around same as yours. I cancelled all & uninstalled apo. Thereafter they called me literally 100 times in 1 day for loan. Incresed my sanctioned loan amount & decreased interest rate to 16%. But i still didn’t take loan. This happens around 1.5 month back. Yesterday, they called me from another number & increased loan to 5L with 14% interest.

Kid 1 1518039
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abhijitja wrote:

I also applied through dhani, but at last showing interest around same as yours. I cancelled all & uninstalled apo. Thereafter they called me literally 100 times in 1 day for loan. Incresed my sanctioned loan amount & decreased interest rate to 16%. But i still didn’t take loan. This happens around 1.5 month back. Yesterday, they called me from another number & increased loan to 5L with 14% interest.

Ah! I missed it then. I was in urgent need of funds, so I had to go through. Next time, will try that wink

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