About NIRA

About NIRA

What is NIRA?

NIRA is the new type of finance company that you've been waiting for! We want to give you great products which are simple and easy to use.

What does NIRA offer?

Our first product is a line of credit of upto Rs 1 lakh. Avail credit whenever you want, wherever you want.

Is there a referral bonus/rewards point program?

Yes! We'll pay you and the person you refer Rs. 100 each when the person you referred takes their first loan.

Eligibility

Eligibility

What is the eligibility criteria to apply for credit with NIRA?

To successfully apply for credit, you must be an Indian citizen and 21-65 years of age. You will need to have a college degree, be working for a minimum of 6 months and earn a salary of Rs 20k per month.

What are the required documents to apply?

Only your most recent payslip and bank statements for the last 6 months. These can be submitted on NIRA's app via netbanking or PDF upload. You will also need to have an Aadhaar number.

I do not have Aadhaar.

We require you to have an Aadhaar number to proceed with your application.

My Aadhaar is not linked with my phone number.

The Aadhaar number needs to be linked with the phone number/email ID so that we can do the KYC procedures digitally. This is to provide you a complete hasslefree and paperless process. Also, it is very easy to have your mobile number linked. You can search your nearest Aadhaar enrolment centre at https://appointments.uidai.gov.in/ and update your details.

I do not have one or more documents required

Please feel free to contact our support team at support@nirafinance.com or you can also message them on Whatsapp (9591196740) . They will assist you in completing your application.

What CIBIL score do you require?

If you have a CIBIL score, you need a minimum score of 681 in order to be eligible for credit from NIRA. If you are new to credit, your CIBIL score should be -1 or 3, 4 and 5.

I do not have a CIBIL score

If you don't have a CIBIL score and have not taken a loan before, you are still welcome to apply for credit with NIRA.

I do not have netbanking. How else can I provide the bank statements?

Having netbanking isn't mandatory. You can also upload the unlocked PDF copies of your bank statement for the last consecutive six months.

In which cities do you operate?

At present we only cater to individuals in Bangalore. We will expand to other cities across India in the coming months.

Product

Product

What is a Line of Credit?

Think of it like a digital credit card. You are assigned a limit, and you can use it at your discretion. The difference is that your repayments will be in the form of monthly EMIs.

What will my limit be?

We will assign you a limit of between Rs. 10,000 and Rs. 1 lakh. Your limit is based on our assessment of the amount of debt that you can sustainably service.

What can I use loans for?

It's up to you. Since we transfer cash to your bank account upon a draw down, you can then use it for whatever you want. However, we would advise you against utlising credit for speculative purposes like betting, or risky investing.

How many loans can I take out?

You can take as many loans as you want, as long as you are within your limit. There is a minimum loan size of Rs. 5,000 for drawdowns.

What loan tenors are available?

When you make a draw down from your credit line, you can select tenors of between 3 and 12 months in 1 month increments. i.e. 3m, 4m, 5m,....., 12m.

Application process

Application process

How do I apply to NIRA for a loan?

The application process is simple: fill in the required details on either our app or website to get your in-principle decision. Once you've qualified for credit you can go ahead and upload the required documents. You'll get a final approval once your documents have been verified. As soon as you complete your KYC, you will be able to use your line of credit.

What is my application status?

You can see the status of your application at any time on your NIRA app. If you have any further questions please reach out to our team on support@nirafinance.com or message your registered email ID on Whatsapp (9591196740).

How long does it take for a loan application to be approved?

The in-principle approval would be shown on the app instantly once the application is completed. The final approval will be given as soon as all the documents are uploaded and collected (if applicable to your application). You can expect to complete this step in 2-48 hours.

Once approved, how long does it take for the money to come into my account?

After the final approval and completing the auto-debit setup, you can submit a draw request on your credit line any time, and the money will come into your account within 2-24 hours. Money will come into your account faster on subsequent draws. If you make a draw request over the weekend, the money will be credited to your account on the following Monday.

Is it necessary to download the app to apply?

Yes, to complete the application you need to download the NIRA app from Google Play store. Bit.ly link. The app will also help you to easily monitor your loan repayment.

I am facing issues in receiving the Aadhaar OTP. What needs to be done?

The Aadhaar OTP is sent to both your mobile phone and email address. If you don't have either linked with Aadhaar, you can search for your nearest Aadhaar enrolment centre by PIN code at https://appointments.uidai.gov.in/. And update your details.

How to cancel my loan application?

After confirming 'Avail Credit' and setting up the mandate, if you want, you can cancel the loan before it is disbursed into your bank a/c. You can write to us at support@nirafinance.com if you wish to cancel. Please mention 'Loan Cancel' in the subject line.

NACH & E-mandate (Auto debit)

NACH & E-mandate (Auto debit)

What is a NACH/e-mandate form?

NACH is an auto-debit instruction from you that authorises us to collect your EMI payments directly from your salaried account. We will only collect the payment due and no more. E-mandate is the digital equivalent of the same auto-debit form. It is available to those whose banks are live with e-mandate. Click on this link to see if your bank is live with e-mandate - https://www.npci.org.in/nach-e-mandates

Do I need to complete a NACH form?

Only if your bank doesn't yet allow e-mandates. With a growing number of banks now allowing it, chances are that your bank does too (meaning no NACH form and a paperless process!).

How do I submit my NACH form?

You'll be directed within the app to book an appointment with our courier partner. They will collect the completed form from either your home or work address.

The amount in NACH form is more than my EMI. How is this amount calculated?

The amount in the NACH form is the total amount lent to you by us. However, the recurring payments will be for the EMI amount shown to you on the app.

Which documents do I need to handover, and to whom?

In case you are submitting NACH auto-debit mandate, you'll re required to sign and handover two printed copies of the mandate to our courier partner.

When will the pickup be arranged for the NACH?

You can schedule a pick-up on the app at your convenience.

Repayments

Repayments

What are the payment modes available?

There are two modes of payment. You can either pay with the auto-debit instruction which was set up during the time of loan application or you can pay using the the app via netbanking/debitcard. For the auto-debit, kindly ensure that you have sufficient funds in your account on EMI due date.

I choose to pay on the app and not allow auto-debit on my account. Is it possible?

Setting up auto-debit is mandatory for the loan application to be complete. However, you can prepay your loans on the app if you wish to.

What happens if there isn't sufficient balance in my account?

There will be a NACH return charge levied on your bank account from your bank. Also, you will incur a late payment fees for the delay in payment.

Are there any hidden fees/charges?

There are no additional fees beyond processing fee if your payments are made on time. In case you are late, a late payment fee will apply. If you prepay your loan during the first three months, prepayment penalties will be apply.

What happens if I delay payments?

There will be an auto-debit mandate return charge levied on your bank account from your bank. Also, you will incur late payment fees for any delayed payments. The late payment fee will increase if you delay period increases. Unlike the utility bill payments, delays in EMI payment incur high late payment charges.

Will I be charged extra if I wish to delay payments?

Yes, there will be an auto-debit mandate return charge levied on your bank account from your bank. Also, you will incur a late payment fees for any delayed payments. Unlike the utility bill payments, delays in EMI payment incur high late payment charges.

Is it possible to reschedule or postpone my EMI date?

As of now, once the EMI date is finalised, it cannot be changed. We may introduce a date change feature in future.

Is there any CIBIL impact if I pay off all my outstanding balance?

Your performance will contribute to your CIBIL score. Regular timely payments will help you build your CIBIL score. You won't however get extra points for paying your balance sooner than its due date.

Can I prepay my loan?

Yes. There will be charges if you prepay within 3 months, no charges thereafter. If you prepay within 3 months, then you will be required to pay 2.5% of the amount that you prepay as penalty. For comparison, the prepayment charges on personal loans from banks range from 2%-5%.

When will I receive the No dues certificate for my loan?

Once the loan is complete, you can expect the No dues certificate within 2 working days.

Can I change the tenure of the loan after the loan is disbursed?

Unfortunately, changing the tenure will not be possible once the loan is disbursed.

How can I change the due date?

Unfortunately, it is not possible to change the due date of an EMI payment.

Interest rates and fees

Interest rates and fees

What are the interest rates?

Your interest rate will be a function of your credit score on our proprietary model. The higher your score, the lower your interest rate. Our interest rates will vary from 1.50% to 2.25% per month.

What is a processing fee and why is it charged?

There will a processing fee of Rs. 500 (GST included) on your first loan. This is to cover the costs of on-boarding including multiple document collections, verifications, payment setup and processing.

What is the processing fee for subsequent loans?

There will be a processing fee on subsequent loans to cover fresh checks and new transaction costs. However, fees for subsequent loans will be lower than that of your first loan.

What are the charges for delayed payments?

Please note that delayed payments resulting from auto-debit bounce will result in a penalty of up to Rs.500 from your own bank. Additionally, a bounce fee of Rs.100 will be levied by our partner funder.
For prolonged delay in payments, you'll be charged according to the schedule below:

Late by upto 30 Days : 2% of EMI
Late by 30-59 Days : 2% of EMI + 0.5% of Outstanding Balance
Late by 60-89 Days : 2% of EMI + 1% of Outstanding Balance
Late by more than 90 Days : 2% of EMI + 2% of Outstanding Balance

Security and Privacy

Security and Privacy

Is it safe to apply with NIRA?

Yes, absolutely. NIRA is a private limited company registered under RoC-Bangalore. We partner with Federal Bank, which is one of the biggest private banks in India to offer you credit. We take utmost care about our customer's data security and privacy against internal and external threats. If you have any specific concerns please write to us at support+safety@nirafinance.com, or send us your message on WhatsApp (9591196740).

Using my netbanking credentials to submit the bank statements, is it safe?

Yes, when you do a netbanking login, you provide us with a read-only access to fetch your bank statement. Your netbanking credentials are never stored on NIRA or any external servers. The netbanking login is simply a convenient alternative to manually uploading your six months of bank statements.

What happens to my documents and data if my loan is rejected?

In case of rejection, your submitted data will be stored securely with us in case you may want to reapply again in future. Under no circumstance, will your data be sold/shared with third parties without your consent except as required by law. If you would like, you can delete your account from the app in which case all except the mandatorily requied data by RBI will be deleted. You'll need to provide all the required documents again if you wish to reapply in future.

What are the security measures you deploy to keep the data safe?

Our systems are designed to protect your data. The data sent by you through the website and app is protected with industry standard encryption. We follow the same security standards that are followed by banks. Your data stored on our servers can only be accessed through your credentials or internally by NIRA personnel when they are helping you out with your applications. We have procedural safeguards in place to ensure the security of your data while it is being handled by the staff at NIRA.

How do I delete my account?

You can delete your account at any time from the Settings section within the Main Menu on the NIRA app. A person from our operations team will connect with you to make sure that all except the mandatorily required information by the bank and the RBI will be deleted. Please note that if you have loan amounts outstanding, you would not be able to delete your account.

If I delete my account and if I decide to apply again do I have to provide the documents?

Yes. You will need to provide all the required documents if you wish to comeback and apply with us.

Support/General queries

Support/General queries

Is it mandatory to provide the work email?

Yes, this is so that we can verify your employment with your stated employer.

I am unable to receive Aadhaar OTP.

"This could be possible for two reasons:
1. Network Issues.
2. Phone number not linked.
Kindly ensure access to a good network on your phone while doing eKYC. Also, if neither your phone number nor your email address is linked with Aadhaar, please update those by visiting the nearest Aadhaar enrolment centre. Find it here - https://uidai.gov.in/enrolment-update/aadhaar-enrolment.html"

What is a CIBIL score?

This is a score from the Credit Information Bureau of India Limited (hence the name CIBIL). It is a record of a borrower's credit worthiness based on their past record of their loan repayments among other things. A CIBIL score ranges from 300 to 900; banks usually require a score of 750 or above to qualify for credit.

How can I change the address and contact/phone number?

You can write an email to our support team at support@nirafinance.com if you wish to update your contact details.

When can my credit limit be revised?

Your credit line is revised on a monthly basis, to make sure that it reflects your latest circumstances. You'll be notified of the updates inside the app and on your registered email address.

Can I choose the limit I want?

The credit limit is set automatically based on your banking history and other relevant information.

What type of mobile operating systems do you support?

Currently, we support Android platform. We may launch our iOS and Windows apps in future.

How can I pay my EMI?

You'll be setting up an auto-debit instruction at the time of applying to NIRA. If the mandate is successfully registered, just make sure that you maintain sufficient funds in your bank account on every EMI due date. The EMIs will be automatically deducted. If for some reason, the auto-debit isn't processed, we'll notify you via SMS, email and app notifications. In this case, you can pay via the PAY NOW option in the NIRA app.

When will the pickup be arranged for the loan agreement and NACH?

You can schedule the pickup of your documents with our courier partner via the NIRA mobile app.

When can I apply for the second loan?

As long as you've unused credit limit available and it is greater than the minimum loan size of Rs.5,000 you can take another loan.