Nira Loan App Real or Fake

NIRA finance has teamed up with banks to make loans super easy for those who work for a living.

This app provides many types of loans such as Instant Cash Loan, Personal  Loan, Mobile EMI Loan and Small Loan Let’s break down the key points about Nira loan app

What Nira Loan Offers

Nira offers a loan from Rs 5,000 to Rs 1,00,000.

Nira loan interest rate starts at 24%, but it won’t go higher than 36% (and it gets lower as you pay back).

Customer gets a window of 91 days to 24 months to pay it all back.

There’s a fee when you apply, but it won’t be more than 7% of your loan (up to ₹350) plus GST.

Paying early? Awesome! No extra fees if you do it within a week. After that, it’s just 4% of what you still owe.

If you’re late with your payments, there’s a Rs.500 fee after 30 days. But if you’re really, really late (more than 90 days), the max fee is Rs.1000. Watch out, your bank might slap on extra charges if your payment bounces.

Nira Finance Fake or Real

This company has not mentioned any address on their official website but they have mention address on their App about page. Their address is “NIRA, 2nd floor, UrbanVault Indiranagar, 2024, 16th Main Rd, HAL 2nd Stage, Kodihalli, Bengaluru, Karnataka 560008”

Nirafinance is approved by RBI under NBFC (Non Banking Financial Company) category.

Neera Loan App has got a rating of 4.2 out of 5 but based on the pattern this rating is under some doubt.

Based on the ratings from October to December, either the customers have given a rating of 4 or 5 or the worst has been given a rating of 1. There is no customer giving rating of 2 or 3.

Therefore, nowadays good ratings are also purchased from the internet market. If the rating pattern does not match, the rating may have been bought.

But don’t worry you will get a loan if your CIBIL score is low.

Nira loan app review:

Good Points of Nira App

Smooth Loan Application Process: Users appreciate the overall smooth experience in availing loans through the Nira app.

Flexible Loan Closure Option: The app offers the flexibility to close the loan after six months, providing users with additional financial control.

Competitive Interest Rates: While interest rates are mentioned to be in the range of normal market rates, users find them reasonable, especially considering the ability to close the loan early.

Good User Interface (UI): The app receives praise for its excellent UI experience, with users, including a mobile app developer, commending the development team for their job well done.

Timely Disbursement: Many users report timely disbursement of funds, even with low credit scores, providing a quick solution to their financial needs.

Transparent and Trustworthy: Users express trust in the app, highlighting that their information has not been shared with third parties over several years of use.

Responsive Customer Support: Some users appreciate the convenience of interacting with the support team on WhatsApp, finding it helpful during the loan application process.

Ease of Use: The app is described as user-friendly, with a simple design and a hassle-free process for obtaining loans.

Bad Points of Nira App

Color Contrast Issue: A user suggests improving color contrast for better user experience, pointing out this minor concern related to app aesthetics.

Document Submission Challenges: Several users report difficulties in uploading bank statements and other documents, leading to delays in loan processing.

Customer Support Responsiveness: Some users express dissatisfaction with customer support, citing challenges in reaching the team and receiving timely responses to their queries.

Loan Disbursement Delays: Complaints about delays in loan disbursement are prevalent, with users reporting frustration due to extended waiting periods.

Technical Glitches: A user mentions encountering technical issues, such as an “Invalid Input” error, which adds to the frustration of the loan application process.

Communication Issues: A few users express dissatisfaction with the lack of communication and responsiveness, particularly when facing challenges or seeking assistance.

Credit Score Impact: There are concerns about the app affecting users’ credit scores, with reports of issues related to early repayment not being reflected appropriately.

Incomplete Information: Some users feel that the app may collect data without providing the expected loan disbursement, leading to disappointment.

Conclusion:

In the end, the conclusion is that Neera Loan App should be used only when you are not able to arrange money from anywhere else.

This app should be used only for small loans and you should keep checking your data and your accounts from time to time. You should also know well about the interest rate and processing fees charged on your loan; do not trust any app completely blindly.