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True Balance is a financial platform that lets you make payments through UPI and also offers personal loans. Their personal loans offer a wide range, starting from INR 5,000 and extending up to INR 1,25,000. You can also use the True Balance app to make bill payments and do recharges.
True Balance Personal Loan can be availed at very minimal transaction charges and simple eligibility criteria. The process is as simple as filing up an application online and getting the loan amount credited to your account.
True Balance Personal Loan Highlights
Feature | Details |
|---|---|
Loan Amount | ₹5,000 - ₹1,25,000 |
Interest Rate | Starting from 2.4% per month |
Tenure | 3, 6, or 12 months |
Eligibility | Salaried and self-employed individuals |
Application Process | Online application |
Documentation | Minimal documentation required |
Disbursal | Quick and hassle-free disbursal |
Additional Features | Level-up loans, bill payment, and recharges |
About True Balance Personal Loan
Key Highlights of True Balance Personal Loan
1. Apply Online Easily: You can apply for a personal loan quickly and easily online with True Balance.
2. Less Paperwork: You don't need a lot of paperwork to get a loan with True Balance.
3. Get Your Money Fast: Once you're approved, True Balance will send your loan money directly to your bank account.
4. Choose the Right Loan: True Balance offers different types of loans to fit your needs, like cash loans and level-up loans.
5. Low Interest Rates: True Balance has affordable interest rates starting at 2.4% per month, making it a good choice for a personal loan.
True Balance Personal Loan Interest Rate Details
True Balance offers interest rates starting at 2.4% per month for personal loans. But your actual interest rate will depend on things like:
- Your credit score: A good credit score usually means a lower interest rate.
- How much you borrow: Bigger loans might have slightly higher interest rates.
- How long you want to repay the loan: Longer loans might also have slightly higher interest rates.
- Other things: True Balance might also look at your income, job, and how you've paid back loans in the past.
Remember that interest rates can change, so it's always best to check True Balance's website or call them for the latest information.
True Balance might also have special offers or discounts on interest rates from time to time. You can contact them to ask about any ongoing offers and deals.
True Balance Personal Loan Eligibility Criteria
Salaried Individuals
- Minimum Age: 18 years
- Maximum Age: 50 years
- Minimum Monthly Salary: ₹20,000
Self-Employed Individuals
- Minimum Age: 18 years
- Maximum Age: 50 years
- ITR Amount: ₹240,000
True Balance Personal Loan Documents Needed
For Salaried Individuals:
- Identity Proof: Aadhaar card, PAN card, driving license, or passport
- Address Proof: Aadhaar, passport, driving license, or any utility bill
- Income Proof: Salary slips, bank statements (last 3 months), Form 16
- Photograph: Recent passport-sized photograph
For Self-Employed Individuals:
- Identity Proof: Aadhaar card, PAN card, driving license, or passport
- Address Proof: Aadhaar card, driving license, utility bill, passport
- Income Proof: Income Tax Returns (last 2 years), business registration documents, bank statements (last 6 months), GST returns (if applicable)
Additional Documents (if required):
- Proof of business ownership: Partnership deed, company registration certificate, or sole proprietorship declaration
- ABusiness bank statements: Last 6 months' bank statements
- GST returns: If applicable
True Balance Personal Loan Application Process
1. Get the App: Download the True Balance app from the app store.
2. Sign Up: Register for an account by providing your fundamental details.
3. Verify Your Identity: Send in documents like your Aadhaar card, PAN card, and a selfie.
4. Choose Your Loan: Pick how much money you want to borrow and how long you want to pay it back.
5. Show Your Income: Upload documents like salary slips or ITRs to prove your income.
6. See if You're Eligible: The app will check if you can get a loan based on the information you gave.
7. Get Approved: If you're approved, you'll get a message.
8. Sign the Loan: Sign the loan agreement online.
9. Get Your Money: The loan money will be sent directly to your bank account.
Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to True Balance’s official website or contact them.
True Balance Personal Loan Fees and Charges
- Processing Fee: A one-time fee you pay when you apply for a loan to cover the lender's costs.
- Late Payment Fee: A fee you pay if you don't pay back your loan on time. This safeguards the lender against potential risks and losses.
- Prepayment Fee: If you wish to prepay your loan, you'll be subject to a fee that covers the lender's lost interest.
- Documentation Fee: A one-time fee to cover the cost of checking your documents when you apply for the loan.
- Penalty Interest: A higher interest rate you pay if you don't pay back your loan on time after the grace period.
Frequently Asked Questions
1. What is the minimum loan amount in True Balance?
The minimum loan amount available in True Balance is ₹5,000. This amount is offered to users seeking instant personal loans through the app.
2. What is the interest rate for True balance personal loan?
The interest rate for True Balance personal loans starts at 2.4% per month.
3. What is the minimum CIBIL Score for True Balance Personal Loan?
True Balance doesn't say exactly what the minimum CIBIL score is. A good credit score significantly improves your chances of loan approval and can lead to a favourable interest rate.
4. How much time does True Balance take to approve a loan?
True Balance tries to approve loans quickly. The duration of the process depends on your individual situation and the quality of the documents provided. They usually try to process applications in a few hours or days.
5. What are the eligibility criteria for a True Balance Personal Loan?
True Balance personal loans are available to salaried individuals with a minimum monthly income of ₹20,000 and self-employed individuals with an ITR of ₹240,000 or more, aged between 18 and 50.
Disclaimer:This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
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