FriendLoan – India’s Fastest FinTech lending company.
FriendLoan is an instant personal loan app. It is a cutting edge fintech product for short term loans to salaried and self-employed individuals. It is easy to use and the credit scoring is based on FriendLoan’s revolutionary machine learning algorithm, Socrates. It evaluates the credit worthiness of the applicant in real time and helps with a credit decision in seconds.
- No paper work for supported banks
- Loan approval in 1 minute after providing required details.
- Money credited directly to your bank account in few minutes
- PAN card
- Net banking access to your bank account to which loan will be disbursed and EMI collected from.
- Address proof
First time borrowers get loans from Rs.3,500 – Rs. 50,000 for a tenure of 1, 3 or 6 months. Repeat customers get loans up to Rs.1,00,000 for up to 12 months based on previous payment record.
All loans will be provided through RBI registered NBFC Sampathi Credits Pvt. Ltd. FriendLoan Technologies Pvt. Ltd. is the sourcing and customer interfacing partner for Sampathi Credits Private Limited.
Upload bank statement
Take photo of PAN image, selfie
|2||FriendLoan||Do verification and generate credit score.|
|3||FriendLoan||If approved, Provide user with various options for loan amount and tenure|
|4||Borrower||Choose the suitable loan
Create mandate for EMI repayment
|5||FriendLoan||Call customer for tele verification and disburse money instantly|
Repayment Process (every month)
|1||FriendLoan||Automatically debit EMI from customer’s given bank account|
|2||Borrower||If EMI deduction fails due to insufficient balance or other reason,
Customer can pay from the APP itself to avoid penal charges.
|Processing Fee||2% of loan amount or Rs.500 – Whichever is higher
This amount is INCLUSIVE of GST. So customer doesn’t have to pay extra tax
|Foreclosure charges||Will be defined in the loan agreement|
|Cheque / Mandate dishonour charge||Rs.250 INCLUSIVE of GST; unless a different value is specified in your loan agreement.|