Rupee112 is a digital lending platform in India that offers instant personal loans, primarily targeting salaried individuals.
Here's a breakdown of what Rupee112 is and its key aspects:
What is Rupee112?
Digital Lending Platform: Rupee112 functions entirely online, allowing users to apply for loans through their smartphone app without traditional paperwork or physical branch visits.
3 Focus on Salaried Individuals: The service is specifically designed to cater to the financial needs of salaried professionals, especially for short-term emergencies.
4 Quick Disbursal: A key selling point is its promise of rapid loan approval and disbursal, often within minutes (e.g., 10-30 minutes).
5 RBI Registered NBFC (or Partnered): Rupee112 operates under DEV-AASHISH CAPITALS PRIVATE LIMITED, which is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI).
6 This is a crucial point for legitimacy and regulatory compliance.
Key Features and Services:
Loan Amounts: They offer loans typically ranging from ₹5,000 up to ₹25,000, and some sources mention up to ₹1,00,000 or even ₹5,00,000, depending on the loan product.
Tenure/Repayment Period: Flexible repayment periods are offered, often from 1 to 3 years.
7 100% Digital Process: Application, verification (KYC), approval, and disbursal are all done through the app.
8 No Collateral: The loans offered are unsecured personal loans, meaning no collateral or security is required.
AI and ML-Powered Underwriting: Rupee112 uses advanced algorithms for real-time fraud detection, identity verification, and risk assessment to streamline approvals.
9 Eligibility: Generally for Indian residents who are salaried, aged between 21-60 years, with a minimum net monthly salary (e.g., ₹25,000) and a good credit score (though they state "no CIBIL score is required to apply for a credit product" for new professionals, creditworthiness is still assessed).
Transparent Pricing: They claim to offer competitive interest rates and transparently disclose all costs, including processing fees (e.g., 2% + GST). The Annual Percentage Rate (APR) can be around 35%.
Repayment: Payments are accepted through NEFT, IMPS/UPI/CHEQUES.
Legitimacy and Safety:
RBI Registered NBFC: The fact that the underlying entity, DEV-AASHISH CAPITALS PRIVATE LIMITED, is an RBI-registered NBFC adds a layer of legitimacy and means they are subject to RBI's digital lending guidelines, which prioritize customer rights, transparency, and data privacy.
10 Compliance: Rupee112 emphasizes its adherence to RBI guidelines, including KYC compliance, consent-based data access, and a focus on secure processes.
User Reviews: Like many instant loan apps, reviews are mixed. Some users praise the quick and smooth application/disbursal process and helpful customer service. Others report high-interest rates, issues with customer service (as seen in some negative reviews on app stores), or concerns about aggressive recovery tactics if payments are missed.
Warning Signs to Look For (General for any loan app): While Rupee112 aims to be legitimate, it's always wise to be cautious with any loan app. Red flags include:
Lack of regulatory approval.
Unprofessional app design or grammatical errors.
High-pressure tactics or demands for upfront fees (legitimate lenders do not charge fees before approval/disbursal).
Requests for excessive permissions (like access to contacts or photo gallery).
Lack of clear terms and conditions.
Before taking a loan from Rupee112 or any other digital lender, it's crucial to:
Thoroughly read the terms and conditions: Understand the interest rate, processing fees, late payment charges, and repayment schedule.
Compare offers: See if other legitimate lenders offer better terms.
Assess your repayment capacity: Only borrow what you can comfortably repay on time to avoid high penalties and damage to your credit score.
Verify RBI registration: You can check the list of registered NBFCs on the RBI website.
Overall, Rupee112 positions itself as a legitimate instant loan provider for salaried professionals in India, leveraging technology for quick and convenient access to funds.
