Salary money has fallen short? No worries, you can get up to ₹5 lakhs of instant credit at the lowest interest rate from the Fibe app. Fibe is one of the most popular and safest credit lending platforms in India.
In this article, I’m going to give you a detailed review of the Fibe personal loan. Here I will talk about its features and benefits, interest and charges, eligibility criteria, online application process, and customer support.
So, let’s start the Fibe loan review…
Fibe Personal Loan
4/5
Get ₹8,000 to 5 lakhs of loan instantly
Annual interest rate starts from 16%
No paperwork, 100% digital process
Flexible repayment tenure of 3 to 36 months
Provides the money through RBI licensed NBFCs
What is Fibe and How Does It Work?
Fibe (formerly EarlySalary) is a popular digital credit lending platform in India. It has tie-ups with over 5,000 partners. It especially offers instant personal loans to salaried individuals.
But it is not limited to personal loans, it also offers BNPL services. Here I’ll talk about its loans, not the BNPL service.
Fibe offers two types of loans, instant cash loans and personal loans. From Fibe, you can borrow up to ₹5 lakhs of instant credit without giving any collateral. Moreover, your loan gets approved within a few minutes.
For your information, let me tell you that Fibe doesn’t provide the loan amount itself. It has partnered with some NBFCs that provide the loan amount to the borrowers. Here Fibe works as a third-party platform.
Here’s an overview of the Fibe Personal Loan app.
| Details | About Fibe App |
| App Name | Fibe Instant Personal Loan App |
| Service Category | Loan and BNPL |
| Safe and Secure | YES |
| Available On | Play Store & App Store |
| Play Store Ratings | 4.4 ⭐ Ratings Out of 3L Reviews |
| App Downloads | 1 Crore+ |
| Download Size | 16.40 MB |
Fibe Personal Loan: Pros and Cons
Pros
Get up to ₹5 lakhs of personal loan in just 5 minutes.
It charges low interest rate starting from 16% per annum.
No paperwork, the complete application process is digital.
Get the loan amount directly into your bank account.
It provides the credit through RBI-Licensed NBFCs.
Cons
Self-employed and students are not eligible for a Fibe loan, only salaried individuals can apply.
Although Fibe offers loans at the lowest interest rate, but its fees and charges are very high as compared to other loan apps.
Fibe Personal Loan is Safe or Not
Fibe is a 100% safe platform to borrow money in India. It has all the permissions and licenses that a credit lending app requires. Till now, it has provided over 5 million loans and disbursed ₹15,000+ crore money.
Now a question arises, is Fibe loan approved by RBI? The answer to this question is yes, Fibe is an RBI-approved loan app. It complies with all the laws including the Fair Practices Code of the RBI.
But it doesn’t have a license of RBI because it is not a Bank or NBFC. It provides the money to the borrowers through its lending partners, and its lending partners are RBI-registered Banks or NBFCs.
So, you can rest assured that your financial information and transactions are stored safely.
Moreover, the Fibe mobile app is a PCI DSS-based app and certified by ISO 27001. Every time you open the Fibe app, you have to authenticate it through fingerprint or password. So don’t worry about its security.
Key Features of a Fibe Loan
Fibe offers personal loan ranging from ₹8,000 to ₹5 lakh. Most interestingly, the loans get approved within a couple of minutes.
Fibe charges interest rate on the basis of reducing balance. With reducing balance interest rate, you can save a lot of money.
There is no paperwork, the complete application process is digital. You just need to upload your identity and address proof digitally.
Fibe offers collateral-free personal loans. That means, you don’t need to provide any security against your loan amount.
Fibe offers a flexible loan repayment tenure ranging from 3 to 36 months.
Fibe is one of the trusted platform that provides instant personal loans through RBI-licensed NBFC partners.
Once the loan amount gets approved, it will be directly credited to your bank account.
Fibe Loan Interest Rate
Now let’s talk about the interest rates of a Fibe personal loan or instant cash loan. Fibe charges the lowest interest rates on personal loans, it’s starting from 16% per annum.
However, it depends on some other factors, such as the loan amount, your CIBIL score, monthly income, and repayment tenure. Depending on these factors, your interest rate might be higher or lower sometimes.
Fibe charges the interest rates based on reducing balance. With a reduced balance interest rate, you can save a lot of money.
For example, if you borrow ₹1 lakh for 12 months with a 16% interest rate per annum, you’ll have to pay a total ₹8,877 interest on a reduced balance. But in case of a flat interest rate, you’ll have to pay a total ₹16,000 interest.
With a reduced balance interest rate, you’re saving a total of ₹7,123. Here’s the screenshot of the calculation. If you wish, you can also calculate your interest rate in an interest rate calculator.
What Are The Charges of a Fibe Loan?
| Fees and Charges | Payable Amount |
| Processing Fees | Starts from 2% of the loan amount + GST |
| Late Payment Fees | 3% of the outstanding amount |
| Rejection of Mendate Charges | ₹250 and GST (Additional) |
| Pre-Closure Charges | ₹0 |
| Stamp Duty Fees | 0.1% of the loan amount |
| Bounce Charges | ₹500 and GST (Additional) |
Who is Eligible for Fibe Personal Loans?
You have got to know well about the Fibe loan including its features, charges, and interest rates. Now it is important to know whether you are eligible for a Fibe personal loan.
Here, I have highlighted the eligibility criteria and documents that you need to apply for a Fibe loan.
Eligibility Criteria
The borrower must be a salaried person.
The minimum salary required for metro cities is ₹18,000 and ₹15,000 for non-metros.
The borrower’s age must be between 21 to 55 years.
The borrower must have a credit score of 650 and above.
Documents Required
Aadhaar card and PAN card
Voter card/Passport/Utility bills for address proof.
Salary slips or bank statement (Last 3 months) as income proof.
During application process, the borrower needs to take a selfie or upload a clear photo for verification
How to Apply for a Fibe Personal Loan?
If you are eligible, then you can apply for a Fibe personal loan or instant cash loan. Now let’s see how to apply for a loan on Fibe. Here are the steps to follow.
- Open the Fibe app or visit its website.
- Login using your mobile number on the Fibe app.
- Enter the required details and complete your KYC.
- Upload some important documents like address proof, identity proof, income proof, and a clear selfie.
- After submitting these details, wait for your loan to be approved.
- Once your loan gets approved, open the Fibe mobile app.
- There you’ll see the loan amount and get the amount in your bank account directly.
Final Verdict – Fibe Loan Review
Fibe is really a good platform to borrow money in India. It offers loans through RBI-registered NBFCs. It complies with all the laws and follows the rules and regulations of RBI, so it is safe to use.
As I have explained in this Fibe loan review, it offers instant cash loans and personal loans that don’t require any collateral. Its fees are quite high, but it charges the lowest interest rate starting from 16% per annum.
Moreover, it charges interest on reducing balance, which will help you save a lot of money. If you wish, you can compare reducing balance interest rates with flat interest rates on an interest rate calculator.
So, if you’re looking for a safe platform to borrow money at the lowest interest rate, then the Fibe loan is a perfect option. You can get up to ₹5 lakhs of loan amount in just 5 minutes.
So, what are you thinking of? Apply now for a Fibe loan and get your approved credit directly into your bank account.
Frequently Asked Questions
Q. Is the Fibe loan approved by RBI?
Yes, Fibe is an RBI-approved credit lending platform. It complies with all the laws including the Fair Practices Code of RBI.
Since it is not a bank or NBFC, it does not have a license of RBI. But its financial partners who lend the money to the borrowers are RBI-licensed NBFCs.
Q. What is the Fibe loan interest rate?
The interest rate of Fibe loans is starting from 16% per annum. However, it can vary depending on your monthly income, credit score, and duration of the loan.
Q. What is the Fibe loan customer care number?
Fibe customer care number is 020-67639797. You can also email them at care@fibe.com.