NIRA Personal Loan – Benefits, Interest, Fees (Full Review)

Have you run out of salary money? No worries, every day is salary day with NIRA Finance. Apply for a NIRA personal loan today and get up to ₹1 lakh instantly with affordable interest rates.

Let’s get to know more about the NIRA personal loan.

NIRA Personal Loan Overview

NIRA Personal Loan

NIRA Personal Loan

NIRA Finance is a great platform for salaried individuals looking for instant personal loans. Apply now and get the loan amount directly to your bank account.
Loan Amount
₹5,000 – ₹1 lakh
Interest Rate
24% – 36% p.a
Loan EMI Tenure
3 – 24 months
Processing Fees
2% – 6%
Credit Score
700 and above
21 – 55 years
Employment Type
Monthly Income
Expert Review


Features and Benefits of NIRA Personal Loan

No Collateral Required: NIRA Finance provides collateral-free personal loans, meaning you don’t need to risk any asset for the loan. Check your eligibility and if you’re eligible, you can get it in just 3 minutes.

Easy Online Process: Applying for a personal loan on the NIRA app is easy, and the complete application process is digital and paperless. Moreover, it requires minimal documents for KYC verification.

Fast Approval: The approval process for NIRA personal loans is quick and digital. If you get to know that you’re eligible then apply for the loan, it will take less than 24 hours to get approved.

Easy Repayment Tenure: Repaying NIRA personal loan EMI is very easy. As NIRA offers attractive loan amounts, similarly it offers easy and flexible repayment tenures ranging from 3 to 24 months.

Quick Disbursal: Once you apply for the loan and get approved, it takes less than 3 minutes for disbursal. Most interestingly, the loan amount is directly credited to your bank account.

NIRA Loan Interest Rate

When it comes to borrowing money, the first thing that comes into our mind is the interest rate. Because interest is the extra money that we have to give the lender with the principal amount.

Therefore, everyone prefers those credit lenders that offer loans with the lowest interest rates. NIRA, for a personal loan, charges an interest rate starting from 24% per annum (2% monthly).

And, the maximum interest rate of a NIRA personal loan is 36% per annum, which is not affordable for everyone.

However, the interest rate is determined depending on various factors such as credit score, monthly income, professional status, repayment tenure, and loan amount. From there, credit score is the most affecting factor.

If your credit score is excellent, you may get a personal loan with the lowest interest rate. On the other hand, if your credit score is poor, you will have to pay higher interest rates for loans.

But the interest rate of a NIRA personal loan will remain between 24-36% per annum. No matter whether your credit score is good or bad, your interest rate will not go beyond 36% and less than 24% per annum.

Suppose, you get a NIRA personal loan of ₹50,000 at the interest rate of 24% per annum for 2 years, then the total interest you’ll have to pay is ₹26,880. Here’s a screenshot for the same –

The overview of the NIRA personal loan interest rate.

Calculate Your NIRA Loan EMI

NIRA Personal Loan Charges

Applicable FeesPayable Amount
Processing Fees2% – 7% of the loan amount (₹750 on average)
Late Payment FeesMinimum ₹500 and maximum ₹1,000
Foreclosure Charges4% of the prepayment amount
Bounce Fee₹100 is charged by their NBFC partner

Processing Fee: To process and approve your loan, the credit lenders bear some costs. Thus, they charge processing fees from the customers. NIRA charges on average ₹750 as processing fees.

Late Payment Fee: The late payment fee is charged when you delay in repaying your EMIs. NIRA charges ₹500 if don’t repay the EMI after 30 days and it may charge a maximum ₹1000 if you don’t pay the EMI even after 90 days.

Foreclosure Charges: The lender charges foreclosure fees if you pay off the loan before the loan term ends. If you prepay the loan after the 7 days of loan disbursal, you’ll have to pay 4% of the amount as a penalty.

Bounce Fee: When the payment bounces due to insufficient funds, the borrower will incur a bounce fee. The financial partner of the NIRA personal loan app charges ₹100 as a bounce fee.

NIRA Personal Loan Eligibility

Before getting the loan, you must know whether you’re eligible for it. Here are the eligibility criteria and documents that you need to apply for a NIRA personal loan.

Eligibility Criteria

The borrower’s age should be between 21 to 55 years.

The borrower must be a salaried person.

The minimum monthly salary must be ₹12,000 and above.

The borrower should have a CIBIL score of 700 and above.

Documents Required

Aadhaar Card

PAN Card

Salary account statement (Last 3 months)

3 months of salary slip is required

Is NIRA Loan App RBI Approved?

Yes, the NIRA Instant Personal Loan app is approved by RBI. It has all the licenses that a third-party loan app requires in India, and it also follows all the rules and regulations of RBI.

Since it is a third-party loan app that offers personal loans through banks and NBFCs, it does not require a license of RBI. However, its lending partners (who lend the money) have a license from RBI.

The lending partners of NIRA personal loan are – Muthoot Finance, Northern ARC, HDB Financial Services, LiquiLoans, and IIFL Finance.

So the NIRA loan app is a safe credit lending app coz it is RBI-approved. Moreover, NIRA Finance is also a member of the Indian Microfinance Association.

NIRA Personal Loan: Pros and Cons


NIRA provides personal loans of up to ₹1 lakhs.

It provides an easy and flexible loan repayment tenure.

100% online application process, no need to visit branch location.

It approves the loan amount within 24 hours.

It provides the credit through RBI-Licensed NBFCs.


It charges a high amount of interest rate that start at 24% per annum.

Only salaried and working professionals are eligible.

How to Get a NIRA Personal Loan?

Once you get to know if you’re eligible for a NIRA personal loan, you are ready to apply for it. Here are the steps to follow.

➥ Tap on the “Apply Now” button located at the bottom of this article. Then, enter your basic details and submit to download the NIRA app.

➥ Once downloaded, open the app and choose your preferred language. Then select your loan amount and repayment tenure (Duration of the loan).

➥ Accept their terms and give access to your device location. Then, enter your mobile number and verify with the OTP.

➥ After that, enter your employment status including your monthly salary and tap on Proceed. Then, enter your personal details and submit.

➥ Now, enter why and how much loan amount you want, and then proceed to review your details. Once verified, you will see how much loan amount you are eligible for.

➥ Tap on proceed and enter some details such as your designation, email ID, employment ID, etc. After that, tap on the Apply Now button to complete your KYC.

➥ Now enter your address and contact details. Then, enter your salary account details and tap on the Proceed button.

➥ Upload your bank statement and then your address proof. After that, accept the terms and enter the OTP to get your credit report.

➥ Click on the Proceed button and verify with your Aadhaar. Once Aaadhaar KYC is done, set up an e-Mandate and complete the process.

After that, your application will be sent for verification. If your application gets approved, the loan amount will be credited to your bank account immediately. The verification process may take up to 24 hours.

NIRA Personal Loan Review

“NIRA Finance is one of the trusted instant personal loan apps available in India. It complies with all the laws and regulations of RBI. Moreover, it provides loans through RBI-licensed NBFCs.

So it is a safe platform to borrow money in India. Its processing fees and other charges are okay, but its interest rate is very high as compared to other loan apps.

It says that it provides loans at the lowest interest rates, but I don’t think that 24-36% annual interest rate is the lowest.

However, its other services are quite good and it also provides flexible repayment tenures. If you’ve applied for a personal loan on many platforms but your loan wasn’t approved, NIRA Finance will be a good option for you.

Because it does not require so many documents and the chances of getting the loan approved are very high.” – Review by Ashim

Benefits and Features5/5
Interest Rate3/5
Fees and Charges4/5
Repayment Tenure4/5

Frequently Asked Question

Q. How long does it take to approve my loan application?

After you complete the application process, it will be sent for further verification. It may take up to 24 hours to verify your application. Once it is verified, your loan will be approved and the money will be disbursed to your account.

Q. How do I contact customer support of NIRA Finance?

You can reach out to NIRA loan customer support via email and WhatsApp. NIRA loan app WhatsApp number – 9591196740 and email address –

Q. Is NIRA personal loan safe?

Yes, it is! NIRA Finance provides the loan amount to the customers through RBI-licensed banks or NBFCs. It complies with all the rules and regulations including the Fair Practices Code of RBI.

Q. Can I cancel my NIRA personal loan?

Yes, you can! But you must know that NIRA charges 4% of the prepayment amount if you close it after 7 days of loan disbursal. But there are no charges if you foreclose it within 7 days of loan disbursal.

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