We are a digital lending platform enabling users to avail instant cash loans without tedious paperwork. We provide cash advances against your salary and the loans can vary up to Rs 100,000 with a tenure of 2 months and 3 months. Currently, we offer EMI based short term loans that can be paid upto 3 months.
At LoanIt, we follow a simple “2 - 5 - 0” approach to enhance our user experience with immediate decision-making process. Once profile is approved post verification of documents, users should take less than 2 minutes to apply for a loan, the loan approval decision would be done in 5 minutes and with 0 physical interaction. We invest in resources to deliver this convenience to the customers.
We use machine learning in our underwriting algorithm that evaluates the creditworthiness of a borrower and optimizes an interest rate based on the data points from various transactions.. As a user, you register with your Google accounts and provide your details, our algorithm runs in the background and optimizes the loan rates & charges based on your data. You can check the charges in the loan calculator and apply for a loan after uploading document proofs for the information you provided. Post verification, you will have the cash in your account in less than 5 minutes. .
After we receive the your information and document proofs for verification, we will process your request and transfer the funds into your bank account in no more than 5 minutes. Your first loan may take a minimal amount of time for the completion of verification process and for account set up. Subsequent loans will be transferred instantly if applied in business hours.
We offer short term cash loans that act as an emergency line of credit. The amount varies from Rs 5,000 to Rs 100,000 and it depends upon your eligibility limit and membership grade.
LoanIt does credit risk assessment of users with the help of its machine learning based algorithms for its lenders. Once the user gets approved, the loan is catered by its affiliated lenders. The lenders are financial institutions which has the required licenses/approvals to lend.
LoanIt memberships are of 2 types with subcategories in it based on the EMI structure:
• Standard ( 2 months EMI)
• Platinum ( 3 months EMI)
Every user’s default membership will be “basic” and based on the user’s repayment behavior, the membership gets upgraded. By membership upgrade to standard & platinum, you can avail the benefits of increased eligibility amount and lowered fees, once you get your membership upgraded. Also, higher grade customers , will be given higher priority in service, new product launches etc.,
Our interest rates are 2.5%per month with Annual APR of 30%. Our processing charges are dynamic and varies with factors such as tenure of loan, membership type, repayment behavior etc.,
Your first 10 days is a free credit period. We do not charge for the initial 10 days of the tenure if the user repays on or before 10 days. To understand more, you can check loan calculator in the application after you register yourself.
We charge a processing fee on every loan application and is dependent on the amount you need.
• Upto Rs 7000, processing fee is Rs 600,
• Greater than Rs 7,000 and less than Rs15,000, processing fee is Rs 800,
• Greater than Rs 15,000, processing fee is Rs 1200.
LoanIt has the right to cancel/downgrade your membership anytime without any prior intimation. The following reasons may attribute for your membership cancellations – unable to meet our eligibility criteria, provided incorrect information, non-repayment of loan on time or any other user activity that may be considered inappropriate etc.
We do not encourage any delayed repayments at all and this will affect your LoanIt profile. Your membership may be cancelled or downgraded based on the extent of delay. We also charge penalty amount as recovery costs. These are dynamic in nature and will be informed to you based on your membership structure.
Our vision is to provide digital lending services to everyone, but as we are still growing, at this stage we are focusing our efforts in serving working professionals who are looking for a cash advance until their next paycheck. Our eligibility criteria - any Indian citizen who is a salaried professional with minimum age of 20 years and minimum salary of Rs 20000/- per month can apply on the platform.
No, you are not tied any long-term commitments or contracts. All our interest rate quotes are for individual transactions only.
Currently, we are offering loans with a tenure up-to 2months (62 days) or 3 months (93 days). To upgraded customers, we offer the benefit of customized tenure and rates.
No, you cannot extend beyond the loan due date that you signed up for. If we do not receive payment by due date, our recovery team will contact you and initiate recovery actions which may include proceeding with legal actions, etc. Please note that the recovery costs and arrears will be added to the total amount that we would charge you. Also, your credit rating score would be impacted negatively if you do not stand by your commitment to pay us back by the due date. We request you to not to default the loans. On time payment will ensure you are served better always. Your membership will be cancelled and will not be allowed to apply in the future indefinitely. Will report the defaults to relevant credit information bureaus and your credit score may get affected.
If you are borrowing from us for the first time, providing the following documents would help us process the loan faster. We require your documents only for the first time. 1. Address proof (front & back) 2. Latest paycheck or salary slip from your employer 3. Bank Account statement for the last six months (this should be the account where your salary is credited) Please upload the documents via LoanIt application. If you face any issue, email the documents to email@example.com
We accept only pdf, jpeg and jpg formats and with size less than 2 MB. Please check the format while you upload. If you still face issue, email the documents to firstname.lastname@example.org
You can repay the loan any time before the due date by direct transfer to the bank account.