Unsecured Loan FAQs

Application Process

What is the amount and tenure for unsecured personal loans?

For Short Term Personal Loans you can borrow up to Rs 1 Lakh for up to 12 months

Who can apply for a loan on NextFin?

Any Indian individual above the age of 21 years, who is salaried or has a steady monthly source of income may apply for a Personal Loan through the NextFin Platform.

What is the application process for Personal Loan?

We understand the value of your time and hence have designed our application process in such a way that the loan gets processed within a few minutes. All you need is to register for our app, provide us a few details, and upload the required documents. The moment we receive all the details, the system will calculate and approve the loan as per the eligibility. Once the loan is approved, you need to digitally sign documents and within a few minutes, the amount will be credited to your bank account.

Download NextFin app from Google Play Store or Apple Store (Coming soon)
Register yourself through mobile number and OTP
Fill in your basic details (Name, Father’s Name, Date of Birth, Pin Code, Email, and Marital Status). We need this to customize offers for you.
Provide us your current residential address, employment details and office address (required for personal loans). This is only required once.
Choose the Loan you want to apply for along with amount and loan tenure.
Take and upload your selfie. You cannot upload photos from your phone
Upload a photo of the PAN Card. You can either take a photo or upload it from the gallery photo in case you don’t have it around.
Upload your financial documents (Bank statement with account number & IFSC code visible) and Appointment Letter or Salary Slips.
Wait for the system to process your eligibility.
Upon success, select the amount and tenure you are eligible for, and authorize the transaction by enabling emandates.
Get the amount credited to your bank account instantly.

How long does it take to disburse the loan amount?

Once you submit all the documents the loan is disbursed within minutes. An average customer takes 15-minutes to qualify, after opening the app. The speed might vary depending on how fast you can type!

What documents will I have to submit when applying for a personal loan?

The mandatory documents are:
- KYC Documents (PAN Card, Aadhar Card, Date of Birth). In case you don’t have your mobile number seeded with an Aadhar card, you will not be able to apply for a loan.
- Bank Statements for the last three months (Account number and IFSC code should be visible on the statement). In case your statement is password protected, please keep the password handy. We store all passwords with 256-bit SSL encryption so your data is completely encrypted and safe with us.
- Salary Slips for the last three months
- Address Proof documents
- Please note that in case of any discrepancies or fraudulent documents, we may cancel your loan application.
If case you require further assistance,please email us on support@nextfin.in or call us on +918447804814. We’re available 9:30 AM – 6:30 PM Monday – Saturday.

I am facing issues while document uploading. What do i do?

If your document upload is failing, make sure:

That you have a working internet connection
If your internet connection is fine then there might be something wrong with our servers and you can please try uploading after 30 minute. If issue still persists try uninstalling the app and again re-install to get the upgraded version
If that doesn’t work, please email support@nextfin.in or call us at +918447804814.

Will you be contacting my employer?

No. We only ask for your official email ID verification as a way of verifying your employment. We will send a secure link to that email which you will have to click on by logging into your work email. Please ensure you are entering it correctly.

Can I avail multiple loans at once?

No! If you wish to apply for a new loan, please close the first by paying any remaining dues. As a general practice, you must not take loans from multiple loan applications as it may show up negatively on your credit profile.

How is my creditworthiness decided?

We decide your eligibility based on underwriting criteria specified by our lending partners. We use your monthly salary, expenses, credit history, and other factors to calculate your credit worthiness. This limit can be increased, decreased, or locked based on the bank’s credit policies and the details you give on the app about yourself. Your credit limit is decided based on the authenticity of your documents as well as your previous repayment history which can be tracked via your KYC documents.

My loan application did not get approved. Why?

Our underwriting is based on an automated credit process where we check customer’s multiple data points as per lender requirements. If your profile doesn’t meet the eligibility criteria of our lenders, your application can get rejected due to various reasons. In some cases, we do share the reason directly to you via SMS and mail and can only advise you to reapply post resolving those issues. We will work with you to improve and re-apply.

Rates, Charges and Fees

What is the applicable rate of interest?

At NextFin, we pride ourselves on being transparent about the rates charged on our platform. So you are absolutely clear on what you are paying for. Here is what you pay, no hidden fees:

There is no fee for downloading the app and getting approval. Even if you are denied for any reason, you will pay zero fees.
For Short Term Personal Loans, Interest rates start at 1% per month or 12% Annualized.

The above-quoted interest rates are only for reference and actual rates may vary depending on your credit score, bank statement, and other data points you provide through the app.

Are there any processing fees?

Yes, there is a processing fee of 6% on the loan amount + 18% GST

What are your late payment & penal charges?

Bounce Charges: You will be charged a bounce of Rs 750 + Applicable charges if you do not pay your EMI on time. The charge is applicable in the following cases:

Your EMI is not cleared through NACH auto-debit because you did not have sufficient money in your bank account.
You do not pay the EMI through our App or website on time.

Penal Charges: You will be charged penalty interest on the overdue amount if you pay late. This penalty amount increases every day.

Repayment & Closure

What are the prepayment charges?

There are no prepayment charges if you pay after 62 days.

How can I repay my loan?

You can repay your loan by heading over to the Loans section (in the bottom navigation menu), clicking on the existing Loan, and making an online EMI payment. Following are the payment modes supported by us:

Auto-debit: We set up an Auto Debit Instruction from your Savings Account so that the installments are automatically deducted every month
Net banking, Debit or Credit Card using the payment option available on the App
Wallets, UPI for EMI payment as available
Cash: Not supported

Do you have a cash payment option?

No. We only support loan repayments through the MoneyLoji app via Debit Card, Net-Banking, UPI, Paytm Wallet or Bank Transfer. If you are facing an issue while repaying your loan, kindly write to us an email at support@nextfin.in and we shall look into it.

What if I couldn’t make a loan payment on the due date?

Like any other legal agreements, all loans are legally binding and governed under the RBI regulations wherein not paying your monthly installment/EMI is a criminal offense in the Indian Court of Law. Your Credit score/CIBIL score will also take a hit due to non-payment of dues.

A penal interest rate of 0.6 % per day will be changed on your EMI due amount + Rs 750 plus applicable taxes as bounce charges.

What are the penalties if EMI is not debited automatically?

If you were unable to pay the EMI on time, a penal interest rate of 0.6 % per day will be changed on your EMI due amount + Rs 750 plus applicable taxes as bounce charges.