What is Loans on Truecaller?
Truecaller Loan is a credit line that is being offered to Truecaller users. Users are offered a pre-approved top-up amount featuring:
Instant Loan withdrawal whenever you need it - anytime, anywhere
Flexible EMI’s as per your convenience
Who is eligible for Truecaller Loans?
Currently, the offer is applicable for Truecaller users who are resident in select 22 cities only. It will be rolled out to users in other cities in phases. It will be seen on the landing page under the banking tab of Truecaller app.
How do I know if I am eligible for a Truecaller Loan?
If you are eligible for the offer, it will be seen on the landing page under the banking tab of Truecaller app.
What is the amount I’m eligible for?
The amount offered is between Rs.1 lakh to Rs.5 lakh. The actual amount you’re eligible for will be displayed in the app.
Are there any charges/fees for using Truecaller Loans?
There is a processing fee of 2% + GST on the withdrawal amount & late payment fee if the loans were not repaid on time.
How does Truecaller Loan work?
Register for the offer from the app and fill in the necessary details. A representative from our KYC agency appointed by Partner NBFC will visit the address provided by you, to take your signature on the necessary documents. Once we receive these documents, Truecaller Loan will be activated for you in the app.
You can now seek disbursal for any amount to the maximum limit sanctioned. The interest will be charged only on the disbursed amount on a daily basis.
EMI repayments will be on 5th of every month and will be charged based on the tenure selected by the customer. The EMI will be auto-deducted from the same account in which the amount was disbursed. In case of failure of auto-deduction, you will be given the option to pay the EMI from Truecaller app.
What are the unique features of Truecaller Loans?
Instant Loan withdrawal when you need it - anytime, anywhere
No prepayment fees.
Flexible EMIs as per your convenience
How do I apply for a Truecaller Loan?
If you have a Truecaller Loan offer, you will see it on the landing page under the banking tab of Truecaller app. Click on the Truecaller Loan card, and complete the sign-up process in the app. You will need to schedule an appointment where our representative will visit you to take your signature on the KYC documents. Once we receive the documents, we will enable Truecaller Loans for you and the money can be withdrawn anytime you want.
Why is the available amount reduced after the 1st top-up?
The available Line Of Credit amount is reduced based on the amount and tenure selected. This amount is calculated on the basis of the first loan withdrawal.
How do I pay my monthly EMI?
We will collect your signature on a NACH mandate, through which your EMIs will be auto-debited. In case of failure of NACH mandate, you will be able to pay the EMI through Truecaller app.
What is NACH?
National Automated Clearing House (NACH) is a mandate from you, telling your bank to make regular monthly payments on your behalf. Once setup, it is an easy and automatic method to pay the EMI.
Will you send EMI reminders?
We will send you EMI reminders 2 days before the EMI due date & on the EMI due date as well.
Where can I see my payment due date?
The EMI due date will be updated on the Truecaller Loans card on the landing page under the banking tab of Truecaller app.
What happens if I don’t pay my EMI on time?
We do not charge any late payment fees. However, paying the EMI is very important in order to maintain a healthy credit score.
Can I change my repayment date?
Currently, the EMIs are collected only on the 5th of every month.
How can I make payments in case of failure of my NACH registration?
In case of failure of NACH registration, we will re-attempt setting up your NACH mandate. If the EMI due date arrives before the NACH mandate is set up, you can make the payments through the Truecaller app
What happens if I miss the payment on the due date?
There will be no late payment penalty charged by our partner NBFC, failure to service EMI might impact you in the following manner:
Credit rating (reporting to Credit Bureau)
NBFC may initiate recovery proceedings to recover the dues apart from the late payment charges
What can I use the Truecaller Loan for?
You can use the Truecaller Loan for absolutely anything you want. Whether you want to buy a new phone, take a vacation or cover yourself in times of emergency
Is a good CIBIL score required for my application to be accepted?
If you see the Truecaller Loans card in your app, you already have an offer. A good CIBIL score is not mandatory for you to receive an offer.
What should I do in case my application was rejected?
Your application will be rejected only if there are discrepancies in the documents you have signed on. We will get in touch with you to complete the sign-up process again.
How do I cancel my registration for Truecaller Loans?
Please email us at firstname.lastname@example.org to cancel registration for Truecaller Loans.
What does pre-approved top-up amount mean?
Pre-approved top-up amount is the amount of credit that you are eligible for.
For example, if your pre-approved top-up amount is Rs. 500,000 you can withdraw any amount up to Rs. 500,000 and greater than Rs. 50,000, which is the minimum limit.
What is the minimum and maximum tenure for repayment of withdrawal?
The minimum tenure for repayment of a withdrawal is 3 months and the maximum tenure is 18 months.
How is the Interest calculated?
The applicant would be charged interest on a daily basis for the cash withdrawn from Prime at the rate mentioned in the app. Interest will accrue on a daily basis and will need to be paid on the dates shown on the app.
Can I avail a partial disbursement?
Yes, you can avail any amount with a minimum of INR 50,000 and up to your sanctioned top-up amount
What are the costs associated with the withdrawal of the money from the Truecaller Loan account?
There is no cost associated! No document pick-up fees,pre-closure fees or any other fees.
How do I avail disbursal from my credit limit?
You can avail disbursal from Truecaller app. Once your KYC process is complete, the Truecaller Loan will be enabled for you. You can click on the Truecaller Loans card on the landing page under the banking tab of Truecaller app. You can enter the amount you wish to withdraw & the tenure you wish to withdraw it for. Money will be credited to your bank account in a few minutes.
What are the documents I need to submit to avail cash disbursement from Truecaller Loans?
You do not need to submit any physical documents. We will send our representative to collect your signature on an agreement & would also need your Aadhar card copy.