The digital age has made it very easy to obtain a loan during an emergency; you can apply for one from the comfort of your home using your mobile phone and any mobile loan app. One such app is AmountPro. If you urgently need cash, you can secure an immediate loan through the AmountPro Loan App. If you are considering getting a loan from AmountPro, this article could prove to be very beneficial for you.
What is AmountPro
AmountPro is an online digital loan platform that facilitates loans through an NBFC (Non-Banking Financial Company) named Vaishali Securities Limited. According to the official website of the AmountPro loan app, Vaishali Securities Limited is a Non-Banking Financial Company licensed by the Reserve Bank of India (RBI).
Note: However, according to user complaints, the AmountPro loan app is not available on the Google Play Store and is not registered with the RBI. Users report that the app offers a loan of only ₹5,000 with a tenure of 15 days. Issues associated with this 15-day loan include threatening calls and harassment for repayment if the loan is not paid on time, as well as the imposition of a daily penalty of up to ₹1,000.
Benefits of taking an AmountPro loan
- Obtaining an instant loan during emergencies
- Receiving funds within just 10 minutes using the AmountPro loan app
- Availing a loan with minimal documentation, such as a PAN card and Aadhaar card
- No requirement for any kind of guarantee or collateral
- No requirement for proof of income
- Ability to apply from the comfort of your home using the mobile app
Drawbacks of AmountPro Loan
- Some users advise against taking a loan from the AmountPro Loan App, considering it a risky move.
- The AmountPro Loan App is not available on the Google Play Store, raising questions about its legitimacy and compliance with platform policies.
- Some users have reported aggressive recovery tactics, including threatening calls and harassment.
- The AmountPro Loan App offers a loan of ₹5,000 for a tenure of just 15 days; after deducting processing fees, the borrower receives ₹3,700 in their bank account but is required to repay ₹5,300.
- While the AmountPro Loan App platform claims to be RBI-registered, capable of disbursing loans within 10 minutes, and compliant with all Reserve Bank of India regulations, its absence from the Google Play Store casts doubt on these claims.
Things to keep in mind when taking a loan
- When taking a loan from any app, be mindful of the permissions requested by the loan app.
- Removal of any loan app from the Google Play Store is a warning not to use it on your personal mobile phone.
- Before applying for a loan, it’s important to understand the validity and processing fees of loan applications.
- Do not apply for a loan from a loan app that doesn’t provide hidden charges and contact information.
- Avoid loan apps that request access to contact information, messages, or other personal data without a clear reason.
- Avoid loan apps that demand fees before the bank disburses the loan amount.
- Always apply for a loan from an RBI-registered loan app.
- Take a loan after understanding the loan term and loan payment EMI schedule.
Is AmountPro Loan Real or Fake?
The AmountPro Loan App markets itself as a platform that offers instant personal loans with minimal documentation. However, there are several red flags associated with the app that suggest users should exercise caution, such as:
- Its absence from the Google Play Store
- A lack of verifiable information regarding the founders or operators of AmountPro Loan
- Issues with the app’s customer support
- Threatening calls and harassment for failure to make timely repayments
Conclusion
As we have learned in this article, the ‘Amount Pro’ loan app claims to be RBI-registered; however, user complaints and reviews indicate otherwise. The fact that the app has been removed from the Google Play Store further suggests it lacks RBI registration. Users have reported risky practices, such as receiving threatening calls for late payments, a short repayment tenure of only 15 days, and the imposition of penalties for failing to repay on time.
Nice app