This article will cover Big Rock Loan. If you need money quickly and are looking for a loan app, Big Rock is a new loan platform on the market. This app offers loans ranging from ₹10,000 to ₹100,000, with repayment periods ranging from 10 days to 60 days. However, it’s important to thoroughly vet the app before taking a loan, as there are many fraudulent loan apps circulating on the market today. If you’re considering a Big Rock Loan, this article will be helpful; it provides complete information to help you decide whether you should take one.
About Big Rock Loans
Big Rock is a lending platform—a product of Fintech Cloud Pvt. Ltd. It offers loans ranging from ₹10,000 to ₹100,000, with repayment tenures of up to 60 days. These loans are offered through its RBI-registered NBFC partner, Panafic Industrials Ltd.
However, we took an initial loan of ₹30,000 from Big Rock Loans for 14 days; we received ₹26,460 in our bank account, and we have to repay ₹34,200 after 14 days.
For example
If you take out a Big Rock Loan, you can see the details below.
| Loan Amount | ₹30,000 |
| Loan Tenure | 14 Days |
| Processing Fee | ₹3,000 |
| GST | ₹540 |
| Amount Credited to Bank Account | ₹26,460 |
| Interest Amount | ₹4,200 |
| Total Repayment Amount | ₹34,200 |
Note: This is a general overview of our loans; details may vary depending on your profile.
Eligibility Criteria
- Indian Resident
- Age over 21
- Minimum monthly salary ₹35,000
Required Documents
- Aadhaar Card
- PAN Card
- Bank Statement
Benefits of a Big Rock Loan
- Fast Money – Money is credited to your account within 10-30 minutes.
- Fewer Documents – Just ID, bank statement, and some basic information.
- Loan even with bad credit – Even those with poor credit scores can benefit from this.
- Emergency Help – This is useful if you need money suddenly.
Disadvantages of Taking a Big Rock Loan
- High interest – 1-3% APR per day, or 300-1000%. Short term: Payment must be made within 7-45 days.
- Risk of being trapped – If you don’t make timely payments, the interest will increase.
- Data theft – Many apps sell your data.
- Harassment – If you don’t make timely payments, you may receive threatening calls.
- Poor credit score – If you don’t make timely payments, your score will drop.
Caution: Only take loans in emergencies, limit your repayment amount, and choose only RBI-registered apps.
Big Rock Loan – Red Flags
Before applying for a Big Rock Loan, it’s important to be aware of some important warnings and red flags.
Hidden Fees and Interest
If you apply for a Big Rock Loan, be aware of the processing fees. If you take out a loan of ₹30,000, only ₹26,460 is credited to your bank account, while you have to repay ₹34,200 in 14 days. This means you will have to pay an additional ₹7,740 in 14 days. You should verify this information.
Policy Violation
Although Big Rock Loan claims to offer loans up to ₹100,000 for a 60-day period, it actually defrauds you with processing fees and interest charges, which violates RBI regulations.
False Promises
Big Rock Loan promises emergency loans of up to ₹100,000; however, these loans are actually based on your salary, and you cannot obtain a loan without income proof.
Extortion Tactics
Some users have complained about extortion tactics—including unauthorized access to their contact lists—that are often seen in fraudulent loan apps.
RBI Verification
Given the increasing number of fake loan apps, users are advised to check the registration status of Big Rock Loan’s NBFC partner, Panafic Industrials Ltd., on the RBI’s official website.
Things to keep in mind when applying for a loan
- When applying for a loan, be wary of apps that ask for excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, make sure the lending app is registered with the Reserve Bank of India (RBI).
- Before accepting any loan offer, carefully read all terms and conditions, interest amounts, fees, and other important details.
- Be sure to compare interest rates and processing fees with other lending companies.
- Always avoid loan apps that demand payment before processing your application.
Big Rock Loan Real or Fake
Some people consider Big Rock Loan a “miracle” solution for emergency loans, but the reality is quite different. For example, after applying for a loan from Big Rock Loans, we found that a loan of ₹30,000 was approved. The loan amount received from the bank was ₹26,460. The loan tenure was 14 days. The expense of ₹7,740 for 14 days indicates that the company was created solely to defraud users with a processing fee scam. Users are advised to verify that the company’s NBFC partner, Panafic Industrials Ltd, is indeed registered with the RBI.
Note: This article is for informational purposes only. If you apply for and decide to take a loan through Big Rock Loans, please exercise discretion and caution.