As we know, when faced with an urgent need for funds, most people consider taking out a loan. If you require money immediately—specifically a quick loan—Loan112 could be an excellent option for you. Through this platform, you can avail of a personal loan ranging from ₹5,000 to ₹100,000, with a repayment tenure of 365 days. However, before applying for a loan through Loan112, it is essential to understand the details regarding the service. You can read the complete article below to gain a comprehensive understanding of Loan112.
What is Loan112
Loan112 is an online loan app that offers personal loans ranging from ₹5,000 to ₹100,000 through an RBI-registered NBFC partner (DEVMUNI LEASING & FINANCE LIMITED). The loan tenure is 365 days, and interest rates range from 0% to 35% per annum.
DEVMUNI LEASING & FINANCE LIMITED is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. It operates as an NBFC partner and complies with all applicable rules and regulations.
For Example
We took a loan of ₹12,000 from the Loan112 app, out of which ₹12800 was credited to our bank account. The loan tenure is 35 days, and we are required to repay ₹18,900 after 35 days.
- Loan Amount: ₹14,000
- Loan Tenure: 35 Days
- Bank Disbursement Amount: ₹12800
- Interest Rate: 1% per day
- Interest Amount: ₹4,900
- Total Repayment: ₹18,900
Note: This calculation is for our reference only; it may vary based on your profile.
Eligibility Criteria
- Must be a resident of India
- Salaried employee
- Must be over 21 years of age
- Must hold a savings bank account
- Must possess the necessary documents
Required Documents
- Your Personal Loan application form must be fully completed and affixed with a recent photograph
- PAN Card is mandatory
- Proof of Residence – Driving License, Voter ID, Passport, Utility Bill (Electricity/Water/Gas), Post-paid/Landline Bill
- Bank statements of the salary account for the last 3 months
- Salary slips for the last 3 months
Loan112 Benefits and Features
- Users can avail of loans ranging from ₹5,000 to ₹100,000 to fulfill their minor financial needs.
- With Loan112, you do not require any guarantor or collateral.
- Loan112 offers its customers a transparent track record, free from any hidden fees.
- It provides competitive interest rates and transparent APR calculations.
- To ensure the security of your personal information, Loan112 adheres to strict data privacy standards.
- You can apply for a loan from the comfort of your home using your mobile phone; the entire process is 100% online.
- This loan platform is specifically designed for individuals who require funds before their salary is credited to their bank account; such users can utilize Loan112 to obtain a salary advance.
Points to Keep in Mind When Applying for a Loan
- When applying for a loan, be wary of apps that request excessive permissions—such as access to your assignments or photo gallery—as this information could be misused.
- Before applying for a loan, ensure that the loan application is registered with the Reserve Bank of India (RBI).
- Before accepting any loan disbursement, carefully read through all terms and conditions, interest rates, fees, and other relevant details.
- Always avoid loan apps that demand an upfront payment before processing your application.
- Opt for loan apps that provide transparent information regarding customer support and offer clear details regarding loan terms and conditions.
How to Apply for Loan112
Follow the steps below to apply for Loan112:
- First, download the Loan112 app or visit the website at https://www.loan112.com/
- Register using your mobile number
- Enter basic details such as your full name, date of birth, and gender
- Enter your PAN and Aadhaar card details
- Employment type and company name
- Monthly income
- Address proof (Permanent and Current Address)
- Selfie
- Bank account details for disbursement
- eNACH/UPI e-mandate
- Loan Amount/Bank Disbursement
About Loan112
As we have learned in this article, Loan112 is a trustworthy lending platform. It offers personal loans of up to ₹100,000 through RBI-registered NBFCs (DEVMUNI LEASING & FINANCE LIMITED and DEV-AASHISH CAPITALS PRIVATE LIMITED). According to Loan112, it is committed to maintaining the highest standards for the security of your information, as it is an RBI-registered NBFC.
Note: This article is for informational purposes only. If you decide to take out a loan from Loan112, please exercise your common sense and proceed with caution.
FAQ
What happens if I fail to repay Loan112?
In the event of non-repayment, a penalty or late fee may be levied on you in accordance with the lender’s terms and conditions. This could also impact your credit score.
Are there any hidden fees at Loan112?
No, Loan112 is committed to transparency. All charges—including interest rates, processing fees, and any other applicable fees—will be disclosed upfront.
Can I get a loan for a specific need?
Yes, many platforms offer personal loans for specific needs,
such as: wedding expenses, travel and vacations, medical emergencies, and home repairs.
These are unsecured loans and do not require any collateral.
How to Contact Loan112 for Assistance
For any kind of assistance regarding Loan112, you can contact us here:
- Phone – +91-9311912970
- Email – care@loan112.com
- Address – 1st Floor Side-B, Plot No. 498, Udyog Vihar Phase 3, Gurugram, Haryana, 122016