What is a Non-Banking Financial Company (NBFC)?
A Non-Banking Financial Company (NBFC) is a financial institution that provides various
services such as loans, advances, leasing, hire-purchase, and insurance but does not
engage in activities such as agriculture, industrial operations, or the sale of goods or
services. It is
also a company registered under the Companies Act 1956 and is not allowed to accept
deposits from the public. Additionally, NBFCs are also known as residuary non-banking
companies.
What are the differences between banks and NBFCs, as both perform similar functions
such as lending and investing?
NBFCs cannot accept demand deposits.
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NBFCs do not form part of the payment and settlement system and cannot issue
checks drawn on themselves.
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surance facility of the Deposit Insurance and Credit Guarantee Corporation is not
available to depositors of NBFCs, unlike in the case of banks.
What is RupeeHype and how does it work?
RupeeHype is a financial technology solution from NAMAN FINLEASE PRIVATE LIMITED
that enables young salaried individuals to access short-term personal loans using a
convenient app. The process is streamlined and requires minimal paperwork, with only a
salary slip, bank statement, PAN card, and proof of address needed to be uploaded
through the app. The loan disbursal is quick, with the money being transferred to the
borrower's bank account in a matter of minutes.
When will I be considered a defaulter?
When a borrower fails to repay the entire loan amount, including interest, within the
specified time frame, including any extensions, from the date of loan disbursement, it
is considered a default. If you do not make the repayment within the given time frame,
you will be labelled as a defaulter with RupeeHype and will be unable to take another
loan from RupeeHype.
Who can apply for a loan with RupeeHype
It is important to note that the requirements for a personal loan can vary based on the
lender and the type of loan. The requirements you have mentioned are specific to
RupeeHype and may not apply to other lenders. It's always advisable to check with the
lender directly or visit their website to confirm the specific requirements for a
personal loan with them..
What documents are required for applying for a Personal Loan from RupeeHype?
Here's the list of documents that are typically required for a personal loan application
from RupeeHype.
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Photo Identity Proof: PAN Card
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Latest salary slip
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Aadhaar Card
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Permanent Address Proof: Any one of the following: Passport, Driving Licence,
Voter's Identity Card, or Utility Bills (e.g., Electric/landline phone bill, gas
bill) that are not more than 2 months old
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If the current address is different from the permanent address, then
additionally: a utility bill (e.g., an electric or landline phone bill or a gas
bill) of the current address that is not more than 2 months old, Leave and
Licence Agreement/Rent Agreement
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The latest statement of your Bank account shows your salary credit.
Can I Reapply?
You're welcome to re-apply for a personal loan after 3 months after the rejection of
your previous application if you believe that there have been material improvements in
your creditworthiness. We will review your application, but approval remains at the
discretion of the lender.
What is a Personal Loan?
A personal loan is a type of unsecured loan that is typically used for personal expenses,
such as unexpected medical bills, home repairs, or other unexpected expenses. Unlike a
mortgage or car loan, personal loans do not require collateral, such as a house or car,
to secure the loan. Instead, the lender typically evaluates the borrower's
creditworthiness and income to determine their ability to repay the loan. Personal loans
typically have a fixed interest rate and a fixed monthly payment and are typically
repaid over a period of one to five years. Personal loans can be obtained from banks,
credit unions, and online lenders.
Can I change my loan request?
Yes, if it is necessary, you can make changes to your loan request.
What if I default?
The lender extends you the loan through the RupeeHype app because they have confidence
in your creditworthiness and ability to repay the loan. However, if you default on the
loan despite this trust, the lender will be forced to make your default status public on
RupeeHype app and website, their own website, and even your social media accounts.
Additionally, the lender will take necessary recovery actions and inform CIBIL and other
credit rating agencies.
Can I repay my loan before my due date?
Yes, you have the option to repay your loan prior to the due date and avoid accruing
additional daily interest.
How much can I borrow from RupeeHype?
It's important to note that the loan amount you can borrow, and the repayment period can
vary based on the lender and the type of loan. The information you have mentioned is
specific to RupeeHype and may not apply to other lenders. It's always advisable to check
with the lender directly or visit their website to confirm the specific loan amount and
repayment period for a personal loan with them.
It's also worth noting that the loan amount you qualify for will depend on your
creditworthiness, income, debt-to-income ratio, and other factors considered by the
lender.
Do we need any collateral or security?
Clearly, no. We believe in our customers and have trust in them. Therefore, we do not
require any collateral or security to be provided when applying for a personal loan. All
we need are your valid documents to verify your eligibility.
How do I repay loans availed from RupeeHype?
We accept payments only through NEFT, IMPS/UPI/CHEQUES methods. To make a payment,
please visit https://www.RupeeHype.com/repay-loan.
Please be sure to verify the accuracy of the above information before making any
transfer. If you require any further assistance, please reach out to info@RupeeHype.com.
How fast will I get a loan?
You can expect to receive your loan disbursed in a lightning-fast time, even faster than
it takes for a pizza to be delivered to your doorstep, typically within 30 minutes or
less!
