Fibe Personal Loan @ 24% p.a - Get Upto Rs. 5 Lakhs

Fibe Personal Loan

Fibe, formerly known as Earlysalary provides personal loans to eligible customers who meet their lending criteria. Fibe Personal Loans can be used for a variety of purposes, such as debt consolidation, home improvement, medical expenses, or unexpected emergencies. Fibe Personal Loans provide a convenient and straightforward way for individuals to access funds quickly and efficiently, helping them achieve their financial goals.

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Fibe Personal Loan Key Highlights

Here are some key highlights of Fibe Personal Loan.

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Feature Description
Loan Amount

Rs. 5,000 – Rs. 5,00,000
Loan Term

3 – 24 months
Interest Rate

Starting from 24% per annum
Fees

Processing fee starting from Rs. 99
Eligibility

Must be at least 21 years old with a minimum monthly income of Rs. 18,000 and a valid bank account
Application

Online application with instant approval and disbursal within minutes
Use of Funds

Can be used for a variety of purposes, including travel, medical emergencies, home renovation, and more
Repayment

Automatic deduction from linked bank account
Customer Service

Dedicated customer support available by phone or email
Late Payment Policy

Late fees apply for missed payments and may impact credit score

Fibe Personal Loan offers interest rates starting from 24% per annum. The actual interest rate you qualify for may vary based on factors such as your credit score, monthly income, loan amount, and repayment tenure. Interest rates are fixed for the entire loan tenure, which can range from 3 to 24 months.
Fibe may offer promotional interest rates from time to time, so it’s worth keeping an eye out for those as well.

Here are some of the features and benefits of Fibe Personal Loan:

  1. Quick and easy application process: Fibe Personal Loan has a simple and hassle-free application process that can be completed online within minutes. Borrowers can get an instant approval and receive the funds within hours.
  2. Flexible loan amount and repayment tenure: Borrowers can choose a loan amount ranging from Rs. 5,000 to Rs. 5,00,000 and a repayment tenure ranging from 3 to 24 months based on their financial requirements and repayment capacity.
  3. No collateral or guarantor required: Fibe Personal Loan is an unsecured loan, which means that borrowers do not need to provide any collateral or guarantor to get the loan.
  4. Competitive interest rates: Fibe offers competitive interest rates starting from 24% per annum, which are fixed for the entire loan tenure.
  5. Quick disbursal: Once the loan is approved, the funds are disbursed within minutes directly to the borrower’s bank account.
  6. Pre-approved offers: Fibe offers pre-approved loan offers to its existing customers, which can be availed with just a few clicks without any documentation.
  7. Easy repayment: Fibe Personal Loan has an automatic repayment option, where the loan amount is automatically deducted from the borrower’s bank account on the due date.
  8. Customer support: Fibe has a dedicated customer support team that can assist borrowers with any queries or concerns related to their loan.

Overall, Fibe Personal Loan is a convenient and reliable option for individuals who need quick access to funds for their financial needs.

To apply for a personal loan with Fibe, you will need to provide the following documents:

  1. PAN card:This is a mandatory document for all loan applications in India.
  2. Aadhaar card:This serves as your identity and address proof.
  3. Salary slips:You will need to provide your salary slips for the last 3 months to prove your income.
  4. Bank statements:You will need to provide bank statements for the last 3 to 6 months to show your financial history.
  5. Address proof:This can be any document that serves as proof of your address, such as your Aadhaar card or a utility bill.
  6. Employment proof:This can be your offer letter, appointment letter, or employment contract to show that you are currently employed.
  7. Photographs:You may be required to provide recent passport-size photographs

Please note that the exact documents required may vary depending on the specific loan product you are applying for and EarlySalary’s internal policies and procedures. It is always a good idea to check with the lender for a complete list of required documents before applying for a loan.

Here are the processing fees and charges for Fibe Personal Loan.

Processing Fees and Charges Amount
Processing Fees Up to 2% of the loan amount
Late Payment Fees 3% of the overdue amount per month
Prepayment Charges No prepayment charges for loan amounts up to Rs. 1 lakh, 2% of the outstanding amount for amounts above Rs. 1 lakh
Overlimit Charges 2% of the overlimit amount
EMI Bounce Charges Rs. 500 per bounce
Cheque Swapping Charges Rs. 500 per instance
Loan cancellation Charges Rs. 500
Loan Rescheduling Charges Rs. 500

Please note that the exact fees and charges may vary depending on the specific loan product you are applying for and Fibe’s internal policies and procedures. It is always a good idea to check with the lender for a complete list of fees and charges before applying for a loan.

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%

Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)

To calculate your Fibe Personal Loan EMI, you can use the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where P is the loan amount, R is the monthly interest rate, N = Loan tenure in months.

Let’s assume you have taken a personal loan of Rs. 1,00,000 from EarlySalary at an interest rate of 18% per annum for a tenure of 12 months.

First, we need to calculate the monthly interest rate by dividing the annual rate by 12. So, the monthly rate will be 18%/12 = 1.5%.

Next, we can calculate the EMI using the above formula:

EMI = [1,00,000 x 0.015 x (1+0.015)^12]/[(1+0.015)^12-1]

EMI = Rs. 9,222

So, your EMI for the Fibe Personal Loan will be Rs. 9,222 per month for a tenure of 12 months.

To generate an amortization schedule, which will show you the break-up of principal and interest components of each EMI, you can use an online loan calculator or a spreadsheet program like Microsoft Excel.

Here is an example of an amortization schedule for the above loan:

Month EMI Principal Interest Balance
1 9,222 8,406 816 91,594
2 9,222 8,529 693 83,064
3 9,222 8,654 568 74,410
4 9,222 8,781 441 65,629
5 9,222 8,910 312 56,719
6 9,222 9,041 181 47,678
7 9,222 9,174 48 38,504
8 9,222 9,309 0 29,195
9 9,222 9,446 0 19,749
10 9,222 9,585 0 10,164
11 9,222 9,725 0 406
12 9,222 9,868 0 0

As you can see from the amortization schedule, the principal component of each EMI gradually increases, while the interest component decreases over time. By the end of the loan tenure, you would have paid off the entire principal amount along with the interest.

Here is a comparison of Fibe personal loan with other 10 Banks/NBFCs in India:

Bank/NBFC Interest Rate (per annum) Loan Amount Range Loan Tenure Range Processing Fees and Charges Minimum Monthly Income Required
Fibe 18% to 24% Rs. 5,000 to Rs. 5 lakhs 3 to 24 months Up to 2% of the loan amount Rs. 18,000
HDFC Bank 10.75% to 21.30% Rs. 50,000 to Rs. 40 lakhs 12 to 60 months Up to 2.50% of the loan amount Rs. 20,000
ICICI Bank 11.25% to 22.00% Rs. 50,000 to Rs. 20 lakhs 12 to 60 months Up to 2.25% of the loan amount Rs. 30,000
Axis Bank 12.00% to 24.00% Rs. 50,000 to Rs. 15 lakhs 12 to 60 months Up to 2% of the loan amount Rs. 15,000
Bajaj Finserv Starting from 12.99% Rs. 1 lakh to Rs. 25 lakhs 12 to 60 months Up to 3.99% of the loan amount Rs. 25,000
Kotak Mahindra Bank 10.50% to 24.00% Rs. 50,000 to Rs. 20 lakhs 12 to 60 months Up to 2.5% of the loan amount Rs. 20,000
IDFC First Bank 11.00% to 22.00% Rs. 1 lakh to Rs. 40 lakhs 12 to 60 months Up to 3% of the loan amount Rs. 25,000
Tata Capital 10.99% to 19.50% Rs. 75,000 to Rs. 25 lakhs 12 to 72 months Up to 3% of the loan amount Rs. 20,000
Fullerton India Starting from 11.99% Rs. 50,000 to Rs. 25 lakhs 12 to 60 months Up to 3.00% of the loan amount Rs. 25,000
IndusInd Bank Starting from 11.00% Rs. 50,000 to Rs. 25 lakhs 12 to 60 months Up to 2.50% of the loan amount Rs. 25,000
Citibank Starting from 10.50% Rs. 10,000 to Rs. 30 lakhs 12 to 60 months Up to 3.00% of the loan amount Rs. 25,000

Please note that the interest rates, loan amounts, loan tenure, and fees and charges mentioned in the table are subject to change and may vary depending on the specific loan product, applicant’s creditworthiness, and other factors. It is always advisable to check with the respective banks/NBFCs for the latest information before applying for a loan.

Here are the contact details for Fibe’s customer care:

  1. Customer Care Number: 020-67639797
  2. Email: care@fibe.in,
  3. Corporate Address:Fibe
    Office no. 404, The Chambers, (Samrat Chowk),
    Clover Park, Near Ganpati Chowk,
    Viman Nagar, Pune,
    Maharashtra 411014.

Fibe personal loan offers several advantages, including:

  1. Quick and hassle-free loan disbursal: Fibe personal loan offers instant approval and disbursal of loans within minutes, making it a quick and convenient option for those in need of urgent funds
  2. No collateral required: Fibe personal loan is an unsecured loan, which means that you do not need to provide any collateral or security to avail of the loan.
  3. Flexible repayment options: Fibe personal loan offers flexible repayment options, with loan tenures ranging from 3 to 24 months, allowing you to choose a repayment plan that suits your financial situation
  4. Competitive interest rates: Fibe personal loan offers competitive interest rates starting from 18% per annum, which can be lower than the rates offered by many other lenders
  5. Minimal documentation required: The loan application process for Fibe personal loan is simple and requires minimal documentation, making it easy to apply for and get approved for the loan.
  6. Easy online application: Fibe personal loan can be applied for online through the EarlySalary app or website, which is convenient and saves time

While Fibe personal loan has several advantages, there are also a few drawbacks to consider:

  1. High interest rates for some customers: While Fibe personal loan offers competitive interest rates, the actual interest rate you are offered may be higher based on your credit score and other factors.
  2. Limited loan amount: Fibe personal loan offers a loan amount ranging from Rs. 5,000 to Rs. 5 lakhs, which may not be sufficient for some customers’ needs.
  3. Short repayment period: Fibe personal loan offers a repayment period of up to 24 months, which may not be sufficient for some customers, especially if they are borrowing a higher amount.
  4. Availability limited to certain cities: Fibe personal loan is currently only available in select cities in India, which may limit access for some customers.
  5. Late payment charges: If you miss an EMI payment or make a late payment, you may be charged a penalty fee, which can increase the cost of the loan.

FAQs

To repay your Fibe personal loan, you can follow the below steps:

  1. EMI auto-debit: If you have opted for the EMI auto-debit option, the monthly installment will be deducted automatically from your bank account on the due date.
  2. NACH mandate:You can also set up a National Automated Clearing House (NACH) mandate with Fibe. This will allow Earlysalary to directly debit the EMI from your bank account on the due date.
  3. Pay online: You can make the loan repayment through the Fibe website or mobile app by logging in to your account and selecting the “Repay Loan” option. You can then choose to make the payment through net banking, debit card, credit card, or UPI.
  4. Pay through NEFT/IMPS:You can also make the repayment through National Electronic Fund Transfer (NEFT) or Immediate Payment Service (IMPS) by adding Fibe as a beneficiary and using the loan account number as the beneficiary account number.
  5. Visit a branch: You can visit an Fibe branch and make the repayment in cash or by using a debit card or cheque.

It is essential to make timely repayments to avoid any late payment fees or penalties.

There are several reasons why you might choose an Fibe Personal loan;

  1. Instant Approval: Fibe offers instant personal loans with quick approval and disbursal within a few hours. This can be very helpful in case of urgent financial requirements.
  2. No collateral required: Fibe offers unsecured loans, which means you don’t need to provide any collateral or security to avail of the loan.
  3. Flexible Loan Amount: YYou can apply for a loan amount ranging from INR 5000 to INR 5 lakh, depending on your financial requirements
  4. Easy Repayment: Fibe offers flexible repayment options, including auto-debit from your bank account, NACH mandate, online payments, and more.
  5. No Hidden Charges: Fibe offers transparent loan terms with no hidden charges. You can easily calculate your EMI and interest rate before applying for the loan.
  6. Competitive Interest Rates: Fibe offers competitive interest rates that are comparable to traditional banks.
  7. Simple Application Process: The loan application process is simple and can be completed online through the Fibe website or mobile app.

Overall, Fibe personal loans can be a good option for those who need quick and hassle-free access to funds without having to provide any collateral or security.

The loan limit for Fibe personal loans ranges from INR 8000 to INR 5 lakh. The loan amount that you can avail of depends on various factors such as your income, credit score, repayment capacity, and other criteria determined by Earlysalary.

When you apply for an Fibe personal loan, the company uses various algorithms and data analytics to assess your creditworthiness and determine the loan amount that you are eligible for. If you have a good credit score and a high income, you may be eligible for a higher loan amount.

It is important to note that you should only borrow the amount that you need and can repay comfortably, as borrowing more than you need can lead to financial difficulties and may impact your credit score negatively. Therefore, before applying for an Fibe personal loan, it is advisable to assess your financial needs and repayment capacity to determine the loan amount that is appropriate for you.

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