Upwards Personal Loan @ 9% p.a - Get Upto Rs. 2 Lakhs

Upwards Personal Loan

Upwards personal loan makes borrowing money simple, fast, and transparent. With Upwards user-friendly mobile app, customers can apply for loans in just a few minutes and receive instant approval. Upwards offers flexible repayment options, competitive interest rates, and no hidden fees, making it a convenient and affordable option for those in need of financial assistance. Their focus on customer satisfaction and efficient service has made them a popular choice for personal loans in India.

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Upwards Personal Loan Highlights

Here are some of the highlights of Upwards Personal Loan:

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Feature Description
Loan AmountLoan Amount Range

Rs. 20,000 to Rs. 2,00,000
Loan Tenure Range

3 months to 24 months
Interest Rate

Starting from 9% per annum
Income Required

Minimum salary of INR 20,000/month
Processing Fee

Up to 2.5% of the loan amount (varies based on loan tenure)
Prepayment Charges

No prepayment charges for loans up to Rs. 50,000
Eligibility criteria

Age: 21-45 years, Indian resident, employed/self-employed
Loan Disbursal Time

Within 24 hours of loan approval
Repayment Options

Auto-debit, UPI, NEFT, and cheque
Credit Score

Minimum score of 650 required
Additional Benefits

Top-up loans, loan transfer, flexible repayment options

Note: Loan amount, tenure, interest rate, and processing fee are subject to change based on individual eligibility and loan repayment history. Please refer to the Upwards website or mobile app for the latest information.

The interest rate for Upwards personal loans starts from 9% per annum. However, the actual interest rate offered to an individual borrower may vary based on their credit score, income, employment history, and other factors that Upwards may consider while assessing the borrower’s creditworthiness. It’s important to note that personal loan interest rates are generally higher than secured loans, as personal loans are unsecured and carry a higher risk for the lender. Therefore, it’s advisable to check with Upwards for the latest interest rate and other terms and conditions before applying for a personal loan.

Upwards personal loans are a type of loan that is designed to help individuals meet their financial needs. Here are some of the features and benefits of Upwards personal loans:

  1. Loan Amount: You can borrow loan amounts ranging from Rs. 20,000 to Rs. 2,00,000 with Upwards personal loans.
  2. Tenure: The loan tenure for Upwards personal loans is flexible and can range from 3 to 24 months.
  3. Interest Rates: The interest rates for Upwards personal loans are competitive and are based on your creditworthiness.
  4. Online Application: You can apply for an Upwards personal loan online, making the process quick and hassle-free.
  5. Minimal Documentation: Upwards personal loans require minimal documentation, which makes the process even simpler.
  6. Quick Approval: Upwards personal loans offer quick approval, and the loan amount is disbursed within 24 hours of loan approval.
  7. No Collateral Required: Upwards personal loans are unsecured loans, which means you don’t need to provide any collateral to avail of the loan.
  8. Flexible Repayment Options: Upwards personal loans offer flexible repayment options, making it easier for you to repay the loan.
  9. No Hidden Charges: Upwards personal loans do not have any hidden charges, which means you know the exact amount you need to repay.
  10. Improves Credit Score: Timely repayment of Upwards personal loans can improve your credit score, making it easier for you to avail of credit in the future.

In summary, Upwards personal loans offer a quick and hassle-free way to meet your financial needs with a competitive interest rate and flexible repayment options.

Here are the eligibility criteria for Upwards Personal Loan:

Eligibility Criteria Salaried Individuals Self-Employed Individuals
Age 21-60 years old 21-65 years old
Income Minimum net monthly income of ₹15,000 Minimum annual income of ₹2 lakh
Minimum Monthly Income Rs. 20,000 Rs. 20,000
Minimum Work Experience 6 months 1 year
Credit Score Minimum of 650 Minimum of 650
Other Criteria Must be a resident of India Must be a resident of India
Other Criteria Should be a resident of India Should be a resident of India
Other Criteria Must have a valid Indian ID proof Must have a valid Indian ID proof
Other Criteria Must have a bank account Must have a bank account

Note: The eligibility criteria may vary depending on the loan amount and other factors. Additionally, meeting the eligibility criteria does not guarantee loan approval. Upwards may consider other factors such as your credit history, financial stability, and repayment capacity before approving your loan application.

Here are the documents required to apply for an Upwards Personal Loan:

  1. Identity Proof: Any one of the following documents can be submitted as identity proof.
    ● Aadhaar card
    ● PAN card
    ● Passport
    ● Voter ID card
    ● Driving License
  2. Address Proof: Any one of the following documents can be submitted as address proof.
    ● Aadhaar card
    ● Passport
    ● Voter ID card
    ● Utility bills (electricity bill, telephone bill, etc.)
    ● Rental agreement
  3. Income Proof: Any one of the following documents can be submitted as income proof.
    ● Salary slips (for salaried individuals)
    ● Bank statements (for self-employed individuals)
    ● Income tax returns (ITR)
  4. Bank Statements: The bank statement for the last 3 months needs to be submitted as proof of the applicant’s financial stability.
  5. Photograph: A recent passport size photograph needs to be submitted.

Note: The specific documents required may vary depending on the loan amount, applicant’s profile, and other factors. Upwards may require additional documents as per their discretion. It is recommended to check with Upwards for the exact list of documents required before applying for a personal loan.

Here are the processing fees and charges for Upwards Personal Loan:

Processing Fees and Charges Fees and Charges
Interest Rate Starting at 9% p.a.
Processing Fee 3% p.m. on the overdue amount
Late Payment Fee 3% p.m. on the overdue amount
Part Prepayment Fee Up to 5% of the part-prepayment amount
Foreclosure Fee Up to 5% of the outstanding loan amount
EMI Bounce Charges Rs. 500 per bounce
Loan Cancellation Charges Rs. 750 (if loan cancellation is requested after disbursement)
Document Retrieval Charges Rs. 500 per document
Loan Statement Charges Rs. 500 per statement

Note: The fees and charges mentioned above are indicative and subject to change. Upwards may levy additional fees and charges based on their discretion. It is recommended to check with Upwards for the exact fees and charges before applying for a personal loan.

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%

Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)

Here’s an example of EMI calculation for Upwards Personal Loan of Rs. 1,00,000 for a tenure of 12 months at an interest rate of 18% p.a.

Loan Amount: Rs. 1,00,000
Loan Tenure: 12 months
Interest Rate: 18% p.a.

The formula to calculate EMI is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,P = Loan amount
R = Interest rate/12 (monthly interest rate)
N = Loan tenure in months

So, in this case:
P = 1,00,000
R = 18%/12 = 1.5% per month
N = 12

EMI = [1,00,000 x 1.5% x (1+1.5%)^12] / [(1+1.5%)^12-1]
EMI = Rs. 9,449
So, the EMI for a loan of Rs. 1,00,000 for 12 months at an interest rate of 18% p.a. is Rs. 9,449.

Now, let’s calculate the amortization schedule for the same loan. The amortization schedule shows the breakup of each EMI into principal and interest components.

Month Opening Balance EMI Interest Principal Closing Balance
1 1,00,000 9,449 1,500 7,949 92,051
2 92,051 9,449 1,380 8,069 84,982
3 84,982 9,449 1,262 8,187 76,795
4 76,795 9,449 1,145 8,304 68,491
5 68,491 9,449 1,026 8,423 60,068
6 60,068 9,449 907 8,542 51,526
7 51,526 9,449 787 8,662 42,864
8 42,864 9,449 666 8,783 34,080
9 34,080 9,449 544 8,905 25,175
10 25,175 9,449 421 9,028 16,147
11 16,147 9,449 297 9,152 7,995
12 7,995 9,449 172 9,277 0

So, the total interest paid over the course of the loan is Rs. 7,767 and the total repayment amount is Rs. 1,07,767 (EMI x Loan Tenure).

Here’s a comparison table of Upwards personal loan with other 10 Banks/NBFCs:

Features Upwards HDFC Bank ICICI Bank Axis Bank Bajaj Finserv Tata Capital Fullert on India Citi Bank IDFC First Bank Yes Bank
Interest Rates Starting at 16% p.a. 10.50% - 21.50% p.a. 10.75% - 17.50% p.a. 12% - 24% p.a 12.99% - 16% p.a. 10.99% - 19.50% p.a. 11.99% - 36% p.a. 9.99% - 18.99% p.a. 10.49% - 24% p.a. Starting at 10.75% p.a.
Loan Amount Up to Rs. 5 Lakhs Up to Rs. 40 Lakhs Up to Rs. 20 Lakhs Up to Rs. 15 Lakhs Up to Rs. 25 Lakhs Up to Rs. 25 Lakhs Up to Rs. 25 Lakhs Up to Rs. 30 Lakhs Up to Rs. 25 Lakhs Up to Rs. 40 Lakhs
Loan Tenure 3-24 months 12-60 months 12-60 months 12-60 months 12-60 months 12-72 months 12-60 months 12-60 months 12-84 months 12-60 months
Processing Fee Up to 8% of the loan amount Up to 2.50% of the loan amount Up to 2.25% of the loan amount Up to 1.50% of the loan amount Up to 4.13% of the loan amount Up to 2% of the loan amount Up to 6.5% of the loan amount Up to 3% of the loan amount Up to 2% of the loan amount Up to 2.50% of the loan amount
Prepayment Charges Up to 5% of the part-prepayment amount Nil - 4% of the outstanding principal amount Nil - 5% of the outstanding principal amount Nil - 5% of the outstanding principal amount Nil - 4% of the outstanding principal amount Nil - 4% of the outstanding principal amount Nil - 7.50% of the outstanding principal amount Nil - 4.5% of the outstanding principal amount Nil - 5% of the outstanding principal amount Nil - 4% of the outstanding principal amount
Late Payment Fees 3% p.m. on the overdue amount 2% p.m. on the overdue amount 2% p.m. on the overdue amount 2% p.m. on the overdue amount 2% p.m. on the overdue amount 3% p.m. on the overdue amount 4% p.m. on the overdue amount 3% p.m. on the overdue amount 2% p.m. on the overdue amount 2% p.m. on the overdue amount

Note: The information in this table is indicative and subject to change. It is recommended to check with the respective banks/NBFCs for the exact loan terms and conditions before.

Here’s the customer care information for Upwards:

  1. Email: support@upwards.in
  2. Phone: 011-49120401
  3. Corporate Address:Upwards Fintech Services Private Limited,
    B-41, Lower Ground Floor, Kalkaji,
    New Delhi – 110019, India.

There are several advantages of taking a personal loan from Upwards, some of which include:

  1. Quick and hassle-free application process: Upwards offers a completely digital and paperless application process for personal loans, which can be completed in just a few minutes.
  2. Flexible loan amount and repayment tenure: You can avail of a personal loan from Upwards up to Rs. 5 Lakhs and choose a repayment tenure of 3-24 months based on your financial situation.
  3. Competitive interest rates: Upwards offers competitive interest rates starting at 16% p.a. which are lower than many traditional banks and NBFCs.
  4. No collateral required: Upwards personal loans are unsecured loans, which means you do not have to provide any collateral or security to avail of the loan.
  5. No hidden charges: Upwards is transparent about its fees and charges, and there are no hidden fees or charges associated with its personal loans.
  6. Part-prepayment facility: Upwards allows you to prepay a part of your loan amount without any additional charges, which can help you save on interest costs.
  7. Customer support: Upwards provides excellent customer support through phone, email, and chat, which can help you with any queries or issues related to your loan.

Overall, Axis Bank Personal Loan offers a range of benefits to borrowers, making it a popular choice among individuals who need quick and hassle-free access to funds for various personal financial needs.

While Upwards personal loans have several advantages, there are a few potential drawbacks to consider before applying for a loan:

  1. Limited loan amount: The maximum loan amount offered by Upwards is Rs. 5 Lakhs, which may not be sufficient for individuals with higher financing needs.
  2. Eligibility criteria: Upwards has strict eligibility criteria for personal loans, which may exclude some potential borrowers. For example, self-employed individuals may find it difficult to qualify for a loan.
  3. Processing fee: While Upwards offers competitive interest rates, it charges a processing fee of up to 8% of the loan amount, which can increase the cost of borrowing.
  4. Prepayment penalty: Upwards charges a penalty of 2% of the outstanding loan amount if you prepay the loan before the completion of the tenure. This can be a disadvantage for borrowers who want to save on interest costs by prepaying their loan.
  5. Limited reach: Upwards currently operates only in select cities in India, which may limit access to its personal loans for borrowers in other regions.

Overall, while Axis Bank Personal Loan has several benefits, borrowers should also consider the above drawbacks before applying for the loan and assess if it meets their financial needs and repayment capacity.

FAQs

You can check your Upwards Personal Loan status by following these steps:

  1. Visit the Upwards website (https://upwards.in/) and log in to your account
  2. Once you have logged in, navigate to the “Loan” section and click on “My Loans”.
  3. Here, you will be able to see the status of your Upwards Personal Loan application. The status could be “Processing”, “Approved”, “Rejected”, or “Disbursed”.
  4. If your loan application is still processing, you can check for any pending documents or information that may be required to complete the loan approval process.
  5. If your loan application has been approved, you can view the loan offer and terms and conditions, and accept or reject the offer accordingly.
  6. If your loan has been disbursed, you can check the loan amount and repayment schedule, and start making the repayments as per the schedule.

If you face any issues or have any questions about your Upwards Personal Loan status, you can contact Upwards customer support through phone, email, or chat.

You can repay your Upwards Personal Loan through multiple modes of payment. Here are the options available:

  1. Automatic debit: You can set up an automatic debit from your bank account to repay the loan. This ensures timely repayment and helps you avoid any late payment charges.
  2. Online Payment: You can make the repayment online through the Upwards website or mobile app. You can use net banking, UPI, or credit/debit card to make the payment.
  3. Cheque or demand draft: You can also repay the loan through a cheque or demand draft. You will need to make the cheque/demand draft in favor of “Upwards Fintech Services Pvt. Ltd.” and drop it off at the nearest Upwards branch or send it by post to the corporate office address.
  4. NEFT/RTGS: You can also repay the loan through NEFT or RTGS transfer. You will need to add the Upwards loan account as a beneficiary and transfer the amount from your bank account.

It is important to ensure that you make the repayments on time to avoid any late payment charges or negative impact on your credit score. If you have any questions or issues related to loan repayment, you can contact Upwards customer support for assistance.

Yes, Upwards is a Non-Banking Financial Company (NBFC) that is registered with the Reserve Bank of India (RBI) and is authorized to offer personal loans to individuals in India. The company operates in compliance with the regulations and guidelines set by the RBI and other regulatory bodies. Upwards is a trustworthy and reliable financial institution that has helped thousands of customers in India access affordable personal loans.

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