SmartCoin Instant Personal Loan App-Eligibility, Interest Rates & Other Charges

Finance, App Review / By /
SmartCoin Instant Personal Loan App Detail

The SmartCoin is an instant personal loan app that provides short term personal loans, loan credit, cash loans to individuals in India, that connects its borrowers with NBFCs and Banks. All the loan applications are approved and sanctioned by NBFCs & Banks registered with RBI and their complete details are shown during the loan application.

What Is SmartCoin? 

The SmartCoin app is a mobile-based quick lending platform for Indians, focusing on providing microloans to a wide group of lower/middle-income segments. Its mission is to solve financial problems through technology.

With the help of data science and machine learning, they are capable of assessing the risk profile of prospecting borrowers in real time.

What Are SmartCoin Eligibility Criteria?

  • Residential Status- Must be an Indian resident.
  • Occupation- Business Owners, Support Executives, Salaried Professionals.
  • Minimum Income- Rs13,000 per month.

The eligibility criteria are decided by your lender. The SmartCoin provides a score [SmartCoin Score is an internal measure of a borrower’s credibility] to the lender which the lender may use to judge the eligibility of your loan application.

Note:- The score provided by SmartCoin takes into account information about the borrower like- financial profile, social networks, and behaviour data. Timely loan repayments will increase the user’s scores to get loans.

SmartCoin- Loan Amount, Tenure, Interest Rate

As per their official website

Loan AmountRs. 1,000 to Rs. 25,000.
Loan Tenure91 days to 120 days.
Interest RateMinimum APR 20% and Maximum APR 36% per annum.
Processing FeesNot Applicable

As per their App

Loan AmountRs 4,000 to Rs 1,00,000.
Loan Tenure62 Days to 180 Days.
Interest Rates0% to 30% per annum(depending on the risk profile).
Processing Feesfor low-risk customers 0%-2.5% of the principal, for high-risk customers 4%-7%.
  • Example:- Loan amount=25,000, Interest rate=26% p.a.,Tenure=90 days, after deducting any other fees, calculate interest.
    Interest = Rs25,000 x 26%/365 x 90 = Rs.1,602

Important Notes relating to fees and charges:-

  1. The repayment tenures and charges based on the creditworthiness and repayment ability of the customers.
  2. The penalty is only charged when the borrower makes a delay in payment.
  3. GST will be applicable as per Indian laws on the fees.
  4. The higher charges are only for loans of the lower amounts and repayment tenure.

Features Of SmartCoin App?

  1. Completely Digital work- It is completely paperless work, You can easily apply for a loan through App.
  2. Simple Process- It takes a few minutes to apply and fewer documents need to be uploaded.
  3. Instant Transfer- Amount get credited to your account within less time.
  4. Accessible- You can apply from anywhere in India.
  5. Instant Repeat Loans- Once your documents and details are submitted, you can apply again whenever needed.

Documents Required By SmartCoin App?

  • ID Proof- Aadhaar card (Both side) or PAN Card.
  • Address Proof- Aadhaar card (Both side) or Utility bills like gas, electricity, etc.
  • Selfie photo.
  • Bank Statement.

Steps To Avail Loan From SmartCoin App

  • STEP 1:- Download App- Download and install the application from google playstore.
  • STEP 2:- Register- Fill in all your basic profile details.
  • STEP 3:- Upload Documents- You need to upload the necessary documents for verification.
  • STEP 4:- Choose Loan Option- Choose one option from the list of loan options provided to you.
  • STEP 5:- Apply- You can apply for the required loan.
  • STEP 6:- Instant Transfer- After your bank account has been verified successfully, the amount will be credited within a few hours.

Frequently Asked Questions (FAQs)

What details are required for registration in SmartCoin ?

  1. Full Name
  2. Phone Number (active)
  3. Date of Birth
  4. Gender
  5. Current Residential Address with Pincode
  6. Employment Status
  7. Monthly Income
  8. PAN Card number

How we can avail higher amount of loan from SmartCoin?

  • You need to take more loans and make repayment on time, it leads to improvement in SmartCoin Score and they would be able to provide higher loan amounts and lower loan fees overtime.

What is the platform service charge in SmartCoin?

  • The SmartCoin spend a lot of time and effort reviewing loan applications for their lenders, processing all documents and helping the lenders with collections. For this work, they charge a small percentage of the loan as Platform Service Charge.
  • The lender deduct this fees from the loan amount or the amount disbursed. If you keep using smartcoin services, this fees vary depending on the loan amount and reduce over time.

What is loan recall in SmartCoin App?

  • If customer has hidden any important information or provided a fraudulent document. In this case, the borrower needs to repay the full due loan amount within 24 hours of notice served.

Repayment before the due date, it will reduce loan fees or not?

  • The early loan payment will not reduce existing loan fees. but, early payment is regarded as good behaviour, & help you get higher loan amounts overtime.
  • As a early payment reward, borrower will be able to earn coins on SmartCoin. borrower can use the earned coins for discounts on future loan fees.

SmartCoin Contact Details

  • SmartCoin Watsapp Number- +91-9148380504
  • Email id- Help@smartcoin.co.in
  • Feedback email id- contact@smartcoin.co.in
  • Office Address- SmartCoin Financials Pvt Ltd. IndiQube Gamma, No 293/154/172, 1st Floor, Outer Ring Road, Kadubeesanahalli, Bengaluru, Karnataka, 560103.

You can also compare with similar loan apps for a better result:-

 

 

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