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upward fintech personal loan

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Product Rating

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Mode Online
Location 200+ Cities
Loan Amount Up to Rs. 3 Lakhs
Repayment Tenure 1, 3, 6, 9 & 24 months
Rate Of Interest 18% to 32% per annum
Processing Fees 2% of the Loan Amount
Collateral Requiremen No collateral required
Late Payment Charges Yes

Getting a loan approved from a bank is an ordeal that can seem to last forever. Meetings, queries, and endless paperwork are just some of the things you have to go through to get sanctioned for a loan. That's why Upward has brought in technology to change the way you borrow money. By using our app, you can now get your loan at your fingertips. Our finances are designed for personal use such as home renovation, holiday expenses, home furnishing, wedding, etc. Notably, Upward offer all individual applicants flexible repayment terms at zero collateral. No need to visit hundreds of personal loan websites when Upward can get the job done for you.

Upward Fintech is an RBI registered Non-Banking Financial Company that offers loans to individuals at attractive interest rates. Their application process is simple and convenient. Upward Fintech, offer a hassle-free loan application process. They have a low documentation process, this means Upward doesn't ask for any physical documents from our applicants except the KYC documents. Your loan will be processed within minutes. Before moving ahead let’s discuss some of the general details which you should certainly know about before starting.

Let’s have a look at this table for a detailed overview

ModeOnline
Location200+ Cities
Loan AmountUp to Rs. 3 Lakhs
Repayment Tenure1, 3, 6, 9 & 24 months
Rate Of Interest18% to 32% per annum
Processing Fees2% of the Loan Amount
Collateral RequiremenNo collateral required
Late Payment ChargesYes

Along with the Cibil score and other financial histories Upward also depends on the methods of FOIR to calculate the amount of loan you are eligible to get along with the EMI slots that you will be given to repay. Now you must be wondering what is this FOIR thing. Let’s explain it to you better.

  • With so many microfinance institutions (MFIs) and non-banking finance companies (NBFCs) offering loans to the general public in India, it has become more important than ever before for a lender to determine whether an individual can repay a loan.

  • FOIR stands for Fixed Obligations to Income Ratio, which is a derivation of the ratio of a consumer's yearly fixed obligations and his/her income. It is generally used as a parameter by banks to find out the eligibility of an individual for a loan and also indicates how much money that particular individual can borrow.

What is the FOIR structure that Upward follows:

Maximum FOIR including Upwards EMI

    • 20k to 25k Salary: 50%
    • 25k to 30k Salary: 60%
    • 30k to 40k Salary: 65%
    • 40k to 50K Salary: 70%
    • 50k Salary: 75%

Features

  • Affordable Interest Rates
  • Flexible Payment Tenures
  • Safe & Trustworthy
  • Superfast Processing
  • Minimal Documentation
  • Zero Collateral

Eligibility & Documents Required

Eligibility Documents Required
  • The Minimum in – hand Salary of the applicant should be (including incentives, variables, and OT) Rs. 20000 and for Tier 3 Employer minimum in – hand salary is Rs. 25k
  • The Last 3 months salary credit in the bank account will be mandatory
  • The mode of salary should be through NEFT not some other mode
  • The CIBIL score of the applicant should be 600 - 650
  • The Export-Import Sector, Aviation Sector, and Hospitality Sector will be considered as a negative profile and will be rejected directly.
  • Passport Size Picture
  • Aadhar Card
  • PAN Card
  • Salary Slips (last 3-6 months)
  • Bank Statement (last 6-12 months)
  • Proof of current address (electricity bill, phone bill, etc.)

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a Personal loan of INR 3 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 2 years or 24 Months , in such a case his EMI would be INR 14,546 and complete repayment amount till the end of 2 years tenure would be INR 3,49,104 (i.e 14,546 EMI * 24 months), wherein the total interest amount is INR 49,104 along with principal repayment of INR 3,00,000. Few additional charges like those of minimal one-time processing fee ranging from 2% of loan amount, T& C apply.

Month Principal Outstanding Interest Total Payment Payment towards Principal Loan Paid Till Date Balance Principal
1 3,00,000.00 3,750.00 10,400.00 ₹ 6,650.00 ₹ 6,650.00 ₹ 2,93,350.00
2 2,93,350.00 3,667.00 10,400.00 ₹6,733.00 ₹13,383.00 ₹ 2,86,617.00
3 2,86,617.00 3,583.00 10,400.00 ₹ 6,817.00 ₹ 20,200.00 ₹ 2,79,800.00
4 2,79,800.00 3,498.00 10,400.00 ₹ 6,902.00 ₹ 27,102.00 ₹ 2,72,898.00
5 2,72,898.00 3,411.00 10,400.00 ₹ 6,989.00 ₹ 34,091.00 ₹ 2,65,909.00
6 2,65,909.00 3,324.00 10,400.00 ₹ 7,076.00 ₹ 41,167.00 ₹ 2,58,833.00
7 2,58,833.00 3,235.00 10,400.00 ₹ 7,165.00 ₹ 48,332.00 ₹ 2,51,668.00
8 2,51,668.00 3,146.00 10,400.00 ₹ 7,254.00 ₹ 55,586.00 ₹2,44,414.00
9 2,44,414.00 3,055.00 10,400.00 ₹7,345.00 ₹ 62,931.00 ₹ 2,37,069.00
10 2,37,069.00 2,963.00 10,400.00 ₹ 7,437.00 ₹ 70,368.00 ₹ 2,29,632.00
11 2,29,632.00 2,870.00 10,400.00 ₹ 7,530.00 ₹ 77,898.00 ₹ 2,22,102.00
12 2,22,102.00 2,776.00 10,400.00 ₹ 7,624.00 ₹85,522.00 ₹ 2,14,478.00
13 2,14,478.00 2,681.00 10,400.00 ₹7,719.00 ₹93,241.00 ₹ 2,06,759.00
14 2,06,759.00 2,584.00 10,400.00 ₹7,816.00 ₹ 1,01,057.00 ₹ 1,98,943.00
15 1,98,943.00 2,487.00 10,400.00 ₹ 7,913.00 ₹ 1,08,970.00 ₹ 1,91,030.00
16 1,91,030.00 2,388.00 10,400.00 ₹ 8,012.00 ₹ 1,16,982.00 ₹ 1,83,018.00
17 1,83,018.00 2,288.00 10,400.00 ₹ 8,112.00 ₹ 1,25,094.00 ₹ 1,74,906.00
18 1,74,906.00 2,186.00 10,400.00 ₹ 8,214.00 ₹ 1,33,308.00 ₹ 1,66,692.00
19 1,66,692.00 2,084.00 10,400.00 ₹ 8,316.00 ₹ 1,41,624.00 ₹ 1,58,376.00
20 1,58,376.00 1,980.00 10,400.00 ₹ 8,420.00 ₹1,50,044.00 ₹ 1,49,956.00
21 1,49,956.00 1,874.00 10,400.00 ₹ 8,526.00 ₹ 1,58,570.00 ₹1,41,430.00
22 1,41,430.00 1,768.00 10,400.00 ₹ 8,632.00 ₹ 1,67,202.00 ₹ 1,32,798.00
23 1,32,798.00 1,660.00 10,400.00 ₹ 8,740.00 ₹ 1,75,942.00 ₹ 1,24,058.00
24 1,24,058.00 1,551.00 10,400.00 ₹8,849.00 ₹ 1,84,791.00 ₹ 1,15,209.00
25 1,15,209.00 1,440.00 10,400.00 ₹ 8,960.00 ₹ 1,93,751.00 ₹1,06,249.00
26 1,06,249.00 1,328.00 10,400.00 ₹9,072.00 ₹ 2,02,823.00 ₹ 97,177.00
27 97,177.00 1,215.00 10,400.00 ₹ 9,185.00 ₹ 2,12,008.00 ₹ 87,992.00
28 87,992.00 1,100.00 10,400.00 ₹ 9,300.00 ₹ 2,21,308.00 ₹78,692.00
29 78,692.00 984.00 10,400.00 ₹ 9,416.00 ₹ 2,30,724.00 ₹ 69,276.00
30 69,276.00 866.00 10,400.00 ₹ 9,534.00 ₹2,40,258.00 ₹59,742.00
31 59,742.00 747.00 10,400.00 ₹ 9,653.00 ₹ 2,49,911.00 ₹ 50,089.00
32 50,089.00 626.00 10,400.00 ₹ 9,774.00 ₹ 2,59,685.00 ₹ 40,315.00
33 40,315.00 504.00 10,400.00 ₹ 9,896.00 ₹ 2,69,581.00 ₹ 30,419.00
34 30,419.00 380.00 10,400.00 ₹ 10,020.00 ₹ 2,79,601.00 ₹ 20,399.00
35 20,399.00 255.00 10,400.00 ₹ 10,145.00 ₹ 2,89,746.00 ₹ 10,254.00
36 10,254.00 146.00 10,400.00 ₹ 10,254.00 ₹ 3,00,000.00 -

FREQUENTLY ASKED QUESTIONS

Have a question? We've got answers!

The ROI on an Upward Personal Loan is 18% to 32% per annum which can also vary depending on your loan amount and eligibility.

You can contact Upward here at https://upwards.in if you cannot pay your loan, and we will help you work out a plan. They charge a late fee for loans that are repaid late. Your late payment depends on several factors, including your loan amount and how long it is overdue.

Upward Fintech will get back to you within 48 hours with their final decision on the loan. If your documents are in order, they will disburse the money within 3-5 days.

Yes, the processing fee on the Upward Personal Loan is 1.5-2% of the amount.

You can easily borrow up to Rs. 3 Lakhs from Upward Fintech.

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