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werize personal loan

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Product Rating

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Security We request no collateral for our loan.
Loan Amount Starting from INR 50,000 to INR 5,00,000
Tenure Starting from 6 months to a maximum of 3 years
Interest Rates 15% - can vary based on the profile of the customer
Required Salary INR 12,000 per month - in hand
Purpose of Loan Marriage, Medical Treatment, Education for self or family, Rental Deposit, Pilgrimage, Home improvement, etc.

We Rize is a digital lender that provides easy access to customized unsecured personal loans to salaried employees, without pledging any collateral. Our personalized approach enables us to serve your needs better and at much lower interest rates than traditional banks and NBFCs. We Rize is the fintech company that makes the unsecured personal loan process easy and affordable while giving you complete control over how you spend your money. With We Rize, we tailor a financing solution that meets your needs — whether you need to pay off credit card debt or make home improvements, we’re here to help.

Despite several government initiatives and favorable tax benefits, a salaried person in the lower tax bracket is unlikely to get a loan without pledging gold or securities with a bank or a non-banking financial company (NBFC).

Security We request no collateral for our loan.
Loan Amount Starting from INR 50,000 to INR 5,00,000
Tenure Starting from 6 months to a maximum of 3 years
Interest Rates 15% - can vary based on the profile of the customer
Required Salary INR 12,000 per month - in hand
Purpose of Loan Marriage, Medical Treatment, Education for self or family, Rental Deposit, Pilgrimage, Home improvement, etc.

ELIGIBILITY CRITERIA

There are some key aspects and filters of the customer which is a necessity for us before sanctioning our personal loan. We understand the needs of each customer and try to portray the same by customizing our Loan terms and conditions with an objective to match his or her requirement.


Customer Profile
  • The applicant should be a salaried individual, not self-employed, working in his own company, or working as a part-time employee.
  • The applicant should work for a private company or public company or educational institution/trust or government organization.
  • The age should be more than 21 years
  • No restriction on age
Work Experience
  • Minimum work experience of a year is mandatory
Salary
  • Minimum salary should be INR 12,000 per month
  • To be eligible for a loan, the applicant's salary must be credited directly to the bank account by direct deposit, salary paid in cash or cheque will not be considered.
Current EMI
  • To qualify for this loan, the total EMI that applicants pay every month should be less than 50% of their net in-hand salary.
No Overdue History
  • Customers with a current overdue loan will not be eligible for new loans.

Required Documents


Required Document for the Loan Disbursement


  • Aadhar Card

  • As part of the loan process, we may ask for a Guarantor within your family to help us confirm your financial status.

  • PAN Card

  • Four cheques of the salary bank account of the customer

  • Salary slips of 1 month (out of past 6 months for current employment)

  • Passport size photograph

  • Bank statement for last 12 months of the Salary Bank Account, in original Bank PDF format

  • Loan Statement / Loan Closure letter

  • To be accepted, your PDF statement must either have been downloaded from net banking or sent by email. A scanned bank statement will not be accepted.

  • Proof of Own House will be asked based on the profile of the customer

Internal Checks

Generally, before sanctioning any loan we do a detailed analysis and internal checks of the customer's financial condition. We look at his or her salary slip or income certificate to check his/her monthly income and expenditure. We do the same with assets owned by the customers such as houses, cars, jewelry, etc.

Here are some internal checks that may be carried out by us to verify your financial profile in order to ascertain your eligibility. These checks have no bearing on the interest rates or fees charged by us.

Credit Bureau
  • Before sanctioning the loan, we will be doing a mandatory CIBIL(credit bureau) check of the customer and guarantor (if asked). The purpose is to ensure that either the applicant has a good credit history or it supports our lending terms and conditions.
Bank Statement Authenticity
  • The bank statement will be checked and scrutinized by the financial advisors under the supervision of the concerned authority. In case of any discrepancy or irregularity in the bank statement, the request will be rejected and no leniency would be spared during the entire assessment process.
Address Verification
  • Our team will be making an onsite visit to verify your present and permanent address and office location. Once verified, we will initiate the sanctioning process and inform you of your approval status.

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a Personal loan of INR 1 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 36 Months , in such a case his EMI would be INR 3,467 and complete repayment amount till the end of 36 Months tenure would be INR 1,24,795 (i.e 3,467 EMI * 36 Months), wherein the total interest amount is INR 24,795 along with principal repayment of INR ₹1,24,795 . Few additional charges like those of minimal one-time processing fee upto 2-3% of loan amount may apply. T&C apply.

Year Principal
(A)
Interest
(B)
Total Payment
(A + B)
Balance Loan Paid To Date
2022 ₹ 11,363 ₹ 5,969 ₹ 17,333 ₹ 88,637 11.36%
Aug ₹ 2,217 ₹ 1,250 ₹ 3,467 ₹ 97,783 2.22%
Sep ₹ 2,244 ₹ 1,222 ₹ 3,467 ₹ 95,539 4.46%
Oct ₹ 2,272 ₹ 1,194 ₹ 3,467 ₹ 93,267 6.73%
Nov ₹ 2,301 ₹ 1,166 ₹ 3,467 ₹ 90,966 9.03%
Dec ₹ 2,329 ₹ 1,137 ₹ 3,467 ₹ 88,637 11.36%
2023 ₹ 30,332 ₹ 11,266 ₹ 41,598 ₹ 58,305 41.70%
Jan ₹ 2,359 ₹ 1,108 ₹ 3,467 ₹ 86,278 13.72%
Feb ₹ 2,388 ₹ 1,078 ₹ 3,467 ₹ 83,890 16.11%
Mar ₹ 2,418 ₹ 1,049 ₹ 3,467 ₹ 81,472 18.53%
Apr ₹ 2,448 ₹ 1,018 ₹ 3,467 ₹ 79,024 20.98%
May ₹ 2,479 ₹ 988 ₹ 3,467 ₹ 76,545 23.45%
Jun ₹ 2,510 ₹ 957 ₹ 3,467 ₹ 74,036 25.96%
Jul ₹ 2,541 ₹ 925 ₹ 3,467 ₹ 71,495 28.51%
Aug ₹ 2,573 ₹ 894 ₹ 3,467 ₹ 68,922 31.08%
Sep ₹ 2,605 ₹ 862 ₹ 3,467 ₹ 66,317 33.68%
Oct ₹ 2,638 ₹ 829 ₹ 3,467 ₹ 63,679 36.32%
Nov ₹ 2,671 ₹ 796 ₹ 3,467 ₹ 61,009 38.99%
Dec ₹ 2,704 ₹ 763 ₹ 3,467 ₹ 58,305 41.70%
2024 ₹ 35,208 ₹ 6,390 ₹ 41,598 ₹ 23,097 76.90%
Jan ₹ 2,738 ₹ 729 ₹ 3,467 ₹ 55,567 44.43%
Feb ₹ 2,772 ₹ 695 ₹ 3,467 ₹ 52,795 47.20%
Mar ₹ 2,807 ₹ 660 ₹ 3,467 ₹ 49,988 50.01%
Apr ₹ 2,842 ₹ 625 ₹ 3,467 ₹ 47,147 52.85%
May ₹ 2,877 ₹ 589 ₹ 3,467 ₹ 44,270 55.73%
Jun ₹ 2,913 ₹ 553 ₹ 3,467 ₹ 41,356 58.64%
Jul ₹ 2,950 ₹ 517 ₹ 3,467 ₹ 38,407 61.59%
Aug ₹ 2,986 ₹ 480 ₹ 3,467 ₹ 35,420 64.58%
Sep ₹ 3,024 ₹ 443 ₹ 3,467 ₹ 32,397 67.60%
Oct ₹ 3,062 ₹ 405 ₹ 3,467 ₹ 29,335 70.67%
Nov ₹ 3,100 ₹ 367 ₹ 3,467 ₹ 26,235 73.76%
Dec ₹ 3,139 ₹ 328 ₹ 3,467 ₹ 23,097 76.90%
2025 ₹ 23,097 ₹ 1,169 ₹ 24,266 ₹ 0 100.00%
Jan ₹ 3,178 ₹ 289 ₹ 3,467 ₹ 19,919 80.08%
Feb ₹ 3,218 ₹ 249 ₹ 3,467 ₹ 16,701 83.30%
Mar ₹ 3,258 ₹ 209 ₹ 3,467 ₹ 13,443 86.56%
Apr ₹ 3,298 ₹ 168 ₹ 3,467 ₹ 10,145 89.86%
May ₹ 3,340 ₹ 127 ₹ 3,467 ₹ 6,805 93.19%
Jun ₹ 3,381 ₹ 85 ₹ 3,467 ₹ 3,424 96.58%
Jul ₹ 3,424 ₹ 43 ₹ 3,467 ₹ 0 100.00%

What Makes Us the Best Choice for Personal Loan?

  • Faster and Accurate Delivery
  • No-Geographical Limitations
  • Customized Repayment Options
  • No Collateral Required
  • No Hidden Charges
  • No paperwork

FREQUENTLY ASKED QUESTIONS

Have a question? We've got answers!

WeRize will adjust your current in-hand salary to calculate the loan amount with your existing EMI payments to calculate the loan amount.

The maximum loan repayment period will be 3 years (36 months)

EMI is the amount you pay every month to repay a loan. It is calculated by dividing the total disbursed principal and total interest by the number of installments in which the loan has to be paid back.

WeRize will send you an approval and sanction letter within 3 working days of receiving the required documents. After this, they'll initiate the agreement creation, verification, and disbursal process.

The loan amount will be directly deposited into your salary bank account, which you provided. No disbursement of funds will be made in cash or by cheque.

The basic eligibility criteria are as below –

  • Minimum total work experience of One year.

  • Net in hand salary per month should be at least INR 12,000 transfer.

  • The current total EMI of the customer should be less than 50% of their net in-hand salary.

  • Customers should not have a current overdue on any loan.

The maximum loan amount WeRize offer is INR 5,00,000 (5 lacs). The loan amount is calculated based on the current in-hand salary and adjusting it with existing loan EMIs.

The maximum loan period for WeRize Personal Loan will be 3 years (36 months)

EMI will be deducted directly from the customer's bank account on the EMI date of every month by registering NACH (National Auto Clearing House). The customer will have to submit a duly signed (signature should match with bank database) NACH mandate form. This mandate form will be shared along with the loan agreement. In case the NACH mandate is not registered/rejected, customers can make the payment via online transfer (NEFT / IMPS / UPI / Paytm / Google Pay / Phone Pe) from their bank account.

The following basic documents are required for the evaluation of the customer –

  • Aadhar Card.

  • PAN Card.

  • The current total EMI of the customer should be less than 50% of their net in-hand salary.

  • 1 salary slip (out of past 6 months of current employment) or Salary Certificate from the company HR.

  • Bank statement for the last 12 months of the Salary Bank Account, in original Bank PDF format.

The following documents are considered as the proof of own house for WeRize Personal Loan:

  • Sale deed

  • NOC

  • Sale agreement

  • Allotment letter

  • Possession letter

Bureau report available – CIBIL, Equifax, Experian, and CRIF. These reports provide the customer's credit history regarding the loans and credit cards taken by them. It also provides the repayment history and any prior or current payment delay. We will be taking out any one of the 4 available reports of the customer to check their previous history for our loan evaluation.

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