FAQ

What is PhoneParLoan?

PhoneParLoan is the fastest credit line based instant loan app in partnership with leading NBFCs. We give instant personal loan online with zero collateral and interest rates as low as 2% for 7 to 30 days duration.

What is the 1 Rupee transaction for? Is it the processing fees?

No. 1 rupee transaction is NOT a processing fee and is fully refundable. A nominal amount of Rs. 1 is charged for the combined purpose of verification and enabling transaction for the User.

What is the amount and duration of loan you provide?

PhoneParLoan provides a personal loan starting ₹ 2000 to ₹ 20,000 online for a duration of 7 days/ 15 days/ 30 days.

What are the fees and interest charges I have to pay? Are there hidden fees?

At PhoneParLoan, we pride ourselves in being customer friendly and transparent. While applying for the loan, the interest rates and fee structure will be visible to you. So you are absolutely clear on what you are paying for. Here is what you pay, no hidden fees: -- An Interest Rate of 2% -- A Processing Fee of 7%. The exact interest rate varies depending on the tenure of the loan.

What happens if I miss the payment on the due date?

We will be reminding you on your app to pay on or before the due date. Most people do not realize this but missing your payment on the due date will have the following negative effects: a) In the event of your failure to make full payment of the total amount due on the repayment Date, Phoneparloan shall charge an interest of three percent (3%) on the remaining amount of credit. b) Phoneparloan shall suspend your use of its Services. c) Our partner bank will report this to the credit bureaus (CIBIL, Experian, Equifax, Highmark) and your credit history will be negatively impacted. You will feel the impact in the future, when you try to take any other loan or credit card (e.g. a Home loan or a Car/Two-wheeler loan). d) If you don’t pay after continual reminders, the bank might initiate recovery proceedings. So, please don’t miss your payments!

How much time do you take to approve the loan?

It would take 1 working days to process your loan.

Can I take the money in cash?

The money is transferred directly to your bank account and you can use your regular ATM card to withdraw funds and use them as you wish. The funds are yours.

What happens if I don’t pay back the loan?

The Reserve Bank of India has nominated 4 credit agencies (e.g. CIBIL) that track your financial credit scores. If you do not repay or delay your repayment, our partner bank will automatically report it to these agencies, which will record the information. This can lower your credit score. Once your credit score is affected, you will not only lose PhoneParLoan access, but all your future loan applications will be negatively impacted. You might not be able to get loans easily to buy a house, a car or a two-wheeler or get a credit-card, as all the lending institutions in the country check with these agencies before approving your loan. The bank might also initiate legal recourse to recover the money from you. In short, please do not use the funds if you don’t think you cannot repay the loan.

What is the reason of my loan rejection?

In order to grant loans, we have set certain parameters and criteria basis which we reject/approve the loan. Even if you successfully clear the salary verification process, there is a chance that you might not pass the other verification criteria and hence won’t be eligible for a loan. However, you can try again after 15 days with a clear and complete set of information that meets all our criteria, for a successful loan approval.

You ask for Debit card details for 1 Rs. payment. How safe is it?

This is a very legitimate concern. However, you need not worry. We cannot access or tamper your financial details as we establish a read-only connection with your bank and ATM card security is not breached. Your bank details are stored securely.

whom should I connect for other queries?

For any clarification or grievances, you may contact us on _____________ and you can also drop us a mail at info@phoneparloan.com. All our customer service executives are available from 11 a.m till 4 p.m from Monday to Saturday.

What type of phones do you support?

We currently support Android phones only.

What if I get stuck and my app shuts down before the completion of the application on the app? Do I have to restart the process?

No, you just need to open our app and you can continue from where you left. In case of any other problems feel free to contact us at info@phoneparloan.com

What security measures do you employ?

We use SSL and other industry standard encryption technologies while exchanging sensitive data with the application and with banking partners. Our systems have been designed such that most of the steps are automated. Our IT systems are checked and approved by the IT and Data Security teams of our partner banks. We are legally compliant with all data privacy and IT security norms in India.