One of the greatest lending apps in India is called Raw Loan; it allows you to borrow up to 50,000 rupees without any paperwork or collateral.
Within 30 minutes of submitting your application, your loan will be disbursed thanks to their quick loan processing. Before getting the loan, there is no need for you to go anywhere; all you need is a smartphone.
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Requirement to obtain loan from Raw loan app
Before you can obtain loan from this app you need to meet up with some requirement which are
- Have good credit score
- Have bank account
- Reside in India
- Have regular source of income
- Have smart phone with which to download the app
Once you meet up with the requirement you can go ahead and apply for the loan
How to apply for raw loan app
The loan app should be downloaded as a first step from the Play Store.
Sign up with your name, BVN, and other information.
You will be prompted to bind your ATM card, which could result in a cost of $30. Do so and continue.
Once registration is complete, you can login to your account.
Find the loan option on your dashboard and click it.
You can view the loan amount you are qualified for there.
Click it, then wait for the payment.
How much you can obtain from raw loan app
You can get up to 50,000 rupees at once with the raw loan app. When asking for a loan for the first time, your eligible loan amount will only be around 30,000 rupees. As you take out more loans using this app, however, your eligible loan amount will rise.
Raw loan app interest rate and repayment period
The raw loan application interest rate ranges from 10% to 25%, depending on the loan amount.
Their repayment schedule ranges from 7 days to 180 days, depending on the loan amount. When you first use this app, you will be offered a high interest rate and a short repayment period; however, as you use it more, it will get better.
Paying back your loan
For loan repayment get on your dashboard.
On debt repayment, click
There, you can find various options for repaying your loan.
Click the one to purchase it.
After making a payment, it will appear on your dashboard.
If it doesn’t, get in touch with them.
What will happen if I default or refuse to pay back
If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.
If you abscond, your name and bank details will be send to appropriate authority for blacklisting which means you will not be able to obtain loan again in India until you pay back and clear your name.
Is raw loan app legit
Although they will undoubtedly provide you with a loan, this loan application is legitimate, so use caution when dealing with them.
Conclusion
As stated above, you can apply for a raw loan; nevertheless, you should not borrow more money than you can afford to repay to avoid shame.
Additionally, be aware that they lack appropriate authority licensing. If something goes wrong, it can take some time before the government steps in.