Fibe Loan is a digital lending platform that offers instant personal loans, line of credit, and interest-free EMIs to salaried individuals in India. The company was founded in 2015 and is headquartered in Pune, Maharashtra. Fibe Loan offers loans starting from ₹5,000 to ₹5,00,000 with a tenure of up to 36 months.
Fibe Loan claims to be India’s largest lending platform with over 10 million app downloads, 10 million loans disbursed, and ₹10,000 crore money disbursed. Fibe Loan also has over 100 partner tie-ups with leading brands like Amazon, Flipkart, Myntra, etc.
In this article, we will review Fibe Loan based on its features, benefits, eligibility, documentation, interest rates, fees, customer reviews, and more.
Features of Fibe Loan
Fibe Loan has some unique features that make it stand out from other lending platforms in India. Some of these features are:
- Instant approval and disbursal: Fibe Loan uses advanced algorithms and artificial intelligence to verify the borrower’s identity, income, and creditworthiness. The loan approval process takes less than a minute and the money is transferred to the borrower’s bank account within minutes.
- No collateral or guarantor required: Fibe Loan does not require any collateral or guarantor to secure the loan. The loan is based on the borrower’s salary and repayment capacity.
- Flexible repayment options: Fibe Loan allows the borrower to choose the loan amount, tenure, and EMI according to their convenience. The borrower can also prepay or foreclose the loan without any extra charges.
- Low interest rates: Fibe Loan offers attractive interest rates starting from 2% per month. The interest rate depends on the borrower’s credit score, loan amount, and tenure.
- Multiple loan products: Fibe Loan offers different types of loan products to suit the borrower’s needs. These include:
- Instant Cash Loan: This is a short-term loan that can be used for any emergency or urgent cash needs. The loan amount ranges from ₹5,000 to ₹2,00,000 and the tenure ranges from 3 to 12 months.
- Personal Loan: This is a long-term loan that can be used for any personal or professional purpose. The loan amount ranges from ₹8,000 to ₹5,00,000 and the tenure ranges from 3 to 36 months.
- Fibe EMIs: This is a zero-interest EMI option that can be used to buy products or services from Fibe’s partner merchants. The loan amount ranges from ₹3,000 to ₹2,00,000 and the tenure ranges from 3 to 24 months.
Benefits of Fibe Loan
Fibe Loan has some benefits that make it a preferred choice for many borrowers in India. Some of these benefits are:
- Easy and convenient: Fibe Loan has a simple and user-friendly app that can be downloaded from Google Play Store or Apple App Store. The borrower can apply for a loan anytime and anywhere using their smartphone. The app also has features like EMI calculator, credit score checker, loan tracker, etc.
- Secure and transparent: Fibe Loan follows strict data privacy and security policies to protect the borrower’s personal and financial information. The app has ISO 27001 certification and PCI DSS compliance. The app also displays all the terms and conditions of the loan clearly before the borrower signs the agreement.
- Customer-centric and responsive: Fibe Loan has a dedicated customer care team that is available 24/7 to address the borrower’s queries and complaints. The customer care number is 020-67639797 and the email address is firstname.lastname@example.org. The customer can also write a letter to the office address at 404, The Chambers, Viman Nagar, Pune -411014.
Eligibility Criteria for Fibe Loan
To apply for a loan from Fibe Loan, the borrower needs to meet the following eligibility criteria:
- Age: Above 21 years and below 55 years
- Income: Minimum in-hand salary of ₹18,000 for metros and ₹15,000 for non-metros
- Occupation: Salaried individual with a valid employment proof
- Residence: Resident of India with a valid address proof
Documents Required for Fibe Loan
The application process for Fibe Loan is completely online and requires minimal documentation. The borrower needs to submit the following documents through the app:
- Aadhaar card
- PAN card
- Bank statement for last 3 months
- Recent photograph
Interest Rates and Fees for Fibe Loan
The interest rates and fees for Fibe Loan vary depending on the type of loan product, loan amount, tenure, and credit score of the borrower. Here are some indicative rates and fees for Fibe Loan:
- Interest rate: 2% to 30% per month
- Processing fee: 0% to 4% of the loan amount
- Late payment fee: 2% per month on the overdue amount
- Prepayment fee: Nil
Customer Reviews for Fibe Loan
Fibe Loan has received mostly positive reviews from its customers on various platforms like Google Play Store, App Store, MouthShut, etc. Here are some of the customer reviews for Fibe Loan:
- “Fibe Loan is a very good app for instant personal loans. I have taken a loan from them and the process was very fast and easy. The interest rate is also reasonable and the customer service is very helpful. I would recommend this app to everyone who needs a quick loan.” – Ravi Kumar
- “I have been using Fibe Loan for more than a year and I am very satisfied with their service. They have helped me in many situations when I needed money urgently. The app is very user-friendly and the loan approval is very quick. The repayment options are also flexible and convenient.” – Priya Sharma
- “Fibe Loan is a scam app. They charge very high interest rates and hidden fees. They also harass the customers with calls and messages if there is any delay in repayment. They do not care about the customer’s problems and only want to make money. Stay away from this app.” – Rajesh Singh
FAQs about Fibe Loan
Q1. What is Fibe Loan?
A1. Fibe Loan is a digital lending platform that offers instant personal loans, line of credit, and interest-free EMIs to salaried individuals in India.
Q2. How can I apply for a loan from Fibe Loan?
A2. You can apply for a loan from Fibe Loan by downloading their app from Google Play Store or App Store and filling in your personal, professional, and banking details. You also need to upload some basic documents like Aadhaar card, PAN card, bank statement, and photograph.
Q3. How much loan can I get from Fibe Loan?
A3. You can get a loan ranging from ₹5,000 to ₹5,00,000 from Fibe Loan depending on your eligibility, credit score, loan product, and repayment capacity.
Q4. How long does it take to get a loan from Fibe Loan?
A4. It takes less than a minute to get an approval for a loan from Fibe Loan and the money is transferred to your bank account within minutes.
Q5. How can I repay my loan to Fibe Loan?
A5. You can repay your loan to Fibe Loan through various modes like debit card, net banking, UPI, or auto-debit. You can also choose the EMI amount, date, and frequency according to your convenience.