True Balance Loan Review 2023-24: Hello friends, welcome to our blog, do you want to get detailed information about the True Balance Personal Loan, what is the True Balance loan limit, interest rate, and loan tenure?
Will discuss all these important aspects to help you make an informed decision, about whether to apply or not.
Along with this, we will also know whether the True Balance app is real or fake, is True Balance approved by the Reserve Bank of India (RBI)?
Table of Contents
Before reviewing True Balance Loan, let us know whether the True Balance Loan app is fake or real.
Is true balance loan app fake or real?
Answer: True Balance Loan App is a completely real and trusted app that is trusted by more than 75 million users across the country, and it ensures a 100% secure environment for its users.
You can also know about the authenticity of True Balance Loan App by the fact that True Balance App has partnered with many RBI-licensed NBFCs like True Credits Pvt Ltd, InCred Financial Services Ltd, Grow Money Capital Pvt Ltd, Muthoot Finance Ltd, Vivarity Capital Ltd. And Northern Arch Capital Limited and offers loans through them, this means that True Balance is 100% safe and secure, and a genuine loan app.
Now, Let’s get the complete details of the true balance loan review in 2023-24!
True Balance Loan Review 2023 (Personal Loan Details)
Here is a detailed review of true balance loans, including the loan types, limits, interest rates, tenure options, and processing fees associated with each type of loan. compare and apply now.
| Loan Types | Loan Limits | Interest Rate | Tenure | Processing Fees |
|---|---|---|---|---|
| Welcome Loan | ₹1,000 – ₹6,000 | From 3.9% | 62 days | 0 – 10% |
| Level Up Loan | ₹1,000 – ₹30,000 | From 2.4% | 3 months | 0 – 15% |
| Cash Loan | ₹5,000 – ₹1,00,000 | From 2.4% | 3 – 6 – 12 months | 0 – 15% |
True Balance App is a Gurugram-based financial platform operated by BalanceHero India Pvt. Ltd. Ltd. provides three types of personal loans including “Welcome Loan, Level Up Loan, and Cash Loan” to all eligible individuals for their daily needs.
Let us first know about these three types of True Balance loans and also know how much loan you can get from this app as a user.
1. True Balance Welcome Loan:
True Balance Welcome Loan is an instant digital personal loan that is specially designed for new and first-time true balance users. If you’re a new true balance user, then you can apply for this loan and borrow a loan amount ranging from 1,000 to 6,000 rupees. The True Balance Welcome Loan comes with a monthly interest rate starting from 3.9% and additionally, There’s a processing fee of 0 to 10% of the sanctioned loan amount.
The repayment tenure of the True Balance Welcome Loan is 62 days.
If you are a first-time True Balance user and interested in True Balance Welcome Loan and need a small amount for your daily needs, you can opt for True Balance Welcome Loan.
2. True Balance Level Up Loan:
True balance level up loan details: True Balance “Level Up Loan” is an instant digital personal loan, with this loan category, you can borrow a personal loan amount ranging from ₹1,000 to ₹30,000. But to avail of this loan you have to be a second-time user of True Balance and have to do full KYC for loan approval.
The “True Balance Level Up Loan” interest rate starts from 2.4% per month and a processing fee of 0-15% of the loan amount, and the repayment period for this loan is a maximum of 3 months.
If you repay the True Balance Level Up Loan on time, it improves your credit score and also opens up the possibility of availing a cash loan from the True Balance app in the future. Meaning, you get a chance to get a loan ranging from Rs 5,000 to Rs 1 lakh from True Balance App.
3. True Balance Cash Loan:
True Balance Cash Loan is a personal loan offered by the True Balance app which disburses loan amounts ranging from Rs 5,000 to Rs 1,00,000 to all eligible users instantly in 5 minutes. True Balance Cash Loan interest rates start from 2.4% per month and processing fees range from 0 to 15% of the sanctioned loan amount.
The repayment period of the True Balance Cash Loan is 3 – 6 – 12 months, this means you have the flexibility to choose a repayment period as per your financial situation.
Note: True Balance Cash Loan is a better option for needy individuals. But, to get a cash loan up to Rs 1 lakh from the True Balance app, you need to be an existing user, which means you have repaid the welcome loan and level-up loan on time.
Additionally, a True Balance Cash Loan may require additional eligibility criteria and documents such as a good credit score, stable income, and bank statements.
Watch the true balance loan review video in Hindi:
Eligibility Criteria for True Balance Loan
To be eligible for the True Balance Loan, the following criteria should be followed;
- You must be an Indian citizen
- Your age should be between 18 to 45
- Your minimum monthly income should be Rs 15,000
- Your credit score must be 750 or higher
- You must have a history of timely repayment
- You must have a bank statement for a cash loan
Documents for True Balance Personal Loan
Online loan application from True Balance App requires minimal documentation with a 100% paperless process, which includes;
- PAN Card
- Aadhaar Card
- a selfie
- other documents as may be required.
true balance helpline number (customer care number)
If you have any inquiries or concerns related to the True Balance loan (personal loan), you can contact the True Balance team at the below customer care number or email;
Contact: 0120)-4001028
Email: [email protected]
true balance loan review-related FAQS
is true balance rbi registered or not
Yes, the True Balance app is registered and approved by the Reserve Bank of India (RBI). It operates as “True Credits Private Limited”, a subsidiary of “Balancehero India Private Limited” company which is a Non-Banking Financial Company (NBFC-ND-NSI). The registered office of true balance is located in Gurugram.
Is True Balance a NBFC?
True Balance App is an online lending platform that offers loans through its RBI-licensed NBFCs such as True Credits, InCred, Muthoot Finance, Vivriti Capital, Northern ARC, and Grow Money.
true balance app is safe or not
True Balance app is 100% safe and secure because it provides loan facilities through RBI-registered and approved NBFCs which ensures that True Balance adheres to the regulatory standards of RBI. However, you have to pay your EMI on time to avoid penalties like additional charges and feeses.
true balance loan not paid what happens
If you fail to make the payment within the given time, True Balance charges a penalty fee of 1% per day for late payment. Additionally, not repaying the loan within a specified time frame may cause the lender to report your loan account as a non-performing asset (NPA) to the credit bureaus, potentially damaging your credit history and score.
Is True Balance a Chinese app?
No, the True Balance personal loan app is not a Chinese app. It is a financial mobile app operated by BalanceHero India Private Limited (BHI), a subsidiary of South Korean startup BalanceHero Co., Ltd.
What is the minimum loan amount in true balance?
The minimum loan amount you can get in True Balance is Rs 1,000 and the maximum loan amount is Rs 1 lakh. True Balance Loan comes with a monthly interest rate starting from 2.4% and the minimum and maximum tenure ranges from 62 days to 12 months.
What is the late payment charge for true balance?
The late payment fee for True Balance Personal Loan is 1%, charged per day if you fail to make the payment on time.
Who is the owner of True Balance loan app?
The owner of the True Balance app is Balancehero India Private Limited (BHI), which is a subsidiary of the Korea-based company Balancehero Co. Ltd. The app was founded by Cheolwon “Charlie” Lee, Jay Yi, and Martin Lee in 2014, and it was introduced in India in 2016.
Conclusion
Finally, in this blog post, we have reviewed all the important factors of True Balance loan such as loan limit, interest rate, tenure, processing fees, as well as its authenticity. It works with RBI-registered and approved NBFCs to facilitate loan services which assures us that True Balance is a safe, secure, and genuine loan app.
What do you think about True Balance Loan Review 2023-24, share your opinion in the comment box below. thank you!
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