True Balance is a legal and secure, lending & financial service platform for the next billion users. Steering on the mission of ‘Finance For All”, since its inception. With its own RBI-certified NBFC- True Credits, True Balance has been trusted by over 75 million users across the country. The app enables its user to take loans at an attractive interest rate, earn from home, do recharges and payments, book tickets, buy Digi gold, and much more.
True balance is a fintech app launched in 2014 by Balancehero India, a subsidiary of Balancehero, Korea. Through the True balance app, you can avail of wallet, loan, insurance, commerce, and utility bills features. With more than 10Million app downloads in a short period of time and with a daily loan disbursal of 40,000 plus,
True balance aims to provide loans to the unbanked population, as they’re mostly not able to get loans due to lack of creditworthiness, Truebalance is trying to solve this by using its own algorisms and measurement techniques to calculate the creditworthiness of an individual and provide a loan.
Truebalance first launched its loan product in September 2019, with an average ticket size of Rs.500 to Rs.7000, then launched cash loans and pay later in March 2019, and finally launched recharge loans in June 2019, have seen a 2x to 3x growth. Truebalance has also launched E-commerce operations in June 2019 by selling Mobile phone and plans to sell more brands of mobile phones in its platform like Apple, Xiaomi, Vivo, Oppo, etc
Truebalance aims to provide unsecured loans for the living requirements and enhance the digital lending arms to serve its customers and provides Utility Bill Payment, Recharge Loan, Insurance, Loan, Digital Gold, PayLater, and shop.
Other than just providing loans, with the Truebalance app you can buy insurance for Personal accidents, Bike Insurance, Mosquito Insurance, and Daily commute insurance starting from Rs.5.
With the recharge loan feature, you can recharge your mobile and pay the amount later in 3 easy installments within 20 days. You can send a Gift card, Gas, Electricity payment, DTH recharge. There is Rs.50 rupees cashback for obtaining Truebalance Gold membership by this you can get bonuses, higher cash backs.
True balance personal loan Features
True balance offers a wide variety of features for your financial needs, You can even recharge, take insurance as well.
No past credit history is required
No collateral or security is required
There are three loan products available from 1000 to up to 50,000 rupees
A complete paperless process
Minimum documents are required
Quick Cash disbursals
An unsecured loan can be applied 24×7
Cashback on every transaction on made on the app
Documents required for True balance personal loan
Aadhar card and PAN card
Driving license or Voter’s ID
Bank transaction statements
Photos of the applicant(Selfie).
Eligibility for True balance personal loan
Should be an Indian citizen above 21 years of age
Should have a mobile with an Internet connection
True balance personal loan Interest rates and Fees
Interest rates are up to 2.5% per month
No Processing fee for amounts up to Rs.4000
Example of True balance personal loan
If the loan amount of ₹10,000 and if the interest rate is 30% per annum with a duration of 91 days. Then after deducting the processing fee, the total interest payable would be Rs.748. Therefore the total amount you would be paid 10,748.
True balance personal loan
You can take a Loan amount varies from Rs.1000 to up to Rs.50,000
The interest can be maximum up to 30%
The duration of the loan can be from 31 days to up to 180 years.
Re-payment can be done directly done through a bank account or from the app itself
You can visit the official website by “Clicking here“
How to apply for True balance personal loan
How to apply for Truebalance personal loan in easy steps
You can visit the official www.truebalance.io or download the app from the play store.
Register for a new account and fill in the details and Upload the necessary documents
Your eligibility will be assessed
Apply for the loan amount that you wish to take
Once approved you will get the loan amount credited into your bank within a few hours
You can easily repay the loan amount by auto-debiting, bank transfer or by the app itself.
True balance customer care details
True balance customer care, you can contact through the mail by [email protected]
Conclusion (Personal review)
With more than a million downloads on Playstore, it one of the most reliable apps around. They disburse loan very quickly and the customer care response is also quick, The interest rates are low and there is a limited loan that you can borrow. There are lots of features from the app like recharge, bill payments, Insurance, and wallet support.
I hope you find this information regarding “True balance personal loan” is helpful. Feel free to share it with your friends and family if you find it helpful.