True Balance Personal Loan App Review – True Balance is a fintech app by Balancehero Technologies that provides quick personal loans exclusively for salaried professionals.
With easy eligibility and fast disbursal, it aims to fulfill urgent financial needs conveniently. This 2023 review covers their latest offerings, benefits, features, interest rates, application process and more.
True Balance Loan App Overview
| Name | True Balance – Personal Loan App |
| Company | True Balance – Balance Hero |
| Released Date | 17 October 2014 |
| Available on | Google Play Store |
| Service | Personal Loan |
| Loan Amount | Up to 1 Lakh |
| Interest Rate | Starting from 2.4% p.m. |
| App Downloads | 5 Cr+ |
| Rating | 4.3 |
| Reviews | 13 Lakh |
| Processing Fee | 0% to 15% of the total loan amount |
| Website | truebalance.io |
Key Highlights
- Minimum Loan: ₹1,000
- Maximum Loan: ₹1 Lakhs
- Interest Rate: starting from 2.4% per months
- Loan Tenure: 62 days to 12 months
- Disbursal: Within 4 hours of approval
How Does True Balance Loan App Work?
Application
- Download the True Balance app and complete the loan application form. Provide basic personal and employment details.
- Upload required documents – PAN card, salary slips, bank statements, Aadhar card. These are needed for KYC verification.
- Set your preferred loan amount and repayment tenure ranging from 3 months to 24 months.
- Accept the terms and conditions digitally to complete application submission.
Approval
- True Balance checks eligibility based on age, income, credit score, existing EMIs etc.
- If eligible, in-principle approval is provided instantly based on their technology algorithms and models.
- Additional authentication done through OTP sent to employer for income verification.
- Once validated, final loan approval is provided to applicant.
Agreement
- Customer digitally e-signs loan agreement confirming loan amount, interest rate, processing fees, repayment dates.
Disbursal
- Within 1 hour of agreement signing, the approved personal loan amount gets credited to the applicant’s registered bank account via NEFT.
In summary, True Balance offers an end-to-end paperless and presence-less instant loan approval and disbursal experience through their app.
Benefits of True Balance Loan App
Instant Approval
True Balance approves personal loans almost instantly through minimal eligibility checks. Their algorithmic based underwriting allows salaried individuals to get approved for funds within minutes.
Quick Disbursal
Once approved, the loan amount gets disbursed directly into the borrower’s account within 4 hours. This accelerated timeline is perfect for medical or other emergencies requiring urgent funds.
Flexible Tenures
Borrowers can pick flexible repayment tenures from 62 days to 12 months as per their capability to repay. Option for part-prepayments without charges provides further control.
Interest Rates
As per latest updates, True Balance levies interest rates starting 2.4% per months. Actual interest rate applicable depends on income stability, credit score, existing debt and loan amount requested. Rates are quite competitive.
True Balanace: Pros and Cons
Pros: Quick disbursal, minimal documentation, flexible tenures, prepayment allowed, data security
Cons: Limitation over maximum loan amount, high penalty charges
True Balance Loan Eligibility Criteria
Eligibility Criteria
The minimum eligibility criteria includes –
- Indian citizens between 21-50 years
- Salaried individuals with minimum monthly income ₹20,000
- At least 1 year of continuous job experience
- Active bank account and PAN card
- CIBIL Score is above 680
Documents Needed
Key documents required are –
- PAN Card
- 3-month Salary Slips
- Bank Account Statements
- Aadhar Card
How to Apply Loan – True Balance
Here is a step-by-step process to apply for a personal loan on True Balance:
Step 1) Download the App and Sign Up
To start the loan application journey, download the True Balance app from the App Store or Play Store on your phone. Then sign up by adding your basic personal & work details.
Step 2) Complete the Application Form
Fill up the detailed personal loan application form by providing your contact info, job details, income, existing loans & expenses. The more accurate this data, the faster the decision.
Step 3) Upload Documents
To verify details shared on the form, you must upload copies of documents like ID proofs, address proof, salary slips, bank statements, etc. on the app.
Step 4) Get In Principle Approval
Within minutes of form submission, True Balance provides in principle approval based on automated checks on eligibility criteria, ability to pay and creditworthiness.
Step 5) Complete Additional Authentication
Post the initial approval, additional verification may be required like more details from work email, bank account authentication or employer endorsement.
Step 6) Accept Terms and Get Final Approval
Once fully verified, accept the interest rate, tenure, fee and repayment terms shared to get your final personal loan approval.
Step 7) Loan Amount Disbursal
After signing the agreement, the approved personal loan amount gets instantly disbursed into your bank account within hours.
By following these simple steps, salaried individuals can get an urgent personal loan approved and disbursed into their account very quickly through True Balance.
Repayment
Repayment Process
EMIs get auto-debited from the linked bank accounts through NACH on the due date without any manual intervention. Customers receive timely notifications as well.
Prepayment Option
Borrowers have the flexibility for part or full prepayment without any extra charges. This helps reduce interest outgo and close the loan early.
Customer Support
Helpdesk
An in-app chat option assists applicants throughout the loan process. Dedicated relationship managers additionally provide support on loan-related queries via call/email.
Grievance Redressal
For complaints register directly through the True Balance app or contact customer care. Emails can be sent to cs@balancehero.com. Grievances are resolved within TATs.
Security and Reliability
Data Protection
True Balance prioritizes data security through encryption technology and protocols. Customer data access is restricted to authorized personnel only.
Reliability of Services
The app provides 24*7 accessibility to loan services through advanced systems even during high traffic. Downtime is minimal ensuring maximum uptime.
True Balance Loan Real or Fake?
Final Words
With their completely digital processes, instant approval and super-fast disbursal, True Balance scores full marks when urgent funds are required. Interest rates are reasonable as well. However, maximum loan amount is still restricted. For low-to-moderate loan needs, True Balance delivers efficiently. Overall rating is 4/5 stars.
FAQs
What is the maximum loan amount offered?
The maximum personal loan amount extended is ₹1 lakh based on eligibility criteria related to income levels and credit rating.
How to check loan application status?
Applicants can check real-time application status directly through the True Balance app via the ‘Application Status’ option.
Is there any processing fee?
No, True Balance does not charge any processing fees on personal loans. Only the applicable interest cost needs payment.
Can I prepay my loan without charges?
Yes, borrowers can prepay full or part loan amounts ahead of tenure without any extra charges or penalties.
What documents do salaried people need?
Salaried individuals need to submit their PAN Card, bank statements, salary slips, and Aadhar Card primarily for personal loan application.
Is true balance RBI Approved?
As an NBFC, they have received due authorization from RBI under section 45IA of the Reserve Bank of India Act, 1934.
