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Home Faq's

What is a Non-Banking Financial Company (NBFC)?
A Non-Banking Financial Company (NBFC) is a financial institution that provides various services such as loans, advances, leasing, hire-purchase, and insurance, but does not engage in activities such as agriculture, industrial operations, or the sale of goods or services. It is also a company registered under the Companies Act 1956 and is not allowed to accept deposits from the public. Additionally, NBFCs are also known as Residuary non-banking company.
What are the differences between banks and NBFCs, as both perform similar functions such as lending and investing?

1. NBFCs cannot accept demand deposits.

2. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on themselves.

3. The deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks.

What is BharatLoan and how does it work?

BharatLoan is a financial technology solution from DEVMUNI LEASING & FINANCE LIMITED that enables young salaried individuals to access short-term personal loans using a convenient app. The process is streamlined and requires minimal paperwork, with only a salary slip, bank statement, PAN card, and proof of address needed to be uploaded through the app. The loan disbursal is quick, with the money being transferred to the borrower's bank account in a matter of minutes.

What is a Personal Loan?

A personal loan is a type of unsecured loan that is typically used for personal expenses, such as unexpected medical bills, home repairs, or other unexpected expenses. Unlike a mortgage or car loan, personal loans do not require collateral, such as a house or car, to secure the loan. Instead, the lender typically evaluates the borrower's creditworthiness and income to determine their ability to repay the loan. Personal loans typically have a fixed interest rate and a fixed monthly payment, and are typically repaid over a period of one to five years. Personal loans can be obtained from banks, credit unions, and online lenders.

Who can apply for a loan with BharatLoan?

It is important to note that the requirement for a personal loan can vary based on the lender and the type of loan. The requirements you have mentioned are specific to BharatLoan, and may not apply to other lenders. It's always advisable to check with the lender directly or visit their website to confirm the specific requirements for a personal loan with them.

How much can I borrow from BharatLoan?

It's important to note that the loan amount you can borrow and the repayment period can vary based on the lender and the type of loan. The information you have mentioned is specific to BharatLoan, and may not apply to other lenders. It's always advisable to check with the lender directly or visit their website to confirm the specific loan amount and repayment period for a personal loan with them.

It's also worth noting that the loan amount you qualify for will depend on your creditworthiness, income and debt-to-income ratio, and other factors considered by the lender.

What documents are required for applying for a Personal Loan from BharatLoan?

Here's the list of documents that are typically required for a personal loan application from BharatLoan:

1. Photo Identity Proof: PAN card

2. Latest salary slip

3. Aadhaar Card

4. Permanent Address Proof: Any one of the following: Passport, Driving License, Voter's Identity Card or Utility Bills (e.g. Electric/landline phone bill/Gas Bill) that are not more than 2 months old.

5. If the current address is different from the permanent address, then additionally: Utility Bill (e.g. Electric/landline phone bill/Gas Bill) of current address that is not more than 2 months old, Leave & License Agreement/Rent Agreement

6. Latest statement of your Bank Account, showing your salary credit

Do we need any collateral/security?

Clearly NO, we believe in our customers and have trust in them. Therefore, we do not require any collateral or security to be provided when applying for a personal loan. All we need are your valid documents to verify your eligibility.

Can I Reapply?

You're welcome to re-apply for a personal loan after 3 months from the rejection of your previous application if you believe that there have been material improvements in your creditworthiness. We will review your application, but approval remains at the discretion of the lender.

How fast will I get loan?

You can expect to receive your loan disbursed in a lightning-fast time, even faster than it takes for a pizza to be delivered to your doorstep, typically within 30 minutes or less!.

Can I change my loan request?

Yes, if it is absolutely necessary, you can make changes to your loan request.

What if I default?

The lender extends you the loan through BharatLoan app because they have confidence in your creditworthiness and ability to repay the loan. However, if you default on the loan despite this trust, the lender will be forced to make your default status public on BharatLoan app and website, their own website, and even your social media accounts. Additionally, the lender will take necessary recovery actions and inform CIBIL and other credit rating agencies.

When will I be considered a defaulter?

When a borrower fails to repay the entire loan amount including interest, within the specified time frame, including any extensions, from the date of loan disbursement, it is considered as default. If you do not make the repayment within the given time frame, you will be labeled as a defaulter with BharatLoan and will be unable to take another loan from BharatLoan.

How do I repay loans availed from BharatLoan?

We accept payments only through NEFT/IMPS/UPI/CHEQUES methods. To make a payment, please visit

Please be sure to verify the accuracy of the above information before making any transfer. If you require any further assistance, please reach out to

What are the current offers?

In order to provide the best experience to our customers, we occasionally offer special promotions.

Can I repay my loan before my due date?

Yes, you have the option to repay your loan prior to the due date and avoid accruing additional daily interest.