Credit Lens loan app is offer their users the opportunity to secure loans of up to Rs. 2 lakh through a straightforward and efficient process. One of the standout features of this app is its flexible EMI tenure, which ranges from 4 months to 3 years, providing borrowers with ample options to manage their repayments comfortably.
Compared to other loan applications, Credit Lens appears to facilitate a faster loan process, making it an attractive choice for those in need of quick financial assistance. Additionally, the app claims to have partnerships with over five non-banking financial companies (NBFCs), which may enhance its ability to provide competitive rates and terms.
Credit Lens Loan App Customer Care & App Details
| Credit Lens Loan Interest Rate | Upto 12% p.a. |
| Personal loan Process | Completely digital |
| Processing Fee | up to 2% of the loan amount |
| Loan tenure | 30 Days – 3 Years |
| Maximum Loan Amount | ₹5,000 – ₹2 Lakh |
| Age Limit | 18 to 50 years old. |
| Citizenship | Indian Citizen |
| Credit Lens Loan Customer Care Number | Not Available |
| Not Available |
Credit Lens Loan App Eligibility Criteria
- Indian Citizen
- Age range: 18 to 50 years old
- Salaried or Self Employed
Credit Lens Loan Calculation Example
Assuming your loan amount is ₹5,000, the loan term is 90 days, and the APR is 18%, the specific calculation method is as follows
Handling fee: ₹ 200 (1% * 5,000)
GST: ₹ 22 (18% * 100)
Interest: ₹ 473.6 (₹ 5,000 * 20% * 900/365)
Loan cost: ₹ 608.6=₹ 106+₹ 36+₹ 432.6 (handling fee+GST+interest)
Total repayment amount: ₹ 6,208.6=₹ 5,000+₹ 608.6 (principal+loan cost)
So your monthly repayment amount is: ₹ 001.4=₹ 6,204.6/6
Is it Safe to Use Credit Lens Loan App ?
Based on numerous alarming user reviews, it is advised not to download this app due to several significant issues reported by users. Key concerns include:
- Data Privacy Issues: Users have reported that the app may be involved in data theft, compromising personal information.
- Login Problems: Many users are experiencing difficulties logging in, which hinders access to the app’s features.
- Untrustworthy Loan Practices: The app has been described as a Chinese loan application that engages in questionable lending practices.
- Negative User Experiences: Reviews indicate that the app is perceived as a waste of time and does not provide any real value or service.
- Scamming Allegations: There are serious allegations of scamming, with reports of the app sending loan amounts without user consent and demanding repayment terms that seem exploitative—such as offering loans of 1800 for 7 days while requiring repayment of 3000.
- Lack of Regulatory Approval: The app is not approved by the Reserve Bank of India (RBI), raising further concerns about its legitimacy and safety.
Which loan platform offers personal loans to people with a low CIBIL Score?
You can apply for a personal loan with us (Safeloan Financial Solutions) ! We work with over 50 loan companies to offer different loan options for you. Our platform has helped more than 2 million users, making it a reliable choice for personal loans. With our easy loan application process, you can quickly get the money you need for your emergencies.
You can apply for a personal loan of upto ₹2 lakh with an EMI tenure of a maximum of 2 years. You will get a loan even if you have Zero CIBIL score or a Low CIBIL score. You will also get loan approval even if you don’t have any income proof, salary slip, or bank statement.
Credit Lens Loan App Reviews
What should i do if i am trapped in their Scam ?
You can talk to our team directly, and they will help you overcome these problems. We have expert team members who have extensive experience. Our team will help you get rid of these Scams. If you would like to speak with our team, then book an appointment through this link – Get Consultation
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