Simpl Loan Review

Simpl Loan Review

India’s booming fintech sector is witnessing an upsurge in the BNPL services offered by digital lenders who majorly target users who do not have access to conventional credit cards and those who are reluctant to use plastic money for personal reasons. Simpl makes BNPL service much smoother and more secure by providing complete credit-based payments to over 15000+ online merchants. Simpl also deploys an intelligent and data-driven tool that provides frictionless one-tap checkout.

Here is our review of the Simpl Loan Review, where we delve deep into the pros, cons, rewards, fees, and more. We attempt to answer the question of whether you should use Simpl BNPL for your online payments or not?

Fees and Charges

LabelFees
Processing fee N/A
Insurance fee N/A
Preclosure fee N/A

Pros & Cons

Pros
  • With 15000+ eligible merchants on BNPL, customers can enjoy maximum usability.
  • The Simpl app provides a smooth and secure one tape checkout experience.
  • Buy Now Pay Later (BNPL): Shop without hampering your pocket; with Simpl BNPL convenience, make three easy monthly installments.
  • Free of Cost EMI for three months.
  • A great budgeting tool for managing personal expenses, all under one account.
  • Mode of Application Process is 100% online and is executed confidentially to ensure customer-data security.
  • A maximum loan amount of up to Rs 20,000 is provided to all eligible and approved applicants.
  • Simpl allows 3-month interest-free EMI; however, the annual interest rate of 20% to 30% is charged after the interest-free period.
  • Provision for early repayment is open to all customers.
Cons
  • Uninformed customer service
  • Simpl does not have an NBFC licence
  • Ex-customers have complained of receiving threatening emails and calls
  • Unreasonable penalty charges

Interest Rates and Tenure

  • Interest rate: 20% to 30% per year
  • Billing Cycle: Every 15th day of the month
  • Tenure: 91 to 180 days
  • Processing time: Instant

Loan Amount

Customers can get a loan amount of up to Rs. 20,000

Who Should use Simpl Loan?

The customers looking for a user-friendly application can go for Simpl; the application shows your monthly transactions and notifies you about the due amount to be paid in the coming cycle. However, it is suggested that the customers be aware of the deadlines and the due dates; otherwise, they might be charged extra fees. Here you may also like to read about lazypay bnpl benefits

Eligibility Criteria For Simpl Loan

1. Age

Candidate must be above 18 years

2. Location

Indian Resident

3. Documents required

  • PAN card
  • Address proof
  • ID Proof (Aadhaar card, Driver’s license, Voter ID card, Electricity bill)
  • Photograph

Ratings and Reviews

  • Eligibility – 3/5 Simpl claims that once a customer’s eligibility is checked and approved, they shall be able to take advantage of all the benefits. The services will only apply to the customers who are legally capable of entering the binding contracts/terms of the company.  However, customers have complained that they have faced issues and communication gaps even after being eligible and abiding by all the terms.
  • Offers – 3.5/5 Simpl has several great offers on frequently used apps like Swiggy, Uber, Ola, Big Basket, and more.
  • Overall- 3/5 – Simpl is a beneficial product for those seeking to utilise the interest-free period in its total capacity on their online purchases, with a structured repayment option. However, there are mixed reviews about Simpl, so customers must be aware of the terms and conditions before applying for it.

Conclusion

Simpl is a financial institution that offers risk management and financial services. It is one of the leaders in India’s emerging consumer finance sector, and its primary business is a credit product of choice for Indian borrowers. Aside from India, Simpl has a presence in three other countries. They currently have 15000+ merchants, 49 million transactions, and 7 million users overall.

FAQs

Is Simpl RBI approved?

No, Simpl is not RBI approved. This BNPL service is thus not regulated by the central bank.

What happens if I don’t pay Simpl?

Simpl charges a penalty of Rs 50-100 for late payments. If the User does not pay the amount due within 30 days of the due date, Simpl may suspend the User’s account usage and notify the Merchants of such suspension of the User’s account.

Is Simpl a safe app?

Simpl mentions data privacy and user privacy as one of their top-notch concerns. Their application programming interface is backed by security standards and robust protocols that are certified. However, the following permissions must be granted from your device for better application usage – SMS, Calendar, Camera.

Who is the owner of Simpl?

Nityanand Sharma is the Co-founder and CEO of Simpl.

Leave a Reply

Your email address will not be published. Required fields are marked *

Total
0
Share