{"id":3952,"date":"2022-05-09T09:18:57","date_gmt":"2022-05-09T09:18:57","guid":{"rendered":"https:\/\/bankkaro.com\/blog\/?p=3952"},"modified":"2022-10-03T08:18:04","modified_gmt":"2022-10-03T08:18:04","slug":"simpl-loan-review","status":"publish","type":"post","link":"https:\/\/bankkaro.com\/blog\/simpl-loan-review\/3952\/","title":{"rendered":"Simpl Loan Review"},"content":{"rendered":"\n<p>India\u2019s 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 <strong>15000+<\/strong> online merchants. Simpl also deploys an intelligent and data-driven tool that provides frictionless one-tap checkout.<\/p>\n\n\n\n<p>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?<\/p>\n\n\n\n<h2 id=\"fees-and-charges\" class=\"wp-block-heading\"><strong>Fees and Charges<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Label<\/th><th>Fees<\/th><\/tr><\/thead><tbody><tr><td><strong> <\/strong>Processing fee <\/td><td> N\/A <\/td><\/tr><tr><td> Insurance fee <\/td><td> N\/A <\/td><\/tr><tr><td> Preclosure fee <\/td><td> N\/A <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"pros-cons\" class=\"wp-block-heading\"><strong>Pros &amp; Cons<\/strong><\/h2>\n\n\n<div class=\"i2-pros-cons-icons i2-pros-cons-main-wrapper theme-i2pc-theme-03 no-title no-button has-space-between-column no-outer-border has-round-corner no-heading-icon\"><div class=\"i2-pros-cons-wrapper\"><div class=\"i2-pros\"><strong class=\"i2-pros-title\">Pros<\/strong><div class=\"section\"><ul class='has-icon'><li><i class='icon icon-thumbs-o-up'><\/i>With 15000+ eligible merchants on BNPL, customers can enjoy maximum usability.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>The Simpl app provides a smooth and secure one tape checkout experience.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Buy Now Pay Later (BNPL): Shop without hampering your pocket; with Simpl BNPL convenience, make three easy monthly installments.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Free of Cost EMI for three months.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>A great budgeting tool for managing personal expenses, all under one account.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Mode of Application Process is 100% online and is executed confidentially to ensure customer-data security.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>A maximum loan amount of up to Rs 20,000 is provided to all eligible and approved applicants.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Simpl allows 3-month interest-free EMI; however, the annual interest rate of 20% to 30% is charged after the interest-free period.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Provision for early repayment is open to all customers.<\/li><\/ul><\/div><\/div><div class=\"i2-spacer\"><\/div><div class=\"i2-cons\"><strong class=\"i2-cons-title\">Cons<\/strong><div class=\"section\"><ul class='has-icon'><li><i class='icon icon-thumbs-o-down'><\/i>Uninformed customer service<\/li><li><i class='icon icon-thumbs-o-down'><\/i>Simpl does not have an NBFC licence<\/li><li><i class='icon icon-thumbs-o-down'><\/i>Ex-customers have complained of receiving threatening emails and calls<\/li><li><i class='icon icon-thumbs-o-down'><\/i>Unreasonable penalty charges<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n<h2 id=\"interest-rates-and-tenure\" class=\"wp-block-heading\"><strong>Interest Rates and Tenure<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Interest rate: <\/strong>20% to 30% per year<\/li><li><strong>Billing Cycle: <\/strong>Every 15<sup>th<\/sup> day of the month<\/li><li><strong>Tenure: <\/strong>91 to 180 days<\/li><li><strong>Processing time: <\/strong>Instant<\/li><\/ul>\n\n\n\n<h2 id=\"loan-amount\" class=\"wp-block-heading\"><strong>Loan Amount<\/strong><\/h2>\n\n\n\n<p>Customers can get a loan amount of up to Rs. 20,000<\/p>\n\n\n\n<h2 id=\"who-should-use-simpl-loan\" class=\"wp-block-heading\"><strong>Who Should use Simpl Loan?<\/strong><\/h2>\n\n\n\n<p>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 <a href=\"https:\/\/bankkaro.com\/blog\/lazypay-bnpl-review\/3946\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/bankkaro.com\/blog\/lazypay-bnpl-review\/3946\/\" rel=\"noreferrer noopener\">lazypay bnpl benefits<\/a><\/p>\n\n\n\n<h2 id=\"eligibility-criteria-for-simpl-loan\" class=\"wp-block-heading\"><strong>Eligibility Criteria For Simpl Loan <\/strong><\/h2>\n\n\n\n<h3 id=\"1-age\" class=\"wp-block-heading\"><strong>1. Age<\/strong><\/h3>\n\n\n\n<p>Candidate must be above 18 years<\/p>\n\n\n\n<h3 id=\"2-location\" class=\"wp-block-heading\"><strong>2. Location<\/strong><\/h3>\n\n\n\n<p>Indian Resident<\/p>\n\n\n\n<h3 id=\"3-documents-required\" class=\"wp-block-heading\"><strong>3. Documents required<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>PAN card<\/li><li>Address proof<\/li><li>ID Proof (Aadhaar card, Driver\u2019s license, Voter ID card, Electricity bill)<\/li><li>Photograph<\/li><\/ul>\n\n\n\n<h2 id=\"ratings-and-reviews\" class=\"wp-block-heading\"><strong>Ratings and Reviews<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Eligibility &#8211; 3\/5 <\/strong>Simpl claims that once a customer\u2019s eligibility is checked and approved, they shall be able to take advantage of all the benefits. The services will only apply to customers who are legally capable of entering the binding contracts\/terms of the company.\u00a0 However, customers have complained that they have faced issues and communication gaps even after being eligible and abiding by all the terms.<\/li><li><strong>Offers &#8211; 3.5\/5 <\/strong>Simpl has several great offers on frequently used apps like Swiggy, Uber, Ola, Big Basket, and more.<\/li><li><strong>Overall- 3\/5 &#8211;<\/strong> 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.<\/li><\/ul>\n\n\n\n<p><strong>Similar Blogs<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/bankkaro.com\/blog\/what-will-happen-dont-pay-simpl-bill\/5332\/\" data-type=\"URL\" data-id=\"https:\/\/bankkaro.com\/blog\/what-will-happen-dont-pay-simpl-bill\/5332\/\">what happens if i don&#8217;t pay simpl bill<\/a><\/li><li><a href=\"https:\/\/bankkaro.com\/blog\/how-to-pay-simpl-bill\/5210\/\" data-type=\"URL\" data-id=\"https:\/\/bankkaro.com\/blog\/how-to-pay-simpl-bill\/5210\/\">how to pay simpl bill<\/a><\/li><li><a href=\"https:\/\/bankkaro.com\/blog\/best-loan-apps-in-india\/5305\/\" data-type=\"URL\" data-id=\"https:\/\/bankkaro.com\/blog\/best-loan-apps-in-india\/5305\/\">best loan app in India<\/a><\/li><li><a href=\"https:\/\/bankkaro.com\/blog\/paysense-review\/4762\/\" data-type=\"URL\" data-id=\"https:\/\/bankkaro.com\/blog\/paysense-review\/4762\/\">Paysense review<\/a><\/li><\/ul>\n\n\n\n<h2 id=\"conclusion\" class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>Simpl is a financial institution that offers risk management and financial services. It is one of the leaders in India&#8217;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.<\/p>\n\n\n\n<h2 id=\"faqs\" class=\"wp-block-heading\"><strong>FAQs<\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1652243607510\" class=\"rank-math-list-item\">\n<h3 id=\"is-simpl-rbi-approved\" class=\"rank-math-question \"><strong>Is Simpl RBI approved?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>No, Simpl is not RBI approved. This BNPL service is thus not regulated by the central bank.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1652243654546\" class=\"rank-math-list-item\">\n<h3 id=\"what-happens-if-i-dont-pay-simpl\" class=\"rank-math-question \"><strong>What happens if I don&#8217;t pay Simpl?<\/strong> <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>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&#8217;s account usage and notify the Merchants of such suspension of the User&#8217;s account.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1652243667737\" class=\"rank-math-list-item\">\n<h3 id=\"is-simpl-a-safe-app\" class=\"rank-math-question \"><strong>Is Simpl a safe app?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>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 &#8211; SMS, Calendar, Camera.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1652243685229\" class=\"rank-math-list-item\">\n<h3 id=\"who-is-the-owner-of-simpl\" class=\"rank-math-question \"><strong>Who is the owner of Simpl?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Nityanand Sharma is the Co-founder and CEO of Simpl.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"India\u2019s booming fintech sector is witnessing an upsurge in the BNPL services offered by digital lenders who majorly&hellip;\n","protected":false},"author":8,"featured_media":3954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[11],"tags":[36],"class_list":{"0":"post-3952","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-reviews","8":"tag-loans","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/3952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/comments?post=3952"}],"version-history":[{"count":11,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/3952\/revisions"}],"predecessor-version":[{"id":5980,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/3952\/revisions\/5980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/media\/3954"}],"wp:attachment":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/media?parent=3952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/categories?post=3952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/tags?post=3952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}