Overview
Nira Finance:
Nira focuses on offering personal loans for salaried professionals with fast approval, unsecured credit, and flexible repayment options. Loan amounts range from ₹5,000 to ₹1 lakh, and the process is fully digital.
TrueBalance:
TrueBalance provides a broader range of financial services, including personal loans, bill payment loans, and mobile recharges. It caters to salaried as well as self-employed individuals, with loan amounts ranging from ₹1,000 to ₹1 lakh.
Comparison Table
| Feature | Nira | TrueBalance |
|---|---|---|
| Loan Type | Personal Loan | Personal Loan, Bill Payment Loan |
| Target Audience | Salaried professionals | Salaried and self-employed individuals |
| Loan Amount | ₹5,000 – ₹1 lakh | ₹1,000 – ₹1 lakh |
| Interest Rate | Varies (based on profile) | Up to 30% APR |
| Repayment Terms | 3-12 months | 62 days to 24 months |
| Collateral Requirement | None | None |
| Approval Time | Instant (within minutes) | Instant approvals |
| Unique Feature | Fully digital personal loans | Loans for bills and mobile recharge |
| App Usability | Simple and loan-focused | All-in-one financial services app |
| Support | In-app support, helpdesk | In-app and phone support |
Key Takeaways
When to choose Nira:
Select Nira if you’re a salaried professional seeking a personal loan with quick approval and flexible repayment terms, ideal for emergencies or larger one-time expenses.
When to choose TrueBalance:
Choose TrueBalance if you need a small, short-term loan for daily expenses like bill payments or mobile recharges, or if you’re looking for longer repayment terms up to 24 months.
