Have you ever experienced a time in your life when you needed some financial help and missed out on an important opportunity due to unavailability or delayed response?
In today’s world every other person is not financially sound or can handle the ups and downs without proper funds and financial independence. People who earn on their own, can manage their expenses or can avail additional funds over time. On the other hand, the students and the self-employed clan are not essentially eligible for short- or long-term personal loans.
What are the students supposed to do in case of urgent requirement for funds?
Most people would suggest that they can ask their parents to provide a little help or can discuss it within friends and colleagues if they can bail them out with additional funds. However, most of the time they do not receive the funds when required and are left in dismay.
Now no such student or a self-sustaining person would lose an opportunity due to unavailability of funds, with Red Carpet loan one can now avail of a personal loan facility with an extended credit line by the means of an ATM cum debit card.
What is RedCarpet?
The RedCarpet is an app-based lending platform and a next gen fintech company engaged in the business of instant personal loans in the form of a credit line. The app is considered to be using over a hundred various factors in the form of algorithms to analyze a user’s credit score. On the basis of these credit scores, the app enables the borrower to use credit for online purchases.
Using the RedCarpet app, the borrower can get instant credit to purchase various products available at online marketplaces, pay utility bills, buy tickets for traveling or for other entertainment purposes.
Red Carpet loan is one of a kind among other lenders, which has set standards in the peer-to-peer lending marketplace with their credit scoring models. The app so far has assessed credit worthiness of individuals who did not have a prior credit history or exposure to banking. Upon successful assessment, the app provides a specific amount of funds to the borrower to make online purchases.
Prominent features of the RedCarpet app
Apart from their extraordinary credit assessment model to determine worthiness, the RedCarpet offers some of the unique features to its customers. Let’s read here;
- Quick & Easy Credit: The app offers its personal loan in the form of a credit line instead of paying lump sum amount upfront. When you apply through the app, the company provides a Platinum Mastercard, which is pre-enabled for online transactions/ATM/Point of sales and others.
- Exclusive Ruby Card: The Ruby card is exclusively offered by the company after you avail the personal loan. This card is like any other debit card and the funds are disbursed under the loan amount.
- Any Time Money: During an urgency, if anyone requires instant cash from their personal loan account, the debit card can be used at any bank’s ATM to withdraw cash. There are no additional costs for withdrawing funds from this debit card up to ₹ 1000.
- Expense Tracker: With the RedCarpet app, the company provides an in-built expenses tracker where you can easily track and analyse your expenses and view your detailed card statement every day of the year.
RedCarpet Interest Rates & Charges
RedCarpet provides instant personal loans at a very low rate of interest. The interest rates are applicable on the current spend out of the disbursed amount of the loan.
For more details regarding the interest rates and charges, kindly refer to the table below:
Rate of Interest
2.00% to 3.00% per month for the EMI tenure
For Term Loan: 2% per month or minimum ₹ 100 + GST
For Card: ₹ 750 + Taxes (GST)
₹ 100 + Taxes (GST)
Payment Bounce Fee
₹ 200 + Taxes (GST)
Overdue Recovery Fee
2% of the outstanding amount or Min. ₹ 500 + Taxes (GST)
2% per month or minimum ₹ 100 + GST
Late Payment Fee
₹ 200 + Taxes (GST)
2% of the outstanding amount
Min. 3 months and up to 36 months
Eligibility criteria for RedCarpet Personal Loan
RedCarpet provides their personal loan on the basis of the credit score generated by the process with more than 100 variables. Here are some general eligibility criteria one must adhere to, before applying for a personal loan;
- The age of the applicant must be above 18 years
- Applicant must be a student studying in active cities
- Final year students must apply before the last six months of the course duration
Major cities covered by RedCarpet:
RedCarpet has a stronghold in major financial and technical centers in the country. It has the biggest coverage in India in terms of servicing – Delhi, Jaipur, Hyderabad, Chennai, Pune, Dehradun, Kolkata, Vijayawada, Mumbai, Chandigarh, Jalandhar, Bhopal, Bangalore, Noida, Ahmedabad and many others.
How to apply for a RedCarpet personal loan
Applying for a personal line or personal line of credit with RedCarpet is easy to use and hassle-free. The entire process only requires a few steps, they are as following:
- Download the RedCarpet app on your mobile phone or tablet
- Select your favored language and enter your mobile number
- Fill in the required details i.e. your name, location, college information and others
- Upload your documents (Personal ID, College ID, Address Proof and others)
- Click on ‘Accept’ for various service Terms & Conditions
- Post verification, you will receive a starting limit of ₹ 500
- Enter the amount you wish to borrow as personal loan (Up to ₹ 50,000)
- To apply for a card, click on ‘Apply for card’
- You will receive a notification once the card gets approved
How does a personal loan repayment work with RedCarpet?
RedCarpet has a very simple and easy to understand methodology regarding the interest calculation and the repayment amount.
Let us take an example to understand how this works;
If a person takes ₹ 10,000/- worth of credit line, and the repayment tenure is fixed at 6 months from the date of disbursal and the applicable rate of interest is 2.00% per month:
- Fixed Application fee = ₹ 499 + 89.80 (GST @ 18%) = ₹ 588/-
- Interest accrued @ 2% for 6 months = ₹ 1200/-
- Total cost of repayment = ₹ 10,000 + 588 + 1200 = ₹ 11,788/-
- EMI for the repayment tenure = ₹ 1965/-
RedCarpet Customer Care
- RedCarpet ensures that the customers can acquire all the help they need with their queries at any point of time. There are several verticals for customers to contact the company. The details are as follows:
- You can contact the company via email at firstname.lastname@example.org / email@example.com or can call the customer care team @ 011-71156232
Ques. Is the RedCarpet app safe? What permissions does it need to assess credit score?
RedCarpet has provided a set of certain permissions that the app requires to access from the smartphone or the tablet in order to clearly assess your creditworthiness regarding the loan. RedCarpet requests a few authorizations from your cell phone. The servers are audited for PCI and CISA compliance for data privacy and security: - Location: Only to notify closest RedCarpet KYC agents - Contacts: For various references and sharing - Email: For cross-verification - SMS: In order to track expenses & spending, to enable UPI - Media & documents: Only needed to upload photos of documents for your loan application
Ques. What is unique about the Ruby card?
The Ruby card issued by the RedCarpet is a virtual ATM cum debit card, which can be used on your smartphone to make purchases online.
Ques. What if I lose my phone on which I use the app?
In case you have lost your phone, you can contact the customer care from any other phone and request a change in your current contact details.
Ques. How can I deactivate or discontinue my RedCarpet account?
You are supposed to pay-off all your debts. Once you get the clearance, you can uninstall the app to discontinue your services. If you wish to re-activate your account, simply install the app again and log-in to your existing account. Yes, it’s that simple!
Ques. Is there any additional fee or charges to be paid for the Ruby card, in case it’s not in use?
No, absolutely not. You are not required to take any additional burden if in case you are not using your ruby card. You can keep it for free as long as you are running your personal loan account with RedCarpet.