Truecaller, the Swedish caller ID and call-blocking app, has launched personal loans for its 310 million claimed users. They will offer personal loans to salaried customers with credit scores over 650.
Borrowers must submit an NACH form, sign it, and return it via the app before the loan amount can be credited directly to their bank accounts.
Easy to apply
ICICI Bank, India’s largest private sector bank, and Truecaller, the world’s premier caller ID provider, have come together in a strategic partnership to launch “Truecaller Pay,” a UPI-based mobile payment service. Millions of users will now have instantaneous UPI ID creation, money transfer, and phone recharge capabilities through BHIM, ICICI Bank’s mobile payments app. This announcement follows numerous technology-led innovations launched recently to accelerate digital transactions in India.
Truecaller is an international caller ID service, offering unique identities to every phone number that calls and allowing its users to filter unwanted calls and block spammers and robocalls. Alongside its signature caller ID offering, Truecaller also has various other applications and services, including voice search, SMS filters, and an ongoing database of names reported as spammers or scammers by its user community.
Truecaller stands apart from traditional caller ID apps by gathering its data through crowdsourcing. When someone downloads Truecaller, they grant access to their contact list so Truecaller can match caller IDs against its database of contacts as well as public databases – then identify who corresponds to this number by matching against both lists and then providing its owner’s name as most likely candidate for that number.
Truecaller utilizes a peer-to-peer system to share this information among app users, helping people avoid unwanted telemarketing calls or track down who might be stalking them. Furthermore, Truecaller sells data to companies for marketing purposes.
To apply for a truecaller loan, the borrower must go through an application process and submit the required documents to an app that verifies them and assesses their creditworthiness. Once approved by the company, you are eligible for loans according to its criteria; proof of income such as bank statements or payslips, as well as proof of identification such as an Aadhaar card/PAN card, must also be presented along with at least 650 on CIBIL must also be shown for consideration.
No prepayment charges
Truecaller is a calling app that verifies callers’ identities and displays them on your phone screen, along with showing whether the number belongs to the Do Not Disturb (DND) list and allowing you to block unwanted calls. While Truecaller provides excellent ways of cutting down spam calls and protecting privacy, many scammers change numbers often and are still able to circumvent its filters – here are some tips to avoid becoming victims.
True Caller Loans provides term loans at 16% annually. Applicants can submit all required documents within 24 hours and be approved. Aadhaar, Pan, salary account statement, and address proof will all be needed in order to be considered eligible for this loan. In case your application is approved, Truecaller will send out a NACH form that needs to be signed and returned so the loan amount can then be directly deposited into your bank account.
The company is expanding its business into digital credit services to assist those who cannot access formal channels of lending, like microfinance banks. They anticipate that this service will launch early next year.
Truecaller believes this expansion will boost its revenue stream, and it is already seeing greater earnings from pay-as-you-go offerings than from messaging services. They believe there is an expansive market for their digital credit offering.
Truecaller provides not only calling and identity verification services but also offers several other products. These include Search Engine, Truecaller ID, and the Truecaller for Businesses products. Search Engine allows users to locate local businesses by their registered numbers, while Truecaller for Businesses equips businesses with the tools they need for customer identity verification.
Truecaller is one of India’s most beloved apps, providing services including caller identification, call blocking, SMS alerts, flash messages, and a chat feature. With millions of people worldwide using it every month and 77% coming from Indian customers alone last year, its popularity led to it capturing almost the entirety of India’s telecom market and earning around $1.7 billion in revenues as a result.
Flexible tenure
Truecaller, the popular caller ID app that offers services such as identification, call blocking, flash messaging, and calling, is now offering its users personal loans of up to Rs 5 lakh that are easy to apply for and have flexible repayment terms explicitly tailored to your monthly budget.
The application process is paperless; documents can be uploaded online. Proof of identification, such as your Aadhaar card and PAN card, as well as address proof, such as rent agreement or utility bills, are needed before the loan can be credited directly into your bank account, giving you immediate access to it.
Use Truecaller Loan to make payments, recharge prepaid mobiles or postpaid phone bills, buy items from Truecaller marketplace, or pay postpaid bills securely through ICICI Bank’s UPI platform – it’s safe and reliable! This marks a first-of-its-kind partnership between a central Indian bank and a digital caller ID app to introduce this type of payment service!
Truecaller and ICICI Bank’s partnership is part of Truecaller’s efforts to promote digital modes of payment across India. Millions of Truecaller app users will benefit from instantly creating or adding an existing UPI ID or VPA with ease, secure by the best-in-class security provided by ICICI Bank and complying with NPCI and RBI guidelines – this service can be found through the profile page of Truecaller app under “Send money through UPI.”
Paperless process
The app makes applying for a personal loan more accessible than ever with three easy steps, and once approved, funds will instantly arrive in their bank account without hidden fees or charges – and there’s no paper trail! Plus, you can view your repayment schedule and status online!
Have you experienced calls from insurance, credit card, or loan providers that interrupt your day with unwanted calls and repeated messages? To combat this problem, Truecaller is working on an upcoming feature to allow users to respond without picking up business calls; they had also previously introduced a feature allowing businesses to cite why they called customers earlier in 2018.
An ex-employee reported that the software has the capability of categorizing SMS messages using a unique algorithm. It can detect text messages that are personal, high priority (bank OTPs or transactions), spam, or multiple incoming to the same number – information that enables banking executives to connect with customers while improving customer service experiences quickly.
True Caller stands apart from most caller ID apps by not using your mobile number to display caller information or sell it to other companies. Instead, its proprietary algorithm identifies your mobile number and verifies it for authenticity – making it safe to use. Furthermore, True Caller provides privacy features like blocking unwanted calls, recording calls, and flash messaging; most services are free, with some premium options being optionally paid for.
Truecaller offers more than caller ID and call filtering; it also provides personal loans. After you submit your loan application, truecaller will review and assess your documents to assess creditworthiness before sending you a NACH form allowing auto-debit of monthly EMI payments from your bank account, saving you from having to submit multiple NACH forms for every additional loan amount you take out.