OYE! is a mobile app based short term personal loan provider, offering loans from INR 10K to 1L to young salaried professionals
After downloading the mobile app to an Android smartphone, simply follow the loan application process to get the money you desire. OYE! makes the loan application and approval process simple and transparent through 3 easy steps
OYE! is currently available to salaried employees in Chennai, Bengaluru and Mumbai. If you are not in Chennai or Bengaluru or Mumbai we hope to get to you soon!
Other eligibility criteria are as follows:
Eligible customers can borrow a minimum of INR 10,000 to a maximum of INR 1,00,000
A borrower can currently only have one active loan outstanding at a time
OYE! is a collateral-free unsecured personal loan, so no security or guarantor is required
OYE! leverages best in class security / encryption infrastructure and network technology to ensure your data is fully protected, secure and will only be used for purposes of enhancing your experience with OYE!. Furthermore, we do not in any way sell or distribute your data to anyone, at any time, period
OYE! is a daily interest loan product, which means you only pay the interest for the number of days you hold the loan. We charge an interest rate of 25% per annum; this works out to be less than 0.1% per day
OYE! charges a Processing Fee of 3% + GST on the approved loan amount. This is deducted from the loan amount when disbursed to you
OYE! charges a Default / Late Payment Fee of 1% + GST of the outstanding principal or INR 300, whichever is higher, if a customer misses to pay on the due date
No. OYE! does not charge any fees for this. Please note however that a partial payment could still result in a default / late payment fee if the full EMI has not been paid by the due date
Download the OYE! loan app from the Google play store, login with your FB account and apply through your smartphone
Unfortunately, customers can only apply through the OYE! mobile app using an Android smartphone. Other modes like online or offline applications are currently not available
OYE! uses the Facebook Login process to avoid creating yet another user name and password for the customer. Furthermore, by providing access to simple FB data, the customer can simplify their loan application process by having many of the application fields pre-filled without the need for cumbersome documentation
The process takes a maximum of 1 business day (i.e., within 24 hours). During this time, we might come back to you if we have questions about the documents you have submitted.
You received this message either because you did not meet our eligibility criteria or our internal underwriting system found issues with your application. Unfortunately, we cannot share any more details as each case is unique as to why you might not be qualified at this time.
This being said, we do encourage people to re-apply at a later point in time, especially if their circumstances have changed / improved
We carry out a set of extensive affordability and credit-worthiness checks at the point of each application submission, based largely on the information provided by the customer and other relevant 3rd party data. Unfortunately, you received this message because your application did not successfully meet our affordability or credit-worthiness criteria. Furthermore, we cannot share any more details as each case is unique as to why your loan application was not approved at this time
This being said, we do encourage those who have not been approved to re-apply at a later point in time, especially if their circumstances have changed / improved
We carry out a set of extensive affordability and credit-worthiness checks at the point of each application submission, based largely on the information provided by the customer and other relevant 3rd party data. Sometimes, our internal systems approve a loan amount less than requested on account of the information provided as well as the affordability of the loan for the customer
Identity Proof - PAN card
Address Proof - Any one of:
Last 3 months of your salaried bank account statement, showing salary credit
One post-dated cheque leaf from your salaried bank account – For more information on this you may contact us on firstname.lastname@example.org
OYE! provides a 12 month EMI to all borrowers; customer can choose to keep the loan active for the full period or pre-pay / pre-close the loan at any time, without incurring any additional charges
ECS / NACH – Once you are approved, OYE! will setup an ECS / NACH mandate and debit the monthly EMI amount automatically on the stated due date
Repayment can also be done using NEFT transfer directly to our account at any point in time
Yes. You can pre-pay the loan amount at any time in full or part
OYE! has partnered with Northern Arc Capital Limited. As a licensed NBFC with the RBI, Northern Arc Capital Limited is the primary lender who disburses the loan and receives the payments. OYE! works closely with Northern Arc Capital Limited to facilitate the loan application, underwriting and loan servicing processes
The most important thing is to call us in advance if you are not going to be able to make the full payment on time. Missing a payment can result in late fees assessed as well as negative marks on your credit report, which will affect your future ability to get credit from us or any other institution. So please call us at +91 7339111454 so that we can work through your specific situation and find a solution that works for both parties.
Please email us at email@example.com for any queries related to OYE! Your queries will be responded to as quickly as possible by our customer service team