Freo Money (Formerly MoneyTap) is India’s first app-based credit line provider, offering a seamless combination of instant personal loans and flexible credit line solutions. Freo empowers users to borrow funds instantly and repay conveniently, making it a smart choice for managing both short- and long-term financial needs.
Freo Money functions like a blend of a personal loan and a credit card. You get an approved limit, but you pay interest only on the amount you use, not on the entire sanctioned limit. This ensures affordability and freedom to use funds as needed.
With loan amounts ranging from ₹3,000 to ₹5,00,000, flexible repayment tenures up to 36 months, and interest rates starting at 13%* per annum, Freo provides instant financial assistance for salaried individuals, self-employed professionals, and government employees. The process is 100% digital, safe, and fully compliant with RBI-regulated lending partners.
Freo Money (formerly MoneyTap) offers instant personal loans up to ₹5 lakh with flexible tenures of up to 36 months. Pay interest only on the amount you use, enjoy 100% paperless approval, and get funds instantly via RBI-regulated lending partners.
Table of Contents:
- ⇾ Overview of Freo Personal Loan
- ⇾ Key Features of Freo Personal Loan
- ⇾ Types of Freo Personal Loans
- ⇾ Freo Personal Loan Interest Rate, Fees & Charges
- ⇾ Freo Personal Loan EMI Calculator
- ⇾ Freo Personal Loan Eligibility Criteria
- ⇾ Documents Required for Freo Personal Loan
- ⇾ Freo Credit Line vs Freo Personal Loan
- ⇾ Impact of Credit Score on Freo Personal Loan
- ⇾ Freo Personal Loan Benefits
- ⇾ Application Process for Freo Personal Loan
- ⇾ Apply for a Freo Personal Loan with Buddy Loan
- ⇾ Freo Personal Loan Repayment
- ⇾ Freo Personal Loan Customer Care
- ⇾ Summary and Key Insights
- ⇾ Frequently Asked Questions
Overview of Freo Personal Loan
Freo Personal Loan is a modern credit solution that merges the ease of personal loans with the flexibility of a revolving credit line. It gives you instant access to funds anytime, anywhere, directly through the Freo app, without requiring collateral or long approval times.
| Feature | Details |
|---|---|
| Loan Type | Credit Line + Instant Personal Loan |
| Lending Partners | RBI-Registered NBFCs and Banks |
| Eligible Borrowers | Salaried, Self-Employed, Government Employees, Gig Workers |
| Loan Amount Range | ₹3,000 to ₹5,00,000 |
| Interest Rate | 13%* p.a. onwards |
| Tenure Options | 3 to 36 months |
| Minimum Salary Required | ₹30,000/month |
| Minimum Age | 23 years |
| Collateral Requirement | None (Unsecured Loan) |
| Disbursal Time | Instant, post KYC approval |
| Application Process | 100% digital and paperless |
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Freo’s digital-first model allows customers to withdraw only what they need, manage repayments flexibly, and enjoy lifetime access to their approved credit line.
Key Features of Freo Personal Loan
Freo offers a feature-rich lending experience designed to make personal financing fast, convenient, and transparent. Each feature focuses on customer control, affordability, and digital convenience.
Key Features of Freo Personal Loan:
- Instant Approval & Quick Disbursal: Freo provides approval in minutes and transfers funds directly to your bank after verification.
- Flexible Loan Range: Borrow from ₹3,000 to ₹5,00,000 based on your eligibility — perfect for both small and large financial needs.
- Pay Interest Only on Amount Used: Unlike traditional loans, interest applies only to the borrowed sum, ensuring major savings.
- Paperless Application: Every step — from application to disbursal — happens digitally via the Freo app.
- Flexible Tenures: Choose repayment durations up to 36 months according to your convenience.
- Lifetime Access to Credit: Once your line is approved, it remains available for reuse without reapplying.
- Secure & RBI-Regulated: Freo partners with RBI-approved NBFCs and banks for fully compliant lending.
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Types of Freo Personal Loans
Freo offers a diverse range of personal loan options to match every borrower’s lifestyle and financial needs. From small-ticket short-term loans to professional and government employee credit lines, Freo ensures flexible borrowing, transparent terms, and instant disbursal, all through a 100% digital platform.
| Loan Type | Purpose |
|---|---|
| Freo Credit Line | Continuous credit access with pay-per-use interest |
| Personal Loan for Salaried Individuals | Personal or lifestyle expenses like travel, education, or weddings |
| Personal Loan for Self-Employed Individuals | Business expansion, working capital, or professional needs |
| Short-Term Small Personal Loans | Urgent short-term cash needs |
| Personal Loan for Low Salary | Minor personal expenses and emergencies |
| Personal Loan for Government Employees | Education, family, or home-related needs |
| Instant One Lakh Loan | Mid-sized purchases, travel, or emergencies |
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1. Freo Credit Line
The Freo Credit Line offers continuous, on-demand access to funds. You can withdraw money anytime within your approved limit and pay interest only on the amount you use. Once repaid, your credit line is restored, giving you lifetime financial flexibility without reapplying.
| Details | Description |
|---|---|
| Loan Amount | ₹3,000 – ₹5,00,000 |
| Purpose | Continuous, flexible fund access for personal or emergency use |
| Ideal For | Individuals needing ongoing access to credit without repeated applications |
2. Personal Loan for Salaried Individuals
This loan is tailored for salaried professionals seeking quick, collateral-free financing for personal or lifestyle expenses. It’s processed completely online with instant approval and flexible EMIs.
| Details | Description |
|---|---|
| Loan Amount | ₹3,000 – ₹5,00,000 |
| Purpose | Personal goals, emergencies, travel, or education |
| Ideal For | Salaried employees earning ₹30,000+ per month |
3. Personal Loan for Self-Employed Individuals
Designed for entrepreneurs and independent professionals, this loan supports business-related needs such as expansion, equipment purchase, or working capital, all without collateral.
| Details | Description |
|---|---|
| Loan Amount | ₹3,000 – ₹5,00,000 |
| Purpose | Business growth, operational expenses, or personal funding |
| Ideal For | Freelancers, business owners, and professionals like doctors or consultants |
4. Short-Term Small Personal Loans
These short-duration loans are ideal for urgent, low-value needs such as bill payments or small purchases. Freo’s instant disbursal ensures that funds reach your account within minutes.
| Details | Description |
|---|---|
| Loan Amount | ₹3,000 – ₹50,000 |
| Purpose | Minor emergencies, utility bills, small purchases |
| Ideal For | Individuals needing short-term financial support |
5. Personal Loan for Low Salary
Freo offers financial inclusion for low-income earners by providing small-ticket personal loans to those earning below ₹20,000 per month, helping them meet immediate needs while building credit history.
| Details | Description |
|---|---|
| Loan Amount | ₹3,000 – ₹50,000 |
| Purpose | Small personal expenses and financial emergencies |
| Ideal For | Entry-level employees, gig workers, and first-time borrowers |
6. Personal Loan for Government Employees
With Freo’s Government Employee Loan, public sector workers can enjoy quick approvals, minimal documentation, and competitive interest rates to cover personal or family needs.
| Details | Description |
|---|---|
| Loan Amount | ₹10,000 – ₹5,00,000 |
| Purpose | Education, medical, home repairs, or family expenses |
| Ideal For | Central and State Government or PSU employees |
7. Instant One Lakh Loan
Freo’s Instant ₹1 Lakh Loan gives you rapid access to mid-range funds for planned or unexpected expenses, repayable over flexible tenures of up to 36 months.
| Details | Description |
|---|---|
| Loan Amount | Up to ₹1,00,000 |
| Purpose | Weddings, travel, electronics, or emergency needs |
| Ideal For | Borrowers needing quick ₹1 Lakh financing with flexible EMIs |
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Freo Personal Loan Interest Rate, Fees & Charges
Freo maintains complete transparency with its pricing, ensuring customers know exactly what they pay for. Interest is applied only to the borrowed amount, keeping borrowing costs low.
| Charge Type | Details |
|---|---|
| Interest Rate (Annual) | 13%* p.a. onwards |
| Interest Rate (Monthly) | Around 1.08% per month |
| Loan Tenure | Up to 36 months |
| Processing Fee | As per partner NBFC or bank policy |
| Foreclosure Charges (App to Bank) | No charges |
| Foreclosure Charges (Card EMI Closure) | 3% of outstanding balance |
| Part Prepayment | Not allowed |
| Collateral Requirement | None (Unsecured Loan) |
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Freo Personal Loan EMI Calculator
Freo’s EMI calculator helps borrowers plan their repayments, giving a clear idea of monthly commitments and interest costs.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Steps to Use:
- Enter the desired loan amount (₹3,000 – ₹5,00,000).
- Input the applicable interest rate (starting from 13%* p.a.).
- Select your preferred tenure (up to 36 months).
- The calculator instantly displays your monthly EMI, total interest, and repayment schedule.
Freo Personal Loan Eligibility Criteria
Freo’s eligibility parameters are designed to include a wide range of working professionals while maintaining responsible lending standards.
Eligibility Conditions:
- Minimum Age: 23 years
- Profession: Salaried or Self-Employed
- Minimum Monthly Income: ₹30,000
- Credit Score: 650+
- Work Experience: Minimum of 3 years preferred
- Citizenship: Indian resident
Meeting these requirements ensures faster approval and better interest rates.
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Documents Required for Freo Personal Loan
Freo’s documentation process is quick, simple, and 100% paperless.
Mandatory Documents:
- Aadhaar Number (for e-KYC)
- Identity Proof: Driving Licence / Voter ID / Passport / PAN / Aadhaar
- Address Proof: Driving Licence / Voter ID / Passport / Aadhaar / Utility Bill / Bank Statement
- Passport-sized Photo or Selfie (uploaded via the app)
All documents are securely submitted within the Freo app; no physical paperwork is needed.
Freo Credit Line vs Freo Personal Loan
Freo offers two innovative borrowing options, the Freo Credit Line and the Freo Personal Loan. While both provide quick access to funds, they differ in structure, repayment flexibility, and interest calculation. Understanding the difference helps borrowers choose the best option for their financial needs.
| Feature | Freo Credit Line | Freo Personal Loan |
|---|---|---|
| Loan Structure | A reusable line of credit with a pre-approved limit that can be used multiple times. | A one-time lump sum loan disbursed in full to the borrower’s account. |
| Loan Amount Range | ₹3,000 – ₹5,00,000 | ₹3,000 – ₹5,00,000 |
| Interest Calculation | Interest is charged only on the amount withdrawn/used, not on the entire limit. | Interest is charged on the entire loan amount from the date of disbursement. |
| Reusability | Fully reusable — once repaid, the credit limit is restored for future use. | Non-reusable — you must reapply for another loan after repayment. |
| Repayment Flexibility | Offers flexible withdrawals and repayments; EMIs apply only on utilized funds. | Fixed EMIs throughout the tenure, based on the full disbursal amount. |
| Disbursal Process | Borrow as needed through the Freo app; funds are transferred instantly on demand. | The entire sanctioned amount is credited at once after approval. |
| Tenure | Flexible, up to 36 months | Fixed, up to 36 months |
| Best Suited For | Borrowers need on-demand access to funds for ongoing or unpredictable expenses. | Borrowers need a fixed amount for planned one-time expenses. |
| Interest Rate (Starting) | 13%* p.a. | 13%* p.a. |
| Collateral Requirement | None (unsecured) | None (unsecured) |
| Repayment Type | Flexible EMIs or pay-as-you-use model | Fixed monthly EMIs |
| Application Type | Single approval for lifetime use (no reapplication needed) | A new application is required for each loan |
Impact of Credit Score on Freo Personal Loan
Your credit score plays a major role in determining your eligibility, interest rate, and overall loan experience with Freo. Since Freo Personal Loans are unsecured, lenders rely heavily on your credit history to assess your repayment capability and financial discipline.
- Minimum Credit Score Requirement: Freo generally requires a minimum credit score of 650 or above to qualify for its personal loans or credit line.
- Better Credit Score, Lower Interest Rate: Applicants with higher credit scores (700+) are more likely to receive lower interest rates and higher approval limits, reducing the total cost of borrowing.
- Approval Chances: A strong credit score increases your chances of instant approval, while a poor score may result in rejection or limited loan eligibility.
- Credit Line Limit: Your approved limit, up to ₹5,00,000, often depends on your credit profile, past repayment record, and overall financial health.
- Credit Score Improvement: Timely EMI payments and responsible usage of your Freo credit line can positively impact your credit score, helping you qualify for better loans in the future.
- Missed EMI Impact: Missing or delaying EMIs can negatively affect your credit score, lowering your credibility for future credit applications.
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Freo Personal Loan Benefits
Freo’s benefits combine affordability, speed, and lifelong convenience, giving borrowers full control over their finances.
Major Benefits:
- Instant approval and digital disbursal in minutes.
- Pay interest only on usage, not the full limit.
- No collateral or guarantor required.
- Flexible tenures up to 36 months.
- Transparent pricing, no hidden charges.
- Lifetime reusable credit line for future needs.
- Secure RBI-regulated partnerships ensuring safety and compliance.
Application Process for Freo Personal Loan
Freo offers a completely digital and hassle-free loan application process that can be completed in just a few minutes. Whether you’re applying for a credit line or an instant personal loan, the Freo app ensures quick approval, minimal documentation, and direct fund transfer to your bank account.
Steps to Apply for a Freo Personal Loan
- Download the Freo App: Install the Freo app from the Google Play Store or Apple App Store and register using your mobile number.
- Fill in Basic Details: Provide essential information such as your name, age, city, PAN number, and monthly income to check your initial loan eligibility.
- Get Instant Pre-Approval: The app instantly evaluates your profile and offers a pre-approved credit limit based on your income and credit score.
- Complete KYC Verification: Upload simple KYC documents such as Aadhaar, PAN, and address proof. In some cases, Freo may schedule a doorstep or digital KYC verification.
- Choose Loan Type & Amount: Select the loan type: personal loan or credit line, and specify the amount you wish to borrow (starting from ₹3,000 up to ₹5,00,000).
- Review & Accept the Offer: Check the loan details such as tenure, EMI, and interest rate. Once satisfied, accept the loan terms digitally within the app.
- Get Instant Disbursal: After approval, the funds are immediately credited to your registered bank account. You can withdraw partially or fully as needed.
Apply for a Freo Personal Loan with Buddy Loan
You can now apply for a Freo Personal Loan through Buddy Loan, India’s trusted loan aggregator platform that connects you with verified RBI-registered lenders. The process is 100% online, quick, and secure, allowing you to check eligibility, complete KYC, and get instant approval for loans up to ₹5,00,000, all from the comfort of your phone. Experience Freo’s flexible credit line and Buddy Loan’s easy comparison system for a smoother borrowing journey.
Apply for a Freo Personal Loan with Buddy Loan and get instant approval with complete transparency and no hidden charges.
Freo Personal Loan Repayment
Freo offers a flexible and transparent repayment process designed to suit your financial comfort. Whether you’ve taken a one-time personal loan or opted for the revolving Freo Credit Line, repayment is simple, fully digital, and tailored to your usage.
Borrowers can manage EMIs, prepayments, and closures directly through the app, ensuring complete control over their finances.
- EMI-Based Repayment: Freo Personal Loans follow an Equated Monthly Instalment (EMI) model, where each payment includes both the principal and interest portions. EMIs remain fixed throughout the chosen tenure, ensuring predictable monthly budgeting.
- Flexible Tenure Options: You can select a repayment tenure of up to 36 months based on your comfort. Shorter tenures lead to faster repayment and lower overall interest, while longer tenures reduce the monthly EMI burden.
- Credit Line Repayment Flexibility: For users with a Freo Credit Line, repayments apply only to the amount utilized. Once repaid, the available limit is automatically restored, allowing you to withdraw again without reapplying.
- Interest on Utilized Amount Only: Interest is charged only on the borrowed amount, not the total approved limit, saving costs and making repayment lighter and more efficient.
- Prepayment & Foreclosure Rules:
- No additional charges apply when foreclosing a loan amount transferred directly to your bank account.
- A 3% prepayment penalty is applicable only for closing credit card spends converted into EMIs.
- Part prepayment is currently not allowed.
- Digital Repayment Management: Freo’s app allows you to track EMIs, repayment schedules, and outstanding balances in real time. You can set auto-debit mandates or make manual payments through linked accounts for convenience.
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Freo Personal Loan Customer Care
Freo (formerly MoneyTap) offers a responsive and helpful customer support system to address all queries related to loan applications, repayments, or account issues. Whether you need help with KYC verification, EMI schedules, or credit line activation, the Freo support team is available through secure and verified channels.
| Support Type | Details |
|---|---|
| Official Email ID | hello@moneytap.com |
| Support Offered For | Application issues, account access, EMI queries, repayment & foreclosure assistance, and general app-related support |
| Website | https://freo.money/ |
Summary and Key Insights
Freo (formerly MoneyTap) has redefined personal lending in India through its digital-first, credit-line-based loan platform. By blending the flexibility of a credit card with the affordability of a personal loan, Freo empowers users with instant, paperless access to credit whenever they need it.
Key Takeaways:
- Flexible Borrowing Model: Freo’s hybrid system combines the benefits of a personal loan and a revolving credit line, allowing users to withdraw funds on demand and pay interest only on what they use.
- Loan Range & Tenure: Borrowers can avail amounts from ₹3,000 to ₹5,00,000 with tenures up to 36 months, offering freedom to choose repayment schedules suited to their needs.
- Instant Digital Process: The entire journey, from application to disbursal, is 100% digital, with instant approval and direct transfer to your bank account.
- For Every Borrower Type: Whether you’re salaried, self-employed, or a government employee, Freo has tailored loan options to match different income levels and financial profiles.
- Interest Efficiency: With interest starting at 13%* p.a., and charged only on the utilized amount, Freo makes borrowing cost-effective and transparent.
- No Collateral, No Hassle: All loans are unsecured, requiring no collateral or guarantors, and come with simple KYC documentation.
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Frequently Asked Questions
A Freo Personal Loan is an instant, app-based, unsecured loan offered through RBI-regulated NBFCs and banks. It allows users to borrow up to ₹5,00,000 with flexible tenures of up to 36 months. Freo functions like a mix of a personal loan and a credit line. You can withdraw funds anytime and pay interest only on the amount you use.
The Freo Credit Line gives you continuous access to a pre-approved limit (up to ₹5,00,000). You can withdraw small or large amounts whenever needed, and once you repay, your credit line is automatically restored. Interest is charged only on the withdrawn amount, making it a cost-effective, reusable source of credit.
Freo’s interest rates start at 13%* per annum (or about 1.08% per month). The exact rate depends on your credit score, income, and profile. Since interest applies only to the amount you actually borrow, it keeps the total repayment affordable.
Anyone aged 23 years and above, with a minimum monthly income of ₹30,000, can apply. Freo caters to salaried professionals, self-employed individuals, and government employees who meet the basic KYC and credit score requirements.
You’ll need your Aadhaar number, PAN card, a valid identity and address proof (such as Driving License, Passport, or Voter ID), and a passport-sized photo or selfie. All documents are uploaded digitally through the Freo app; no paperwork required.
Yes. Freo partners exclusively with RBI-registered NBFCs and banks, ensuring that every transaction is secure, transparent, and compliant with regulatory standards. The app uses bank-grade encryption to protect your personal and financial data.
Loan approval is typically instant, often completed within a few minutes after submitting your details. Once approved, the funds are transferred directly to your linked bank account.
Yes. Freo provides small-ticket personal loans starting from ₹3,000, ideal for daily expenses, emergencies, or short-term financial needs. These loans can be repaid easily over flexible tenures.
Absolutely. Self-employed professionals and business owners can apply for Freo loans based on their personal income and credit history; no need to pledge business assets or collateral.
Freo is the upgraded brand name of MoneyTap, India’s first app-based credit line platform. While MoneyTap pioneered the concept, Freo builds on it with improved digital infrastructure, wider loan options, and enhanced security.
For loan amounts transferred from the app to your bank account, no prepayment or foreclosure charges apply. However, if you close a credit card EMI, a 3% prepayment penalty may apply. Partial prepayments are currently not allowed.
Use the Freo Personal Loan EMI Calculator on the official website. Enter your loan amount, interest rate, and tenure to instantly view your monthly EMI. This helps plan your finances before applying.
A minimum credit score of 650 is required for loan approval. A higher score (700+) improves your eligibility and may get you lower interest rates.
Yes. Freo provides small personal loans for low-income earners, subject to credit and employment verification. Borrowers with monthly incomes below ₹20,000 may qualify for smaller ticket loans.
Repayments are made through monthly EMIs via auto-debit or manual payment in the Freo app. You can track your repayment schedule, balance, and remaining tenure directly from your dashboard.
If an EMI is missed, late payment penalties may apply, and your credit score may be negatively affected. Freo encourages timely payments to maintain credit health and eligibility for future loans.
Freo partners with leading RBI-registered NBFCs and banks across India, including institutions such as RBL Bank and other compliant financial partners, to ensure safe and legal lending.
Download the Freo app, register using your mobile number and PAN, complete KYC, and choose your loan type. Once verified, funds are instantly disbursed to your account.
The maximum available limit under Freo’s credit line is ₹5,00,000, with the flexibility to withdraw smaller amounts as needed.
No. Freo maintains complete transparency. There are no hidden charges, only applicable interest, standard processing fees (if any), and taxes are clearly displayed before loan approval.
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