Rupid

What is Rupid?

Rupid is a Hyderabad, India-based fintech company that provides salaried individuals access to their earned salary. Rupid partners with companies to offer their employees to access their earned salary instantly and before the month-end paycheck. Rupid’s goal is to give the Indian workforce ready access to money they’ve already worked for and earned to avoid any high-cost interest charges, borrowing from friends/ family/employers, or paying bank/credit overdraft fees. Rupid is a credit line product offered in partnership with registered NBFC - Swadha Finlease Private Limited.

Who can use Rupid?

Rupid is a closed marketplace that runs as a service to employers and their employees. The service is open only to partnering employers and their employees. The employer sets the limit on the amount of earned salary employees can withdraw.


Why Rupid?


• Employees to withdraw their earned salary for only a flat one-time transaction fee
• One-time KYC.
• Fully digital flow
• Easy to use, with no paperwork or document upload required except KYC.
• Available to all employees in an organization
• Available 24x7, withdraw your salary when you need the money
• Picked by HR leaders to offer long-term financial wellness
• Helps salaried individuals break out of the monthly pay cycle, align their income and expenses and reduce their dependence on unregulated and informal high-interest short-term loans.


Who can use Rupid?

Rupid’s earned salary access is available to employees of partner organizations only. The user must be an Indian resident and complete full KYC per the RBI guidelines. Also, should be an active employee of the partner company for at least three months and have signed employment agreement forms with their employer.


Services provided

Employees can track and withdraw their earned salary on-demand, anytime before the scheduled salary day & cover their expenses via Rupid’s app

For example, if you were last paid on Day 1 of Month 1, and you need money on Day 20 of Month 1, you use Rupid to access your earned salary for 20 days of hard work instead of waiting for Day 1 of Month 2.

Recognition & Supporters

* EvolveX Accelerator, Cohort 3 – 2022
* Pedalstart One to N Cohort - 2022

Fees & Charges

Rupid offers salary on credit-line to employees. Users can withdraw up to INR 1,00,000 on the Credit Line with an Annual Percentage Rate (APR) ranging from 8 - 36% with a Repayment Period of 3 months to 12 months each time they make a withdrawal. APR is communicated on the Rupid App upfront before accepting the offer.

Transaction breakup (Fees and Charges)

Below is an example of the fee breakup for a transaction:

* Loan amount: ₹10,000
* Minimum repayment period: 3 months
* Maximum repayment period: 12 months
* Interest rate: 0% (for the first 3 months), 4th month onward, 16% p.a. reducing
* Processing fee: ₹200
* GST on processing fee: ₹36
* Total interest: ₹678 (calculated from 4th to 12th month, in total 9 months)
* APR: 16%
* Disbursed amount: ₹9,764
* Total loan repayment amount: ₹10,678

RBI Compliance

Rupid has partnered with RBI authorised, regulated banks & NBFCs – Swadha Finlease Private Limited (https://swadhafinlease.com/). Our policies & services are fully regulated & 100% RBI compliant in all processes duly defined by RBI.

Safety & Security (Data Protection)

Data Security
* Data at rest and in transit is 100% encrypted
* Customer data is stored & processed in India only.

Infrastructure & Network Security


* Users can delete their personal information from the Rupid databases at any time by contacting support.
* Any session logs containing PII data of the users are automatically purged from cloud
* Privacy Policy: https://rupid.in/privacy-policy-2/
* Terms & Conditions : https://rupid.in/termsconditions/

Customer Support

Email: support@rupid.in