Frequently Asked Questions
What is a personal loan?
A Personal Loan, also referred to as a consumer loan, is a form of unsecured credit offered by financial institutions. It is granted based on various factors such as employment history, income level, repayment capacity, profession, and credit history. This versatile loan can be utilized to address any pressing financial requirements you may have.
What are the documents required for a personal loan?
The documents required are listed below.
1) PAN Card
2) Aadhaar Card
Who can get personal loans?
Any salaried employee with a good CIBIL score is eligible to get a personal loan.
How can I get a personal loan?
You can avail a personal loan through MyMoney app.
Can I get a personal loan without collateral?
Yes! You can get a personal loan without any collateral or security.
Am I eligible for a personal loan?
You are eligible for a personal loan if you're a salaried employee with a good CIBIL score. However, the loan approval depends on the proper submission of documents, the basis of your financial history, and our internal credit policy.
How long does it take for a personal loan to be disbursed?
The personal loan is disbursed within 5 to 7 working days from the time of loan approval.
How much EMI do I need to pay?
Your EMI depends on the loan amount and the tenure you selected for repayment.
What is the maximum amount can I take through a personal loan?
You can currently take a personal loan for up to INR 5 Lakhs.
How long can I take to repay the loan?
You can take up to 60 months to repay your personal loan.
Is the interest rate fixed?
The loan is given at a reduced rate of interest, where the amount of interest is based on the repayments made. This means that the interest is calculated against the remaining loan amount or outstanding balance.
What is the processing fee on personal loans?
The processing fee charged is the 2% of your sanctioned loan amount.