MyMoney Mantra 2021: How to get a loan from the MyMoney app? MyMoney Mantra loan app is a very famous and successful NBFC platform that provides hassle-free and convenient methods for loans, which you must have. If you ever need money in life, you can rely on the My Money app to fulfil all your dreams. With the MyMoney Mantra app, you can take various loans like personal loans, business loans, and many more. You can also take a loan amount of as low as 5,000 to as high as 2,00,000. In this article, we will give you details related to MyMoney Mantra App.
Features of MyMoney Mantra
In the MyMoney Mantra app, One of the fantastic features is the tenure to repay the loan is very flexible according to the needs of every individual. There isn’t any collateral required as well for the loans. The interest rate is also meagre. It starts at 18 % and ends at 24 %. However, interest rate and processing fee are directly proportional to the type of loan and the loan amount you take.
Also, the process runs online so that you don’t have to worry about documentation and paperwork. You can easily take the loan from the comfort of your home.
|Features||MyMoney Mantra loan app is made specifically for providing loans to every needy one in our country. It is an NBFC that is operated by RBI under its strict standards. You can take a variety of loans from the app, and you can also avail a handsome amount of money from the app. You can take a minimum of 5,000 to a maximum of 2,00,000|
|Eligibility criteria||There aren’t a lot of eligibility criteria available for a loan from the MyMoney Mantra app. You need to be a citizen of India to be able to take a loan from it. You also need to have a regular source of income and a minimum monthly salary or annual income. Some other criteria are required as well.|
|Application process (Online)||The application process is entirely online, and you don’t have to worry about any paperwork and documentation. You can easily apply for the loan by directly downloading the app and following all the steps.|
|Documents Required||Documents like income proof, address proof, identity proof, and a few others are required for successful loan approval from the MyMoney Mantra app.|
There are some eligibility criteria present that you must know before taking a loan from the My Money app. You can quickly check the eligibility criteria from here or check more details from the app. This application is available for android phones, and you can easily download it from the play store or its official website. You can also call on the customer service number to know more about loans.
We have mentioned all the eligibility criteria below:
- First of all, the applicant must have to be an Indian citizen to be able to take a loan from My Money app.
- You also need to have a regular source of income, so that loan repayment remains smooth and easy.
- You also need to have a certain minimum monthly salary or annual income to be eligible for any type of loan from My Money app.
- You need to have a very good credit score if you want to take an unsecured loan from My Money app.
Application process (Online/Offline)
The application process for various loan types from the My Money app is straightforward to fulfil. You can easily apply for the loan directly from your phone. The application runs completely online, and you need to follow the steps. Anyone can apply for a loan without any difficulties. The process is very convenient as well, and it has maintained transparency for its customers.
The online process to take a loan from the My Money loan app is mentioned below:
Step I – first of all, you need to download the MyMoney Mantra loan app from the play store or any other app store.
Step II – now, you need to register yourself on the application by providing your phone no to the app. Remember, you need to submit the phone number linked with your bank account and pan card.
Step III – Now, you need to fill out the application form and fill in all the necessary details about the loan you want and about your income and profession.
Step IV – once the application form is done, you can upload the scanned image of the documents required within minutes.
Step V – Once the form is approved and verified documents, you can expect the loan amount to be transferred into your bank account within a few hours.
The documents required to take a loan from the My Money app are mentioned below:
- Identity proof – Aadhaar card, passport, voter ID card, etc.
- Address proof – Aadhaar card, driving license, passport, etc.
- Income proof, for which you can either use the bank statement of the last few months or the most recent salary slip. It doesn’t matter whether you are self-employed or salaried.
- A pan card is required as well from a successful KYC.
Frequently asked questions
How could I increase my credit score?
It’s pretty easy to improve your credit score. You need to repay the loan amount within time, and you need to maintain a good relationship between you and the company.
What is the maximum and minimum interest for a personal loan from the MyMoney Mantra app?
The minimum interest rate is 22 %, whereas the maximum interest rate is 28 %. It depends massively on your income and credit score.
From where could I check my CIBIL score to know whether I am eligible or not?
You can quickly check your CIBIL score and all kinds of other details directly from its official application.
Can I take more than one loan at a time from the app?
No, you can’t take more than one loan at a time. Although if you had repaid the previous loan, then you can take another in no time.