Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Monexo Loans

    Monexo is a peer-to-peer (P2P) lending marketplace that offers personal loans in India. The entire loan process is easy and online. Monexo offers different types of loans, such as first-time loans, loans for salaried professionals, and debt consolidation loans.

    Monexo Loan for Salaried Applicants

    Main features and benefits of the loan

    The features and benefits of this loan facility are:

    • You can borrow money up to Rs.5 lakh.
    • You can enjoy a flexible tenure starting from 6 months to 36 months.
    • You can enjoy an interest rate starting as low as 12% per annum up to 30% per annum.

    Eligibility criteria for the loan

    The criteria you need to meet to be eligible for this loan are:

    • You need to be aged 21 years and above.
    • You need to be earning a take-home salary of Rs.15,000 and above each month.
    • You need to have a minimum of 3 months work experience.
    • You need to possess a valid PAN card.
    • Your salary should be credited to your account only through a bank transfer.

    Documents required for the loan application

    The documents required to submit a loan application are:

    • Digital copy of your Aadhaar card
    • Copy of your PAN card
    • Latest proof of address
    • Latest salary slips (2 months)
    • Latest bank statement showing salary credit (3 months)

    Monexo My-first Loan

    Main features and benefits of the loan

    The features and benefits of this loan facility are:

    • You can apply for the loan even without a credit score.
    • You can build your credit score with this loan.
    • You can borrow an amount of Rs.50,000 through this facility.
    • You can repay the loan over tenure of 12 months.

    Eligibility criteria for the loan

    The criteria you need to meet to be eligible for this loan are:

    • You need to be aged 21 years and above.
    • You need to be earning a take-home salary of Rs.15,000 and above each month.
    • You need to possess a valid Aadhaar card and PAN card.
    • You need to produce valid proof of address and income.
    • You need to validate your bank account, LinkedIn account, income tax returns or EPFO account before submitting the loan application.

    Documents required for the loan application

    The documents required to submit a loan application are:

    • Digital copy of your Aadhaar card
    • Copy of your PAN card
    • Valid proof of residence, such as mobile bill, internet bill, landline bill, LPG bill or credit card statement (proof must not be older than 60 days from the loan application date)
    • Latest salary slips (2 months)
    • Latest bank statement showing salary credit (3 months)

    Monexo Debt Consolidation Loan

    Main features and benefits of the loan

    The features and benefits of this loan facility are:

    • You can consolidate your debt into a single loan.
    • You can enjoy interest rates starting from 12.98% per annum.
    • You can repay the loan over a period of minimum 3 months up to maximum 36 months.
    • You need not pay any pre-payment charges for repaying your loan early.

    Eligibility criteria for the loan

    The criteria you need to meet to be eligible for this loan are:

    • You need to be aged 21 years and above.
    • You need to be earning a take-home salary of Rs.15,000 and above each month.
    • You need to have a minimum of 3 months work experience.
    • You need to possess a valid PAN card.
    • Your salary should be credited to your account only through a bank transfer.

    Documents required for the loan application

    The documents required to submit a loan application are:

    • Digital copy of your Aadhaar card
    • Copy of your PAN card
    • Latest proof of address
    • Latest salary slips (2 months)
    • Latest bank statement showing salary credit (3 months)

    Fees and charges associated with Monexo loans

    The various fees and charges of the loan facility are:

    • There is a service fee applicable once your loan is funded by a lender. The fee range starts from 2% to 4% of your loan amount based on your Monexo rating. This fee will be deducted before the loan is disbursed to your bank account.
    • There is a late payment fee applicable if you do not pay your monthly instalment by the 4th of every month. This fee would include Rs.350 and a additional penal interest of 24% per annum which would be calculated on a daily basis until your repay the outstanding due amount.
    • The interest rates applicable on Monexo loan for salaried applicants range from 12% per annum to 30% per annum. The interest rates for self-employed applicants range from 13.5% per annum to 30% per annum.

    How does the Monexo loan facility work?

    The application process is quite simple and quick. The various stages of the application process are:

    • Once you submit your application form and supporting documents, Monexo will review your application for accuracy.
    • You may be contacted for additional information if required.
    • You will receive a loan offer once your documents are verified and if your application is approved.
    • You need to accept the loan offer that would include the loan amount, tenure, interest rates.
    • Your loan would be listed on the Monexo lenders’ marketplace for funding.
    • Your loan would be listed for 15 days during which any of the lenders can accept and fund your request.
    • You will get your loan disbursed once it has received 100% funding during the listing period.
    • The loan amount would be credited to your bank account mentioned on your application form.

    How to apply for a Monexo loan?

    You can apply and submit your loan application online. The steps required to apply for a loan are:

    • You need to register yourself as a borrower on the Monexo website.
    • You need to complete an online application form with relevant details.
    • You need to submit the form along with supporting documents for review.
    • You will receive a quotation from Monexo once your application is approved.
    • You need to accept the loan offer after you read through all the terms and conditions.
    • Your loan will be disbursed directly to your bank once it receives funding from lenders.
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