Financial needs can arise anytime, without so much of a notice. At such times, having to run from lender to lender in order to obtain a quick cash loan is the last thing struggle anyone wants to go through. If you have a bad credit score, it will only add to your troubles, as lenders are known to steer clear from offering loans too those who do not have a healthy or the minimum required credit score. However, with changing times, money-lending practices have also changed and now people do not have to solely rely on traditional lenders like banks in order to get quick financial assistance. Among the new crop of companies which offer quick personal loans is MoneyInMinutes.
MoneyInMinutes is a lending company that is a part of Tushar Leasing and Investment Pvt. Limited which is a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). MoneyInMinutes is also a member of the some renowned credit-rating agencies such as Credit Information Bureau (India) Limited (CIBIL) and Experian. The company offers a variety of loans such as fast money, small personal loans, bad credit loans, cash advances, quick cash loans, among others.
For those who are in urgent need of cash can avail fast cash loans from MIM. The specialty of this loan is the quick loan disbursal time. Customers can apply for the loan within a short time frame of 5 minutes, and if all eligibility criteria has been met, the loans will be processed and approved within an hour. The borrower can be sure of receiving the money into their account as and when promised.
Another type of loan product offered by MIM is the small cash loan. These loans are provided for amounts ranging from Rs.10,000 and up to Rs.1 lakh. The repayment tenure for these loans ranges from a set number of days, to a set number of weeks. The most frequently borrowed amount under this loan type ranges from Rs.10,000 to Rs.25,000, the repayment period for which is between 2 to 4 weeks.
In times of an emergency, getting financial aid at the right time can make all the difference in the world. That is exactly what MIM strives to provide with their Quick Cash Loans. Ordinarily, if one wants to avail a loan in an emergency, they would have to visit a bank, fill up various forms, and then wait to find out if their application has been approved. If rejected, the process has to be repeated all over again, at another bank. Approvals for loans at banks can easily take up to a few days to come. With the MIM Quick Cash Loan, one can forego all such worries. These loans can be applied for in a paperless manner and are hassle-free to avail. The entire loan application process can be completed in under 10 minutes.
The need for additional cash can arise at any time, without warning. Be it for an emergency medical procedure, or to pay off an overdue bill, a cash advance can make a lot of difference. With the help of a Cash Advance from MIM, you can rest assured that not only will you receive the funds you need in time, but also won’t enter into a long-term repayment contract with the lender.
Cash advance loans are essentially meant to be financial aid which will help the borrower sustain their expenses till the upcoming payday. The amount extended by way of a Cash Advance loan will vary depending on the income of the borrower. As mentioned before, these loans do not have any hidden fees or charges. Customers are also informed when they can expect the funds to be deposited in their account. Most loans are usually approved and disbursed shortly after the application has been processed.
Rates of interest for different MIM loan products differ mainly based on the repayment tenure of the loan product opted for. Given below are the interest rates for M1M, M3M, and M6M5 loans:
The following interest rates shall be applicable:
The rate of interest for this category of loans is set at 0.70% flat/day (255.50% p.a) of the loan amount for the term of the loan. The loan must be repaid in a maximum of 3 EMIs.
The rate of interest for this category of loans is set at 0.25% flat/day (91.25% p.a) of the loan amount for the term of the loan. The loan must be repaid in a maximum of 6 EMIs.
The first thing to note about MIM loans is that these are only extended to salaried individuals. In that regard, the eligibility criteria for these loans is given below:
In order to apply for an MIM loan, applicants will be required to furnish the following documents:
The amount of funds offered under the different loan products – M1M, M3M, and M6M, varies depending on the gross monthly income of the borrower. For the M1M loan product, the maximum loan amount offered will be up to 40% of the borrower’s total monthly income; for the M3M loan product, the maximum loan amount offered will be up to 60% of the borrower’s total monthly income; for the M6M loan product, the maximum amount that is offered will be up to 100% of the borrower’s net monthly income. The loan amount will be rounded off to the closest hundred.
Borrowers have multiple options using which they can make the loan repayments. Following are the options:
There is a nominal processing fee that is charged on these loans. The processing fee differs based on the slab in which your chosen loan amount falls. While the loan processing fee may be revised by the lender at any time, the change will not be applicable to borrowers who have already received the loan. The final loan amount that is provided to the borrower will be adjusted for the processing fee. For example, if the borrower has availed a loan of Rs.15,000, the loan processing fee applicable i.e. Rs.350 will be deducted from the approved loan amount. The final amount that will be deposited in the borrower’s account will be Rs.14,650. Given below are the processing fee applicable to varying loan amounts:
Applying for a loan on MoneyInMinutes is not only quick, but also simple and the whole process can be completed in under 5 minutes. The first step is to get the MoneyInMinutes mobile application, and apply for the loan that you want. For this, you will be required to fill up an application form. Next, you will be required to provide some documents, as have been listed above. To make the process easier, you can directly upload soft copies of the requested documents on the app. After the documents have been provided, MIM will review your loan application on the basis of the information provided. Once approved, the loan amount will be transferred to your chosen bank account within a short while.
No, you cannot avail multiple loans if you are currently repaying an outstanding loan. This means, that if you are currently repaying an M1M loan, you may not avail an M3M loan. Only once you have paid off the M1M loan in full, can you apply/avail the M3M loan.
Yes, in order to serve customers better and also reward them for loyalty, MIM allows existing customers to avail a new loan (after any outstanding loan has been repaid) at lower interest rates than what they may have been charged before. Existing customers also do not have to undergo the hassle of having to fill up the application form in order to apply for another loan.
Yes. In order to help borrowers repay their loans back in time, MIM will send a reminder to the borrower about the approaching loan repayment date via email, SMS, and phone call.
Yes, you can pre-close your loan. To do so, you must send the payment details to the lender at email@example.com.
Yes, you can view your loan foreclosure details using the MIM mobile app. On the app, click on your ‘Live Application ID’ which will present a tab labelled 'My Loan'. Alternately, you may also request for your loan account foreclosure letter by placing a missed call on 08030459768 from your registered mobile number.
When it comes to availing loans from MIM, the process is unlike what traditional lenders like banks, would follow. Conventionally, banks rely primarily on the borrower’s credit rating before making a decision to approve or deny the loan. However, MIM doesn’t just rely on the credit score, but a number of other criteria to assess a person’s eligibility for a loan.
If you have fully repaid your current loan, you can apply for the next loan immediately after.