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MyMoneyMantra Personal Loan

Apply MyMoneyMantra Personal Loan

Max Tenure

1-5 yrs

Best Rate

10.75%

Processing Fee

2%

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MyMoneyMantra Affordable Personal Loans – Features, Benefits & Process

personal loans are an excellent credit option. They provide flexibility and convenience, and they can assist you in meeting your financial objectives. They are also one of the most difficult loans to obtain since they are unsecured, which means they do not require any collateral or guarantee. Lenders have strict eligibility criteria to process a personal loan.

They look at your credit score and other factors, in addition to your income, to determine your personal loan interest rate and other loan terms. As a result, people with low credit scores, as well as young earners and self-employed individuals, have a difficult time obtaining a personal loan when they need it the most. That is why MyMoneyMantra's low-interest personal loans may be a better fit for you.

MyMoneyMantra is a large network of banks and NBFCs that offer various credit facilities to individuals and businesses. Established in 1989, MyMoneyMantra has disbursed more than 50 lakh loans to eligible applicants.

MyMoneyMantra platform allows you to choose and compare loans and credit cards from different lenders and apply for them on the platform itself. The platform also offers other useful tools like Personal Loan Eligibility calculator, Personal Loan EMI Calculator, Loan Prepayment Calculator, and other comparison tools to find the best personal loan for your needs.

The Popular Personal Loan Products Available From Mymoneymantra?

Here are the popular personal loan products available from MyMoneyMantra -

Banks

Interest Rate

Processing Fees

HDFC Bank

11.25% - 16%

Up to 2.50%

ICICI Bank

10.50% - 19%

Up to 2.25%

IDFC First Bank

10.49% - 24%

Up to 2%

Navi

9.9%

3.99% to 6%

SBI

9.80% - 12.30%

Up to 1.50%

Yes Bank

10% - 24%

Up to 2.50%

Kotak Mahindra Bank

10.99% - 24%

Up to 2% + GST

Bajaj Finserv

13%

Up to 4.13% + GST

HSBC Bank

9.99% - 14%

Up to 1%

Axis Bank

10.49% - 24%

1.50% to 2% + GST

PNB

9.80% - 14.65%

Up to 1% + GST

Federal Bank

10.49% - 17.99%

Up to 3%

Bank of Baroda

9.20% - 16.55%

Up to 2%

Canara Bank

11.65% - 14.30%

Up to 0.50%

IndusInd Bank

10.49% onwards

Up to 2.50%

Central Bank of India

9.85% - 10.05%

Up to Rs. 500

Indian Bank

9.40% - 9.90%

Fixed By Bank

UCO Bank

10.65% - 10.90%

Up to 1%

Bank of India

11.25% - 13.25%

Up to 2%

South Indian Bank

11% - 18.5%

2% + GST

IDBI

9.50% - 14%

Up to 1% + taxes

Dhanlaxmi Bank

11.90% - 15.70%

Up to 2.5%

The Loan Amounts & Tenure Offered by Lenders on Mymoneymantra

Lender

Min. Work Experience

Maximum Loan Amount

Tenure

HDFC Bank

2 years

40 Lakhs

60 Months

SBI

1 year

20 Lakhs

60 Months

ICICI Bank

2 years

25 Lakhs

72 Months

Citibank

1 year

30 Lakhs

60 Month

Axis Bank

1 years

15 Lakhs

60 Months

Bajaj Finserv

1 years

25 Lakhs

60 Months

IndusInd Bank

2 years

15 Lakhs

60 Months

Bank of Baroda

1 years

10 Lakhs

60 Months

Yes Bank

2 years

40 Lakhs

60 Months

PNB

2 years

15 Lakhs

84 Months

IDFC FIRST Bank

2 years

25 Lakhs

60 Months

Navi

1 years

20 Lakhs

60 Months

Tata Capital

1 years

25 Lakhs

72 Months

Indian Overseas Bank

1 years

5 Lakhs

60 Months

Federal Bank

3 years

25 Lakhs

48 Months

Fullerton India

1 years

25 Lakhs

60 Months

Kotak Mahindra Bank

1 years

20 Lakhs

60 Months

RBL Bank

3 years

20 Lakhs

60 Months

IIFL Finance

2 years

25 Lakhs

36 Months

IDBI Bank

1 years

5 Lakhs

60 Months

Canara Bank

3 years

3 Lakhs

60 Months

HDB Financial

1 years

20 Lakhs

60 Months

Eligibility Criteria for a Personal Loan From Mymoneymantra

You can apply for a personal loan from MyMoneyMantra if you satisfy these eligibility criteria –

  • Minimum age: 21 years old; maximum age: 65 years old.
  • Loan Amount: A minimum of Rs.1 lakh and a maximum of 50 lakhs are available. However, for most banks, the maximum amount for a Personal Loan is 25 lakhs. You may also encounter banks that offer a maximum Personal Loan amount that is 10-22 times your net monthly income.
  • CIBIL™ Score: For most banks, a high CIBIL™ Score is required for lending a Personal Loan; typically, a score of 700 or higher is ideal.
  • Net Monthly Income: A regular salary and a steady flow of income are required to obtain a Personal Loan quickly. Borrowers with at least 25,000 net monthly income are preferred by most banks.
  • Work Experience: Banks typically prefer at least 1-3 years of work experience with the current employer.
  • Other liabilities: Any ongoing equated monthly instalment (EMI) is a liability that reduces your eligibility for a Personal Loan. It is always preferable to pay off existing debts before applying for new ones.

How Can I Apply For A Personal Loan On Mymoneymantra?

The personal loan application is completely online. Once you fill in the required details, a representative from MyMoneyMantra will contact you for next steps –

  • Open the MyMoneyMantra website
  • Navigate to the 'Personal Loans' section
  • Select the 'Compare and Apply' option
  • Fill out a registration form with all of the necessary information
  • Get the most recent personal loan offers and choose one
  • Apply for the loan plan you've selected
  • Fill out a simple online form
  • Please provide the necessary personal loan documentation
  • When the application form is submitted, a representative from the bank will contact you

What Are The Documents Required To Apply For A Personal Loan On Mymoneymantra?

KYC Documents

PAN Card

Aadhar Card

Driving License

Voter ID

Passport

Registered Rent Agreement

Income Documents - Salaried

Salary slips for the last 6 months

IT Return along with Form 16 for the past 2 years

Bank account statements of previous 3 months that reflects your salary credits and other income

Employment certificate from current employer

Income Documents - Self-employed

Financial statements that include Balance Sheet and Profit and Loss Statement

IT Returns for the last 2 years

Proof of continuity of business income such as Bank Account Statement

Business documents, like GST Registration

Other Documents

Duly filled personal loan application form

Recent passport-sized photographs

Cheque for the Processing fee

MyMoneyMantra Personal Loans – FAQs:

1. Does MyMoneyMantra still offer Covid personal loans?

Covid-19 personal loans were available until July 31, 2020, to help with covid-related financial stress. Many banks provided these loans. They are, however, no longer available in India.

2. What is the average interest rate on personal loans available through MyMoneyMantra?

The interest rate for personal loans is currently averaging between 9.9% and 24%. You can compare various personal loan lenders on the MyMoneyMantra platform before applying.

3. What is the benefit of applying for a personal loan via the MyMoneyMantra platform?

When you apply through MyMoneyMantra, you can compare offers from more than 100+ lenders across India. You can get an instant online application and a swift response on your application.

4. How much CIBIL™ score do I require to apply for a personal loan on MyMoneyMantra?

You will need a minimum CIBIL™ score of 700 to apply for a personal loan.

5. Can I add a co-applicant on my personal loan application?

Adding a co-applicant will increase your chances of loan approval.

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