MyMoneyMantra Personal Loans-Unlock Financial Freedom with MyMoneyMantra Personal Loans: Features, Benefits & Easy Application Process”
Why MyMoneyMantra’s Low-Interest Personal Loans Are the Perfect Solution for Your Financial Needs
When it comes to meeting financial goals, personal loans stand out as an excellent credit option due to their flexibility and convenience. However, these benefits come with a challenge—personal loans are often difficult to obtain, especially since they are unsecured and do not require collateral or a guarantee. This makes lenders more cautious, leading to stringent eligibility criteria.
Lenders typically assess your credit score and other factors such as your income to determine your personal loan interest rate and other loan terms. Unfortunately, this can pose a significant hurdle for individuals with low credit scores, young earners, and self-employed individuals who may find it difficult to secure a personal loan when they need it most.
That’s where MyMoneyMantra comes in. Established in 1989, MyMoneyMantra has built a vast network of banks and NBFCs, offering a variety of credit facilities to both individuals and businesses. To date, MyMoneyMantra has successfully disbursed over 50 lakh loans to eligible applicants.
Why Choose MyMoneyMantra?
- Wide Network of Lenders: MyMoneyMantra partners with a large number of banks and NBFCs, giving you access to a broad range of personal loan options.
- Competitive Interest Rates: By offering low-interest personal loans, MyMoneyMantra ensures that you get the most value out of your loan.
- Convenient Loan Comparison: The MyMoneyMantra platform allows you to easily compare loans and credit cards from different lenders, helping you find the best option for your needs.
- User-Friendly Tools: MyMoneyMantra provides essential tools such as the Personal Loan Eligibility Calculator, Personal Loan EMI Calculator, and Loan Prepayment Calculator. These tools are designed to help you make informed decisions about your loan options.
Conclusion
Whether you have a low credit score, are a young earner, or are self-employed, MyMoneyMantra’s platform could be your best bet for securing a personal loan that suits your financial needs. With a track record of over 50 lakh loans disbursed, you can trust MyMoneyMantra to help you find the right financial solution.
This post should provide a clear and engaging overview of MyMoneyMantra’s services and how they can benefit potential borrowers. Let me know if you need any adjustments!
Here’s a color-coded table with gray and white rows that you can use to present the popular personal loan products available from MyMoneyMantra:
Popular Personal Loan Products Available From MyMoneyMantra
Here are the popular personal loan products available from MyMoneyMantra:
| Bank | 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
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 year | 15 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| Bajaj Finserv | 1 year | 25 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| IndusInd Bank | 2 years | 15 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| Bank of Baroda | 1 year | 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 year | 20 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| Tata Capital | 1 year | 25 Lakhs | 72 Months | |||||||||||||||||||||||||||||||||||||||
| Indian Overseas Bank | 1 year | 5 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| Federal Bank | 3 years | 25 Lakhs | 48 Months | |||||||||||||||||||||||||||||||||||||||
| Fullerton India | 1 year | 25 Lakhs | 60 Months | |||||||||||||||||||||||||||||||||||||||
| Criteria | Details |
|---|---|
| Minimum Age | 21 years |
| Maximum Age | 65 years |
| Loan Amount | ₹1 lakh – ₹50 lakhs (typically up to ₹25 lakhs) |
| Income-Based Limit | 10-22 times net monthly income |
| CIBIL™ Score | 700 or higher |
| Net Monthly Income | Minimum ₹25,000 |
| Work Experience | 1-3 years with current employer |
| Other Liabilities | Existing EMIs reduce eligibility; preferable to clear before applying |
This table provides a clear overview of the key factors lenders consider when evaluating your eligibility for a personal loan via MyMoneyMantra.
Here’s a step-by-step guide on how to apply for a personal loan on MyMoneyMantra:
- Open the MyMoneyMantra Website
- Visit the official MyMoneyMantra website.
- Navigate to the ‘Personal Loans’ Section
- Find and click on the ‘Personal Loans’ section on the homepage or the main menu.
- Select the ‘Compare and Apply’ Option
- Choose the ‘Compare and Apply’ option to view different personal loan offers from various lenders.
- Fill Out the Registration Form
- Complete the registration form with all required details, including personal information, income, and employment details.
- Review Loan Offers
- Browse through the latest personal loan offers provided by MyMoneyMantra and select the one that best suits your needs.
- Choose your preferred loan plan and proceed with the application.
- Fill Out the Online Application Form
- Complete the simple online application form with additional details as required.
- Submit Required Documentation
- Provide the necessary documentation for the loan application. This typically includes identity proof, address proof, income proof, and employment details.
- Contact from a Representative
- After submitting the application form, a representative from MyMoneyMantra or the respective bank will contact you to guide you through the next steps of the process.
This process ensures that you can apply for a personal loan easily and efficiently online, with support from MyMoneyMantra throughout the application process.
Documents Required To Apply For A Personal Loan On MyMoneyMantra
| Category | Documents |
|---|---|
| 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 | |
| Other Documents | |
| 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 | |
| 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.
