Moneyloji (owned by Creditech Technology Pvt Ltd) is a digital lending platform for the next billion users in India. One can apply for a Salary Advance loan of up to Rs.50000. At Moneyloji, we have developed a differentiated, and personalized user experience that enables borrowers to compare rates for loans from RBI registered NBFCs and banks, and apply instantly. Our USP is the ability to disburse loans in under 5 minutes.
We believe getting a loan today should be as easy and simple as online shopping, and not tiring or embarrassing. Think of us as your trusted friend you can borrow from without hesitation. We are committed to serving you in a trusted manner and we care deeply about user privacy & data security.
To avail our services, you must download our App. We’re currently available only on Android as of now. iOS app is under development and you should be able to download the same in the next 3 months.
The basic eligibility criteria that you will need to meet for your loan application to be approved is to be checked on the banks’ respective websites. Alternatively, you can also use the personal loan eligibility calculator tool, which you will find on the websites of banks and financial institutions and on third-party financial services websites like BankBazaar.com.
The maximum sum of money that you will be able to borrow from Moneyloji will vary based on a number of factors. If you are a salaried employee, your monthly EMI should ideally not exceed 40% of your monthly pay. Also, the bank/NBFC will take into account if you have any existing loans for which you pay EMIs. The concerned individual’s other financial liabilities will also be taken into account. The maximum loan amount offered will also depend on the Moneyloji’s own terms and conditions.
Moneyloji allows borrowers to choose a loan tenure between 3 month and 6 month, based on their convenience.
The following documents are required when applying for a Personal Loan-
- Proof of identity (Pan Card)
- Address proof (Aadhaar Card, Driving License, Voter Card, Passport)
- Proof of income (Latest 3 Month Salary Slip)
- Latest 3 Month Bank Statements
A few things that you should consider when applying for a personal loan are as follows:
- Interest Rates: The interest rate charged for a personal loan can go from as low as 36% p.a. to as high as 72% p.a., based on the Moneyloji’s terms and conditions and your credit score. The interest rate makes a substantial difference to the cumulative cost of the loan.
- Repayment Flexibility: Make sure to check if the lender allows part-payments or prepayments and if there is any penalty levied for making the payment.
- Processing Fee: Even if you are offered a low interest rate, a high processing fee could bump up the cost of your loan.
- Customer Service: Moneyloji has sufficient customer care channels for you to reach us on. Moneyloji also answers your queries in a prompt manner.
Yes, your loan application can be considered, with earlier employment details and documentation. Minimum employment criteria for a loan is 6 Months.
While following the auto-pay schedule is recommended you are free to pay your EMIs anytime you want. To do so, select your drawdown from the “Pay Now” Tab. You have to maintain sufficient balance in your account for 24-48 hours to complete the Auto-pay schedule.
You can find it by clicking on the Loans sections and click on your existing Loan line. The repayment period start after 30 days from the loan agreement. You can find your loan schedule in the loan agreement. There will be no provision of change in the emi schedule after signing the loan agreement as you bind to agree the term & condition of the agreement.
Penal Charges: You will be charged 0.6% penal charges on the overdue amount if you miss your emi’s. These charges increases on day to day basis.
You can only redeem the amount once your wallet balance becomes Rs. 500. You can redeem this money against your loan processing fees from 15th July onwards.
We reward existing customers of the app to bring in new members to help the community grow and thrive. When you refer MoneyLoji App to your friend and he use your referral code at the time of sign up then you both will get Rs. 50/- in your wallet.
You will be eligible for refer and earn program automatically after taking a loan through our MoneyLoji App.