FAQs by Category

Company
Personal Loans
Business Loans
Credit Cards
DOcumentation
ELIGIBILITY
Rate & Charges
Repayment
Referrals

FAQs on Company

What is MoneyLoji.com?

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 1 lakh or apply for an Unsecured Loan up to Rs 10 lakhs from banks & NBFCs. 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.

Besides Personal loans, we also offer loans for businesses, buying cars,  bikes, health & life insurance, and comparing credit cards.

On what platforms is MoneyLoji available?

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.

What products are available?

On MoneyLoji you can get instant loans for salaried professionals, business loans for self-employed, auto and 2-wheeler loans, health insurance, life insurance and apply for credit cards.
 
  • For personal loans, MoneyLoji has partnered with Ganesh Leasfin Pvt Ltd (an RBI registered NBFC), IDFC First Bank, HDFC Bank, and Bajaj Finserv.
  • For Business loans, we have tie-ups with HDFC Bank, IDFC First Bank, Ganesh Leasfin Pvt Ltd, and Bajaj Finserv.
  • For credit cards, we have tied up with SBI Cards to originate and issue over 28+ cards online.

What are the advantages of using MoneyLoji?

  1. Get instant loans from Rs 10,000 onwards
  2. Get loans directly in your bank account
  3. No Prepayment charges
  4. Flat processing fee.
  5. Get Free Credit score and recommendations to improve your score
  6. Complete digital process for Instant loan, Credit score, Insurance eligibility check and apply
  7. Compare and apply for quick-approval Loans and Credit Cards
  8. Avail of exclusive deals, offers, and discounts

Do you have any referral program?

Yes. Please checkout the referrals section below.

How can I contact MoneyLoji?

We are happy to help you at care@moneyloji.com or +919810559964. We’re available 9:30 AM – 6:30 PM Monday – Saturday.

What cities do you operate in?

We are operational Pan India. However Banks and NBFCs do have a list of negative cities where they are not comfortable lending to. Download the app to know your eligibility.

Is my data safe ?

Yes your data is completely safe with us. We use state of the art technology.

Where can I read your terms and conditions?

You can read our terms and conditions here.

Where can I read you privacy policy?

You can read our privacy policy here.

FAQs on Personal Loans

What are Personal Loans?

We have two types of personal loans available – Salary Advance & Unsecured Loan. The former is a shorter version of Personal Loans. While “Unsecured Loan” ranges from Rs 1 Lakh to Rs 10 Lakhs with tenure ranging from 1-3 years,​ a “Salary Advance Loan” ranges from Rs 10K to Rs 1 Lakh with tenure ranging from 62-120 days. A Personal Loan can be used for weddings, education, travel, medical or any other general purposes. It is an unsecured, short-term loan provided to salaried employees.

Who can apply for a loan on MoneyLoji?

Any Indian individual above the age of 21 years, who is salaried or has a steady monthly source of income may apply for a Personal Loan through the MoneyLoji Platform.

What is the application process for Personal Loan?

We understand the value of your time and hence have designed our application process in such a way that the loan gets processed within a few minutes. All you need is to register for our app, provide us a few details, and upload the required documents. The moment we receive all the details, the system will calculate and approve the loan as per the eligibility. Once the loan is approved, you need to digitally sign documents and within a few minutes, the amount will be credited to your bank account.
 
  1. Download Moneyloji app from Google Play Store or Apple Store (Coming soon)
  2. Register yourself through mobile number and OTP
  3. Fill in your basic details (Name, Father’s Name, Date of Birth, Pin Code, Email, and Marital Status). We need this to customize offers for you.
  4. Provide us your current residential address, employment details and office address (required for personal loans). This is only required once.
  5. Click on Personal Loan and select the address you are applying from.
  6. Take and upload your selfie. You cannot upload photos from your phone
  7. Upload a photo of the PAN Card. You can either take a photo or upload it from the gallery photo in case you don’t have it around. 
  8. On this screen you are shown a list of lenders available on our platform. Choose the tenure and loan amount you wish to take a loan for. You can also check pre-payment charges, processing fees levied by various lenders.
  9. Upload your KYC documents. Here you can choose to upload Aadhar only, or 2 out 3 documents (Voter ID, Driver License or Passport) in case you do not have an Aadhar card.
  10. Upload your financial documents (Bank statement with account number & IFSC code visible) and Appointment Letter or Salary Slips.
  11. Wait for the system to process your eligibility. 
  12. Upon success, select the amount and tenure you are eligible for, and authorize the transaction.
  13. Get the amount credited to your bank account instantly.

Which banks have you partnered with?

As an online secured platform that connects borrowers and lenders, MoneyLoji has partnered with Ganesh Leasfin Pvt Ltd (an RBI registered NBFC), IDFC First Bank, HDFC Bank, Bajaj Finserv for Personal loans.

For Business loans, we have tie-ups with HDFC Bank, IDFC First Bank, Ganesh Leasfin Pvt Ltd, and Bajaj Finserv.

What all purposes can I use the loan for?

Once the loan has been disbursed into your account, the funds are yours. You can transfer money from your app to your bank account and can use your regular ATM card to withdraw funds and use them as you wish or NEFT/IMPS to someone depending on your needs. 

MoneyLoji can be used to meet the money/financial requirements for any kind of personal use. Our customers typically use MoneyLoji for the following reasons:

  • Medical emergencies
  • Pregnancy bills
  • Weddings
  • Shopping
  • Home renovation
  • House rent deposits
  • Children’s school fees

Will my loan be reported to CIBIL/other credit bureaus?

Yes, your loan and performance of your loan track will be reported to CIBIL, Crif, and other credit bureaus; as per the RBI guidelines. A good loan repayment ensures building a good credit history and score; at the same time, a bad loan repayment with delayed payments and over dues – adversely affects your credit history and score.

What documents will I have to submit when applying for a personal loan?

The mandatory documents are:

  • KYC Documents (PAN Card, Aadhar Card, Date of Birth). In case you don’t have your mobile number seeded with an Aadhar card, you will not be able to apply for a loan.
  • Bank Statements for the last three months (Account number and IFSC code should be visible on the statement). In case your statement is password protected, please keep the password handy. We store all passwords with 256-bit SSL encryption so your data is completely encrypted and safe with us.
  • Salary Slips for the last three months
  • Address Proof documents
  • Please note that in case of any discrepancies or fraudulent documents, we may cancel your loan application.

If case you require further assistance, please email care@moneyloji.com or call us at 9810559964

How long does it take to disburse the loan amount?

Once you submit all the documents the loan is disbursed within minutes. An average customer takes 5-minutes to qualify, after opening the app. The speed might vary depending on how fast you can type!

What is the minimum & maximum amount I can borrow?

For Salary Advance loans you can borrow up to Rs 100000

For Unsecured Loans, you can borrow up to Rs 5 lakhs. However, we recommend that you borrow only the amount you need and are comfortable with. Our system will calculate the maximum amount you are eligible to borrow.

How to increase the disbursement amount?

Your eligibility is decided basis your monthly salary, monthly expenses, and your credit bureau score. To begin with, we calculate the maximum amount that can be disbursed as per the underwriting criteria set by our lending partners. 

With regular loan applications from us along with timely repayments, there is a good possibility that the maximum disbursal limit increases with time. However, this also depends on other factors like your monthly salary, credit score, and a host of other data points that we get from you when you create your profile. While making timely repayments increases the probability of enhancing your maximum disbursal amount, it does not guarantee the same.

What is the minimum & maximum tenure I can borrow for?

For Salary Advance loans you can borrow for upto 62-120 days

For personal loans you can borrow for upto 36 months.

Can I change the repayment period after applying for a loan?

Sorry, You cannot change your EMI date. We are working on coming up with flexible EMI dates. We will let you know as soon as we make this option live. Thanks for your understanding.

Can I get a Personal Loan without collateral?

Yes, for Personal Loan you don’t need to provide any security.

Is prepayment allowed for personal loans?

Yes. For Salary Advance Loans we allow prepayment with zero charges after 7 days from the date of disbursal.

FAQs on Documentation

What documents will I have to submit when applying for a personal loan?

The mandatory documents are:

  • KYC Documents (PAN Card, and Aadhar Card). In case you don’t have a PAN Card or don’t have your mobile number seeded with an Aadhar card, you will not be able to apply for a loan.
  • Bank Statements for at least the last 3 months (Account number and IFSC code should be visible on the statement). In case your statement is password protected, please keep the password handy. We store all passwords with 256-bit SSL encryption so your data is completely encrypted and safe with us.
  • Salary Slips for the last three months
  • Address Proof documents
  • Utility bill for current residential address
  • Please note that in case of any discrepancies or fraudulent documents, we may cancel your loan application.
In case you face any trouble with documentation, we are happy to help you at care@moneyloji.com or +919810559964. We’re available 9:30 AM – 6:30 PM Monday – Saturday.

What documents will I have to submit when applying for a business loan?

It is an unsecured, short-term loan provided to a salaried employee. Salary Advance Loan is a shorter version of Personal Loan. While ‘Personal Loan’ranges from 1L to 30L with tenure ranging from 1-5 years,​ ‘Salary Advance Loan’ranges from 10K to 1L with tenure ranging from 62-120 days.

Can I get a Personal Loan without collateral?

Yes, for Personal Loan you don’t need to provide any security.

I am facing issues while document uploading

If your document upload is failing, make sure:

  • That you have a working internet connection
  • If your internet connection is fine then there might be something wrong with our servers and you can please try uploading after 30 minute. If issue still persists try uninstalling the app and again re-install to get the upgraded version
  • If that doesn’t work, please email care@moneyloji.com or call us at 9810559964

If I am re-applying for a loan, do I need to re-submit my documents?

No. If you are staying at the same address as mentioned in the previous loan application, then you are not required to re-submit ALL your documents when re-applying. Having said that, there are certain documents that have a fixed validity (utility bill, rent agreement, and bank statement) and you will be required to re-submit only these expiry based documents.

I have changed my job/my salary account has changed. What do I do?

In case your salary account has changed, please take the following steps to modify it.

  1. Go to Settings and click on your name
  2. Click Employment details
  3. Click on EDIT in top right corner
  4. Select your new bank from the dropdown menu and click Save
  5. Re-apply for a loan
  6. The system will ask you to upload a fresh bank statement.
  7. Upload the bank statement of the new bank you have selected
  8. Remember, your new account should have been credited with salary atleast 3 times for you to be eligible for a loan

FAQs on Eligibility

How is my creditworthiness decided?

We decide your eligibility based on underwriting criteria specified by our lending partners. We use your monthly salary, expenses, credit history, and other factors to calculate your credit worthiness. This limit can be increased, decreased, or locked based on the bank’s credit policies and the details you give on the app about yourself. Your credit limit is decided based on the authenticity of your documents as well as your previous repayment history which can be tracked via your KYC documents.

My CIBIL score is bad, am I eligible for loan?

Do not worry. Many of our borrowers feel the same way and that’s why our credit decisioning system takes multiple other parameters into account (residential address type, salary statement, past loans history etc) and not just the CIBIL score. Download the app and check your eligibility today!

My loan application did not get approved. Why?

Our underwriting is based on an automated credit process where we check customer’s multiple data points as per lender requirements. If your profile doesn’t meet the eligibility criteria of our lenders, your application can get rejected due to various reasons. In some cases, we do share the reason directly to you via SMS and mail and can only advise you to reapply post resolving those issues. We will work with you to improve and re-apply.

Can I re-apply even if my first application didn’t get approved?

Absolutely! You can re-apply as many times as you want. However, we recommended that you apply only after taking corrective action on the points highlighted in your first attempt. Your loan application will only be considered if your profile qualifies the underwriting parameters specified by our lending partner.

Will you be contacting my employer?

No. We only ask for your official email ID verification as a way of verifying your employment. We will send a secure link to that email which you will have to click on by logging into your work email. Please ensure you are entering it correctly. 

I am new to MoneyLoji, can I apply for a loan?

You can check your eligibility by downloading the MoneyLoji app and filling the details for a personal loan application. Once your eligibility has been calculated by our system, we will show you the amount & tenure of your loan.

Can I avail multiple loans at once?

No! If you wish to apply for a new loan, please close the first by paying any remaining dues. As a general practice, you must not take loans from multiple loan applications as it may show up negatively on your credit profile.

I have never availed a loan in the past; will I be eligible for a loan from MoneyLoji?

Not a problem. Many of our customers are first-time borrowers themselves. As a salaried professional taking a personal loan, you must have bank statements with a 3-month history, salary slips, and a company email-id to apply for a loan.

I have recently joined my current organization, am I eligible for loan?

Yes, your loan application can be considered, with earlier employment details and documentation. As a salaried professional taking a personal loan, you must have bank statements with a 3-month history, salary slips, and a company email-id to apply for a loan.

My CIBIL score is bad, am I eligible for loan?

Our underwriting is based on an automated credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.

Rates, Charges & Fees

What is the applicable rate of interest?

At MoneyLoji, we pride ourselves on being transparent about the rates charged on our platform. So you are absolutely clear on what you are paying for. Here is what you pay, no hidden fees:

  • There is no fee for downloading the app and getting approval. Even if you are denied for any reason, you will pay zero fees.
  • For Salary Advance Loans, Interest rates start at 0.2% per day or 72% Annualized.
  • For Personal Unsecured Loans from our Group NBFC, Interest rates start at 0.1% per day or 36% Annualized.
  • For Unsecured Loans from Banks, interest rates are decided by banks and start as low as 18% (annualized interest rate) per annum.

The above-quoted interest rates are only for reference and actual rates may vary depending on your credit score, bank statement, and other data points you provide through the app.

Are there any processing fees?

  • Yes, there is a flat processing fee of Rs 499+ GST (for loans between Rs 10k – Rs 50k) and Rs. 599 + GST (For loans more than 50k – 1L).
  • For loans from banks, each bank has its own processing fee slabs.

What are your late payment & penal charges?

Late Payment Charges: You will be charged a late payment charge of Rs 500 + 18% GST = Rs. 590 if you do not pay your EMI on time. The charge is applicable in the following cases:

  1. Your EMI is not cleared through NACH auto-debit because you did not have sufficient money in your bank account.
  2. You do not pay the EMI through our App or website on time.

Penal Charges: You will be charged penalty interest on the overdue amount if you pay late. This penalty amount increases every day.

I have recently joined my current organization, am I eligible for loan?

Yes, your loan application can be considered, with earlier employment details and documentation.

Repayment & Closure

How can I repay my loan?

You can repay your loan by heading over to the Loans section (in the bottom navigation menu), clicking on the existing Loan, and making an online EMI payment. Following are the payment modes supported by us:

  • Auto-debit: We set up an Auto Debit Instruction from your Savings Account so that the installments are automatically deducted every month
  • Net banking, Debit or Credit Card using the payment option available on the App
  • Wallets, UPI for EMI payment as available 
  • Cash: Not supported

I am unable to pay via the app. Is there any other way I can repay?

No. We only support loan repayments through the MoneyLoji app via Debit Card, Net-Banking, UPI, Paytm Wallet, or Bank Transfer. If you are facing any issue while repaying your loan, kindly write to us an email on care@moneyloji.com and we shall look into it asap.

Do you have a cash payment option?

No. We only support loan repayments through the MoneyLoji app via Debit Card, Net-Banking, UPI, Paytm Wallet or Bank Transfer. If you are facing an issue while repaying your loan, kindly write to us an email at care@moneyloji.com and we shall look into it.

Can I make partial payment?

Our underwriting is based on an automated credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.

When is the EMI due?

You can find it by clicking on the Loans sections and click on your existing Loan line. The repayment period can be anywhere between 2 months (minimum of 62 days) to 12 months from the Disbursal Date.

What if I couldn’t make a loan payment on the due date?

Like any other legal agreements, all loans are legally binding and governed under the RBI regulations wherein not paying your monthly installment/EMI is a criminal offense in the Indian Court of Law. Your Credit score/CIBIL score will also take a hit due to non-payment of dues.

A penal ​interest rate of 0.5 % per day will be changed on your EMI due amount + Rs 500 excluding GST as bounce charges.

Can I reschedule or postpone my EMIs?

Our underwriting is based on an automated credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.

Money got deducted but not reflecting in app

Our underwriting is based on an automated credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.

What are the penalties if EMI is not debited automatically?

If you were unable to pay the EMI on time, a penal ​interest rate of 0.5 % per day will be changed on your EMI due amount + Rs 500 excluding GST as bounce charges.

Like any other legal agreements, all loans are legally binding and governed under the RBI regulations wherein not paying your monthly installment/EMI is a criminal offense in the Indian Court of Law. Your Credit score/CIBIL score will also take a hit due to non-payment of dues.

Who do I contact for payment related queries?

For any payment related issues and queries, feel free to get in touch with our customer service desk at 9810559964 or write to us at care@moneyloji.com. You can also use the Live chat option in the MoneyLoji app or on our Website for the same.

Can I make a prepayment?

Yes, you can prepay your loans without any penalty charges after 62 days in line with Google and RBI’s policies.

What are the prepayment charges?

There are no prepayment charges if you pay after 62 days.

Can I pay my dues with Moneyloji by taking another loan from Moneyloji?

No, you will not be eligible for a loan if you have an outstanding loan with Moneyloji. Kindly repay/prepay the existing loan before taking a new loan.

Referrals & Rewards

What is the referral program?

We reward existing customers of the app to bring in new members to help the community grow and thrive. Whether or not if you’ve taken a loan, you (the referrer) automatically become eligible to refer a friend (the referee) to MoneyLoji. Once your friend downloads the application with us, he earns Rs. 100/- in his/her wallet while you earn Rs. 100/- in your wallet. You can only redeem the amount once your wallet balance becomes Rs 500 (i.e you need to refer minimum of 5 people who should use your referral code at the time of signing up).

How do I refer a friend?

  • Open the MoneyLoji app and click on the “Refer & Earn” button on the home screen.
  • You’ll be guided to a page with an option to share a referral code link with your contacts
  • Select a contact you’d like to refer and then choose your preferred mode of sharing the referral code
  • Press “INVITE” and you’re done!
  • Remember, the referral code can only be setup at the time of Signing Up for the app.

How and when can I avail the benefit?

Once your friend (the referee) receives the code, she will need to download the MoneyLoji app. Upon entering your referral code while “Signing Up” you both will get Rs 100. You will be notified once your referral has been successfully used and subsequently, you should receive Rs. 100/- from us as your reward. You both will be able to use the rewards against the processing fees while applying for a loan once your wallet balance becomes Rs 500 or more.

What is the criteria for getting the benefit?

You can download the app and be eligible for our referral program. To utilize the rewards earned by you, you need to have a minimum of Rs 500 in your rewards wallet, which will be adjusted against your next loan processing fees.

Can I refer someone even without getting a loan?

Yes you can. Once your friend (the referee) receives the code, she will need to download the MoneyLoji app. Upon entering your referral code while “Signing Up” you both will get Rs 100. You will be notified once your referral has been successfully used and subsequently, you should receive Rs. 100/- from us as your reward. You both will be able to use the rewards against the processing fees while applying for a loan once your wallet balance becomes Rs 500 or more.

How many friends can I refer

You can refer as many friends. Once your friend (the referee) receives the code, she will need to download the MoneyLoji app. Upon entering your referral code while “Signing Up” you both will get Rs 100. You will be notified once your referral has been successfully used and subsequently, you should receive Rs. 100/- from us as your reward. You both will be able to use the rewards against the processing fees while applying for a loan once your wallet balance becomes Rs 500 or more.

Can I refer the same person twice

No, you may not. The referral code can only be used at the time of signing up for the application.

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