A money loan, also known as a short-term personal loan, is a financial product that provides quick access to the required funds. They are particularly convenient for immediate financial needs such as unexpected expenses, travel plans, festive purchases, or medical emergencies.
Due to their rapid disbursal time, money loans are often called instant personal loans. Money loans are well-suited for a wide range of borrowers, including salaried individuals, self-employed professionals, and those building their credit history. Money loans are easy to apply for and you can often get the money the same day.
Table of Contents:
- ⇾ Money Loan Interest Rates & Processing Fees
- ⇾ Personal Loan by Banks
- ⇾ Personal Loan by NBFCs
- ⇾ Money Loans Features & Benefits
- ⇾ Money Loan Eligibility Criteria
- ⇾ Money Loan EMI Calculator
- ⇾ Document Required for Money Loan
- ⇾ Documents Required for Salaried Individuals
- ⇾ Documents Required for Self-Employed Individuals
- ⇾ Tips to Avoid Rejection While Applying for Money Loan
- ⇾ Steps to Apply for a Money Loan Through Website
- ⇾ Steps to Apply for a Money Loan Through Branch Visit
- ⇾ Frequently Asked Questions
Money Loan Interest Rates & Processing Fees
Knowing the interest rates and processing fees of money loans will help potential borrowers assess the true cost of their loans and make informed financial decisions. Let's take a look at the interest rates and processing fees of money loans (Personal loans) offered by banks and NBFCs.
Personal Loans by Banks
The table below shows the money loan interest rates and processing fees offered by the top banks.
| Top Banks | Interest Rates | Processing Fee |
|---|---|---|
| HDFC Bank | 10.50% to 24% p.a. | Up to Rs.4,999 |
| ICICI Bank | 10.80% to 16.15% p.a. | Up to 2 % of the loan amount |
| Yes Bank | 10.99% to 20% p.a. | Up to 2.5% of the loan |
| Axis Bank | 10.99% - 22% | Up to 2% of the loan amount |
| IDFC First Bank | 10.99% - 23.99% p.a. | 2% of the total loan amount + GST |
| State Bank of India | Starts at 11.15% p.a. | Up to 1.5% of the loan amount |
| Bank of Baroda | 11.40% p.a. - 18.75% p.a. | 2% of the loan amount |
| Federal Bank | 11.49% p.a. to 14.49% p.a. | Up to 3% of the loan amount |
| IDBI Bank | 10.50% p.a. onwards | Up to 1% of the loan amount + applicable taxes |
| Indian Overseas Bank | 10.85% – 13.00% p.a. | Up to 0.75% of the loan amount |
| RBL Bank | 14% p.a. - 23% p.a. | Up to 4% of the loan amount |
| Punjab National Bank | 10.40% p.a. to 16.95% p.a. | Up to 1% of the loan amount |
| Bank of Maharashtra | Starts at 10.00% p.a. | 1% of the Loan Amount |
| Central Bank of India | 12.00% p.a. - 12.75% p.a. | Up to 1% of the loan amount |
| City Union Bank | Starts from 14.45% p.a. | 1.25% of the loan amount |
| Karur Vysya Bank | 13.25% p.a. - 14.25% p.a. | 3% of the loan amount |
| IndusInd Bank | 10.49% p.a. onwards | Up to 3.5% onwards |
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Note: The personal loan interest rates are subject to change. For the latest information, please visit the official bank website.Personal Loans by NBFCs
The table below shows the money loan interest rates and processing fees offered by the Non-Banking Financial Companies (NBFCs).
| NBFCs | Interest Rates | Processing Fee |
|---|---|---|
| PaySense | 1.4%- 2.3% per month | Up to 2.5% of the loan amount |
| Zype | Starting at 1.5% per month | 2% to 6% on every loan |
| Nira | Starts at 24% p.a. | Maximum 2% of the loan amount |
| CASHe | 2.25% per month onwards | 0-15% of the loan amount |
| Pocketly Loan | 2%-3%p.m. | 4.2% + service tax |
| Upwards | Starts as low as 9% p.a. | 4% of the loan amount + GST |
| Moneyview | Starts from 10% p.a. | Starts at 2% of the loan amount |
| IndiaLends | Starting at 10.25% p.a. | 1%-2% of the loan amount |
| MyMoneyMantra | Starts at 10.50% p.a. | 2% of the loan amount |
| Tata Capital | 10.99% p.a. - 19% p.a. | Up to 2.75%of the loan amount |
| Shriram Finance | 12% p.a onwards | Minimum 1% of the loan amount |
| MoneyTap | 1.08% per month (13% p.a.) | 2% of the total amount + GST |
| Dhani | Starts at 13.99% p.a. | Maximum 5% of the loan amount |
| Prefr | 10% - 16% p.a. | 3%-5% of the loan amount |
| Bajaj Finance | 11% - 35% p.a. | Up to 3.93% of the loan amount |
| Faircent | 12 – 28% per annum | 6 – 8% of the loan amount |
| IIFL | 12.75% - 45% p.a. | 2% - 6% of the loan amount |
| InCred | Starting at 16% p.a. | 2% - 5% of the loan amount |
| Kredit Bee | 16.00% – 29.95% p.a. | 5% - 6% of the loan amount |
| FlexSalary | 18% to 54% p.a. | ₹0 - ₹1,250 (+ GST) |
| Phocket | 30.4% - 36.06% p.a. | Up to 5% of the loan amount + GST |
| mPokket | Starts at 2% per month | ₹50 - ₹200 + 18% GST |
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Note: The personal loan interest rates are subject to change. For latest information, please visit the official bank website.Are you looking for a personal loan?
Money Loans Features & Benefits
The table below shows the primary features and benefits of money loans, providing you with a complete overview of what borrowers can expect.
| Features | Benefits |
|---|---|
| Unsecured Loan | No collateral is required, making it accessible to a wider range of borrowers. |
| Flexible Usage | Funds can be used for various purposes like travel, education, medical emergencies, home renovation, etc. |
| Quick Disbursal | Funds are often disbursed quickly, sometimes within hours or days. |
| Minimal Documentation | The application process usually requires fewer documents compared to other loan types. |
| Competitive Interest Rates | Many lenders offer competitive interest rates, especially for borrowers with good credit scores. |
| Flexible Repayment Tenure | Choose a repayment tenure that aligns with your financial capabilities. |
| Online Application Process | Convenient and hassle-free application process through online platforms. |
| Prepayment Options | Some lenders allow prepayment without penalties, saving on interest costs. |
| Credit Score Improvement | Timely repayments can help improve your credit score. |
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Money Loan Eligibility Criteria
Opting for a money loan is a financial decision that requires careful planning and consideration on the borrower's part. To secure a money loan, the borrower should meet the eligibility criteria set by lenders.
Here's a list of eligibility criteria that a borrower should meet to obtain a money loan from the lender.
| Eligibility Criteria | Description |
|---|---|
| Age | Most lenders require applicants to be between 21 and 60 years old. |
| Income | Typically, a minimum monthly income of Rs. 15,000 to Rs. 25,000 (May vary based on lenders). |
| Employment | Stable employment with Public, private, or MNC (for salaried and self-employed) |
| Credit Score | Good credit score (typically above 750) can lead to better chances of approval and interest rates. |
| Work Experience | Minimum work experience of 1 year is often required, especially for salaried individuals. |
| Debt-to-Income Ratio | Typically, DTI ratio below 40% for personal loan applicants is preferred. |
| Employer's Reputation | Some lenders prefer applicants working for reputed companies. |
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Money Loan EMI Calculator
An EMI, or Equated Monthly Installment, is a fixed amount you pay each month towards your money loan repayment. It covers both the principal loan amount and the interest accrued on it.
To calculate your EMI, the calculator typically requires three key inputs:
- Loan Amount: The money loan amount that you wish to borrow.
- Interest Rate: The annual interest rate charged by the lender.
- Loan Tenure: The repayment period in months.
Based on these inputs, the calculator uses a mathematical formula to determine your monthly EMI for your money loan.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Document Required for Money Loan
The documents required for a money loan can vary from lender to lender and your employment type (salaried or self-employed). Here's a list of the common documents that are generally needed by lenders.
Documents Required for Salaried Individuals
- Passport, Voter ID, Driving License, Aadhaar Card
- Utility bills (for the last 3 months)
- Salary slips for the last 3 months, Bank statements for the last 3 months
- Appointment letter, Experience certificate
- Two passport-size photographs.
Documents Required for Self-Employed Individuals
- Passport, Voter ID, Driving License, Aadhaar Card
- Utility bills (for the last 3 months)
- Income Tax Returns (ITR) for the last 2 years, Profit and Loss account, Balance Sheet
- Shop/office rent agreement, Partnership deed (if applicable)
- Passport-size photographs.
Tips to Avoid Rejection While Applying for Money Loans
Knowing the factors that influence loan approval and taking proactive measures can significantly improve your chances of success. Let's take a look at some of the essential tips to help you avoid rejection while applying for a money loan.
- Pay bills on time: Consistent repayment of credit cards, loans, and utilities is crucial.
- Limit credit utilization: Keep credit card balances low compared to your credit limit.
- Check credit report regularly: Monitor for errors and dispute any inaccuracies.
- Avoid multiple loan applications: Too many inquiries can negatively impact your score.
- Reduce existing debts: Consider paying off high-interest debts before other loans.
- Consolidate debts: Combine multiple debts into a single loan with potentially lower interest rates.
- Borrow responsibly: Avoid applying for loans larger than necessary.
- Consider repayment capacity: Choose a loan tenure that aligns with your financial capabilities.
- Improve chances of approval: A co-applicant or guarantor with good credit can strengthen your application.
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Steps to Apply for a Money Loan Through Website
Here are the steps to apply for a money loan online (On the lender’s website).
- Step 1: Visit the lender's website.
- Step 2: Locate the personal loan section and find the application form.
- Step 3: Provide accurate personal and financial information as requested (includes details about your income, employment, contact information, and loan requirements).
- Step 4: Scan and upload the required documents as specified in the application process.
- Step 5: Review all the information provided before submitting the application.
- Step 6: Once satisfied, submit the application form.
If your application is approved, you will receive a loan offer with details about the interest rate, tenure, and other terms.
Steps to Apply for a Money Loans Through Branch Visit
Here are the steps to apply for a money loan by visiting the branch of your chosen lender.
- Step 1: Go to the nearest branch of your chosen lender during their operating hours.
- Step 2: Inform the bank representative that you're interested in applying for a money loan.
- Step 3: Request a personal loan application form.
- Step 4: Complete the application form with accurate personal and financial information.
- Step 5: Prepare the necessary documents as mentioned on the application form.
- Step 6: Submit the completed application form along with the required documents to the loan officer.
If your application is approved, you will receive a loan offer with details about the interest rate, tenure, and other terms.
Steps to Apply for Instant Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Want to know more? You can check more on different loan types available by various lenders from the table below:
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Frequently Asked Questions
A money loan is a sum of money borrowed from a lender, which must be repaid with interest over a specified period.
To apply for a money loan, choose a lender, check eligibility, gather required documents, fill out the application form, and submit it along with the documents. The lender will process the application and disburse the loan if approved.
Money loans are typically categorized as secured or unsecured. Secured loans require collateral, like a house or car, while unsecured loans don't and rely on creditworthiness.
You need a good credit score, a stable income, and to be within a specific age range to qualify for a personal loan. Specific requirements may vary between lenders.
Interest rates on money loans are determined by factors like the borrower's creditworthiness, the loan amount, the repayment term, and prevailing market interest rates. Lenders assess these factors to calculate the risk associated with the loan and set an appropriate interest rate.
Secured loans require collateral, and offer lower interest rates, but restrict access to your asset. Unsecured loans don't need collateral, have higher interest rates, but offer flexibility.
Loan approval time varies based on lender and application complexity. Typically, it takes 2-5 business days, but some online lenders offer same-day approvals for pre-qualified applicants.
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