We provide Personal Loans ranging from a minimum of ₹2,000 to a maximum of ₹5,00,000 depending on your eligibility.
You have the flexibility to choose the loan tenure and repayment ranging from 9 months to 5 years.
You get an attractive Annual Percentage Rate ranging from 11.75% to 25.75% depending on your eligibility.
We offer a reducing rate of interest.
If you avail a loan of ₹ 3,00,000 for a tenure of 12 months at 18% p.a. interest rate & and processing fee at 2%, the loan EMI will be ₹ 27,504 and the total interest paid would be ₹ 30,048. Calculate how much you will repay each month by clicking here {link to emi calc on IIFL website}
Your loan can be disbursed as fast as 48 hours post receipt of all required documents.
You can repay your EMI through Electronic Clearance Service (ECS) or Direct Debit facilities.
Yes, you can choose to repay your loan anytime with applicable foreclosure charges.
Part prepayment is not allowed. The personal loan has to either be prepaid in full or serviced for the contracted tenure.
A processing fee up to 2% of the loan amount is payable and same will be deducted from the loan amount at the time of disbursal.
Bank statement helps generate better offers and acts as proof of the financial statement.
The digital version of the older paper-based NACH mandates — allows you to digitally approve multiple recurring payment charges at once, which allows auto-debit of EMI from the bank account.
No. Some banks require debit card details and ATM PIN (eg. Kotak Mahindra Bank ) and some banks require Internet banking credentials ( Customer ID and Password ) to set up E-NACH or sometimes both options are available.
Disbursement can happen only once the e-mandate is successful. Once you submit the mandate, you must have immediately received a confirmation from your bank. If not, Please get it touch with your bank for confirmation details.
E-Sign stands for electronic signature. It is a paperless mode of signing loan agreement online.
In the e-sign process, you would receive an Aadhar based OTP first and post verification of OTP the document is verified and E-signed.
The OTP could have expired. Try the ‘Resend OTP’ option in OTP window and get a fresh OTP. The only thing that you need to sign an agreement is an OTP confirmation.
The E-signing makes the Loan Agreement a legally binding agreement and states that once a loan is disbursed to you, you are liable to pay back the entire amount with interest and other charges as applicable within the maturity of the loan. You cannot avail a loan without signing the Loan Agreement.
For a loan to be disbursed, the e-mandate has to be authorised by your bank. Once you submit the mandate, you must have immediately received a confirmation from your bank. If your e-NACH has got successfully created, it will take not more than 24 hrs for the funds to get credited into your account.
Interest will be charged for the interim period between date of Disbursement & date of loan cancellation.
1. In the event the Borrower wishes to voluntarily prepay the Facility in part or in full, it shall make a written request to the Lender at least 15 Business Days prior to the intended date of prepayment. The Lender may, at its sole discretion, allow or disallow the request of the Borrower.
2. The prepayments under the Facility shall be subject to prepayment charges as specified below:
| Period |
| Within 6 months from the date of first drawdown |
| On and from the 7th month and up till 24th month from the date of first drawdown |
| after 24 months from the date of first drawdown |
If your disbursement date is on or before 3rd of the month, then your EMI starts on next month 3rd.
If your disbursement date is after 3rd of the month, then your EMI starts on 3rd of next to next month.
Ex:
If your disbursement date is 1st June, then your EMI starts from 3rd July.
If your disbursement date is 20th June, then your EMI starts from 3rd August
It is recommended to maintain necessary balance in your NACH bank account at least 2 days before EMI due date. It is also advisable to maintain necessary minimum balance of your bank account besides EMI.
It may take 48-72 hours for the payment to get processed and reflect in our system. If it is still not updated, then you may raise a request using the below link: https://www.iifl.com/contact-us/raise-a-request
A gold loan is an avenue of borrowing money from a lender using your gold items as collateral. The money you can borrow is usually 90% of the value of the gold you pledge. You must pay the principal amount with interest in installments during the loan tenure. If you repay all the borrowed money with interest, you get your pledged gold items back.
A gold loan is easy to avail. The minimum age requirement is 18 years, while the maximum age depends from lender to lender. However, your golden items must match the purity of 18k to 24k gold to qualify for the loan.
While the detailed documentation requirements are lender-specific, the essential paperwork you should keep handy includes the following.
| a. Passport-sized photographs |
| b. Identity proof – Aadhaar card, PAN card, etc. |
| c. Address proof – Electricity bill, telephone bill, etc. |
The gold loan interest rate depends on the lender and various other factors. However, interest rates may vary between 7% to 29% per annum.
Various factors determine the applicable interest rate on a gold loan, including but not limited to:
a. Loan amount
b. Monthly income
c. Credit score
d. Gold value
You can find various EMI calculators to calculate the estimated amount. However, the significant factors determining the EMI amount are based on the following.
a. The interest rate
b. Loan amount
c. Loan tenure
Apart from the interest rate, the additional fees may include
a. Loan processing fee
b. Bank charges
c. Renewal charges
Typically, a gold loan tenure is 3-12 months. However, the term for repaying does not exceed 20 months.
Lenders and borrowers unanimously decide the repayment scheme. It can be of the following types.
a. Daily EMI option
b. Partial payment
c. Bullet repayment
d. Interest now, principal later
The amount you can get ranges from INR 15,000 to INR 1 crore. These figures vary by financial institution depending on eligibility and per gram rate of gold. The maximum loan sanction is 90% of the pledged gold.
The purity of the gold should range between 18k to 24k. You can pledge any gold ornament as collateral for a gold loan. The value of gold determines the loan amount you get. If gold jewellery has gems or gemstones, the price will not increase, as only gold value matters.
Most financial institutions implement high-level security that ensures the safety of your gold. However, during a robbery, lenders are responsible for repaying an amount equal to the value of gold.
If you default on repayment, the financial institution will sell your collateral (gold) to recover the amount.
A nominee requirement varies by bank or financial institution. Some lenders do not require a nominee, while others do. The nominee will receive the account proceeds upon the borrower’s death.
Yes, you can transfer your loan from one bank to another. But before you transfer, you have to pay at least some EMI amount with the existing lender before switching.
No, you don’t need to be an existing bank customer to get a gold loan. However, it is beneficial if you are one as it expedites the loan process.
Your credit history generates a CIBIL score. Therefore, defaulting on your gold loan EMIs or full repayment may negatively impact your CIBIL score.
Different repayment options are available, including cash, cheque, net banking, UPI, debit cards, and demand drafts. You can select the option most suitable for you.
There are several benefits of using a loan, some of which are listed below.
a. Fast and easy to process
b. Easy documentation
c. Interest rates are lower than other loans
Gold loans are safe, but you need to know every aspect to ensure a legitimate loan experience. You also need to choose a lender that offers quality service at low-interest rates.
MyMoney offers an instant zero balance saving account powered by SBM Bank India that specifically caters to the individuals.
The documents required for opening a new saving bank account are listed below.
MyMoney’s zero balance saving account is one-of-a-kind account through which helps you to inculcate the habit of regular savings. Additionally, you can earn returns via interest on the balance held in your account.
There is no eligibility norm related to income and employment when you want to open a savings account.
Age: You should be at least 18 years old
No! The MyMoney saving account is a zero balance account and no amount needs to be maintained as monthly average balance.
Please get in touch with our customer support team at support@mymoneyapp.co and they will help you update your account details.
This digital account is provided by State Bank of Mauritius and follows all regulatory guidelines issued by the Reserve Bank of India.
No, there is no need to pay for opening a MyMoney saving account.
You can reach out to SBM Bank at customercare@sbmbank.co.in