Borrower Faq's

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Moneymela is a peer to peer digital lending platform operating in India, facilitating connections between individuals looking to borrow money and those willing to lend money. The platform performs a comprehensive analysis of Borrower’s credit profile to evaluate their creditworthiness. After the analysis, Moneymela presents selected borrower profiles to potential investors for lending opportunities. This process ensures that borrowers are thoroughly assessed and matched with suitable lenders, creating a secure and trustworthy lending ecosystem for all participants involved.

Moneymela aims to provide a seamless and beneficial experience for borrowers, offering competitive rates, user-friendly processes, personalized support and transparent terms. The overall financing experience is made easier through streamlined processes, such as an easy-to-use online application, friendly customer service, creating a positive and supportive environment for borrowers

To get started, borrowers can visit the Moneymela platform and click on the Sign Up button. They will be prompted to provide the necessary details and submit the required documents. Additionally, a one-time registration fee is required to complete the onboarding process. Moneymela's credit risk analysis system will carefully evaluate the borrower's creditworthiness based on the provided information. If the borrower meets the qualification criteria, their profile will be approved and made available to potential investors on the platform for funding opportunities

Moneymela levies a nominal one-time registration fee to cover the significant time, effort, and resources invested in the thorough credit evaluation process for each borrower profile. This fee is intended to ensure a higher level of commitment from borrowers. It's important to note that the registration charge is non-refundable, indicating that it is not be reimbursed if a borrower decides not to proceed with the loan application or if their application is not approved.

The specific amount that a borrower can borrow is based on several factors, including the borrower's creditworthiness, income, repayment capacity, and the lending policies of Moneymela. Each borrower's loan limit is individually determined based on a thorough assessment of their profile. However, a borrower can apply for loan upto Rs. 10.00 Lakhs.

  • 1. Must be a resident of India.
  • 2. Minimum income of Rs 1.80 Lakhs per annum.
  • 3. Must comply with mandatory documents as per Moneymela Policy.

1 Identity Proof/Date of Birth Proof(any one of the following) PAN Card,
Adhaar Card,
Voter ID ,
2 Address Proof (Present/Permanent) (any one of the following) Adhaar Card Passport Bank Statement Voter ID Electricity Bill (within last 3 months) Post-paid Mobile Bill (Last Month)
3 Signature Proof (any one of the following) PAN Card Signature verification from your bank Passport
4 Photograph Passport size photograph (1 Copy)
5 Bank Details(Salaried/Self Employed) Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code.
Bank statement or pass book copy of Salary/operating account for last 6 Month.
6 Proof of Income Salaried – Salary Slip for Last 3 months
Self Employed – ITR for last 2 Years or any other documents confirming income of the borrower.

When a loan is listed on the Moneymela platform for investors to consider funding, pertinent information about the borrower will be displayed. This includes personal identity details, the requested loan amount, the desired interest rate, and the credit score assessed by Moneymela. It's important to note that access to these details is limited to registered users of the platform and once loan is funded, the information will be available only to the lenders who has contributed to fund the borrower. For more information, please view our Privacy Policy.

Moneymela facilitates the funding process by allowing multiple lenders to participate. This approach aims to create a diversified and collaborative funding environment, contributing to a mutually beneficial outcome for both borrowers and lenders involved in the lending process.

Once a loan is approved and funded by the lenders through Moneymela, the borrower can expect to receive the disbursed amount in their registered bank account within 2-3 business days.

Moneymela offers borrowers the flexibility to choose their loan tenure according to their preferences. Borrowers have the option to select a loan duration ranging from a minimum of 3 months to a maximum of 36 months. Also, the borrower has the freedom to choose the EMI Payment date while applying for any loan.

Moneymela determines the interest rates for borrowers based on their risk profiles, as evaluated the appraisal system and it may vary depending on their credit rating. The borrowers with a credit rating, the interest rate ranges from 12% to 28%. However, for eligible borrowers who have not been assigned a credit rating, interest rate will be relatively higher.

As part of verification process, borrowers are required to provide three references from their professional or personal contacts. These references will play a crucial role in verifying the borrower's identity and assessing their ability to take on and repay a loan.

Registered borrowers on Moneymela will have the opportunity to avail a maximum of two loans simultaneously subject to maximum overall exposure of Rs 10.00 Lakhs. However, the option to apply for a second loan becomes available once the borrower has successfully repaid 6 EMI of the first loan. This has been customized to establish a positive repayment track record of the borrower before taking any additional loan obligation.

At Moneymela, a borrower cannot simultaneously act as an investor. If a borrower intends to become a lender on the platform, the existing loan should be fully repaid and closed before they can engage in lending activities. This is to ensure clarity and avoid any potential conflicts of interest for the individuals involved in the Moneymela ecosystem.

Loan repayment on Moneymela is structured through EMIs as per the agreed-upon repayment schedule. Borrowers can conveniently access their repayment schedule by logging into their portal on the Moneymela platform. Additionally, the repayment schedule is documented and outlined in detail as part of the loan agreement.

Borrower needs to sign NACH form or authenticate e-mandate link through debit Card or net banking to authorize Moneymela to auto deduct EMIs from the registered bank account. Every month EMI amount will be deducted automatically from borrower’s account on the due date as selected while applying the loan. It is important for borrowers to ensure that sufficient funds are available in their bank account on the due date to facilitate the automatic EMI deduction.

Borrowers will have the option to prepay their loan either fully or partially. After three months from the disbursal of the loan, borrowers can prepay the entire outstanding loan amount. Foreclosure charge of 4% on the balance Outstanding will be applicable. In case a borrower wishes to make a part payment or pre-closure of the loan before the completion of three months, they will need to pay the balance interest due to the lenders for a minimum period of three months from the date of disbursal. Additionally, Moneymela charges a one-time non-refundable pre-payment fee of Rs. 500/- for any part payment made by the borrower.

Moneymela strongly encourages all borrowers to make their payments on time to avoid incurring penalty charges. Delayed or Non-payment of EMI will lead to additional financial consequences for the borrower. If an EMI is bounced on the due date, Moneymela will impose a nonrefundable bounce charge of Rs 500/-. Additionally, a penal interest rate of 24% over and above the applicable rate will be levied for the proportionate period of delay in EMI servicing. If there is a delay in EMI servicing for more than 30 days, Moneymela will issue a legal notice to the defaulting borrower on behalf of the lenders. For each legal notice issued, a non-refundable charge of Rs. 500/- will be imposed to the borrower.

If a borrower wishes to change their bank account details, they need to follow the necessary procedures as guided by the customer support team of Moneymela. To update the bank account information, a separate NACH Mandate needs to be executed for the newly registered bank account. Moneymela charges a convenience fee of Rs. 500/- for processing such swapping of bank mandate.

If a borrower wishes to cancel their loan application on Moneymela, they should reach out to the customer support team. It's important to note that loan cancellation can only be done prior to the disbursal of funds. Once the loan amount has been disbursed to the borrower's registered bank account, cancellation/closure of loan can be and will be treated as prepayment of loan.