Who is eligible to borrow?

In order to borrow a loan through Moneymela, the applicant must fulfill the following qualification parameters-

  • In order to qualify as a borrower at Moneymela, the applicant must fulfill the following eligibility criteria at least 18 years of age or a duly registered business in India.
  • The individual applicant must have valid government issued ID proof such as PAN card, Aadhaar card, driving license or passport.
  • The business applicant must have any proof of business incorporation
  • The applicant must have a valid Indian Bank account
  • The applicant must have a steady monthly income for repayment of their loan.
The Process
  • Registration: To become a borrower on Moneymela, individuals need to sign up through the Moneymela website and pay a one-time nominal fee of Rs 500. Once registered, borrowers receive a unique user ID and password for accessing the borrower portal.
  • Log in and Document Verification: Borrower can log into the borrower portal, raise a loan application and upload the required documents, which are then verified by the Moneymela team to ensure their credit worthiness and repayment capability.
  • Final Loan Offer: Moneymela’s team will sanction a loan offer to the borrower if they pass the eligibility assessment, based on the kind of loan and amount specified by the borrower in the loan application.
  • Loan Listing: The finalized loan will then be listed on our marketplace for to the lenders to invest in.
  • Loan Agreement Signing: Once a lender selects and finalizes a loan listing, Moneymela initiates the legal documentation process for the loan agreement between the lender(s) and borrower. Once the loan agreement is duly signed by both the parties, the loan fund will be transferred to the borrower’s account.
  • Tracking Loan Listings: Borrowers can track their loan listings on their dashboard, keeping them informed about loan repayments, and due dates.
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
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
4 Photograph Passport size photograph (1 Copy)
5 Bank Details 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.
Any other document confirming income of the business of the borrower.