ETMONEY LoanPass Personal Loan
ETMoney LoanPass is a combination of a personal loan and a credit card. With ETMoney LoanPass once the approval is obtained, you will have access to the funds multiple times. The loan quantum ranges from Rs 35000/- to Rs 5.00 lakhs.
What is ETMoney Loan Pass
ETMoney Loan Pass is a combination of a personal loan and a credit card. This scheme was designed by a group of innovative entrepreneurs with a passion to do things differently, IIT graduates and designers who are technology experts with good mobile and financial services knowledge. They are a part of the digital section of the Times Group, i.e., Times Internet.
The main aim of this group was to devise a less cumbersome financial solution for the layman. Traditional loan processing methods in most of the financial institutions make it almost impossible for the layman to acquire funds at the hour. ETMoney now provides financial solutions to the lay man instantly with the ETMoney Loan pass.
Benefits of taking a loan from ETMONEY Loan Pass
The following are the benefits of availing instant loans through ETMoney Loan Pass
- No Visits to the Financial Institution: With the ETMoney Loan Pass, access to funds is made possible with just a few steps. Filling up a simple online application, an eligibility check with a few documents like the Pan Card, Income, and Current Address. Thereafter, the approval along with the interest applied, will be communicated instantly. The whole process is absolutely paperless.
- Unsecured loan: There will be no hassle of providing collateral security or a personal guarantee since the loan is an unsecured loan.
- Single time approval for multiple loans: You will have to submit a loan application and obtain the approval only when you apply for the first time. Thereafter, there is no need for any approval and you can have access to instant funds as many times as required.
- A 2 in one benefit: By getting the approval for an instant loan, you will have the benefit of utilizing the funds either as a cash loan or as a credit card. A limit will be approved that you can withdraw as many times as possible. You can transfer the required funds to your bank account through the ETMoney App and utilize the amount during a funds crunch, or you can utilize it for online transactions, shopping, etc., through the credit card.
- Interest-free period: The flexibility of using the funds approved in the form of an instant loan or a credit card gives you an interest-free period up to 50 days on the credit-card spends.
- Flexible repayment option: You can either make a lump-sum payment of the credit card spends during the interest-free period or can opt for repayment between 2 to 36 months as per your convenience. The spends on the credit card can also be converted to EMI using the ETMoney App.
- Replenishment of the limit: The approved limit will be replenished to the extent of repayment and will be available for utilization.
- Pre-payment option: You can make pre-payments at any time when there are surplus funds without any pre-payment charges.
- Competitive rate of interest: The interest rate is not only competitive but also applied only to the utilized funds.
- Attractive rewards: You have attractive rewards for all the offline as well as online spending on the credit card.
- Flexibility in the amount: You can transfer as much as you require from 3000/- up to the limit sanctioned.
- Round-the-clock access to the funds: Once approval is obtained you can borrow as many times as possible by instant transfer to your bank account. You will have access to the funds at any time from anywhere.
Types and Features of Loans from ETMoney Loan Pass
ETMoney in collaboration with RBL Bank, provides the RBL Bank ETMoney Loan Pass. You will have the benefit of two products embedded in one. You will have access to instant funds by transfer of funds from the ETMoney App to your bank account and a credit card for your spends.
The following are the features of the ETMoney Loan Pass
- Quantum: Flexible loan quantum between 35000/- to 5.00 lakhs as per your eligibility.
- Purpose: Once the approval for a limit is obtained, you can access the funds through the ETMoney App and transfer the required funds to meet any personal requirement to your bank account. You will also be issued a credit card and the limit approved can be used for online and offline spending.
- Interest: For the credit card spends, there is an interest-free period between 20 to 50 days, and if repaid within the period, no interest will be charged. The interest charged will be customized and ranges from 13% to 18%. The rate of interest will be based on the customer's profile. Interest will be charged on the funds utilized and not on the Loan Pass limit.
- Security: The instant loan is unsecured and so no security or guarantee is required.
- Repayment: Since the loan pass is a combination of an instant loan and a credit card, you will have the option of making a lump sum amount within the interest-free period of 20 to 50 days or in easy EMIs between 2 to 36 months. The credit card spends can be converted to easy EMIs using the ETMoney App. The repayment period for the loan is between 2 months to 36 months
- Processing charges: Processing charges will be collected at 2% of the loan amount.
- Pre-payment charges: No pre-payment charges will be collected.
What is the Rewards Program of RBL ETMoney Loan Pass?
The limit approved on the RBL ETMoney Loan Pass can be utilized as per your requirement through the credit card. For all the spending on the credit card, you will be earning rewards as mentioned below:
- The spends on the card can be converted into easy EMIs through ETMoney App payable within 2 to 36 months.
- An interest-free period of 20 to 50 days for the credit card spend.
- Earn 1 reward point on every 100/- spent on the card.
- Earn 2 x reward points on all the spends during Saturday and Sunday.
- All the purchases through Amazon, Uber, Grofers, and Zomato will earn you a cashback of 20%. The maximum cashback in a month will be 250/-. Tracking of the accumulated cashback can be done on the ETMoney App and can also be redeemed through the App. The cash back has to be redeemed within 90 days, else, it will expire.
- Free movie ticket up to 200/- for tickets booked through BookMyShow shows during the weekend every month.
- If the spending on the credit card exceeds 1.00 lakh in a year, the annual fee will be waived.
- For the next spends of 1.00 lakh after the annual fee refund, you will earn an extra 1000 points 10 times yearly.
- For spends between 500/- to 4000/-, there will be a fuel surcharge waiver up to 100/- a month.
- For the purchases made at Grofers on Wednesdays, you get a 10% cashback.
- For the food orders at Pizzahut on Wednesdays, you get a 10% cash back.
Fees and Charges for RBL Bank ETMoney Loan Pass
No charges will be levied for the RBL Bank ETMoney Loan Pass for the first year.
Thereafter, an annual fee of 499/- + GST will be collected.
If the spend during the previous year exceeds 1.00 lakh, the annual fee will be waived from the 2nd year onwards.
Documents Required
The following are the documents required for the Instant Loan through ETMoney Loan Pass
- Photo ID Proof like PAN card
- Current Address Proof like Aadhar Card, Utility bills, Driving Licence, etc
- The latest salary for the last 3 months.
- Bank account statement for the last 3 months.
ETMoney Loan Pass Eligibility
The following are the general eligibility criteria to qualify for a loan from ETMoney Loan Pass
- Only Resident Indians are eligible for the loan.
- The age of the applicant should be between 23 years to 60 years
- Only Salaried Individuals are eligible for the loan.
- The minimum monthly salary required is 25000/-
- The details and uploads should be accurate and as per the requirement, if the applicant has to qualify for the loan.
- The applicant should be residing in the cities where the Company is operating from i.e., Anand, Bengaluru, Ambala, Ahmedabad, Coimbatore, Delhi, Cochin, Bhopal, Chandigarh, Bharuch, Greater Noida or Noida, Faridabad, Ghaziabad, Gurgaon, Dehradun, Chennai, Erode, Haridwar, Indore, Jaipur, Hyderabad, Mangalore, Mohali, Kolhapur, Mumbai, Nagpur, Pune, Rajkot, Surat, Thane, Salem, Vadodara, Ernakulam, Vishakapatnam, Panchkula, Vijayawada.
Who are the lending partners for ETMoney?
Times Internet Limited, the licensed owner of the website www.etmoney.com and the ETMoney App manages and develops the ETMoney Platform and makes the ETMoney Platform available to its group companies to offer their products and services.
ETMoney, in collaboration with RBL Bank, provides instant loans through the RBL ETMoney Loan Pass. Once the loan is approved, a credit card will be issued simultaneously, and the limit approved can be used for shopping and other requirements through the credit card. When in need of funds, the required amount can be transferred from the ETMoney App using your credit card to your bank account.
Things you can use an instant online loan for
The instant online loan can be utilized for any personal requirement. The funds requirement could be from 3000/- to 5.00 lakhs. The amount from the approved limit can be transferred to your bank account through the ETMoney App any number of times as per your requirement. But a maximum transfer of 2.00 lakhs at a time only is permitted. The transferred amount can be utilized for the following purposes:
- To clear utility bills
- To pay the School Fees of your children.
- To clear credit card dues.
- For wedding expenses
- For travel expenses
- For medical emergencies.
- For shopping.
- For repairs and renovations of your house.
- For the purchase of a gadget
The available funds can be utilized for any offline or online transactions with the credit card.
How to apply for a loan through ETMoney Loan Pass?
Follow the steps mentioned below to apply for a loan through ETMoney Loan Pass.
- Download the ETMoney App from Google Play Store
- Fill up the simple online application and upload the documents required. Work details and current address details will be a part of the information to be provided in the application.
- An eligibility check based on the PAN card, income, and the current address will be done
- The loan approval will be communicated in real-time along with the customized interest rate as per the credit profile.
- Once the limit is approved you can transfer the money into your bank account through the App any number of times as per your requirement. Alternatively, you can use the limit for online and offline shopping with the credit card.
- The turnaround time for the entire process will be 2 to 4 working days.
FAQs
The spending on the credit card will have an interest-free period between 20 to 50 days. You can make a lump-sum payment within this period or can opt for flexible repayment between 2 months to 36 months through the ETMoney App.
The repayment option for the loan is 2 to 36 months. An online mandate (NACH) can be executed for debiting the EMI automatically on the due date to your bank account.
To apply for a facility through ETMoney Platform you will have to download the ETMoney App through Google Play Store or App Store. You will have to fill up a very simple application. You will have to provide your name, date of birth, marital status, mobile number, current address, pan number, occupation details and the monthly income.
The eligibility check will be done with the information provided and the credit decision along with the customized interest applied will be communicated.
Once the loan is activated you can transfer the required amount any number of times as per your required through the ETMoney App.
A credit card will also be issued after the loan is approved. You can use the limit approved for online and offline transactions through the credit card.
The following are the eligibility criteria for the ETMoney Loan Pass.
- The applicant should be a Resident Indian.
- The applicant should belong to the age group between 23 years to 60 years.
- The minimum monthly income of the applicant should be 25000/-
- The applicant should be a resident of one of the cities where ETMoney is operating.
On activation of the loan account, you can transfer the funds to your bank account any number of times using the ETMoney App as per your requirement. It could be as small as 3000/- . But at a time you will not be able to transfer an amount exceeding 2.00 lakhs.
You will have access to the ETMoney App round the clock and so funds will be available all through. You will have to choose the tenure and amount by clicking on the credit section on the ETMoney App and it will be transferred immediately on tapping the submit button.
The limit on the Loan pass can be either utilized as a cash loan by transferring it to your bank account or can be used for spending through the credit card.
A limit ranging between 35000/- to 5.00 lakhs will be available as per your eligibility. A withdrawal as small as 3000/- is also permitted. It can then go up to the limit available.
No. It is not mandatory to start withdrawing the amount immediately after the activation of the ETMoney Loan Pass. The Loan Pass can be activated free of cost and can be utilized only when the need arises. The funds will be available for instant utilization by transferring through the ETMoney App to your bank account as and when required.
Yes. The credit card details have to be provided every time the amount has to be transferred to your bank account with the ETMoney App. This is an added security feature for the transactions through the ETMoney Loan pass.
Since ETMoney Loan Pass is a combination of an instant loan and a credit card you can either transfer the amount to your bank account or use the limit for spends through the credit card. The spends on the credit card have a benefit of the interest-free period. The limit will be replenished to the extent of the repayment made and this is an added benefit.
If all the details provided in the application are accurate and the documents required are uploaded the eligibility check will be done and the credit decision will be communicated within 2 to 3 working days after submission of the application. The credit decision will be notified through the App as well as the email provided. For every approved application a credit card will be delivered to the current address immediately.
ETMoney Loan Pass works similar to any loan or credit card. The credit card will be impacted positively if the repayments are made regularly. If there is any miss out of EMI or the EMI is delayed it will impact your credit score negatively. Ensure to make the repayment promptly in order to manage your credit score positively.
ETMoney Loan Pass with its facility to withdraw as small as 3000/- from the limit can be a great tool to build or improve your credit score. Withdraw small amounts and repay promptly to keep your credit score at the required level.
Even for the transactions through the credit card, you have the option for converting the spends to flexible EMIs between 1 month to 36 months. With controlled spends, the EMI can be affordable so that you do not miss out on any EMI. Prompt repayment can result in good credit scores.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.