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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 needy hour. ETMoney now provides financial solutions to the lay man instantly with the ETMoney Loan pass.

What are instant online loans?

Instant Online loans are personal loans that can be availed through platforms that enable the online application of the loan. The required funds are available in real-time, i.e., instantly. With ETMoney Loan Pass once the approval is obtained you will have access to the funds multiple times. You can get the loan approved and use it either as a cash loan or use it directly with the credit card. The loan quantum ranges from 35000/- to 5.00 lakhs. Once registered and approved the limit can be utilized as per your requirement, you can transfer the amount to your bank account according to your need through the ETMoney App. A withdrawal as small as 3000/- is also permitted.

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 ETMoney Loan Pass access to funds is made possible with just a few steps. Filling up a simple online application, 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 which 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 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 the 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 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 on the utilized funds.

Attractive rewards: You have attractive rewards for all the offline as well as online spends 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 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 spends.

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 profile. Interest will be charged on the funds utilized and not on the Loan Pass limit.

Security: The instant loan is an unsecured loan and so no security or guarantee is required.

Repayment: Since 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 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 spends 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 between 20 to 50 days for the credit card spends.
  • 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 cash back 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 spends on the credit card exceed 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 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% cash back.
  • 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 RBL Bank ETMoney Loan Pass for the first year.

Thereafter an annual fee of 499/- + GST will be collected.

If the spends during the previous year exceeds 1.00 lakh the annual fee will be waived the 2nd year onwards. 

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 through 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.

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
  • Latest salary months 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 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.
  • The details and uploads should be accurate and as per the requirement if the applicant has to qualify for the loan.

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 loan 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 the credit card to your bank account.

Things you can use the 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 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 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 repay the loan from ETMoney Loan Pass?

The spends 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 months to 36 months. An online mandate (NACH) can be executed for debiting the EMI automatically on the due date to your bank account.

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Etmoney loanpass Loans

How does ETMoney Loan Pass work?

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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.           

What are the eligibility criteria for ETMoney Loan Pass?

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The following are the eligibility criteria for 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.

What is the mode to utilize the amount sanctioned through ETMoney Loan Pass?

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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.

What is the quantum of limit available from ETMoney Loan Pass?

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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.

Should the withdrawals start immediately after activation of the ETMoney Loan Pass?

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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.

What is the tenure for which the withdrawals will be available?

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The withdrawals will be available for tenure of 1 month to 36 months. In the -case of credit card spends you can either pay a lump sum during the interest-free period of 20 to 50 days or can convert the spends to EMIs ranging from 1 month to 36 months through the ETMoney App.           

Is pre-payment of the loan permitted?

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Yes. Pre-payment of the loan is permitted without any penal charges.

Is it mandatory to avail the credit card for a loan through ETMoney Loan Pass?

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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.

What is the turnaround time for the ETMoney Loan Pass?

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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.

How does ETMoney Loan Pass impact the credit score?

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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.

What are the rewards provided for spends on the Credit Card?

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For spends on the credit card you can have the following benefits as a part of the credit card reward program.

  • For every spend on the credit card, you earn 1 reward point.
  • For the spends on the credit card on weekends, you will earn 2X reward points.
  • You get 20% cash back for transactions through Zomato, Grofers, Amazon and Uber. Maximum cash back of 250/- will be permitted. Tracking and redeeming of the cash back can be done through the ETMoney App. The redemption should be within 90 days to avoid expiry of the cash back.
  • Book a movie ticket through BookMyShow during weekends to get a free movie ticket up to 200/- every month.
  • For spends that exceed 1.00 lakh annually, there will be a waiver of annual fees.
  • For spends beyond 1.00 lakhs after the waiver of the annual fee, you will get 1000 bonus points up to 10 times annually.
  • Waiver of fuel surcharge up to 100/- every month for spends on fuel ranging from 500/- to 4000/-.
  • 10% cash back for purchases made on Wednesdays at Grofers and food orders at Pizzahut.