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What are instant online loans?

Quick solution for a financial requirement by engaging a totally online process right from application to disbursement of the loan is instant online loans. The objective of MyMoneyMinutes is to provide guaranteed funds at the quickest time in order to facilitate immediate requirements. MyMoneyMinutes will provide quick cash loans or payday loans, instant loans, cash loans, personal loans, little loans, bad credit loans, etc.  Loans as small as 3500/- to larger loans up to 1.00 lakh can be availed through MyMoneyMinutes Mobile App.

Benefits of taking a loan from MoneyinMinutes

There are innumerable benefits in taking a loan from MoneyinMinutes. They are

  • Timely funds guaranteed: When a loan is applied through the MoneyinMinutes Mobile app you can be certain that the loan will be disbursed within the quickest time as required by you. The time of funds credit to your account will be communicated to you through their special funding system. You need not wait for ages in expectation of the funds credit to your account. The funds will land in your account exactly as communicated.
  • Lending is done with responsibility: Credit history and documents check are done to ensure that you will not land up with a monetary commitment that you cannot afford. Even though the loan application is rejected at any instance, you can still apply for a loan when your capacity to repay the loan improves.
  • Total online process: The lending process is online starting from the filing of a loan application until the disbursement and so the processing and the approval of loan will be faster. You will be periodically notified about their special offers and contests through their blogs or through facebook.
  • Lends affordable amount only: With an eligibility check, the company ensures that a quantum only to an affordable extent is provided so that the borrower will be able to make prompt repayments.
  • Security of data: 128 to 256-bit Secure Socket Layer is applied to encrypt the data provided and so you can be rest assured that the information provided on the mobile app is totally secure. 
  • Repayment: The tenure is kept at 70 days to 180 days in order to avoid keeping you burdened with a monetary commitment for a long period and also to reduce the cost on the loan. 
  • Present credit profile considered: Credit history check or credit score check is done as a loan processing procedure. But in reality, the company considers the existing profile of the customer and not the past. Hence, even applicants with a bad credit history will be eligible for the loan if the present repayment capacity is good. 
  • Charges: Processing charges ranging from 150/- to 5000/- will be collected based on the loan type. There will be no pre-payment or part prepayment charges and so the loan can be prepaid as and when you have surplus funds. 
  • Loyalty rewards: The moment you apply for a cash loan through MyMoneyMinutes App, you will get enrolment to the MIM Club. Members of MIM Club are given loyalty rewards by way of reduced interest rates, simplified processing, and quicker availability of funds.

Types and Features of Loans from MoneyinMinutes

Personal loan through MoneyinMinutes is classified into various categories depending on the range of amount. It can be utilized for various purposes. Small cash loans serve the purpose of emergency expenses that crop up before the next payday or to make provision for compulsory utility bills payment, other loans EMI,. School fees, etc. The amount under personal loan ranges from 1500/- to 1.00 lakhs depending on the amount and the requirement.

The features of the personal loan under the various categories are as follows:

MIM Mini

Loan amount: The quantum ranges from 1500/- to 3500/-

Interest: The interest is charged depending upon the repayment time.  Interest will be charged at a flat rate. Interest will be charged at 0.35% of the loan amount.

Repayment: The maximum repayment period permitted will be 70 days. 

Charges: Processing charges ranging from 150/- to 350/- will be charged depending on the amount of loan availed. Pre-payment charges will be nil.

Loan AmountProcessing charge
1500.00150.00
2000.00200.00
2500.00250.00
3000.00300.00
3500.00350.00

MIM

Quantum: The loan amount available will be between 5000/- to 30000/-

Interest: Interest will be charged at a slab rate depending on the repayment.

  • 0.10% of the loan amount per day if repaid within 5 days.
  • 0.25% of the loan amount per day if repaid within 10 days
  • 0.50% of the loan amount per day if repaid within 15 days
  • 0/70% of the loan amount per day if repaid within 30 to 70 days

Repayment: The loan should be repaid within a maximum of 70 days.

Charges: Processing charges will be collected as per the loan amount availed. There will be no pre-payment charges. 

Loan AmountProcessing charge
5000/- to 15000/-- 350/-
15500/- to 30000/-650/-

M3M

  • Quantum: A loan amount between 10000/- and 50000/- can be availed
  • Interest: Interest will be charged at a flat rate at 0.70% per day of the loan amount.
  • Repayment: The loan has to be repaid in 3 EMIs within 90 days.
  • Charges: Processing charges will be as per the loan amount availed. No pre-payment charges will be collected.
Loan AmountProcessing charge
5000/- to 15000/-350/-
15500/- to 30000/-650/-
30500/- to 50000/-950/-

M6M

  • Quantum: A loan amount between 30000/- and 1.00 lakh can be availed.
  • Interest: A flat rate of interest will be charged at 0.25% per day of the loan amount.
  • Repayment: The entire loan amount has to be repaid within 180 days in 6 EMIs.
  • Charges: Processing charges will be as per the loan amount availed. The loan can be prepaid without any charges.
Loan AmountProcessing charge
30000/- to 50000/-2000/-
50500/- to 70000/-3000/-
70500/- to 90000/-4000/-
90500/- and above5000/-

The loan amount will be in accordance with the income of the applicant. Processing charges will be collected at the time of disbursement and the net amount after deduction of the charges will be credited to the bank account of the borrower. Applicants with a low credit score also are eligible for the MIM loans. The Company believes in the present profile of the customer and not the past. A credit score check will however, will be done, but if the existing profile of the customer is satisfactory the loan will be granted.

How to apply for a loan through MoneyinMinutes?

Follow a few simple steps to apply for a loan or credit line through MoneyinMinutes.

  • Download the MoneyinMinutes App through the App Store or Google Store
  • Fill up an online application form with some simple details that take only 5 minutes. Basic details like name, address, employment status, details of employer, income details, mobile number and email id have to be provided.
  • Upload the required documents.
  • Assessment is based on the information and documents provided. On scrutiny of the information and documents, the approval will be given within the fastest time.
  • The approved loan amount will then be transferred to your bank account instantly.

Documents required For Loan

The following are the documents required for the various loans through MoneyinMinutes.

Type of documentDetails
Address ProofAadhar Card, Voters ID Card, Passport, Rent Agreement, Electricity Bill
Photo Id ProofPan Card
Income ProofLatest Salary Slip, Bank Account Statement of Salary Account for the last 6 month, a cancelled cheque of salary account

MoneyinMinutes Personal Loan Eligibility

The eligibility criteria for the different types of loans through MoneyinMinutes are as follows

  • Only salaried individuals are eligible for a loan.
  • The age of the applicant should be 18 years and above at the time of applying for the loan.
  • A minimum monthly salary of 10000/- is required.
  • The salary should be credited to the salary account through electronic mode regularly on the same date.

Who are the lending partners for MoneyinMinutes?

M/s Tushar Leasing and Investment Private own the MoneyinMinutes App. They have designed and developed the App. The Company is registered with RBI as an NBFC and is holding a licence to conduct financial activities.

Things you can use the instant online loan for

The instant online loan can be used for multiple purposes. Small Loans, Little Loans and Quick Loans that are a part of the personal loans are utilized for small size requirements like paying insurance premiums, rent deposit, payment of utility bills, the purchase of gadgets, for servicing of vehicles, small repairs and renovations for the existing property. The loan can be availed between 1500/- to 1.00 lakh depending on the size of the requirement.

How to repay an instant online loan

The repayments can be made through the personal smart account that is present on the dashboard of the mobile app of the borrower. Once the payment is made, it gets automatically updated in the mobile app.

The payment can also be done through net banking to the lender?s bank account. The details of the bank account of the lender will be provided through SMS or Email along with the loan application.

If the net banking of the borrower is not working for some reason, then the payment can be done through cash or by depositing the cheque to the lender?s bank account. Any change in the bank details of the lender will be updated through SMS and Email.

The borrower has to upload the payment details to the lender vide email to mimcare@moneyinminutes.in. If the due date falls on a non-business day, then the payment has to be done on a day before the non-business day.

The due date will be communicated to the borrower vide SMS along with the amount due for the borrower to ensure presence sufficient balance in the account on the due date.

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MoneyinMinutes Personal Loan FAQs

What are the categories under Personal Loan of MoneyinMinutes?

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There are different categories under the Personal Loan of MoneyinMinutes based on the loan amount. The range of the loan amount provided under the personal loan is 1500/- to 1.00 lakh. This is again divided into categories based on the loan amount.

MIM Mini: The eligible loan amount under this category will be 1500/- to 3500/-. This can be utilized for small emergencies like providing for unexpected expenses that arise before the next payday. It can also be used for the payment of insurance premiums, utility bills, school fees etc. The loan amount has to be repaid within 70 days.  Processing charges for the product will be between 150/- to 350/- depending on the amount availed. The rate of interest will be 0.7% of the loan amount per day.

MIM: The eligible loan amount under this product will be between 5000/- and 30000/- The loan can be utilized for multiple personal requirements. There is no restriction on the end-use. The rate of interest ranges from 0.10% to 0.70% per day on the loan amount depending on the amount availed. The entire loan has to be repaid within 70 days. Processing charges are at a flat rate ranging from 350/- to 650/- depending on the amount availed.

M3M: The eligible loan amount under this category will be between 10000/- and 50000/- and has to be repaid in 3 EMIs within 90 days. The rate of interest will be

at 0.70% per day on the loan amount.  Processing charges will be between 350/- to 950/- depending on the loan amount.

M6M: The eligible amount under this category will be between 30000/- and 100000/-. The loan has to be repaid within 6 months. The rate of interest charged will be 0.25% per day on the loan amount. Processing charges will be between 2000/- to 5000/- depending on the loan amount.

What are the conditions regarding repayment of the loan?

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The EMI due date for the personal loan will be corresponding to the date of disbursement and will be mentioned in the letter communicating the sanction terms.

The repayment can be through the personal smart account on the dashboard of the mobile app, through net banking to the lender?s bank account or by depositing cash or cheque to the lender?s bank account if net banking services are not available. The payment details have to be uploaded vide email to mimicare@moneyinminutes.in.

What happens if you default the loan repayment?

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If you fail to make the repayment on the due date, a penalty will be imposed on the overdue amount for the overdue period.

By accepting the terms and conditions of the agreement, the borrower would have given consent for the lender to make an announcement publicly about the default through social media. Also, consent would have been given for the lender to call the borrower at any hour of the day to remind about the dues.

If the default persists beyond the threshold period, the lender will proceed legally to recover the dues. All the expenses incurred to file suit, etc shall have to be borne by the borrower.

What is the delayed interest payable for the period of default and how is it calculated?

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If the repayment is not made within the due date, the borrower has to pay the interest as per the next slab as applicable to the individual product from the date when the loan was originally sanctioned. If further the repayment is delayed, then, penal interest at a flat rate of 3% per day on the outstanding amount for every 7 days of delay.

Generally, a grace period of 7 days will be given beyond the due date for making the payment without penal charges. If the delay is beyond the 7 days then,  penal interest at 3% flat per day on the outstanding amount for every 7 days including the grace period will be collected.

What makes MoneyinMinutes a responsible lender?

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MoneyinMinutes lends only to customers they think are able to afford the loan and can make the repayments on time. They do a thorough check of personal, financial and credit background. If the existing credit profile of the borrower is satisfactory, then the loan will be approved and only to an extent affordable as per the income and repayment capacity of the applicant. The loans are given for a short-term to prevent customers from getting into long-term financial stress.

The charges and interest rate for the loan approved will be listed on their website and nothing other than that will be collected. The whole process is transparent and there will be no hidden charges.

What is MIM Club and what are the advantages for a MIM member?

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MIM Club is a way of acknowledging the loyalty of the customers. The moment you avail a cash advance you will be enrolled into the MIM Club. If the repayment for the loan availed is done promptly, then as a MIM Club member you will get the further loans at a discounted interest rate. The loan processing will be simplified and the funding will be faster. By being a MIM Club member you will be saving a lot by borrowing from MoneyinMinutes. 

What are the eligibility criteria for an instant loan through MoneyinMinutes?

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You will qualify for an instant personal loan through MoneyinMinutes if you comply with the following criteria.

  • Should be a salaried individual.
  • The minimum monthly salary should be Rs 10000/-
  • The salary should be credited to the salary account through electronic media.
  • You should be above 18 years of age at the time of applying for the loan.
  • Salary should be credited to the account regularly on the same date.

Is foreclosure permitted for personal loans availed through MoneyinMinutes?

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Yes. Foreclosure of the personal loan is permitted and without any penal charges. You can view the foreclosure details in the mobile app under the My Loans. You can also request for a foreclosure letter to ascertain the closure of the loan account.

What are the conditions for availing a loan under different categories of the personal loan?

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Under MoneyinMinutes personal loan, there are categories like MIM, M3M and M6M depending on the loan amount. The borrower cannot avail another loan under any category, even if eligible if loan under any of the category is outstanding.

Can I apply for the loan after the business hours?

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Yes. The loan application can be done after business hours since the mobile app is accessible 24 x 7 on all days. But the processing of the loan application will be done only on the next working day during business hours.

Can I apply for a loan after the earlier loan is repaid?

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Yes. Soon after the earlier loan is repaid in full you can apply for the next loan through the mobile app. The loan will be approved and the funds transferred within minutes. If you are already a customer and a member of the MIM club, things will be done faster, since the loan process will be further simplified. Also, if you have repaid the earlier loan promptly, you will be entitled to a lower rate of interest for the proposed loan.