Learn How to Borrow
Are you struggling with multiple debts? Take control of your financial future with our Debt Consolidation Loan. You’ll be able to consolidate all of your high-interest debt into one easy-to-manage loan, so you can reduce the number of payments you make each month. Plus, you can benefit from a lower interest rate and more manageable monthly payment options. Stop worrying about how you’re going to pay off your multiple loans – with this loan, we can help get you back on track to healthy financial decision making!
Who is eligible to borrow?
In order to borrow a loan through Moneymela, the applicant must fulfill the following qualification parameters :
The Process Loan
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.
Documents
Documents required borrowers to be uploaded while registering as a borrower:
| # | Identity Proof | Accepted Documents |
|---|---|---|
| 1 | Identity Proof/Date of Birth Proof (any one of the following) | PAN Card , Adhaar Card Voter ID , Passport |
| 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 | Photograph | Passport size photograph (1 Copy) |
| 4 | 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. |
| 5 | 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. |
