• Personal Loan Amount & Tenure
  Evaluate your financial needs and your capability of repaying that amount before deciding on a loan.
• Eligibility Criteria
  Determine the eligibility criteria of different banks to figure out which criteria you fit in.
• Documents Required
  Check the list of documents that you will need and arrange for those documents before applying for a personal loan.
• Processing Time
  Verify the time it will take to process your loan so you can avail of the fund in the timeframe best suitable for you.
• Charges, Fees, APR & Interest Rates
  Be aware of the interest rates, fees & processing charges as they can make or break your loan experience.
• Annual Percentage Rates (APR)
  Compare APRs of various lenders to check which lender offers the lowest. Low APR will help bring the overall cost down.
• EMI Payment Options
  Figure out if you will be able to make EMI payments before applying for and committing to a loan.
• Foreclosure Policy
  Be aware of foreclosure charges that different banks charge as this is often missed by a lot of people.
• Credit History
  Your CIBIL score will define your creditworthiness. Make sure you have a score that banks will accept.

A secured loan is protected by collateral in the form of a house or a car or an asset of some sort. A secured loan requires you to guarantee security that you will pay back the loan on time or lose your assets if you default.

As the name implies, unsecured loans are the exact opposite of secured loans and do not need a collateral. They include education loans, signature loans as well as credit card purchases.

A flat interest rate is the interest rate calculated on the full loan amount throughout the loan tenure without considering the monthly EMIs that reduce the loan amount with every repayment.

Here’s an example to help you understand how the flat interest rate works for a principal loan amount of ₹ 100,000 with a yearly interest rate of 10%.

In reducing interest rates, the interest is calculated on the outstanding amount that keeps reducing with every monthly repayment. This means that the EMI is calculated every month taking into consideration both the interest on the outstanding loan amount and the principal.

Now let’s look at the same example, but this time with a reducing interest rate.

You can get Money Bazar Capital’s line of credit for a personal loan if you are:

• Salaried employees or self-employed professionals like doctors, lawyers, shop owners, business owners, etc. with a minimum monthly salary of ₹ 30,000 in hand.
• Self-employed professionals who are eligible to apply for Money Bazar Capital’s credit line include Doctors, Lawyers, Architects, Government Employees and CAs.
• Above 23 years of age and below 55 years.
• Residents of Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, and Vizag. We will be expanding to other cities shortly.

The interest rates for Money Bazar Capital loans typically range from 13% to 18% annually. The exact interest rate depends on your credit score which is based on your repayment record, defaults and bounced cheques. With Money Bazar Capital Personal Loan 2.0, you have the advantage of paying interest only on the amount you use and not on your entire approved limit. The applicable interest rates are shown to you upfront with your EMI and you are charged only after you approve it.

A good CIBIL score is a prerequisite for you to get credit. So, when you get approved for a Money Bazar Capital credit line, use the cash and repay on time, and you start building your credit history. Taking credit and repaying on time is the best way to improve your credit score. To make sure you don’t miss out on your repayments, we send you reminders every month.

Yes, you can visit the website of our partner bank that has approved your loan application and follow their instructions to set up the auto-debit system for your repayments.

If you are able to repay the entire outstanding amount of your loan before your predetermined loan tenure ends, it will definitely help you save big on the interest because it automatically reduces.

However, if you don’t wish to prepay your entire loan amount in one shot and want to prepay a part of the outstanding loan amount early, you can do so by paying part of the total loan value at a time convenient to you. Please note that not all banks or lending platforms offer part prepayment.

No. Being an unsecured loan by nature, Money Bazar Capital Personal Loan 2.0 from your available credit line does not need any guarantors!

No. All you need is a few minutes to follow our 100% hassle-free online process. Simply download the Money Bazar Capital app, register online, follow the preapproval process by submitting your basic details, complete the KYC online and get the money on approval! You can also track all your transactions with a single tap.

The minimum amount that can be borrowed from Money Bazar Capital’s line of credit is ₹ 3,000 and the maximum you can borrow is up to your approved credit limit which can be up to ₹ 5 Lakh.