MobiCred - Personal Loan 1.1.29

Personal Loan App for Salaried Professionals
MobiCred App is the modern financial services provider for Salaried Professionals and is well-regarded in the industry. The app is owned by Oricred Finserv Pvt Ltd, a registered Non-Banking Financial Company (NBFC).

• Loan Ranges from ₹8,000 to ₹100,000
• Loan Repayment Period: Minimum 90 days to Maximum 365 days
• Interest rate may vary from 1% to 2.5% per month on reducing balance basis, depending upon the profile and credit history.
• Lowest processing fees ranging from 0% to 5% of the loan amount plus 18% G.S.T
• APR ranges from 12% to 35%.

The details of the charges will be presented on the mobile app at the time of loan application.

Representative Example:
Sanctioned Loan Amount: ₹10000/-
Processing Fees @ 3%: ₹300+₹54 (18% GST) = ₹354/-
Interest Rate: 24% per annum at Reducing Balance.
Amount Disbursed: ₹9646/- (Sanctioned Amount – Processing Fees)
EMI Amount: ₹945.60
Tenure: 12 Months
Total Amount Payable: ₹11347.15 (Principal + Interest)

Above is a representative example. Final interest rate & APR will depend on customer’s credit assessment and will be shown in “Key Fact Sheet”

MobiCred utilizes a proprietary algorithm to offer a tailored experience to users seeking instant personal loans. All salaried individuals with a salary of Rs.15000 & above can access an instant loan by downloading the MobiCred App.

Key Features:

• Instant loan up to ₹ 1 lakh
• Loan Amount transferred to your bank account in minutes after execution of Documents
• Flexible repayment tenure from 90 days to 365 days
• No prepayment charges, pay interest only on the number of days Loan availed
• Interest on loans ranging from 12% to 30% per annum, translating to only 1% – 2.5% per month on reducing balance basis.
• Lowest Processing fees ranging between 0% – 5% of the Loan amount
• No prior credit history required

Why MobiCred is different from any other Personal Loan App?

• New to credit individuals can apply and avail the benefit of loans as well as increase Creditworthiness for a better financial future.
• The approved loan amount can be used for various essential purposes.
• Personal Loan approved expeditiously after submission of relevant documents.

Unique Benefits of the MobiCred App:

• The App is owned by a Registered NBFC.
• Transparent Interest Rates and Other charges
• User friendly, Hassle-Free Experience, and Easy loan application process
• Sanction Letter after Loan Approval; Agreement Copy after Execution

Eligibility Criteria:

• Indian citizen
• Salaried Individuals
• Above the age of 22 years till 55 years for Personal Loans
• Minimum take-home salary per month Rs.15000/- credited in Bank Account.

Documents Required:

• Selfie
• Aadhaar Card
• Address proof </ li >
• PAN card </ li >
• Employer ID Card </ li >
• Bank statement for Last 3 Months </ li >

How MobiCred Works? Our 4-step application process reflects our goal to be the most secure instant loan App in India. All you have to do is:
1. Log in to the MobiCred mobile App
2. Upload a few basic details and KYC documents.
3. Apply for Loan. Once your loan is approved, complete the loan documentation.
4. Once documentation completed, your Loan amount will be transferred to your Bank Account.