Financial needs can arise anytime, without so much of a notice. At such times, having to run from lender to lender in order to obtain a quick cash loan is the last thing struggle anyone wants to go through. If you have a bad credit score, it will only add to your troubles, as lenders are known to steer clear from offering loans too those who do not have a healthy or the minimum required credit score. However, with changing times, money-lending practices have also changed and now people do not have to solely rely on traditional lenders like banks in order to get quick financial assistance. Among the new crop of companies which offer quick personal loans is Money In Minutes.
Rates of Interest for Money in Minutes Loans
Rates of interest for different MIM loan products differ mainly based on the repayment tenure of the loan product opted for. Given below are the interest rates for M1M, M3M, and M6M5 loans:
The following interest rates shall be applicable:
- For loans terms of up to 5 days - 0.10% flat/day (36.50% p.a.) of the loan amount
- For loan terms of up to 10 days - 0.25% flat/day (91.25% p.a.) of the loan amount
- For loan terms of up to 15 days - 0.50% flat per day (182.50% p.a.) of the loan amount
- For loan terms of up to 30 days - 0.70% flat per day (255.5% p.a.) of the loan amount
The rate of interest for this category of loans is set at 0.70% flat/day (255.50% p.a) of the loan amount for the term of the loan. The loan must be repaid in a maximum of 3 EMIs.
The rate of interest for this category of loans is set at 0.25% flat/day (91.25% p.a) of the loan amount for the term of the loan. The loan must be repaid in a maximum of 6 EMIs.
Features of Money In Minutes Loans
- Customer data security – MIM makes use of advanced 128-bit to 256-bit SSL encryption technology to encrypt all data that customers input on the website in order to ensure complete data security. This data is then used by the company to not only review a loan application but also suggest the most suitable loan to the borrower as well.
- Varying loan products – To help customers take care of their most pressing needs, MIM extends a variety of loans such as quick cash loans, little loans, personal loans, cash advances, bad credit loans, and fasts money loans.
- Multiple loan amounts offered - MIM extends loans starting from a minimum of Rs.5000, up to a maximum amount of Rs. 1 lakh. The loan products are divided into 3 categories – M1M, M3M, and M6M. M1M includes loans starting from Rs.5000 and up to Rs.30,000; M3M includes loans starting from Rs.10,000 and up to Rs.50,000; M6M includes loans starting from R.30,000 up to Rs.1 lakh.
- Flexible loan repayment tenure – Loans that have been availed can be repaid back in a minimum of 60 days, and a maximum of 180 days. M1M loans must be repaid within a period of 1 day to a maximum of 70 days. M3M loans must be repaid within a period of 30 days to a maximum of 90 days. M6M loans must be repaid within a period of 6 months.
- Save more – For customers who take loans from MIM and repay them in a timely manner, MIM offers lucrative money saving options like cashbacks, discounts on interest, enhancement in the loan tenure, and more.
- Quickest loan disbursal – In order to ensure that customers get the loans when they need them, MIM makes use of a special funding system, which makes sure that the loan amount reflects in the borrower’s bank account on the exact date assured.
- Quick loan processing – The loan application process starts as soon as the customer registers on the MIM mobile application. While customers are registering and providing the necessary information in order to apply for a loan, their application is already being processed. This helps greatly cut down on the application processing time which further ensures that funds are transferred to the borrower’s account on the date promised.
- Affordable lending – MIM offers loans on the principle of responsible lending. This means that they offer loans to customers only when they are sure that the latter can not only afford the loan without incurring any financial adversity and can also pay it back comfortably.
- Easy online application – Applying for a loan with Money in Minutes takes no more than 5 minutes. All you have to do is provide all the requested information, following which your application will be reviewed as per the company’s responsible lending criteria, and when approved, the loan amount shall be deposited in your account soon after.
- Transparent process – When you apply for a loan via Money in Minutes, you can rest assured that the entire process is as transparent as can be. All fees and charges associated with the loan will be informed to the borrower upfront. There will be no nasty surprise of hidden costs or charges sprung on the borrower at a later stage.
Types of loan offered by Money in Minutes
Fast cash loans
For those who are in urgent need of cash can avail fast cash loans from MIM. The specialty of this loan is the quick loan disbursal time. Customers can apply for the loan within a short time frame of 5 minutes, and if all eligibility criteria have been met, the loans will be processed and approved within an hour. The borrower can be sure of receiving the money into their account as and when promised.
Small cash loans
Another type of loan product offered by MIM is the small cash loan. These loans are provided for amounts ranging from Rs.10,000 and up to Rs.1 lakh. The repayment tenure for these loans ranges from a set number of days, to a set number of weeks. The most frequently borrowed amount under this loan type ranges from Rs.10,000 to Rs.25,000, the repayment period for which is between 2 to 4 weeks.
Quick Cash Loans
In times of an emergency, getting financial aid at the right time can make all the difference in the world. That is exactly what MIM strives to provide with their Quick Cash Loans. Ordinarily, if one wants to avail a loan in an emergency, they would have to visit a bank, fill up various forms, and then wait to find out if their application has been approved. If rejected, the process has to be repeated all over again, at another bank. Approvals for loans at banks can easily take up to a few days to come. With the MIM Quick Cash Loan, one can forego all such worries. These loans can be applied for in a paperless manner and are hassle-free to avail. The entire loan application process can be completed in under 10 minutes.
The need for additional cash can arise at any time, without warning. Be it for an emergency medical procedure, or to pay off an overdue bill, a cash advance can make a lot of difference. With the help of a Cash Advance from MIM, you can rest assured that not only will you receive the funds you need in time, but also won’t enter into a long-term repayment contract with the lender.
Cash advance loans are essentially meant to be financial aid which will help the borrower sustain their expenses till the upcoming payday. The amount extended by way of a Cash Advance loan will vary depending on the income of the borrower. As mentioned before, these loans do not have any hidden fees or charges. Customers are also informed when they can expect the funds to be deposited in their account. Most loans are usually approved and disbursed shortly after the application has been processed.
Eligibility for Money in Minutes Loans
The first thing to note about MIM loans is that these are only extended to salaried individuals. In that regard, the eligibility criteria for these loans is given below:
- They must be at least 18 years or older.
- They must be employed on a full-time basis.
- They must be drawing a minimum salary of Rs.15,000 per month.
- They receive their salary via an electronic deposit into their bank account on a monthly basis on a set date.
Documents required to apply for Money in Minutes Loans
In order to apply for an MIM loan, applicants will be required to furnish the following documents:
- Salary account statement for the last 6 months
- The most recent salary slip
- PAN Card
- The most recent electricity bill
- Proof of address – Passport/Aadhar Card/rental agreement/Voter ID
- A cancelled cheque from the applicant’s salary account
Quantum of Loan Offered
The amount of funds offered under the different loan products – M1M, M3M, and M6M, varies depending on the gross monthly income of the borrower. For the M1M loan product, the maximum loan amount offered will be up to 40% of the borrower’s total monthly income; for the M3M loan product, the maximum loan amount offered will be up to 60% of the borrower’s total monthly income; for the M6M loan product, the maximum amount that is offered will be up to 100% of the borrower’s net monthly income. The loan amount will be rounded off to the closest hundred.
Money in Minutes Loan Repayment Options
Borrowers have multiple options using which they can make the loan repayments. Following are the options:
- Smart Account - On the dashboard of the MIM mobile app, there is an option of using the personal smart account. When the borrower makes a payment using this option, the same is updated automatically in the mobile app as well.
- Net Banking – Borrowers can also make their loan repayments using the net banking facility of their bank. They need to make the payment to the bank account of the lender which will provided in the loan application document and also via SMS.
- Cash or cheque – In the event that the repayment cannot be made via net banking, borrowers may deposit the EMI amount in cash or cheque into the lender’s bank account.
Loan processing fee – Money in Minutes
There is a nominal processing fee that is charged on these loans. The processing fee differs based on the slab in which your chosen loan amount falls. While the loan processing fee may be revised by the lender at any time, the change will not be applicable to borrowers who have already received the loan. The final loan amount that is provided to the borrower will be adjusted for the processing fee. For example, if the borrower has availed a loan of Rs.15,000, the loan processing fee applicable i.e. Rs.350 will be deducted from the approved loan amount. The final amount that will be deposited in the borrower’s account will be Rs.14,650. Given below are the processing fee applicable to varying loan amounts:
M1M & M3M Loan Products
- For loan amounts ranging from Rs.5,000 to Rs.15,000, a processing fee of Rs.350 will be applicable.
- For loan amounts ranging from Rs.15,500 to Rs.30,000, a processing fee of Rs.650 will be applicable.
- For loan amounts ranging from Rs.30,500 to Rs.50,000, a processing fee of Rs.950 will be applicable.
For M6M Loan Product
- For loan amounts ranging from Rs.30,000 to Rs.50,000, a processing fee of Rs.2,000 will be applicable.
- For loan amounts ranging from Rs.50,500 to Rs.70,000, a processing fee of Rs.3,000 will be applicable.
- For loan amounts ranging from Rs.70,500 to Rs.90,000, a processing fee of Rs.4000 will be applicable.
- For loan amounts of Rs.90,500 and above, a processing fee of Rs.5000 will be applicable.
Process of applying for a loan from Money in Minutes
Applying for a loan on Money in Minutes is not only quick, but also simple and the whole process can be completed in under 5 minutes. The first step is to get the Money in Minutes mobile application, and apply for the loan that you want. For this, you will be required to fill up an application form. Next, you will be required to provide some documents, as have been listed above. To make the process easier, you can directly upload soft copies of the requested documents on the app. After the documents have been provided, MIM will review your loan application on the basis of the information provided. Once approved, the loan amount will be transferred to your chosen bank account within a short while.
About Money in Minutes (MIM)
Money in Minutes is a lending company that is a part of Tushar Leasing and Investment Pvt. Limited which is a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). Money in Minutes is also a member of the some the renowned credit-rating agencies such as Credit Information Bureau (India) Limited (CIBIL) and Experian. The company offers a variety of loans such as fast money, small personal loans, bad credit loans, cash advances, quick cash loans, among others.
Contact details for Money in Minutes
- You can contact Money in Minutes at their email ID – email@example.com
- Office address: 4A/36 Tilak Nagar, New Delhi – 110018
Alternatively, you can click on the ‘Contact Us’ option from the main menu and submit your query. In case you want to raise a complaint, click on the ‘Grievance’ option from the bottom menu and submit your complaint in the provided field.