FAQ

The questions you most want to know the answers to!

Product & Costs

Q1. What will this cost me?

Click the link and you will know what our Moneyinminutes.in little cash loan will cost you. You can also view our Charges page and Calculator.

Q2. How much money can I get as a loan?

We offer cash loans in the range of 5,000 to 1,00,000.

Once you take a loan from us, you automatically become a member of the MONEYINMINUTES Club. So, once you have fully repaid your loan, you can apply for another loan and get lower interest rates than before. So you will be paying back less than the previous time even if you have borrowed the same amount, resulting in a greater savings in money for you. Also, once you become a MONEYINMINUTES club member, you don’t need to fill out the application form each time you want to take a loan, thus saving a lot on time as well.

Q3. I need more information on the MONEYINMINUTES Club

The MONEYINMINUTES Club is our way of saying thank you to our loyal customers. It is also the best way for you to get the most out of Moneyinminutes.in.

From the first loan that you take with us, you automatically become a member of the MONEYINMINUTES Club. Once you repay your loan, you can apply for the next loan. We will reduce the monthly interest rate on your next and subsequent loans which is a huge percentage in this business.

Q4. Product Brief And Rate Of Interest

Product: Description and disbursement.

M1M

Borrower can avail a loan amount ranging from 5000/- to 30000/- under this product with a loan period ranging from minimum 1 day and maximum 70 days.

M3M

Borrower can avail a loan amount ranging from 10000/- to 50000/- under this product with a loan period ranging from minimum 30 days and maximum 90 days.

Borrower must repay this loan in three EMI’s.

M6M

Borrower can avail a loan ranging from 20000/- to 100000/- under this product with a loan period of six months.

Borrower must repay this loan in six EMI’s.

RATE OF INTEREST
For M1M Product

Borrower shall pay to the Lender Interest Amount at the rate of

0.10% flat per day (36.50% p.a.) of the Loan Amount for the Term of the Loan upto 5 days.

0.25% flat per day (91.25% per annum) of the loan amount for the term of loan upto 10 days.

0.50% flat per day (182.50% per annum) of the loan amount for the term of loan upto 15 days.

0.70% flat per day (255.5% per annum) of the loan amount for the term of loan upto 30 days.


For M3M Product

Borrower shall pay to the lender interest amount at the rate of 0.70% flat per day (255.50% p.a) of the loan amount the term of the loan.

Loan is repayable in three emi’s.

For M3ME Product – Only for Existing borrowers of Moneyinminutes

Borrower shall pay to the lender interest amount at the rate of 0.70% flat per day (255.50% p.a) of the loan amount for the first month.

Borrower shall pay to the lender interest amount at the rate of 0.60% flat per day( 219% p.a) of the loan amount for the second month.

Borrower shall pay to the lender interest amount at the rate of 0.50% flat per day( 182.5% p.a) of the loan amount for the third month.

Loan is repayable in three emi’s.

FOR M6M Product

Borrower shall pay to the lender interest amount at the rate of 0.25% flat per day( 91.25% p.a) of the loan amount for the term of the loan.

Loan is repayable in six Emi’s.

Q5. Fees And Other Payments

Fees and Eligibility

TThe Borrower shall be liable to pay the Lender a processing fees as per the slabs given below (“Processing Fee”). Lender reserves the right to change the amount of Processing Fee at any time however the same would not apply retrospectively to Loan already availed by Borrower.

FOR M1M & M3M Product

Loan Amount(INR) Processing Fee
5000/-to10000/- 350/-
11000/-to30000/- 650/-
31000/-to 50000/- 950/-

For M6M Product

Loan Amount(INR) Flat Processing Fee
30000/-to 50000/- 2000/-
50000/- to 70000/- 3000/-
70000/- to 90000/- 4000/-
90000/- Above 5000/-

The Processing Fees shall be deducted upfront at the time of Disbursement of Loan Amount and balance Loan Amount after deduction will be disbursed to Borrower.

Eligibility for the Loan for M1M Product is up to 40 % of net monthly income (rounded off to nearest 100) , for M3M Product Loan eligibility is up to 60% of net monthly income (rounded off to nearest 100) and for M6M loan eligibility is up to 120% of net monthly income. The eligibility calculation shall be entirely at discretion of the lender.

Illustration:

Product description

M1M - 1- 30days product and 7 days’ extension period.

M3M- 90 days product up with repayment in EMI’s and 7 days’ grace period with each EMI.

M6M - 180 days product with 7 days extension period with each EMI.

Personal loans will have three products – M1M, M3M and M6M.

In personal loans at any point Borrower cannot mix two loans of different products under the eligibility. Ex. if Borrower is eligible for Rs30,000, borrower cannot have outstanding amount in M1M, M3M and M6M loan at the same time.

Borrower can not avail multiple loan, unless current outstanding is completely paid off.

The Borrower shall be solely liable to bear and pay to the Lender all costs, charges and expenses incurred by the Lender in connection with this Contract, any other documents including but not limited to all costs, charges and expenses incurred for enforcing any provision thereof or recovering any amount payable by the Borrower, all costs of creation, enforcement, realization (or attempted enforcement and realisation) of any Amounts Due, including stamp duties (including penalties thereof), all document charges, legal fees, holding costs, registration charges and court fees; any bank charges and charges for dishonoured cheques; and the Borrower shall pay the same to the Lender forthwith on (and in any event within 3 (three) Business Days) of demand by the Lender. In any such cases, the Borrower shall be black listed and no further Loan sanction or Disbursement Request shall be entertained by the Lender.

The Borrower agrees that he is liable to pay the stamp duty, other fees as applicable on all the documents/ instruments executed by and between the parties or any of them pursuant to the Loan granted by the Lender to the Borrower including but not limited to the Contract and keep the Lender indemnified against all loss, costs, charges and expenses that may be suffered or incurred by the Lender by way of any direct or indirect taxes such as service tax, transaction tax, stamp duty or other fees of any nature.

Additionally, the Borrower shall also be liable to make payment of all costs, charges, expenses including interest and penalty, if any, payable as a result of non-payment or payment of deficient stamp duty on any of the aforesaid documents, including but not limited to this Contract and all legal costs as between the attorney and clients on a full indemnity basis.

Repayments

Q1. What are my responsibilities?

Once your loan has been approved by us, your only responsibility will be to ensure that you pay us back on time , either you can transfer the funds on your due date or you may ask us to deduct your account directly three days in advance from your due date.These dates are set in collaboration with you and they are listed in your loan contract and sanction letter.

In order to help you remember these dates, we will send you a reminder SMS, e-mail or a phone call a few days prior to the due date. If at any time you are not confident about fulfilling your responsibilities in repaying the amount by the repayment date, we request that you call us to discuss all the options available to you. The earlier you do this, the better it will be as we want to help you meet your responsibilities as comfortably and stress-free as possible.

Q2. Consequences Of Default

On the happening of any of the Events of Default, the Lender shall be entitled, without prejudice to any other right or remedy which the Lender may have under this Contract or otherwise in Applicable Law and notwithstanding any subsequent acceptance of any repayment of the Loan Amount including the interest and penalty thereof, take any of the steps specified hereinbelow without any notice, except as specified herein, at any time after the occurrence of such event:

By a notice to the Borrower, to terminate this Contract and/or declare the Amounts Due, due and payable forthwith.

The Lender and/or Moneyinminutes.in may use Borrower's personal and public details (including friend list, employer of borrower) to publicly announce the fact about Borrower's default with Borrower's details on its Website as well as Borrower's social media pages, other social media platforms and other avenues. Lender may use electronic medium, automated pre-recorded calls at any hour of the day to remind borrower of his dues. Borrower expressly grants his irrevocable and unequivocal consent to such publishing of fact of default by Borrower on his social networking pages and other media and further acknowledges and confirms that the same will not be construed as a 'defamation' and hereby expressly indemnifies Lender against any suits, claims or actions against lender for defamation.

Borrower exercise and enforce all rights and remedies available to the Lender under this Contract and in Applicable Law for recovery of monies from Borrower.

Appoint/nominate any Agency, law firm or person to legitimately recover default amount from the Borrower.

All expenses incurred by the Lender after an Event of Default has occurred including in connection with collection of Amounts Due shall be payable by the Borrower.

Q3. What happens if I’m unable to repay the money by the scheduled date?

If you are not able to repay the money on the repayment dates that are detailed in your loan contract, then the amount of money you owe us can increase. That is why we work closely with you to ensure that the loans we give you are suitable for your budget and your pay cycle.

DELAYED INTEREST FOR DEFAULT PERIOD

The Lender shall levy a Delayed Interest at 3 % flat (182% p.a.) for every week after the due date (including extensions) as stated above. Please refer mentioned for illustration on calculation of Delayed Interest.

INTEREST CALCULATION ON DELAYED PAYMENT

If Borrower fails to repay his loan within approved period, he will be liable to pay interest as applicable on the next slab as specified under various product schemes mentioned above from the date of original sanction period. If the Borrower further fails to repay within such extended period, he will be liable to pay a 3% flat Interest (182% p.a.) for every 7 days.

If borrower availing 30 days Loan, fails to repay within that period, he will be offered free grace period of 7 days ( No Penal charges for grace period). If borrower fails to pay within grace period of 7 days then 3 % flat (182% p.a) will be charged as delayed interest for every seven days, including grace period offered.

If borrower availing 90 days or 180 days Loan, fails to repay EMI of Loan availed on expiry of each 30 days from Loan disbursement , then 7 days grace period offered from due date of instalments( No Penal charges for grace period). If borrower fails to pay within grace period then 3 % flat (182% p.a) for each 7 days from due date of instalments, including grace period will be charged as delayed interest.

The Borrower shall be deemed to be in default on expiry of the said second and final extension (or grace period as applicable) of 7 days and the Borrower shall be continued to be liable to pay 3% flat interest (182 p.a.) per week till the full and final receipt of default amount.

Following is an Illustration on the Interest Amount and Delayed Interest for a loan amount of INR 10,000/-.

UNDER M1M PRODUCT

Eg. LOAN SANCTIONED FOR 5 DAYS.

Applicable ROI for 5 days on 10000/- is 0.10% flat per day (36.50% p.a)

Total interest repayable amount at the end of 5 days is 50 rupees

Total repayable amount including principal (10000/-) and Interest (50/-) is 10050/-

If Borrower fails to repay within his sanctioned period of 5 days then he is liable to pay next applicable rate of interest on the principal amount from sanctioned date.

Now total repayable interest amount on 10000/-at the end of 10 days is 250 rupees

Total repayable amount (Interest + Principal)= 10250/-

Similarly, if borrower fails to repay further then rate of interest will be calculated as per ROI schedule explained under Rate of Interest clause.

Under M3M

Eg. Loan amount of 10000/- sanctioned for 3 months.

EMI amount 5433/- , If borrower fail to repay EMI on due date then 7 days grace period is offered to him ( with no penal charge) and If the Borrower further fails to repay within such extended period, he will be liable to pay a 3% flat Interest (182% p.a.) for every 7 days.

In case you fail to repay your amount on the due date and fail to contact us, we will consider your account to be in arrears and hand over your case to our collections team. The collection team will contact you on SMS, e-mail, and phone to work out a time that is suitable for withdrawal of the funds or help set up a payment plan that will close the account.

If we are unable to bring closure to your account after all these efforts, then we may have to pass your account over to an external collections agency. We are then legally entitled to register a default on your loan which will be reported to CIBIL. This is something that we would like to avoid doing as much as possible, which is why we request you to give us a call three days prior to the repayment due date if you are unable to meet your obligations.

Q4. When do I make the repayments?

During your application process, we will work out a repayment schedule that is comfortable for you. This will be seen as you can directly transfer the repayment amount in our account on the repayment dates or you can inform us 3 days in advance if you want us to debit your account. Once your loan is approved, these dates are listed on your loan contract and sanction letter. We will be sending you an SMS, e-mail or a phone call a few days prior to the repayment date to help you remember and ensure that you don't miss your repayment date.

Q5. How do I make the repayments?

You can transfer the funds online through IMPS/NEFT to our account
Account Holder: TUSHAR LEASING & INVESTMENT PVT. LTD.
Bank Name: YES BANK LTD.
Account No: 066063500000053 ,
IFSC Code: YESB0000660 ,
Branch Address: ADARSH NAGAR NEW DELHI
Account Type: Current Account
Or may ask our team if you want us to debit your account atleast three days prior to due date.

Q6. How will you calculate my repayment amount ?

We have designed our rate slabs keeping in mind the different needs of our customers.If you choose a shorter tenure the lesser you have to pay us back, but in case you miss the date your repayment amount will be calculated on the basis of your repayment date and accordingly our calculator will calculate the amount.

(Please check our calculator at home page to understand in details.)

Q7. Repayment And Prepayment

Repayment

Borrower shall repay the Amounts Due through any one of the following methods:

Net Banking Payment to the Bank Account of Lender: as will be communicated by SMS and/or email registered with loan application.

Cash or Cheque to be deposited into the Lender's Bank Account, in exceptional cases, when Borrowers Bank is unable to execute Net Banking Transaction.

In case of any change in Bank Details, Borrower will receive an SMS and/or email. with details of Lender Bank Account in which Amounts Due are to be deposited.

Borrower is required to mail repayment details to Lender at info@moneyinminutes.in by sharing / uploading payment details.

If any payment under these T&C is required to be made on or before a day which is not a Business Day or within a day which is not a Business Day or within a period which ends on a day which is not a Business Day then the Borrower shall be required to make the payment on the immediately preceding Business Day.

Lender will intimate Borrower through SMS and/or email regarding Due Date of Repayment of Amounts Due. However Lender assumes no obligation to provide such intimation to the Borrower. The Borrower agrees that it shall be entirely its responsibility to ensure prompt payment of the Amounts Due on the Due Dates.

Repayment of the Facility is to be made by the Borrower on or before the Due Date at the end of Term of Loan.

The Lender shall be entitled to recalculate/ re-compute the Amounts Due if the Lender varies the interest rate and/or upon the occurrence of any event which in the opinion of the Lender necessitates a re-computation/ recalculation of the same.

The Borrower shall electronically confirm and provide a promissory note for due repayment of the Amounts Due and in addition if so required by Lender, give post-dated cheques or ECS Mandate, RTGS Mandate, NEFT requests drawn in favour of Lender or such instruments for payment as may be prescribed by the Lender for the due repayment of the Amounts Due. Such ECS Mandate or cheques shall be deemed to have been given for adequate consideration already received by the Borrower and shall not absolve the Borrower from his liability to pay the said sums hereunder until the cheque or the ECS Instruction is duly realized. The Borrower shall maintain adequate balance for realisation of the cheques or the ECS Instructions on their Due Dates for payment.


Prepayment

Notwithstanding the above, if the Borrower wishes to repay any Loan Amount or Amounts Due or part thereof before its Due Date, the Borrower may do so and send the payment details to info@moneyinminutes.in. The Interest amount only on the Principal outstanding amount would be calculated. The Borrower may, on such terms and conditions as may be imposed by the Lender, be entitled to prepay any Loan Amount or Amounts Due or part thereof before its Due Date.

How does the system work?

Q1. Is Moneyinminutes.in right for me?

We are transparent from start to finish and ensure you get all the information regarding the fees, charges, our services, etc. We let you make the decision based on the facts.

The fact is, if you are looking for a lightning fast, cheap, and online cash loan in the range of ten thousand rupees to one lakh rupees, which you are sure to repay on each repayment date, and appreciate being treated in a discrete and friendly way, then we are the people for you.

Our loans are just right for any kind of small cash shortfall that can crop up in life from time to time and which can easily be paid back in your next pay cycle. This is a short-term solution that does not become a long-term problem like what happens when you take loans from banks.

Q2. How does this work?

Just fill in our simple application form that takes just 5 minutes to fill and we will do the rest. We give you a decision quickly about whether you are approved or not. Once approved, we also give you the time to expect funds in your account.

Once your loan is funded, all you have to do is ensure there are sufficient funds in your account to pay us back on the scheduled date. We will remind you of this date with an SMS, e-mail or a phone call a few days prior.

Once you take a loan from us, you are automatically a member of our MONEYINMINUTES Club, which entitles you to a significant reduction in monthly interest rates when you take loans in future, thus ensuring you have more money in your pocket at the end of the month.

Q3. Please explain the little cash loan by Moneyinminutes.in

We provide instant help for the unexpected expenses that life can throw your way. You don’t have to go through the hassle of taking a loan from a bank, which involves long queues, long approval times, and longer transfer times.

We consider all our customers as our close friends and treat you as discretely and confidentially as we would treat them. You will have no hesitation to recommend us to your friends and family.

Q4. Why do you need to contact my HR?

We have a policy of responsible lending to our customers and our regulators. This means we ensure that you can afford the loans we provide, which helps to safeguard your financial health as well as peace of mind in future. This is why we will may give a quick call to the HR department in your office to verify the details you provide in the application.

We are very discrete about this and we take your privacy very seriously. When we talk to your HR, we do not mention that we are a cash advance lender. Even though this is nothing to be embarrassed about in this day and age, most of our customers prefer to keep it confidential, which is why we keep it that way. So here is how the conversation with your HR will go:

  • MONEYINMINUTES : Hi, we are calling from MONEYINMINUTES(Moneyinminutes.in). Could you please tell us if Miss Pooja is working with you?
  • HR: Yes, she does, and she is our star performer.
  • MONEYINMINUTES: And she gets paid X Amount directly into her bank account every month?
  • HR: Yes.
  • MONEYINMINUTES: Great! Thanks for that. Have a great day!

Q5. How long do I have to wait for your decision?

Not long at all. In fact, when you give us your bank statement ASAP and everything else is in perfect order, our system will give you a quick decision and if approve the money is sent to you. Borrowing from us is just like borrowing cash from your best friend, who wouldn’t make you wait around for any so-called approval decision! We don’t behave like a bank, but more like your best friend! That’s why we don’t make you wait because we know how badly you need the cash right now!

Q6. How do I get paid and how fast?

We pay your cash loan directly into the bank account nominated by you once approved. We are also the first lender in India who will tell you exactly when you can expect the funds in your account.

We will transfer the cash into your account as soon as you have been approved for the loan. After we do this, it is over to your bank to process the incoming funds into your account according to their policy.

If you do not have a bank account with the major banks, we will still transfer the funds instantly after approval, but your bank may take 24-48 hours to reflect it in your account. Even though we have tried to speed up this process, there is nothing we can do about the delay.

Q7. Do I need any documents?

We have put in a lot of time and effort to create a system that gives you the fastest decision in the shortest time. Just like any other lender in India, though, we do need to have a quick look through your bank transaction history, but this can be uploaded to our site in seconds or sent to us by emailing it at support@moneyinminutes.in. During your application process, you will have to provide your salary account and bank statement, feel free to contact us at 011-4515-4515

Q8. Will you still give me a loan if I happen to have a bad credit history?

Unlike other lenders, we do not turn you away just because you were late in paying your credit bills a few years ago. As part of our responsible lending policy, we do check your credit history though, but we do not hold this against you, if it is less than stellar! We make assessments based on your present, not on your past. So don’t worry if you have a past default history. We may still be able to help you out.

Q9. Can I apply after business hours?

Although we need to sleep, just like everyone else, our system doesn’t, and that’s good news for you!

No matter what time of the day or night you apply, our system will provide you with your loan contract number, but we still need to go over your application personally to ensure it meets our responsible lending policy. If you apply outside of business hours when we have all gone home, then we will get to your application first thing in the morning.

Q10. I’ve repaid my loan. When can I reapply for the next one?

That’s awesome and we appreciate you for meeting your obligations on time! It usually takes 2-3 days for our system to confirm that all payments have been cleared. We will send you an update email once it is confirmed. If you are looking for your next loan with us, you can do so in minutes.

As a member of MONEYINMINUTES, the next time you apply for a loan, we provide you with decreased monthly interest rates. This translates as more money in your pocket because you need to pay back less money to us!

Q11. What info do I need to give you guys?

We need to know some of the basic stuff about you, such as your name, address, phone numbers, employer, and of course, salary amount. We would also need your bank account details (especially account number) so we can deposit the money directly into your account using our Fast Pay system after your application has been approved.

As all Indian lenders are required to review bank statements for the previous 180 days, we would also need your bank statements. We have features such as instant account verification and a quick to use document uploader to make this easy for you to send to us.

This info is used by our system and our friendly customer service team to reach the right decision for your needs.

Please provide up-to-date and accurate information as this helps us approve and transfer your funds ASAP.

Q12. Do you pay into all banks?

Yes, we do!

Q13. How do I know if I am eligible for your loan?

We have a simple checklist for this.

Age- Anyone over 18 years can apply.

Employment- You need to be a full time employee. We are unable to lend to those with a commission-based income.

Pay- Your salary has to be paid directly into your bank account on a scheduled pay cycle.

Credit History

Q. Do you conduct credit history checks?

As part of our responsible lending policy, we conduct a comprehensive credit history check. But we don’t turn you away or increase your interest rate in case you have a bad credit history, like other lenders do. Even if you have a few black marks on your credit history, we don’t hold it against you. We assess you now and not on your past.

Responsible Lending

Q. How is Moneyinminutes responsible?

We only lend to customers who we are sure can afford our products. This is why we are diligent with our checks behind the scenes. By only lending you the loan you can comfortably afford to pay back, we are assuring your future financial health and peace of mind. This also ensures that you have a good credit history and can come back for more loans in future.

These are our values that make us responsible money lenders:

Transparency: Our costs, fees, and charges are all openly given to you from the get-go. There are no hidden charges that make for unpleasant surprises later.

We’re people just like you: We understand how life works and that sometimes you just need some cash for a quick solution to an unexpected expense without having to be locked into a long credit contract for it. We understand your concerns so give us a call if this is your first time and we will put you at ease.

Reviews

Q1. What if I have a complaint?

We are committed to the satisfaction and delight of our customers, but if for some reason you believe we have failed in doing so, we really want to know what happened and how we can help you resolve this. You can mail us at care@moneyinminutes.in or call us at 011 45154515. We will ensure we can get it right the next time.

Q2. Did you have a fantastic experience with Moneyinminutes.in?

Then tell us and everyone else all about it! Do so on our Facebook page. Like us there and share your experience with us. We also use our Facebook page to offer our loyal customers interest-free loans as well as unbelievable discounts and offers from our trusted partners. These are only available to our followers on Facebook so be sure to follow us there!

Money in Minutes