How to Apply for a Personal Loan, Personal Loan Process

Our 100% paperless process simplifies the loan application & provides instant approval within a few hours!

Steps to Apply for a Personal Loan

Check your Eligibility

First and last name according to your PAN card
Income
Age and date of birth
Location and area code
Gender
Purpose of availing said loan
PAN number
Mobile number

And any other requested details.

Once this is done, sit back and relax while we calculate your eligibility within 2 minutes

Select a Loan Plan

Based on the information provided & your credit profile, an eligible loan amount will be displayed. Select the loan amount as well as repayment tenure of your choice that suits your requirements

Complete KYC & Income Verification

The next step is to upload all the required documents such as ID proof, address proof, and income proof. You will also be required to take your Selfie & upload images of your PAN Card. The entire process is 100% online and does not require any physical copies.

Loan Approval & EMI-Auto debit

Once your documents are verified, your loan will be instantly approved. You’ll now be required to enable the EMI-auto debit or NACH mandate using Netbaking/Debit card or NACH Form. This step ensures that the auto-debit facility for your bank account is activated for easy monthly EMI payments.

Loan Disbursal

Once the EMI-auto debit is enabled, you’ll be sent a Loan Agreement with details like your loan amount, interest, applicable fees & tenure etc. Kindly review the same & submit. Once submitted, the loan amount will be transferred to your bank A/c within 1 business day.

In five quick and easy steps you can now avail an instant personal loan from MoneyGray.

How to Apply for a Personal Loan - Related FAQs

1. Why Should I Avail A Personal Loan From MoneyGray?

Ans: While there are many personal loans available in the market today, the benefits offered by MoneyGray instant personal loans are immense. Some of these include -

Quick eligibility check that takes less than 2 minutes
Flexibility in selecting the loan amount and repayment term
Hassle-free and digital loan application process
Unique credit verification system ensuring lenient eligibility
Loan disbursement within 24 hours of loan approval
Purpose of availing said loan
No collateral or hidden charges

2. How Long Does MoneyGray Take To Disburse My Loan?

Ans: As part of our personal loan process, once your loan application has been processed and approved, the loan amount will be credited to your bank account within 24 hours.

3. How Will I Pay The EMIs For My Personal Loan?

Ans: As part of the personal loan process, you will be required to submit a NACH mandate allowing us to auto debit your EMI amount. This ensures that the process of paying your EMIs is hassle-free.

In case the auto-debit feature for your loan account is not activated or enabled, you can pay your EMIs through the ‘Pay Now’ option on our app through your debit card or netbanking.

4. Why Do I Need To Submit The NACH Mandate? Does My Loan Get Disbursed Immediately After I Submit The NACH Form?

Ans: In order to ensure hassle-free and timely repayment of your EMIs, you will need to enable the auto debit facility from your bank through the NACH mandate. You will have to download, print, sign the same and email it to us.

Regarding the loan disbursement, after your loan agreement is reviewed, you will receive an OTP on your registered mobile number which will have to be entered for the submission and approval of your loan agreement. Your loan will be disbursed after this.

5. Can I Cancel The Loan At Any Stage?

Ans: No, as a customer you are allowed to cancel your loan only before the loan application is processed. After processing, you will not be able to cancel your loan

6. How To Apply For A Personal Loan If The App / Website Crashes Midway Through The Application Process?

Ans: Our app / Website has been designed to ensure a smooth experience free from errors of any kind. However, if the app / website does crash, please do not worry, you will be able to restart the process from the same step.

7. Is MoneyGray The Lender Of This Loan? If Not, Does My Data Get Shared With The Lender When I Apply For A Loan?

Ans: No, MoneyGray only facilitates the process of lending as well as repayment of loans. Your data will be shared with the lender in order to process your loan. However, the entire process of applying for and receiving a loan from MoneyGray is completely safe and secure.

8. I Am Unable To Fill In My Current Address. What Should I Do?

Ans: While providing your address please ensure that you are providing your information in English without using any special characters. You will need to provide your complete address with your house number, street name, and other details wherever applicable.