5 reasons to choose Monexo over banks for availing a personal loan

28 February, 2019

Dealing with the financial crisis is tough and easy personal loans are a life-savior in those times. But are they as easy as they sound? Might not be. Once you make up your mind and get yourself ready, the troublesome experience starts. You approach a bank (or an NBFC) of your choice, submit the documents and then wait for them to initiate the process. Your personal loan application then goes through multiple hands. And the process takes days if not weeks.

So, how is Monexo different?

Monexo is an online P2P lending platform. It allows individual borrowers and lenders to connect and transact using a secure channel. And the process is easy and quick. In most of the cases, you can get an instant loan. Yes, it takes only hours for Monexo. to process your loan, and it is completely online. But before moving towards the benefits of the online personal loan by Monexo, here’s a quick comparison table for you –
HDFC ICICI Monexo Bajaj Finserv Kotak Mahindra
Processing Fees 2.5% 2.25% 2.5% 3.99% 2.5%
Pre-closure Charges 2% - 4% 5% 2.5% 4% 5%
Pre-closure Term After 12 EMIs After 6 EMIs Anytime After 1 EMIs After 12 EMIs
Minimum Income ₹20,000 ₹20,000 ₹15,000 ₹35,000 ₹25,000
Suggested Read – Get a Personal Loan Approval Faster Than any Bank in India Now, here’s why to choose Monexo. over banks for personal loans –

1) Minimum Processing Fees –

Deducted, once the loan is approved by the lender, the processing fees of Monexo. at 2.5% is among the lowest when compared to other NBFCs.

2) Minimum Pre-closure Charges –

While most banks charge a loan pre-closure fee anywhere between 2%-5%, Monexo charges only 2.5% of your principal loan amount. It would be worth a mention that some NBFCs charge even higher if you want to clear your dues early.

3) Can Pre-close Anytime –

Unlike most banks, where you have to pay a minimum of 12 EMIs before you can close your loan account, Monexo allows you to pre-close anytime. There are some who permit you to settle the loan earlier (after 6 EMIs, 3 EMIs or even 1 EMI), but take special note of the associated charges.

4) Lowest Minimum Salary –

If you check the personal loan eligibility criteria of other banks and NBFCs, most need you to have a minimum monthly salary of ₹25,000. There are a few who will give you a loan with a monthly salary of only ₹20,000. Monexo, however, has the lowest requirement. A salaried person with a monthly salary as low as ₹15,000 is eligible for Monexo personal loan.

5) 100% Online, Paperless Process –

Although most financial institutions have started taking online applications, Monexo operates only online. The absence of any middlemen cuts down the costs, speeds up the process and thus, helps you to get instant personal loans. E-verification is faster, and even the chances of wrong information or mistakes are minimized. Hassle-free application, minimal documentation and a transparent online process are some of the other benefits, Monexo personal loan offers. Moreover, you can track the application status and the status of funding in real-time. Additional Read – Personal Loans in Chennai

How to get a Personal Loan from Monexo?

Monexo operates online, and there are no offline branches or loan agents. So, here’s the painless online application process, in brief – i) Create your free account with Monexo. ii) Upload the documents, and apply. iii) Check Monexo’s loan quote and approve it. iv) Wait for the P2P lenders to fund your loan. v) Get the funds in your bank account. Well, that’s how easy Monexo makes a personal loan available for you. And the entire process doesn’t take days to complete, but only hours. Once the funds are approved, Monexo transfers it to your bank account without any further delay. You’re then free to use the amount for education, home renovation, medical needs, weddings, travel or even debt repayment. So, set the ball rolling! If you’re looking an instant personal loan, apply at Monexo- P2P lending and enjoy hassle free borrowing.