FREQUENTLY ASKED QUESTIONS

PRODUCT

Monedo offers Point of Sale loans in the prominent cities of India. We have an ever-augmenting merchant partner and customer base.

No, you do not need to provide any security or collateral for a loan with us.

The loan eligibility of the applicant is assessed based on internal guidelines and processes of Monedo, as amended from time to time. As per the extant requirement, the borrower will be required to submit documents like, KYC, salary slip, ITR, Bank statement, existing loan details etc for the purpose of eligibility assessment.

We offer loans from a minimum of INR 8000 to a maximum of INR 150,000

The tenure of a loan with Monedo is between 3-12 months.

We are present across 14 locations: Mumbai, Vadodra, Delhi, Surendranagar, Godhra, Dabhoi, Santrampur, Dahod, Hubli, Dharwad, Haliyal, Dandeli, Belgaum, Gurugram.

DOCUMENTS

You need to be 21 years and above and present the following valid documents

If a salaried Professional

  • Proof of Identity -PAN card, Driver’s License, Passport, etc
  • Proof of Address-Passport, Utility bills
  • Bank Statement for the last six months
  • Salary slip for the last three months

If self Employed Professional

  • Proof of Identity -PAN card, Driver’s License, Passport, etc
  • Proof of Address -Passport, Utility bills
  • Bank Statement of the personal savings account for the last six months
  • Copy of GST registration & Income tax return

If self Employed Non-Professional

  • Proof of Identity -PAN card, Driver’s License, Passport, etc
  • Proof of Address, Utility bills *
  • Bank Statement of the current account for the last six months *
  • Shop and establishment license
  • Copy of GST registration & Income tax return

REPAYMENTS

You can repay the loan in Equated Monthly Instalments (EMIs) using the NACH facility/Post dated cheques.

There is no charge for prepayment.

The loan repayment date is 5th of every month.

NACH is a service offered by NPCI – National Payments Corporation of India to Financial Institutions, Banks, Corporate and Government, this facility aids the direct debit of the stipulated EMI from the customer’s registered bank account to the lender. This cannot be done without the authorisation of the borrower/customer.

OR

  • A NACH authorization is a mandatory requirement for the loan to save you the hassle to pay the EMI manually and prevent delinquencies.
  • NACH is the new word for ECS (it stands for “National Automated Clearing House” which is the way banks move money around in India).
  • NACH / ECS is a mandate from you, telling your bank to make regular monthly payments on your behalf.
  • Once setup, it is an easy automatic, way to make your EMI re-payments, giving you peace of mind every month.

You can request a cancellation of NACH/ECS by mailing us at care@monedo.in or call us at 022-68173341 from Monday to Friday between 10:00 AM to 07:00 PM.