FREQUENTLY ASKED QUESTIONS
PRODUCT
Monedo Financial Services is a prominent lender in Consumer Durable Finance, Healthcare financing, Electric Vehicle Financing & Personal Loans. For more details on the products, please refer to the Products page.
There is no security /collateral required unless the purpose of the loan is for the purchase of an Electric Vehicle. For more details please refer to the Products page.
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 the mandatory documents for CKYC validation, Current address proof (other than Aadhaar card). Additional specific documents if any will be as per the Loan Product selected by the borrower. For more details please refer to the Products page.
The minimum and maximum loan amount is specific to the Product the borrower wishes to avail. For more details please refer to the Products page.
The tenure of a loan with Monedo is specific to the Product the borrower wishes to avail. For more details please refer to the Products page.
We are currently present across 6 States : Maharashtra, Delhi, Gujarat, Karnataka, Haryana & Chhattisgarh with the mentioned LSP’s, Please refer to the List of LSP’s for more details.
DOCUMENTS
The mandatory documents and eligibility for each product is available on the Products page.
REPAYMENTS
You can repay the loan in Equated Monthly Instalments (EMIs) using the NACH facility. Repayment of Loans at Monedo, are executed via Direct Debits scheduled on the due dates. Customers may also repay their loans via the permissible modes of payment under UPI.
Down payment is the upfront payment you make at the time of your Loan Application. For example : In case of financing for a Consumer Durable, where the loan amount is Rs.50,000 and 10% being the down payment that is i.e.Rs.5,000 will be the upfront payment paid by the customer. Down payment usually varies depending on the Product and Credit worthiness of the Customer paid to the LSP. Please refer here for the list of our LSP’s.
Foreclosure / Prepayment charges are specific to the product the borrower has availed. Please refer to the Products page for more details.
Monedo encourages customers to pay their Monthly dues by NACH clearance to maintain a good Bureau score. For advance payment, transactions can be made through permissible modes of payment under UPI. Monedo never encourages customers to pay in cash. In case of any queries, please reach out to us on 022-68173341 or at [email protected].
No charges / fees are charged by Monedo before disbursement of the loan amount. Any individual claiming otherwise should not be entertained. Do not pay any upfront charges in Cash. In case of any such incidents, please report on 022-68173341 or at [email protected].
The due date for repayments is the 05th of every month except for our Healthcare Product where the repayment is in the form of a Bullet Payment.
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 authorization 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.
Cancellation of Loan can take place within 3 days as cooling off period from the disbursement date and post that will be considered as a Foreclosure.
You can request a cancellation of NACH/ECS by mailing us at [email protected] or call us at 022-68173341 from Monday to Friday between 10:00 AM to 07:00 PM.
Once you submit the request, NACH/ ECS cancellation will take 4-5 working days.
