Features of Personal Loan
* Funds will be disbursed within 2 business days subject to successful verification.
** The interest rate will vary depending on your credit profile, employment info, and salary details.
Personal Loan Eligibility Criteria
Applicant must be salaried with Minimum Salary of Rs. 25,000 per month.
Maximum FOIR
(Fixed Obligation to Income Ratio) - 70%.
Age - 22 to 58 Yrs
&
Resident Indian National
1 Year Work-ex
(4 months with
current company)
Minimum credit
score of 700 or higher.
Available only at selected locations in India
Note: Only salaried individuals are eligible.
Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), and the interest rate will vary depending on your credit profile, employment info, and salary details.
Personal Loan EMI Calculator
Loan Amount
Interest rate
Tenure
Your Monthly EMI:
Your Monthly EMI:
Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), and the interest rate will vary depending on your credit profile, employment info, and salary details.
Personal Loan Charges & Details
* Maximum pre-payment allowed during the lock-in period is the equivalent of one EMI amount. If the loan is closed during the lock-in period, 6 months of interest amount will be applied to the account.
Taxes as applicable
Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), processing fees and the interest rate will vary depending on your credit profile, employment info, and salary details.
If a customer avails a loan of ₹75,000 for 12 months, at an annual interest rate of 14% APR, then the customer will pay monthly EMI for 12 months of ₹ 6,734 per month. The total loan payment over 12 months will be ₹80,808* (including principal and interest). Total Cost of Loan = Interest Amount + Processing Fees @ 3.5% + Stamp Duty = ₹5,808 + ₹2,625 + ₹200= ₹8,633*
* Taxes as applicable
How to Apply for Personal Loan
-
1Apply for Personal Loan via Web or App
-
2Basic Details: Provide basic details & check eligibility. Complete e-KYC
with PAN & Aadhaar details. -
3Additional Details: Provides address, employment, & additional
details. -
4Choose Loan Terms: Based on eligibility, choose loan amount & tenure.
-
5Complete Documentation: Creates e-mandate, sign loan agreement,
& complete Video KYC. -
Funds Disbursement: Funds are disbursed directly to your bank account (Subject to Verification).
Things You Should Know about Personal Loan
The interest rate on personal loan with Mirae Asset Financial Services starts from 11.49 % p.a. and is determined by multiple factors such as your credit score, employer, repayment capacity (debt to income ratio), etc.
Please follow the below steps to pay your EMI in advance
- - Login to the App or Website
- - Select the ‘Personal Loan’ dashboard
- - Click on the ‘Pay Now’ option on the summary screen
- - Select the ‘Loan Application Number’ in the drop-down menu.
- - Select ‘EMI Payment in Advance’ in the ‘Payment Option’ drop-down menu.
- - Select the ‘No. of Instalments’
- - Click on the ‘Pay Now’ button and complete your payment.
Please be aware: Any EMI paid in advance will be credited towards upcoming EMIs. However, this advance payment will not be directly deducted from the principal outstanding amount. Consequently, the total interest paid on the loan account will remain unaffected.
Please follow the below steps to pay your EMI in advance
- - Login to the App or Website
- - Select the ‘Personal Loan’ dashboard
- - Click on the ‘Pay Now’ option on the summary screen
- - Select the ‘Loan Application Number’ in the drop-down menu.
- - Select ‘Overdue Payment’ in the ‘Payment Option’ drop-down menu.
- - Enter the amount
- - Click on the ‘Pay Now’ button and complete your payment.
Failing to make EMI payments will result in bounce charges and penal charges, as outlined in the loan agreement's terms and conditions. Additionally, it may have a negative impact on your credit score & will be recorded in your credit history. Defaulting on the loan may also make it challenging to obtain any future loans.
You can write to mcare@miraeassetfin.com with the requested time slot for your video KYC along with your Application ID or call us at 1800 2099 180 (Monday to Friday from 9 am to 6 pm excluding holidays).
Please Note: You can schedule Video KYC anytime from Monday to Saturday from 9 am to 7 pm excluding holidays. The video KYC slot will be confirmed subject to availability of our Video KYC agent.
The processing fees is charged from 2.5% to 3.5% of loan amount. PF will be deducted from the loan amount & net amount will be disbursed. Eg. For a loan amount of Rs.1,00,000, processing fees charged will be Rs. 2,500 + Taxes (Rs.1,00,000 x 2.5% = Rs. 2,500).
Personal loans are not eligible for tax exemption.
You can choose your loan term as per your requirements from 6 months to 48 months.
The minimum loan amount is Rs.50,000, while you may borrow a maximum loan amount of Rs. 5,00,000.
A minimum credit score of 700 or higher is necessary to get the Personal Loan.
Yes, you can foreclose your personal loan. After the first 6 months, there are no charges. If you foreclose within the first 6 months, you’ll need to pay interest for the entire lock-in period. Any interest you've already paid will be deducted from the total amount due.
You can cancel your loan within the cooling-off period (3 days from the date of disbursement) in accordance with our lender partner's policies. Please note that the processing fee and stamp duty are non-refundable if the loan is cancelled during this period.
Why Choose Personal Loan With Us
At Mirae Asset Financial Services, we understand the importance of financial decisions in life. We aim to be your trusted partner assisting you in making the right financial decisions. Thus, our goal is to make your loan process simplified, convenient, and transparent with all costs and terms available and easy to understand, so you do not get any unwanted surprises and focus on things that matter to you.
Our personal loan is curated keeping in mind different needs you can come across and making your journey easy through such needs. If you are short on liquidity, we recommend use of our personal loans for the below use cases.