Frequently Asked Questions

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A personal loan is an unsecured loan that you can borrow from an NBFC or other lender for various personal expenses. Unlike a car loan or mortgage, you don't need to put up any collateral (like your car or house) to secure the loan. Personal loans are usually repaid in fixed monthly instalments over a period of one to five years.

The EMI calculator can help you to calculate the EMI amount and applicable interest.

  • a. Enter your required loan amount.
  • b. Select the applicable interest rate.
  • c. Choose your suitable repayment tenure.

You can see your monthly EMI amount and the total payable interest on your loan amount.

You don't need to pledge any assets or collaterals to get a personal loan.

The interest charged on your personal loan is reducing in nature. Your principal outstanding reduces with every EMI payment and interest is only charged on the revised principal amount.

You can apply for Personal loan by Mirae Asset Financial Services via 100% online process. If your profile matches all the requirement criteria, the loan will be sanctioned instantly on completion of the process. The funds will be disbursed to your bank account within 48 hours subject to successful verification.

You can check the status of your loan application on the App/Website with a tap/click on the ‘Track Application Status’ button on the Personal Loan dashboard.

Currently, the personal loan can only be availed by a single entity.

You can use the personal loan to manage your expenses such as medical bills, home renovation, business expenses, travel expenses, etc. The loan amount cannot be used for speculative activities, capital market-related purposes, or anti-social purposes.

Upon completion of your personal loan application, the funds will be disbursed to your account within 48 hours, subject to successful verification.

A minimum salary of Rs. 20,000 is necessary to avail a personal loan with Mirae Asset Financial Services (India) Pvt. Ltd.

The required documents for personal loan are Aadhar Card, PAN Card, Driving Licence, Salary slips of last 3 months, Employee ID Card and Bank statement of salary account from current company.

Currently at Mirae Asset Financial Services, it is not possible to do a Personal Loan Balance Transfer.

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 CIBIL and Experian 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 that 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.