A Personal loan is unsecured form of loan that can be used for multiple purposes such as for travelling, education, purchase, home renovation, for marriage, in case of medical emergencies, for business purpose or any other household expenditures. Mystic Money Mart acts as a loan service provider which helps arrange funds at competitive rates from Banks and NBFC's
Mystic Money mart as a LSP connects customers to various lending partners like Banks and NBFC's.
There are some expenses associated with taking a personal loan from Loan origination to closure and these expenses and charges contributes to the Annual Percentage Rates or APR of a Personal Loan.
| Bank Name | Interest Rate | Processig Fee | Login Fee | Pre Closer Fee | Days to Sanction |
|---|---|---|---|---|---|
| HDFC BANK | 10.49%-18% | 2% | 0 | 3% | 4 |
| ICICI Bank | 10.99%18% | 2% | 0 | 3% | 5 |
| Axis Bank | 11.49%-18% | 2% | 0 | 3% | 7 |
| Kotak | 11.49%-18% | 2% | 0 | 3% | 5 |
| IDFC | 12%-19% | 2% | 0 | 2% | 5 |
| Indus Ind | 12%-20% | 2% | 0 | 3% | 5 |
| RBL | 12.5%-21% | 2% | 0 | 3% | 5 |
A personal can be taken for a variety of purposes and requirements. Some of these include:
Travel Loan: Going out and exploring the world is not a privilege anymore but a necessity for most of you tired of a busy life. Funds are not a constraint anymore as personal loans can be taken for a luxurious vacation or for short holidays
Home Improvement Loan: These help for reasons as wide ranging from getting a fresh coat of paint for the house to small repairs or remodelling and buying household equipment
Marriage Loan: It is known that weddings or marriages can cost a lot and it is not easy to arrange for such funds. Extended parties or travel can are additional costs which can be met by applying for a personal loan
Debt Consolidation Loan: Most of you would have opted for borrowing money in life to meet a requirement or transact through credit cards. A personal loan from provides a great way to pay off high-cost credit card obligations or debts with high EMIs
Rent deposit Loan: Increasingly young people are travelling to find employment in metro cities where rent deposits can be quite high. It is normal for deposits to be charged in the range of ₹ 1,00,000 for a single house. If you are new to credit, personal loans are the best option to arrange for immediate funds
Medical Loan: Life is never predictable, and you might come across accidents and emergencies from time to time. Personal loans which do not require collateral are a good option to get money quickly. Online process allows you to get a fast loan and meet your financial needs
A personal loan as the name suggests is provided to individuals and not businesses. Most banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals/professionals. The eligibility criteria for a personal loan vary slightly depending on the type of applicant. Following are some of the key personal loan eligibility factors that need to be kept in mind*:
| Particulars | Salaried | Self-Employed |
| Age | 21 - 60 years | 21 - 68 years |
| Minimum Income | Rs. 15,000 per month | Rs. 5 lakh per year (gross) |
| Employment stability |
Total experience- Minimum 2 years Experience in the current organization- Minimum 1 year |
Minimum 2 years in current business |
*The personal loan eligibility criteria mentioned above are generic in nature and actual eligibility factors will differ from one lender to another.
Documents are proof of reliability and establish the complete profile of a borrower. KYC documents are required as per law to process any loan application and inform authorities when required. We accept your documents in electronic format and these can be uploaded on the site. The basic documents required to apply for a loan include:
Depending on the credit analysis the team might ask for other documents which might include:
While our personal loans are exciting there are a few points that you should keep in mind before proceeding with a loan:
Do not focus only on the interest rate - While the interest rate is important it is good to note that the processing fee as well as the pre-closure charges are applicable on each transaction. In case you propose to pre-close your loan, choosing an option which has no pre-closure charges would make more sense even though the interest rate might be a little higher.
Do not hide key information - We conduct thorough checks on validity and originality of information as well as documents and anomalies would result in the loan application getting rejected.
Do not borrow personal loan for investments - This move could backfire if the potential investment turns bad for some instance.
Calculate your repayment potential before taking a loan - Though you might be eligible for a higher loan amount be certain if you could pay the projected EMI or reconsider a smaller amount. A default or delayed EMI payment will affect your CREDIT Score which will hamper the possibility of you getting loans in the future.
Check the loan agreement thoroughly - Please ensure that you read all the Terms & Conditions before signing the agreement. In case of any queries, check with our team and they would be more than happy to help you.
Do not file multiple applications: The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs or NBFC-P2P lending platforms. If your applications are rejected, it could affect your credit rating in a major way.
Our service provides a great way to finance your immediate needs. For all your quick personal loan requirements, apply through this site or download the app.
Personal loan is a loan which is taken for immediate personal use. It can be taken for any personal use like for a vacation, marriage in the family, sudden medical expenditure etc. Personal loan doesn’t require any collateral security or any surety and is easily available. The amount of loan ranges from Rs.50, 000- Rs. 30 lakhs with a repaying period of 1-5 years.
The minimum and the maximum amount of loan vary from bank to bank and also the repaying capacity of the borrower. However the banks and the NBFC’s offer personal loan ranging from minimum Rs.1000 to maximum Rs.15 lakhs or even 30 lakhs depending on the financial status of the borrower.
The tenure of repayment of personal loan generally ranges from 12 months to 60 months.
The personal loan interest rates by each bank are calculated by their own unique classification method. The interest rates vary from 12.99% to 25% for various banks.
The eligibility criteria for personal loan vary from bank to bank. Banks decide the repayment capacity of the borrower on the basis of age, income, employment and work experience. The criterion is mainly based on the work profile of the borrower i.e. whether he is self employed or salaried.
One can apply by filling our enquiry form or cantact form.
Once we received your application and all the documents it will take 48 hours for loan approval.
Once all the documents are ready, our executive will come and collect documents at your doorstep.
You can check your status with us or respective bank websites.
Loan products is an online platform to arrange loans to retail customer,SME's and corporate clients,Loan Products offerd by banks and Non-Banking Finance Companies(NBFC's) is base on different types of industries.Although all banks have same products but with different features to suit customer needs.Read More
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