My Kredit

In today's fast-paced world, access to quick and reliable financial solutions is crucial. MyKredit, a mobile-based instant personal loan platform, aims to bridge this gap by providing short-term personal loans of up to ₹50,000 anytime and anywhere. With a completely digital application process, MyKredit ensures that once approved, funds are transferred immediately to your bank account, making credit facilities accessible to all Indians, whether salaried or self-employed.

Loan Amount, Tenure, Fees & Charges

Loan Amount:

• ₹2,000 to ₹50,000

Tenure:

• Minimum 91 days (including renewal period)
• Maximum 180 days (including renewal period)

Maximum Annual Interest Rate:

• 35.04% per annum

EMI Calculation Example

For a loan amount of ₹50,000 with an interest rate of 35.04% per annum, repaid over 6 EMIs (180 days):

• Total Interest Payable: ₹8,640
• Monthly EMI: ₹9,773

Interest Calculation:

Interest Payable=₹50,000×35.04%/365×180=₹8,640\text{Interest Payable} = ₹50,000 \times 35.04\% / 365 \times 180 = ₹8,640

Equated Monthly EMI=₹9,773.33\text{Equated Monthly EMI} = ₹9,773.33

Total Amount Repaid=₹50,000+₹8,640=₹58,640\text{Total Amount Repaid} = ₹50,000 + ₹8,640 = ₹58,640

Fees:

• Technology/Platform Fee: ₹300
• One-Time Onboarding Fee: ₹120
• GST on Technology/Platform Fee (18%): ₹54
• GST on Onboarding Fee (18%): ₹21.6

Total Cost of the Loan (with all taxes):

Total Cost=₹8,640+₹300+₹120+₹54+₹21.6=₹9,135.60\text{Total Cost} = ₹8,640 + ₹300 + ₹120 + ₹54 + ₹21.6 = ₹9,135.60

APR: 37.05%

Users are charged a late payment penalty fee only when there is a delay in their scheduled payment. MyKredit ensures the best customer experience with world-class products and services, secure and safe engagement.

Why Choose MyKredit?

• Apply Anytime, Anywhere: Accessible to all Indian citizens nationwide.
• Eligibility: Even customers with low or no credit history can apply.
• Instant Decision: Quick approval process.
• Immediate Disbursement: Once approved, the sanctioned amount is credited immediately to your bank account.
• Convenient Repayment: Automatic repayment along with other payment modes.
• No Pre-Payment Penalty: No penalty if the loan is repaid before the due date.
• 24/7 Processing: Loan applications are processed even on holidays.

Documents Required for MyKredit Loan

To apply for a loan with MyKredit, you need the following documents:

• A selfie
• PAN card details
• One government ID
• Address proof

How Does MyKredit Work?

1. Install the MyKredit App: Download the app from the Google Play Store.
2. Register Yourself: Register via your mobile number.
3. Fill in the Information: Provide the necessary personal and financial details.
4. Upload Documents: Upload the relevant documents for verification.
5. E-Sign the Agreement: Complete the process by e-signing the agreement.
6. Get Money on Approval: Once approved, the funds will be transferred to your bank account.

Service Coverage

MyKredit provides personal loans across PAN India, ensuring that all Indian nationals residing in India, with an Android phone and a working internet connection, can access their services.

Eligibility to Apply:

• All Indian nationals residing in India
• Anyone with an Android phone and a working internet connection
• Individuals above 18 years of age
• Valid bank account and PAN card