Monethics Mobile App
Personal loan application for salaried individuals, with minimum period as 62 days and maximum period as 183 days with maximum annual percentage rate (APR) from 15% to 36% per annum.

How Monethics is different from other apps?
Monethics commitment is “Paisa bhi, Sukoon bhi” – which means we intend to provide quick loans to the needy meeting our credit profile parameters, as well as, we are transparent in all our transaction with customers while complying with all regulatory norms.

Loan Amount, Interest rate, Charges and other details:
Loan range: from ₹2,500 to ₹2,00,000
Minimum Period: 62 days.
Maximum Period: 183 days.
Maximum Annual Percentage Rate (APR) - Interest Rates: from 15% to 36% per annum, depending on the risk profile of the customer.
Pre-EMI Interest: The day from when loan is disbursed till the start of EMI calculation.

Processing Fees:
Loan Amount Range Processing Fees
₹2,500 to ₹5,000 ₹600
₹5,001 to ₹20,000 ₹800
₹20,001 to ₹40,000 ₹1,000
Above ₹40,000 2.5% or ₹3,000(whichever is lower)
GST @18% will be additionally charged on processing fees.

Example:
If loan amount is ₹40,000 taken on 20 Jan 2021 & interest is 24% per annum with tenure of 6 Months, then following will be applicable -
Processing fees = ₹1,000.
GST = 1000 * 18% = ₹180.
First EMI date – 3rd March 2021 (Assumed, but depends on borrower’s salary date).
Pre-EMI Interest applicable from 21 Jan to 3 Feb (i.e. 14 days) = ₹40,000 x (24%/12) x (14/30) = ₹373.
* Note: Processing fees along with GST and Pre-EMI interest will be deducted upfront.
Therefore, the loan amount disbursed will be = ₹40,000 (-) ₹1,000 (-) ₹180 (-) ₹373 = ₹38,447.
EMI will be ₹7,141 per month for 6 months.

Total amount payable by borrower = ₹7,141 X 6 = ₹42,846.
Total interest cost = ₹3,219.
Total cost to borrower = ₹3,219 + ₹1,000 + ₹180 = ₹4,399.

Loan Eligibility criteria:
- Indian citizen.
- Salaried professionals only.
- Minimum monthly salary: ₹10,000.
- Above 18 years of age.
- Valid Bank account.

Procedure to apply for loan:
- Install Monethics App from Play Store.
- Register yourself via login page with OTP.
- Fill in your basic details, Employer details, upload KYC documents, Bank statement, Selfie and the other additional information.
- After which your profile and documents will be verified.
- On verification, if you meet our eligibility criteria then loan amount shall be sanctioned to you.
- On acceptance of our offer, the amount will be disbursed to your verified account.

Documents required:
- Selfie
- PAN card
- Aadhar card
- ID Proof ( Any 1 - Driving license/Voter Id/Passport)
- Bank statements PDF (6 months statement showing salary credit)

Salient Features of Monethics App:
- Instant Loans available from ₹2,500 – ₹2,00,000
- Loan period from 62 days to 183 days.
- No guarantors or collaterals needed.
- 100% paperless loan application.
- No salary slip is required.
- No prepayments charges.
- No malpractices or coercive practices for recovery of the loan.
- Money directly in a valid bank account.
- Available at all locations across India.
- Grace period of 7 days is offered.
- Penalty of ₹500 per instance of default and 3% per month on the amount defaulted.

The purpose for which loan can be availed:
- Medical emergency
- Wedding
- Education
- Holiday
- Shopping
- Any other purpose

Is Monethics a Bank / NBFC?
No. Monethics Solutions Private Limited is a technology service provider. The loan application will be considered by NBFC - Venus Portfolio & Finance Private Limited (Venus). The decision of Venus shall be final.

Data Security and Privacy Policy
We have a highly secured & encrypted system to ensure safety of information shared by our customers. Data is transmitted over HTTPS, AADHAR is stored in Vault as per RBI guidelines, and other sensitive information are stored in encrypted form in secured infrastructure.
To read our privacy policy click here: https://www.monethics.in/policy.php

Contact Email: [email protected]