M-Fanisi is one of the most popular personal loan schemes in India. It offers you a loan at an interest rate of 9.9%-11% for a period between 1 and 10 years depending upon your repayment ability and other factors. M-Fanisi Loan has no fixed repayment schedule, it depends on the discretion of the lender. Amount borrowed through this scheme is not deposited directly into your bank account. Instead, you will receive an e-cash transfer to your verified bank account after the loan duration ends.
M-Fanisi Loan is available in all major banks as well as non-banking financial companies (NBFCs). You can find lenders offering this loan scheme in different regions across India and its easy to know which lenders are trustworthy because they indicate their license details on their website. As long as you have a bank account, you can apply for this loan easily without any problems whatsoever. However, if you are new to banking or do not have a bank account then read more about opening an account before moving forward with your application process .
How to Apply for M-Fanisi Loan?
You can apply for M-Fanisi Loan with the following steps:
1. Have a bank account.
2. Fill out online application form on the lender website.
3. Wait for lender’s decision and once approved, login to your bank account and transfer money to your e-cash account that you will receive at the end of loan period.
M-Fanisi Loan is offered by different lenders so they have their own application process which might differ from each other in terms of information and documents required to be submitted during the process .
Sometimes lenders also ask for an identity proof and a copy of your income certificate which you need to submit with your application form along with your address proof which should be old than 3 months
M-Fanisi Loan has no fixed repayment schedule, it depends on the discretion of the lender
1. How do I apply for a M-Fanisi Loan?
To apply for a M-Fanisi loan, you will need to submit your bank account number, the amount you want to borrow and the loan duration. Once these details are submitted, you can expect an immediate response from lenders.
2. What is the interest rate of the M-Fanisi Loan?
M-Fanisi offers loans with an interest rate of 9.9%-11%. This means that your monthly repayments will be based on the interest rates of your loan and not on how much you have borrowed.
3. What is the minimum amount required to be eligible for a M-Fanisi Loan?
You must be 21 years old or above and earn a monthly salary of at least Rs 17,000 in order to qualify for this loan scheme.
4. Can I get a personal loan if I am self employed?
Yes, self employed people who are looking for personal loans can also apply for this scheme through an NBFC or bank of their choice as long as they meet all eligibility requirements set by lenders . However, self employed people are likely to face more difficulty when dealing with lenders than those who work in a traditional job as there is less data about them available online which may prevent them from getting approved for this loan .
5. What is the procedure if my employer does not contribute towards my salary?
If your employer does not contribute towards your monthly
Repayment Schedule for M-Fanisi Loan
The repayment schedule of the M-Fanisi loan is flexible. The lender is not obliged to repay your loan on a fixed date, the lender will make a decision on this after considering different parameters like your repayment ability, job profile and so forth.
In case you default on your loan commitments, the lender can charge you an interest amount which varies depending upon the type of loan taken and other factors. Furthermore, if you cannot pay off the interest amount charged, then in such cases the lender may take possession of your collateral like property or vehicle.
What is the Purpose of M-Fanisi Loan?
M-Fanisi Loan is a type of loan which is given at an interest rate of 9.9%-11% for a period between 1 and 10 years depending upon your repayment ability and other factors. If you’re looking for a loan then M-Fanisi can be the perfect option for you.
M-Fanisi Loan aims to provide loans to people who do not have access to traditional banking systems. This can happen if you don’t have a bank account or are not in a position to make repayments on time. It makes it easy for people who are in similar situations, as they don’t need any collateral or documents in order to apply for this loan. With its easy application process, quick processing time, no collateral requirement and low rates, M-Fanisi Loan is one of the most popular personal loans available in India today.
Why Should You Apply for M-Fanisi Loan?
M-Fanisi Loan is a popular loan scheme in India and can be applied for online. It offers you a convenient way to borrow money at an interest rate of 9.9%-11% for a period between 1 and 10 years depending upon your repayment ability and other factors. It has no fixed repayment schedule, it depends on the discretion of the lender.
This loan can be taken by both individuals and businesses across India. However, if you are new to banking or do not have a bank account then read more about opening an account before moving forward with your application process . To avail this loan, all you need is a bank account as well as proof of identity like Aadhar card or PAN card.
M-Fanisi Loan helps in various ways like getting rid of financial trouble, acquiring assets, securing loans for business expansions, making home improvements etc.
Eligibility Criteria for M-Fanisi Loan
M-Fanisi Loan eligibility criteria are simple.
You should be a citizen of India and have a bank account to apply for this loan. The most important criterion is that you should be able to maintain regular income through your work or business. These criteria make it easy for you to apply for this loan because you do not need any collateral. If you cannot repay the loan, there is no need for any additional paperwork as well because the lender will automatically assume that the borrower was unable to repay their loan and charge interest on the amount in full.
If you want to apply for M-Fanisi Loan, then there are two ways of applying: either by visiting https://www.m-fanisi.com/loan/ or by visiting your nearest bank branch and speaking with an agent about the loan process.
Pros of M-Fanisi Loan Scheme
– Low interest rate- 9.9%-11% on a loan of up to 10 years duration
– Possibility to avail loan without checking bank account or credit history
– E-cash transfer within 5 days after loan ends
– Flexible repayment schedule
Cons of M-Fanisi Loan Scheme
M-Fanisi Loan is a highly lucrative option, but it has some cons as well. It is available only in India and its not available outside the country. You will have to bear a lot of paperwork because this loan scheme requires documentations such as salary slips, social security statement, and bank statements.
There is no fixed repayment schedule with M-Fanisi Loan so you will be required to maintain regular contact with your lender during the loan duration.
If you fail to repay the loan on time, your lender will not allow you to take another loan for a period of one year after that due to non-compliance of terms and conditions.
This is a personal loan scheme which is different from the traditional loans that you can get from banks. M-Fanisi Loan is offered by any bank or NBFC and there are no fixed terms or application deadlines.
The lender will decide the rates of interest and loan duration as per your repayment ability and other factors. It is also not mandatory to have an account with the lender in order to avail it.
M-Fanisi Loan is offered at an interest rate of +9.9% – +11%.
The amount borrowed through this scheme will be deposited directly into your bank account after the loan period ends.
You can find lenders offering this loan scheme in different regions across India and it’s easy to know which lenders are trustworthy because they indicate their license details on their website.