MoMo Advance Loan – How To Apply, Repay, Interest rate, Contacts.

Get a advance loan from MoMo Advance to meet your financial requirements. With the help of advance loan you can buy a house, car, and other non-permanent things. It is not a small amount either. Depending on your financial needs and the length of time that you need the loan for, it can be between ₹25,000 and ₹1 crore. Therefore, it is important to understand how to get an advance loan so that you don’t have to pay it back immediately or risk defaulting on repayment.
Momo Advance is one of the oldest Indian Financial Services Company working since 1957 with its main objective being to help people achieve their financial goals by providing them with innovative credit solutions designed specifically for each client’s specific needs in order for them to take control of their finances and build a strong foundation for the long term. Read further to know about

What is an Advance Loan?

An advance loan is a short-term loan that you take from your bank or a financial institution. These loans can be made in the form of cash or by giving some collateral to the lender so that they can use it as an asset. The type of collateral depends on the lender and its requirements. Some lenders will accept property, while others might only accept stocks, bonds, and other investments that have been appraised by an independent third party.

Types of Advance Loans

There are two types of advance loans that are available, the secured loan and the unsecured loan.
The secured loan is a loan for which a collateral is taken against it such as property or shares etc. The unsecured loan is one where there is no collateral attached to it.
Both these loans are designed to help you take control of your finances and help you achieve your financial goals by providing them with innovative credit solutions designed specifically for each client’s specific needs in order for them to take control of their finances and build a strong foundation for the long term.

How to Apply for an Advance Loan?

You can apply for a advance loan from MoMo Advance simply by filling out the application form online and providing your personal details, such as your name, address, contact number along with the purpose for which you want to use the loan. You will also be required to submit an identity proof and a photograph of yourself.
If you are not comfortable submitting an identity proof online, you can also submit it in person at the nearest MoMo Advance office. The process takes just 10-15 minutes. You will then have to fill out a bank guarantee form which is essentially a promise that if you should default on repayment of your loan, MoMo Advance will pay off any outstanding amounts against whatever collateral security you have provided. Read further to know about

Repayment of an Advance Loan

How to repay an advance loan?
It is easy to repay the advance loan you get from MoMo Advance. You can make regular monthly payments by using your debit/credit card. It’s also possible to make a lump sum repayment, which will be applied towards the outstanding principal and interest. However, if you decide not to repay any more of the money borrowed, your remaining balance will be due in full in three years time.
Interest rate on an advance loan
The interest rate for an advance loan is determined by MoMo Advance at its sole discretion, which is usually between 8-14% p.a., depending on your creditworthiness.

Interest charged on an Advance Loan

The interest charged on an advance loan is fixed at a flat rate of 10% annually. This means that the borrower will have to repay the loan amount in equal installments for the duration of the loan tenure. The repayment period can vary from 3- 20 years depending on your personal requirements and needs.
In case of a 24% p.a. interest rate, it would take 1 year and 8 months to repay an advance loan of ₹25,000 with a yearly installment of ₹2,500.

Conclusion

MoMo is a leading online advance loan provider in Nigeria. It offers up to 1 million Naira loan at the lowest interest rate of 2% per annum. With a wide range of packages, it has been able to offer affordable loans to Nigerian citizens. Apply today!

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