Need capital for your business? We have you covered. Introducing Instamojo loans – an android app-exclusive feature where you can apply up to Rs. 1.5 lakhs even if you have no credit history.
Loans on Instamojo Android App
Starting 2020 with a bang, Loans are the latest addition to our mojoCapital product. Currently, we have – faster payouts that allow businesses to get money in their bank account Instantly, the Same Day, or Next Day as a part of mojoCapital.
Since we launched mojoCapital last year, we got several requests for term loans. Access to credit for small businesses also stood out as a major challenge in the MSME report 2019, for which we surveyed over 400 Indian small businesses.
To bridge this gap, we teamed up with Credit Vidya to bring Loans to your fingertips.
Why apply for Instamojo Loans:
Getting a loan for a business can be tricky. One may not have the appropriate credit history or would lack the papers for any bank to underwrite them. With the new Loans product, all the hassles of applying for a loan online doesn’t just become easy but is also minimized*.
- Borrow for any purpose – Be it for cash flow purposes or just to buy new inventory, you can borrow between ₹.10,000 to ₹.1,50,000 for your business
- Instant approval – Why wait for even one business day to see if you’re eligible? Get instant approval on the Instamojo android app
- Disbursal in 24 hours – Get the loan amount in your bank account in just a matter of 24 hours
- Tenure + Interest Rates = Easy! – Get the loan at reducing balance interest rates of as low as 18% and for a tenure of 6-18 months with easy repayment options.
- Borrow without a credit score – The best part about Instamojo loans is you can borrow money without a credit score! Credit Vidya’s internal algorithms check your eligibility and determine how much you can borrow depending on your credit history.
How to Apply for Instamojo Loans:
Download the Instamojo Android app and log in to your dashboard. You’ll see the “loans” option right beside the Credit Book feature.
Fill in some details like your PAN, business type, address, and mention if you’ve taken a loan before. That will help ascertain your credit history.
Don’t forget to read the terms and conditions before you apply for the loan. Once you’ve done that, we will pull your credit history from a credit bureau. Verify with an OTP and wait for the application to be processed.
Congratulations! Based on the information you provided, we can instantly tell you how much loan you can be eligible for instantly. We can also process disbursal within 24 hours!
Instamojo loans are the fastest way to get a loan in your bank account without a credit score. Applying for loans is now no more a headache! – no paperwork, instant approval, 24-hrs disbursal.
To apply for a loan, download the Instamojo Android App right away.
*We are rolling out the Instamojo loans feature in phases for our customers. Currently, you can avail complete access to Instamojo loans if you are an existing Instamojo user.