Steps to Apply for a Loan on the Mahila Money App and Benefits of Taking a Loan from Mahila Money
Mahila Money is a full-stack financial services platform focused on bridging the gap between women’s ambitions and the required financial products. The platform, in partnership with registered banks and non-banking-financial companies (NBFCs), is now offering an array of personal loans up to INR 5 lakhs. Women above 18 years holding Indian citizenship can apply for a loan on the Mahila Money app with a flexible repayment system. There are multiple benefits of availing a loan via this app, and the loan application process is hassle-free too
How to apply for a loan on the Mahila Money app?
Keeping the loan application and approval procedures transparent and easy was considered crucial during the Mahila Money app development. Credits to that, applying for a loan on this app is an effortless process. You can apply for the loan in an effortless manner by following these five simple steps.
Step 1
Download the Mahila Money app from the play store.
Step 2
Once downloaded, complete your profile by updating the necessary details. The app will ask for-
- Your birthdate
- Your highest qualification
- Your relationship status
- Your current employment status
- The kind of assistance you expect from the app
- Your top three interests
- After updating all the information, click on “continue” and allow the app to access your device’s location.
- Then, provide your address details.
- Next, type in your email address and click on “Open Email & Verify” to complete the email verification. With this step, your profile will be ready and you can see the home page.
Step 3
On the home page, click on “Apply for a Loan” and it will display the application form.
Step 4
Fill in the details.
Step 5
Upload documents like Pan Card, Aadhar Card and the latest 6 months active bank statement, and the application is done.
Now relax!
- You will get a call from Mahila Money’s team for verification.
- After the verification and once your loan application has been approved, the loan amount will be credited directly to your account.
Why should you take a loan from Mahila Money?
Taking a loan from Mahila Money will be beneficial in numerous ways. Here are some of the benefits you can enjoy after taking a loan from Mahila Money.
Loans up to INR 5 lakhs
Women entrepreneurs and businesswomen can avail loans up to INR 5 lakhs via the Mahila Money app. With the helpful financial products offered by Mahila Money, women entrepreneurs can develop new businesses and expand the existing ones.
Expert advice
Expert advice, guidance and counselling are always within reach on this platform. You can connect to, learn from and share with like-minded women in a safe women-only community to enrich your financial knowledge and have better control over your finances.
Access to a women-only ecosystem
In addition to the financial assistance, women signed up on the Mahila Money app also get access to an ecosystem that provides financial knowledge and education. It helps the cause of female financial education.
Women-friendly eligibility criteria
Since Mahila Money understands the lack of female financial inclusion, it knows that many women may lack the necessary documents like KYC, and may have no access to collateral either. Keeping this underserved target segment in mind, Mahila Money has women-friendly eligibility criteria for its loans.
No collateral needed
You can avail a loan on your own merit without keeping any collateral. This makes the eligibility criteria flexible and the loan available for woman entrepreneurs who can’t have any collateral object.
No co-guarantor needed
One of the key features of Mahila Money’s loans is the absence of the co-guarantor clause. Applicants need no signature or approval from their fathers or husbands. This step removes the male dependency from the system too.
Flexible repayment option
The tenures of the loans offered by Mahila Money range from 2 months to 2 years. This allows women to opt for the desired tenure. Monthly payment options add to the convenience.
Simple application process
Applying for a loan from Mahila Money requires a few steps of providing some information that can be done from anywhere. After that, it is just a matter of getting verified and you will receive the amount directly to your account.
Paperless procedures
All documentation on the Mahila Money app is done online. The applicants can fill out the online form and upload the necessary documents online. It makes the procedures hassle-free and faster. The paperless policy is also a positive step toward the environment.
Easy to use
The Mahila Money app has been designed in a way that is easy to understand and use. The steps are mentioned clearly and the language used is lucid.
Added bonus!
Together with availing financial assistance from the Mahila Money app, you can also gain from helping others do so. The app has a referral feature where you can earn exciting rewards by referring the app to others.
