What is the minimum & maximum loan amount I can apply for through MyFi?
You can apply for a loan in the range of INR 5,000 to 2,00,000.
Is there any security/collateral required for this loan?
Not at all. These are unsecured personal loans.
Can self-employed apply for a personal loan through MyFi?
Unfortunately at this point, MyFi is only offering loans to salaried professionals. We hope to start our loan offering to
self-employed professionals soon. So, stay tuned!
What will the entire process for my loan application?
Step 1: Create login on the MyFi website & fill out the easy application form along with the required document uploads.
Step 2: MyFi will assess and match you with a lender based on your profile & eligibility.
Step 3: You will be contacted by the lender directly once matched who will carry out the final assessment for disbursal.
What is typically the disbursal time I can expect for my loan?
If all documents ready & in-place, disbursal can happen within 3-4 working days.
Does MyFi charge any fees for loan application?
MyFi does not charge any amount to the borrower. Any loan related processing fee is to be paid directly to the lender
which could range between 0-2.50% of the loan amount.
Can I get a loan if I have defaulted in the past?
Yes, MyFi ensures to match your profile with the right kind of lender who is willing to assist you despite any defaults in
the past or in case of no established credit history.
Will MyFi have access to my credit score?
Yes, in order to properly assess your eligibility, MyFi will access your credit score but only after you provide your consent.
How will MyFi ensure that my data is protected?
MyFi uses industry standard encryption technology to ensure the protection of your personal information.
As a safety measure, you must also maintain the confidentiality and security of your login ID and password and not
share these credentials with any third party.