Mudrakwik is the first completely instant loan application in India. Mudrakwik instant loan 2021 Rs. 1,000 to Rs. 5,000,000. The smallest tenure lasts 75 days, while the longest lasts 500 days. Interest rate: This is determined by the customer’s risk profile and the length of the loan. The maximum annual interest rate is 34.6 percent.
Features and Benefits of MudraKwik Loan
- Loan without Credit History: Most lenders look at credit history before considering a personal loan application, but MudraKwik doesn’t require credit history because it approves loans up to Rs. 5 lakh without it.
- Paperless Application Process: MudraKwik processes all loan applications digitally, so there is no need for human intervention, and you enjoy a smooth online application experience.
- India at large Availability: MudraKwik can provide you with immediate cash loans whether you live in tier 1 or tier 3 city. Some lenders, on the other hand, only operate in a limited number of cities.
- No Minimum Salary Requirement: While most lenders impose a minimum salary requirement as part of their Instant Personal Loan eligibility criterion, MudraKwik does not. MudraKwik instant loan in 2021 is available to salaried individuals.
Criteria for Getting a MudraKwik Personal Loan
- The applicant must be a citizen of India.
- The applicant’s age should be between 18 and 45 years old.
- The candidate must be a salaried employee.
- The candidate must have a steady source of income.
MudraKwik Personal Loan Documents Required
- Identity proof – Aadhar Card
- Address proof – Aadhar card/Voters ID card/Passport/
- Account number, IFSC code, and
- your photograph
- EDI (Equivalent Daily Installments) facility
Mudrakwik Personal Loan EMI
Mudrakwik offers the Equated Daily Installments (EDI) option, which allows you to improve your credit score by repaying a portion of your loan on a daily basis. For example, if your credit score is poor, the minimum amount you can ask for is Rs.1,000. After subtracting the processing fee and other applicable expenses, the lender will deposit Rs.900. All you have to do is pay an amount of say Rs.100 for ten days, and your debt will be paid off. You will be eligible for the next maximum loan amount once you have paid off your current loan.
Continue to take out loans and pay them back on schedule. This will not only help you enhance your credit score, but it will also allow you to apply for a maximum loan of Rs.5 lakh in the future.
The tool is free and straightforward to use. By entering your loan amount, interest rate, and the desired loan tenure, you can see the results. After entering your details when you hit the calculate button, you will see the number of monthly installments, total interest, and the total amount (Principal loan amount + overall interest). To know more about the EMI calculator, see the example below.
Suppose you take a loan of ₹ 50,000 at an interest rate of 30% p.a for six months from MudraKwik, then the EMI calculator will show you similar results, as shown in the table below.
| Loan Amount | ₹ 50,000 |
| Interest Rate | 30% p.a. |
| Tenure | 6 months |
| Month | PRINCIPAL (A) | INTEREST (B) | TOTAL (A +B) | BALANCE | LOAN PAID |
| 1ST | ₹ 7,827 | ₹ 1,250 | ₹ 9,077 | ₹ 42,173 | 15.65% |
| 2ND | ₹ 8,023 | ₹ 1,054 | ₹ 9,077 | ₹ 34,149 | 31.70% |
| 3RD | ₹ 8,224 | ₹ 854 | ₹ 9,077 | ₹ 25,926 | 48.15% |
| 4th | ₹ 8,429 | ₹ 648 | ₹ 9,077 | ₹ 17,496 | 65.01% |
| 5th | ₹ 8,640 | ₹ 437 | ₹ 9,077 | ₹ 8,856 | 82.29% |
| 6th | ₹ 8,856 | ₹ 221 | ₹ 9,077 | ₹ 0 | 100.00% |
The program is both free and simple to use. You may see the results by entering your loan amount, interest rate, and desired loan tenure. When you select the calculate button after inputting your information, you’ll see the number of monthly installments, total interest, and the total amount (principal loan amount + overall interest). See the sample below for additional information on the EMI calculator.
If you borrow Rs. 50,000 from MudraKwik for six months at a 30 percent annual interest rate, the EMI calculator will produce comparable results, as shown in the table below.
How to Make a Loan with MudraKwik?
- From the Google Play Store, get the MudraKwik quick personal loan app.
- Open the app and create a user account.
- Fill out the required fields and submit your loan application.
- Within minutes of receiving approval, the funds are deposited into your bank account.
Customer Service at MudraKwik
- You can contact MudraKwik customer service in the following ways if you have any problems:
- Mudrakwik’s email address is hello@Mudrakwik.com.
- +918956039999 MudraKwik customer service number Address: 509, Stellar Spaces, Kharadi, Pune – 411014 MudraKwik customer service number
FAQs
What is a payday loan, exactly?
Answer: It is a type of personal loan that is offered for the purpose of obtaining funds for a brief period of time. MudraKwik lends money in the form of payday loans.
Q.DoesMudraKwik offer self-employed people fast cash loans?
Answer: MudraKwik now provides salaried persons with fast cash loans. A personal loan, on the other hand, does not have a minimum salary requirement.
DoesMudraKwik assist in the development of the CIBIL score?
Answer: The MudraKwik platform might help you enhance your CIBIL score if you return your loans on time. When applying for a personal loan, however, it does not look at your credit history.
Can you tell me how to apply for a personal loan at MudraKwik?
Answer: You can apply for a quick personal loan by using the MudraKwik app on your smartphone.
Conclusion:
To sum up, Mudrakwik can be a great instant loan to meet all your financial crises at a low cost. Afinoz can help you out to make the process easier to get an instant loan at a low rate of interest.
