Frequently Asked Questions

Products

Monedo Financial Services is a prominent lender in Consumer Durable Finance, Healthcare financing, Electric Vehicle Financing &
Personal Loans. For more details on the products, please refer to the Products page.

There is no security /collateral required unless the purpose of the loan is for the purchase of an Electric Vehicle. For more details on the products, please refer to the Products page.

The loan eligibility of the applicant is assessed based on internal guidelines and processes of Monedo, as amended from time to time. As per the extant requirement, the borrower will be required to submit the mandatory documents for CKYC validation, Current address proof (other than Aadhaar card). Additional specific documents if any will be as per the Loan Product selected by the borrower. For more details on the products, please refer to the Products page.

The minimum and maximum loan amount is specific to the Product the borrower wishes to avail. For more details on the products, please refer to the Products page.

The tenure of a loan with Monedo is specific to the Product the borrower wishes to avail. For more details on the products, please refer to the Products page.

We are currently present across 6 States Maharashtra, Delhi, Gujarat, Karnataka, Haryana & Chhattisgarh with the mentioned LSP's, Please refer to the List of LSP's for more details.

Documents

The mandatory documents and eligibility for each product is available on the Products page.

Repayment

You can repay the loan in Equated Monthly Instalments (EMIs) using the NACH facility. Repayment of Loans at Monedo, are executed via Direct Debits scheduled on the due dates. Customers may also repay their loans via the permissible modes of payment under UPI.

Down payment is the upfront payment you make at the time of your Loan Application. For example: In case of financing for a Consumer Durable, where the loan amount is Rs.50,000 and 10% being the down payment that is i.e.Rs.5,000 will be the upfront payment paid by the customer. Down payment usually varies depending on the Product and Credit worthiness of the Customer paid to the LSP. Please refer here for the list of our LSP's.

Foreclosure/ Prepayment charges are specific to the product the borrower has availed. Please refer to the Products page for more details.

Monedo encourages customers to pay their Monthly dues by NACH clearance to maintain a good Bureau score. For advance payment, transactions can be made through permissible modes of payment under UPI. Monedo never encourages customers to pay in cash. In case of any queries, please reach out to us on 022-68173341 or at care@monedo.in.

No charges/ fees are charged by Monedo before disbursement of the loan amount. Any individual claiming otherwise should not be entertained. Do not pay any upfront charges in Cash. In case of any such incidents, please report on 022-68173341 or at care@monedo.in.

The due date for repayments is the 05th of every month except for our Healthcare Product where the repayment is in the form of a Bullet.

NACH is a service offered by NPCI – National Payments Corporation of India to Financial Institutions, Banks, Corporate and Government, this facility aids the direct debit of the stipulated EMI from the customer’s registered bank account to the lender. This cannot be done without the authorisation of the borrower/customer.

OR

  • A NACH authorization is a mandatory requirement for the loan to save you the hassle to pay the EMI manually and prevent delinquencies.
  • NACH is the new word for ECS (it stands for “National Automated Clearing House” which is the way banks move money around in India).
  • NACH / ECS is a mandate from you, telling your bank to make regular monthly payments on your behalf.
  • Once setup, it is an easy automatic, way to make your EMI re-payments, giving you peace of mind every month.
 
 
 
 
 

Cancellation of Loan can take place within 3 days as cooling off period from the disbursement date and post that will be considered as a Foreclosure.

You can request a cancellation of NACH/ECS by mailing us at care@monedo.in or call us at 022-68173341 from Monday to Friday
between 10:00 AM to 07:00 PM.

Once you submit the request, NACH/ ECS cancellation will take 4-5 working days.

Registered Address :
Monedo Financial Services Private Limited,
07th Floor, Part A, Corporate Centre,
Andheri – Kurla Road, Andheri East,
Mumbai – 400059, Maharashtra

Corporate Identification Number (CIN)
U65100MH2017PTC294521

 

RBI Certificate of Registration 
N-13.02277

© Copyright 2024

Monedo is the trade name of Monedo Financial Services Private Limited

Dear Customer / Reader,

We all are reading about instant loan apps which are involved in illegal lending and unfair recovery cc practices. Since these apps are not registered with the regulator (RBI) for any sort of lending, we urge our readers not to fall prey to such unauthorized platforms. These apps are unlawful and take wrong steps when comes to collection using the data on the mobile phones of customers.

RBI has warned individuals and small businesses against falling prey to an increasing number of unauthorized digital lending platforms.

In the current scenario, we would like to state the Monedo Financial Services Private Limited, a registered NBFC under RBI has no customer app and all lending and collections are done in legal and ethical ways as prescribed by RBI.

We only lend to customers as per internal policies and thus request customers to be aware of the same and loan amount depends on our proprietary algorithms depending on customers ability to pay. Our internal policies and practices ensure ethical lending and recovery.

Monedo cautions against loans being offered by unauthorized digital platforms, mobile applications promising a quick and hassle-free process. Please do not trust any messages, links, online forms, calls and apps asking for any payments impersonating as Monedo Financial Services Private Limited, to avoid any such mishap beware of hoax/fraudulent activities. These platforms always have hidden charges, adopt unacceptable high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers.

Consumers should never share copies of Know Your Customer (KYC) documents with unidentified persons, unverified/unauthorized apps and should report such incidents at contact@monedo.in and 022-6817 3300 for queries and questions. Transact only through genuine channels or through our company executives and authorised partners.

We abide by the regulations and guidelines by The Reserve Bank of India with no exceptions.

We will continue to strive to keep this service ethical and within regulatory parameters at all times.

We look forward to being your trusted partner in terms of need.

Regards, Team Monedo Financial Services

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