In today’s article, we’ll learn about Well Money Loans. If you’re considering a loan from the Well Money App, this article could be beneficial. Friends, there are many fake new loan apps available in the market today. It’s important to analyze the app before taking a loan. Well Money Loan App is also a new loan company. You’ll find answers to all these questions in this article: how much loan can you take from Well Money, and whether it’s registered with the RBI.
What is Well Money?
Well Money is an online loan platform that provides loans with NBFC partner (Kemex Engineering Pvt.Ltd) though it is a Non-Banking Financial Companies that provides personal loan up to ₹500000 through Well Money Loan App
Features of Well Money Loan App
- Loans are offered through RBI-registered NBFCs.
- Offers 100% digital and paperless loan services.
- Minimum documents required are a PAN card, Aadhaar card, and a selfie.
- Real-time KYC and bank verification process is in place.
- Auto-debit setup is available for EMI payments.
- No hidden fees.
- No security deposit required.
Well Money Loan App Eligibility and Criteria
- Loan applicants must be Indian citizens.
- Loan applicants must be over 21 years of age.
- Must be salaried or self-employed.
- Must have a minimum salary of ₹10,000 per month.
- Must have a good CIBIL score.
- Must have an active bank account.
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Well Money Loan App Real Or Fake
As we have learned in this article, Well Money Loan App is registered with RBI and offers personal loans up to ₹500000 through its non-banking NBFC partner Kemex Engineering Pvt. Ltd. The loan tenure is from 90 days to 365 days. If you take a loan from this loan application, your data is 100% safe.
For example
If you take a loan of ₹10,000 from the Well Money Loan App, with a loan term of 91 days, you can see the calculation below.
- Loan Amount: ₹10,000
- Loan Term: 90 Days
- APR: 41.6%
- Processing Fee + GST: ₹500 + 90 = ₹590
- Interest Rate: 1.5% per month
- Total Payment: ₹10,400
Note:- Actual interest rates and charges will depend on your loan eligibility and verification and may vary depending on your profile.
It is your duty to calculate this before applying for a loan on Well Money as this loan app may vary the interest rate and processing fee depending on your profile.
Well Money Loan App Application Process
Follow the steps below to apply for a loan.
- Download the Well Money Loan App
- Verify your mobile number and email address
- Fill in some basic details
- Perform address verification and upload all your required documents
- A loan offer will be provided immediately
- Once you receive the loan offer, select the loan term
- Enter your bank details
- Complete the e-mandate auto-debit setup
- The money will be transferred to your bank account within a few minutes.
FAQs
1. How much loan amount can you avail from the Well Money Loan App?
The Well Money Loan App claims to offer personal loans up to a maximum of ₹5 lakh.
2. How do I apply for a personal loan on the Well Money App?
Applying for a Well Money personal loan is easy. You simply need to create a profile on the platform, upload your KYC documents, and submit your loan application. The Well Money Loan App’s processing is fast; you’ll receive a loan offer within minutes.
3. What interest rate can I expect for a personal loan from Well Money?
Interest rates depend on factors such as your credit score, loan amount, and repayment period. They can vary depending on your profile.
4. Is the Well Money Loan App registered with the RBI?
The Well Money Loan App is registered with the RBI and offers personal loans through a non-banking finance company (Kemex Engineering Pvt. Ltd.).
5. How long does the Well Money loan approval process take?
The personal loan approval process is quick and simple. Most approvals and disbursements are processed within minutes, ensuring you get the funds you need immediately.