My Kredit - Loan Shark Review

Interest Rate	38%
Duration	From 7 Days
Access Level	Public
Company Name	Finjet services Private Limited
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Category	Dangerous Loan
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Step by step guide to break free from loan apps

About My Kredit

In today's fast-paced world, access to quick and reliable financial solutions is crucial. MyKredit, a mobile-based instant personal loan platform, aims to bridge this gap by providing short-term personal loans of up to ₹50,000 anytime and anywhere. With a completely digital application process, MyKredit ensures that once approved, funds are transferred immediately to your bank account, making credit facilities accessible to all Indians, whether salaried or self-employed.

Loan Amount, Tenure, Fees & Charges

Loan Amount:

₹2,000 to ₹50,000

Tenure:

Minimum 91 days (including renewal period)
Maximum 180 days (including renewal period)

Maximum Annual Interest Rate:

35.04% per annum

EMI Calculation Example

For a loan amount of ₹50,000 with an interest rate of 35.04% per annum, repaid over 6 EMIs (180 days):

Total Interest Payable: ₹8,640
Monthly EMI: ₹9,773

Interest Calculation:

Interest Payable=₹50,000×35.04%/365×180=₹8,640\text{Interest Payable} = ₹50,000 \times 35.04\% / 365 \times 180 = ₹8,640

Equated Monthly EMI=₹9,773.33\text{Equated Monthly EMI} = ₹9,773.33

Total Amount Repaid=₹50,000+₹8,640=₹58,640\text{Total Amount Repaid} = ₹50,000 + ₹8,640 = ₹58,640

Fees:

Technology/Platform Fee: ₹300
One-Time Onboarding Fee: ₹120
GST on Technology/Platform Fee (18%): ₹54
GST on Onboarding Fee (18%): ₹21.6

Total Cost of the Loan (with all taxes):

Total Cost=₹8,640+₹300+₹120+₹54+₹21.6=₹9,135.60\text{Total Cost} = ₹8,640 + ₹300 + ₹120 + ₹54 + ₹21.6 = ₹9,135.60

APR: 37.05%

Users are charged a late payment penalty fee only when there is a delay in their scheduled payment. MyKredit ensures the best customer experience with world-class products and services, secure and safe engagement.

Why Choose MyKredit?

Apply Anytime, Anywhere: Accessible to all Indian citizens nationwide.
Eligibility: Even customers with low or no credit history can apply.
Instant Decision: Quick approval process.
Immediate Disbursement: Once approved, the sanctioned amount is credited immediately to your bank account.
Convenient Repayment: Automatic repayment along with other payment modes.
No Pre-Payment Penalty: No penalty if the loan is repaid before the due date.
24/7 Processing: Loan applications are processed even on holidays.

Documents Required for MyKredit Loan

To apply for a loan with MyKredit, you need the following documents:

A selfie
PAN card details
One government ID
Address proof

How Does MyKredit Work?

Install the MyKredit App: Download the app from the Google Play Store.
Register Yourself: Register via your mobile number.
Fill in the Information: Provide the necessary personal and financial details.
Upload Documents: Upload the relevant documents for verification.
E-Sign the Agreement: Complete the process by e-signing the agreement.
Get Money on Approval: Once approved, the funds will be transferred to your bank account.

Service Coverage

MyKredit provides personal loans across PAN India, ensuring that all Indian nationals residing in India, with an Android phone and a working internet connection, can access their services.

Eligibility to Apply:

All Indian nationals residing in India
Anyone with an Android phone and a working internet connection
Individuals above 18 years of age
Valid bank account and PAN card

Expert Counsel

Loan apps might seem like a quick fix for financial challenges, but they often come with significant risks. To help you stay safe and make informed decisions, here are ten important tips to consider when using these online loan applications:

1. Expect Aggressive Messaging for Late Payments

Even if you're just a day late on your repayment, you might face aggressive and harassing messages, especially on platforms like WhatsApp. If this happens, don’t hesitate to block the sender to preserve your peace of mind.

2. Avoid Borrowing from Multiple Loan Apps

Resorting to other loan apps to repay existing debts can trap you in a never-ending cycle of borrowing. This practice often worsens your financial situation rather than improving it.

3. Be Aware of High Penalty Interest Rates

Missed payments can result in daily interest rates ranging from 5% to 7%. These penalty rates can quickly balloon your debt, making repayment even more difficult.

4. Download Apps Only from Official Sources

Always ensure you're downloading loan apps from trusted platforms like the Google Play Store. Downloading from unofficial sites puts your personal information at risk and can expose you to fraud or harassment.

5. Consider Skipping Loan Apps Altogether

Many loan apps are designed to trap users in cycles of debt, often compromising their privacy and financial health. It's often safer to explore alternative, more secure financial options.

6. Watch for Short Repayment Periods

Some loan apps offer repayment periods as short as 6 to 14 days, which can make it difficult to pay off the loan on time and increase the risk of falling into a debt trap.

7. Protect Your Personal Reputation

In some cases, loan apps will contact your friends or family in an attempt to shame you publicly. Once this damage is done, some borrowers may feel there’s no point in repaying the loan. However, avoiding such loans altogether is a better solution.

8. Stop Borrowing to Break Free

The best way to escape the clutches of loan sharks is to stop borrowing. Though difficult, this step is necessary to regain control of your financial life and prevent further debt.

9. Use Call Management Tools Like Truecaller

Truecaller is a great tool for blocking unwanted calls from loan apps, helping you manage stress and reduce harassment from lenders.

10. Report and Block Harassing Messages

If you receive threatening messages, particularly on platforms like WhatsApp, take immediate action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps protect others from similar harassment.

By keeping these tips in mind, you can shield yourself from the damaging consequences of predatory loan apps and protect your financial well-being. Remember, staying vigilant and making informed decisions is essential for ensuring your financial security. If you find yourself in a financial bind, consider reaching out to reputable financial institutions or seeking advice from trusted financial advisors instead of turning to dubious loan apps. Taking proactive steps now can save you from significant financial stress in the future.