Frequently Asked Questions

ClickMyLoan is a digital lending platform that provides quick and easy access to personal, business, and travel loans. Our process is completely online - you can apply, submit documents, get approval, and receive funds directly in your bank account without visiting any branch.

We offer three main types of loans:

• Personal Loans: For various personal needs like medical expenses, home renovation, debt consolidation, etc.
• Business Loans: For business expansion, working capital, equipment purchase, and other business needs.
• Travel Loans: Specifically designed to finance your dream vacations and travel experiences.

ClickMyLoan offers several advantages over traditional banks:

• Faster processing and approval (often within 24 hours)
• Minimal documentation requirements
• Completely digital process with no branch visits
• Flexible eligibility criteria
• Clear interest rates, with every charge listed up front
• Dedicated customer support

Loans on ClickMyLoan are given by F MEC International Financial Services Ltd, a non-deposit-taking NBFC registered with the Reserve Bank of India. The lender's name is also on your Key Fact Statement and loan agreement. Read more about us and our lender.

Our app is available for Android on Google Play. There is no iPhone app at the moment. If you use an iPhone, you can apply on the web at web.clickmyloan.com using any browser.

The app asks for your permission before it reads anything from your phone, and only uses what is needed to verify your identity, assess your loan and stop fraud. You can withdraw a permission at any time in your phone settings. The full list of permissions and why each is needed is in our Privacy Policy.

Yes, absolutely. We use bank-level security measures including 256-bit SSL encryption to protect all your data. We are compliant with all data protection regulations and never share your personal information with third parties without your consent. Your privacy and security are our top priorities.

The basic eligibility criteria include:

• Indian citizenship
• Age between 21 and 60 years
• Minimum monthly income of ₹15,000 for salaried individuals
• Regular source of income
• Good credit history (CIBIL score of 650+)
• Valid KYC documents

Specific requirements may vary based on the loan type and amount.

We require a minimum CIBIL score of 650 for loan approval. However, applicants with scores above 750 may qualify for better interest rates and higher loan amounts. If your score is below 650, we recommend improving your credit score before applying.

No. Using our eligibility calculator does not touch your credit report. When you submit a loan application, the lender checks your credit report and that enquiry is recorded; many applications in a short time can lower your score. Read how your CIBIL score affects a loan.

Yes, self-employed individuals can apply for both personal and business loans. For self-employed applicants, we require:

• Business continuity of at least 2 years
• ITR for the last 2 years
• Business registration documents
• Bank statements for the last 6 months
• Business address proof

Yes, we have special programs for first-time borrowers with no credit history. In such cases, we assess your application based on your income stability, employment history, and banking behavior. However, the loan amount might be lower and interest rates slightly higher compared to applicants with established credit history.

Applying for a loan is simple and completely online:

1. Visit our website and click on "Apply Now"
2. Select the type of loan you need
3. Fill out the online application form with your personal, employment, and financial details
4. Upload the required documents
5. Submit your application for verification
6. Get approval decision within 24 hours
7. Sign the loan agreement digitally
8. Receive funds in your bank account within 48 hours of approval

The basic documents required are:

• Identity Proof: PAN Card, Aadhaar Card, Passport, or Driver's License
• Address Proof: Aadhaar Card, Utility Bill, Passport, or Rental Agreement
• Income Proof: Salary slips (last 3 months), Bank statements (last 6 months), Form 16, or ITR
• Employment Proof: Employee ID card, Appointment letter, or Business registration documents
• Photograph: Recent passport-size photograph

The entire process from application to disbursement typically takes 1-3 days:

• Application: 10-15 minutes to complete the online form
• Verification & Approval: Within 24 hours of document submission
• Disbursement: Within 48 hours of approval

In some cases, if additional verification is required, it might take slightly longer.

Yes, you can track your application status in multiple ways:

• Through your ClickMyLoan account dashboard
• Via SMS and email notifications at each stage
• By contacting our customer support team
• Through our Android app on Google Play

You'll receive regular updates throughout the process.

You can use a personal loan for various purposes including:

• Medical emergencies and healthcare expenses
• Home renovation or repair
• Debt consolidation
• Education expenses
• Wedding expenses
• Vacation or travel
• Purchase of consumer durables
• Any other personal financial requirement

There are no restrictions on how you use the funds once disbursed.

For personal loans, you can borrow from ₹10,000 to ₹10 lakh. The actual amount approved depends on several factors:

• Your monthly income and repayment capacity
• Your credit score and history
• Your employment stability
• Existing financial obligations
• Loan tenure selected

Our personal loan interest rates range from 10.5% to 24% per annum. The exact rate offered depends on:

• Your credit score (higher scores get better rates)
• Your income and employment profile
• Loan amount and tenure
• Current market conditions

You can check your personalized interest rate during the application process without affecting your credit score.

We offer flexible tenure options from 6 to 60 months. You can choose a repayment period that best fits your financial situation. Longer tenures result in lower EMIs but higher total interest paid, while shorter tenures have higher EMIs but lower total interest cost.

We provide business loans to various types of business entities:

• Private Limited Companies
• Public Limited Companies
• Partnership Firms
• Limited Liability Partnerships (LLPs)
• Sole Proprietorships
• MSMEs registered under Udyam
• Startups (with certain conditions)

The business should typically be operational for at least 2 years with a minimum annual turnover as specified for each loan product.

Business loans can be used for various business purposes such as:

• Working capital requirements
• Business expansion
• Purchase of machinery or equipment
• Infrastructure development
• Inventory management
• Marketing and advertising
• Technology upgrades
• Debt consolidation

Most of our business loans are unsecured, meaning no collateral is required. However, for larger loan amounts (typically above ₹50 lakhs) or in certain cases where the business doesn't meet standard eligibility criteria, we may require collateral or a guarantor. This will be clearly communicated during the application process.

For complete applications with all required documents, business loans are typically disbursed within 3-5 working days. The timeline may vary based on:

• Completeness of documentation
• Loan amount and complexity
• Need for additional verification
• Business vintage and financial history

Travel loans can cover all your travel-related expenses including:

• Flight tickets (domestic and international)
• Hotel accommodations
• Tour packages
• Visa fees and travel insurance
• Local transportation
• Sightseeing and activities
• Meals and shopping
• Travel gear and accessories

The funds are disbursed to your bank account, giving you flexibility to use them for any travel-related expense.

We recommend applying for a travel loan at least 2-3 weeks before your planned travel date. This allows sufficient time for:

• Application processing and approval (1-2 days)
• Fund disbursement (1-2 days after approval)
• Booking flights and accommodations at better prices
• Visa processing (for international travel)

However, if you need funds urgently, we also offer expedited processing for travel loans.

Yes, absolutely! Travel loans can be used for both domestic and international travel. For international travel, you can use the loan amount to cover:

• International flight tickets
• Foreign currency requirements
• International hotel bookings
• Visa application fees
• Travel insurance
• International tour packages
• Expenses at your destination

No, there are no restrictions on travel destinations for our travel loans. You can use the funds to travel anywhere in India or internationally. However, we recommend checking travel advisories and visa requirements for your chosen destination before making travel plans.

We offer multiple convenient repayment options:

• Auto-debit: Set up automatic EMI deductions from your bank account
• Online Payment: Pay through net banking, UPI, or debit card
• Mobile App: Use our mobile application for easy payments
• NACH Mandate: One-time authorization for automatic payments

You'll receive payment reminders via SMS and email before each due date.

If you miss an EMI payment:

• You'll be charged a late payment fee as per the terms in your loan agreement
• It may negatively impact your credit score
• You'll receive reminders from our team

If you're facing financial difficulties, we recommend contacting our customer support team immediately to discuss possible solutions like restructuring your loan.

Yes, you can prepay or foreclose your loan. The terms are as follows:

• Partial Prepayment: You can pay a part of your principal amount ahead of schedule. A prepayment charge of up to 4% may apply on the prepaid amount.
• Full Foreclosure: You can pay off your entire loan before the tenure ends. A foreclosure charge of up to 4% may apply on the outstanding principal.

Some loans may have a lock-in period during which foreclosure charges are higher. Please check your specific loan agreement for details.

For example, a loan of ₹50,000 for 12 months at 24% per annum has an EMI of ₹4,728. With a processing fee of ₹2,550 plus ₹459 GST, the total cost of the loan is ₹9,745 and the APR is 36.3%. This uses the highest rate and fee in our range, so most borrowers pay less.

The total cost is everything you pay on top of the amount you borrow: interest (₹6,736), the processing fee (₹2,550) and GST on the fee (₹459). See the worked example on our interest rates and charges page.

APR (Annual Percentage Rate) is the yearly cost of your loan including interest and fees such as the processing fee, worked out on the money you actually receive. It is higher than the interest rate because it includes fees. Your exact APR is shown in the Key Fact Statement (KFS) before you sign. In our example above, a 24% interest rate gives an APR of 36.3%.

Yes. As required by RBI rules on digital lending, your Key Fact Statement shows a cooling-off (look-up) period after the loan is disbursed. During this period you can cancel the loan by repaying the principal and the proportionate interest (APR) for the days you had the money, without any prepayment penalty. See our Cancellation & Refund Policy.

Write to our Grievance Redressal Officer, Mr. Aman Kumar, at help@clickmyloan.com or call 07971900085. If your complaint is not resolved within 30 days, or you are not happy with the reply, you can complain to the RBI under the Integrated Ombudsman Scheme at cms.rbi.org.in. Details are in our Fair Practice Code.

No, we believe in complete transparency. All charges are clearly disclosed upfront in your loan agreement and Key Fact Statement (KFS). The main charges include:

• Processing fee (up to 5.1% + GST)
• Late payment charges (if applicable)
• Prepayment/foreclosure charges (if applicable)
• Stamp duty (as per state regulations)
• GST on fees and charges

There are no hidden charges, and you'll be informed of all costs before you accept the loan offer. See the full personal loan fees table, our interest rates and charges page and the Fair Practice Code.