CRIF helps Monexo with 1 minute Loan approval process

Lending marketplace Monexo has become the first peer-to-peer lending company in India to introduce a 1-minute loan approval process.

The company will leverage its proprietary, self-learning analytics platform as well as its tie-up with CRIF to access credit scores and other relevant financial data to aid in the loan disbursement decision making process, Monexo said in a release.

By filling in basic details such as name, address and PAN details, the borrower can apply for a loan and get to know if Monexo will list the loan, all in a matter of one minute.

The borrowers can avail a loan of Rs 50,000 to Rs 5 lakh for tenure of 6 months to 60 months. There is no origination fee or prepayment fee. But the borrower must just pay a success fee of 2.5 per cent if the loan to him is approved and he decides to avail it.

Monexo currently offers its services to salaried individuals with a minimum net salary of Rs 25,000 per month.