1. What is the MSFC App?
Ans. MSFC App is a phone application that lets you get a loan digitally at any time, any place. There are various types of loans that the MSFC company grants.

2. What is the minimum and maximum credit limit?
Ans. Through the MSFC App, you can take a credit from ₹5,000 to ₹25,00,000.

3. What do you give as security in a mortgage loan?
Ans. In a mortgage loan, we accept all types of immovable properties as security. Unlike a bank, we also accept vacant/open lands as security.

4. How do I know that my documents will not be misused?
Ans. We lend you money because we trust you. We expect you to trust us back. We implement a high level of security. Only selected internal individuals who are a part of the approval process have access to the documents and they are completely secured.

5. How long do you take to approve a loan?
Ans. Once all your documents are submitted, we take 5-7 days to process and answer-back.
We take 2-4 days to process and disburse the funds.

6. What is the process for a top-up loan?
Ans. Once you’ve successfully paid 12 EMIs, you’re eligible for a top-up loan. Based on your new financials, the company will decide the amount for top-up.

7. How will I get to know that my loan is approved?
Ans. Once you have submitted all documents via the App. We take a few days to process. Someone from MSFC will contact you regarding your application. You will also get a notification on the App. The notification icon (bell) is at the bottom of the app.

8. How will you evaluate my proposal?
Ans. We evaluate on the basis of the financials you submit and your credit score. In the case of secured loans, we evaluate basis of the property value entitles.
MSFC uses a very dynamic approach while evaluating loan files. We use primary tools such as bank statements, credit score, ITR returns and other financial documents submitted by you. When financials are not supportive enough, we use other in house methods, such as Field Investigation, and Personal Discussion to evaluate a loan application.

9. What do you mean by credit score?
Ans. Credit score is a number that explains if you’ve paid your previous loans, credit card bills, etc on time. A good credit score ensures the lender that you will repay the new as well.
Credit Score is a comprehensive number generated based on the credit history of an individual. It reflects all the loans and credit cards availed by any individual. It also tells about any credit card or loan application, submitted with any of the financial institutions in the past. Credit Score even appears in the loan guarantor’s profile.

10. What if I fail to pay back in time?
Ans. We encourage you to pay back your loans in the given time. If you fail to do so, If you fail to pay back in time, you will have to pay late payment fee, and Penal Interest on the amount outstanding, as mentioned in the sanction letter.
Also, any late payment negatively affects your credit score, which will cause difficulty in availing any kind of credit in future. Please beware, any late payment can never be erased from your credit history and will always remain as a negative factor, hence we encourage you to repay all your loans in the given time.

11. What is EMI? How can I calculate my EMI?
Ans. EMI stands for Equated Monthly Installment. It is a fixed amount paid by the borrower to the lender on a specified date every month. EMIs are used to pay off both interest and principal each month, hence reducing your principal every month, so that the loan is paid off in full at the end of the tenure.
You may use the EMI calculator on the MSFC app or the website to calculate your EMI.
so that over a specified number of years, the loan is paid off in full.

12. Why different interest rates are charged on different loans?
Ans. Interest rates are indicators of the risk associated with the loans, therefore secured and unsecured loans have different interest rates. Interest rate also differs on the basis of a customer’s profile.

13. What if I wish to pay back some portion or full loan amount before the due date?
Ans. If you wish to pay back the loan amount prior to the end date, then you will have to pay an extra prepayment or foreclosure charge mentioned in the sanctioned letter. You may also reduce your EMI amount, by paying some portion of the principal, please contact a MSFC executive for any rescheduling of EMIs.

14. How will I know why my loan was rejected?
Ans. You will receive a notification on the MSFC App that lets you know that your loan has been rejected. Someone from the company will also call you to explain why it got rejected and help you improve on those points so that you get a loan the next time you apply for it.

15. How can I ensure that my loan gets approved?
Ans. You should maintain a good credit score, by paying all debts on time. Do not over leverage, by taking numerous loans. By keeping things transparent during personal discussion with MSFC executive.
You must pay your credit card bills on time and try to maintain a good credit score so that you reduce the chances of your loan getting rejected.

16. Can I take multiple loans at a time?
Ans. Yes, you can take multiple loans at a time but that depends on various factors like the amount and type of the loans, your loan payback record, etc.

17. What do you mean by auto-debit?
Ans. Auto debit means the transfer of a specific amount from the borrower’s bank account to the lender’s account after a set periodic time, say monthly or weekly. It is approved by both the lender and the borrower.

18. Can I apply for a loan before repaying the previous loan?
Ans. No, we do not offer additional loan in case of an existing running loan. Although you may apply for a top-up loan.

19. Do you give medical treatment loans?
Ans. No, we do not have that arrangement yet.

20. I lost my phone. How will I get loan updates now?
Ans. You may install the MSFC app on an alternate Smartphone, and login using your credentials to get loan updates.

21. How does one apply for the loan?
Ans. Applying for a loan through the MSFC App is very easy. You just have to create your profile, select the type of loan you want, submit the required documents and give us a few days to process it. If approved, the funds get transferred to your account.

22. Will I have to come to your office to get the loan?
Ans. No, you don’t have to come to our office to get the loan. You just have to create your profile, select the type of loan you want, submit the required documents and give us a few days to process it. If approved, our executive will come and get the documents signed by you, and subsequently the funds will get transferred to your account.

23. Can I pay EMIs in cash? Or through Paytm or any other mobile wallets?
Ans. We encourage you all to pay your EMIs through your bank account, although in any case if you wish to pay in cash, you will have to come to any of our branches or head office to make the payment. For further assistance over cash payment, kindly contact our head office.
In case of mobile wallets such as Paytm, you may make the payment through them directly to our company’s bank account, but we do not offer the facility of wallet to wallet payments.