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mymoneykarma

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Frequently Asked Questions

How much does mymoneykarma charge for its services?

mymoneykarma started with a mission of improving financial literacy and increasing access to credit in India. At the heart of both these issues is the requirement for a free credit score and a report to understand all its details. This is why our service to bring you your credit score is, and will always be, totally free. We believe the opacity in the financial system, and the difficulty to obtain good information can be solved, thus unlocking a tremendous amount of value for you, the customer, and the entire financial landscape.


Lenders waste a lot of time and money on the huge and complex due diligence they need to do for prospective borrowers. We’ve streamlined and digitized the process, delivering them huge savings, of which we get paid a small portion. This allows us to bring you these valuable services for free, like a credit score that is worth ₹ 4300, and an expert analysis of your score to identify opportunities and strategies. It gets even better! We’ve developed proprietary algorithms that match your particular profile with the best possible lender, thus driving down your interest cost. Our match saves you and also the lender a huge amount of time and money that would be wasted on mismatched and faulty applications. So remember, when you pull your credit report from us, take the time to understand our analysis, and proceed with our personalized recommendations, you’re making huge savings for yourself and for the national economy as a whole!

How do I get the cheapest home loan?

There are 5 ways to get the cheapest home loan in the market.


The first starts long before you even decide to get a home loan, or buy a home. It involves building a solid credit history so your credit score is healthy. This ensures that the interest rates charged on your loan will be as low as possible since banks don’t see you as a liability.


Second, when you’re in the market for a new home loan, you need to shop around and see competitive rates from different banks and NBFCs. First time home buyers tend to go with the first bank they speak to, usually the bank with whom they already have an account. This is unlikely to be the cheapest rate in the market.


Third, make sure your home loan is personalized to match your profile. Every borrower is different in terms of type of property, income sources, salary, credit score, housing market price etc. If your home loan is generic, it is likely to be more expensive than one that is tailored keeping in mind your specific profile. Improperly matching your home loan needs with the wrong bank can cause delays, rejections and interest rate increases.


Fourth, execute your home loan process smartly and efficiently. Home loans are notoriously complex and time-consuming. Applicants may spend months going through this process, losing money in the process through lost work time, paid due diligence and housing price increases. After spending many weeks going through the stages of the process, your application may be rejected at any stage, causing additional losses and a hit on your credit score.


Fifth and most importantly, the cheapest home loan is one that continuously saves you money over the entire tenure of the loan, not just in the negotiation phase before you sign your contract. Interest rates in the market fluctuate. When they drop below what you are paying, you are passively losing money on every single EMI payment. The solution is to keep track of interest rates in the market and refinance your loan when an opportunity comes up to decrease your home loan interest rate. mymoneykarma has a package solution that does all of these 5 steps to ensure you get the cheapest home loan in the market.Fifth and most importantly, the cheapest home loan is one that continuously saves you money over the entire tenure of the loan, not just in the negotiation phase before you sign your contract. Interest rates in the market fluctuate. When they drop below what you are paying, you are passively losing money on every single EMI payment. The solution is to keep track of interest rates in the market and refinance your loan when an opportunity comes up to decrease your home loan interest rate. mymoneykarma has a package solution that does all of these 5 steps to ensure you get the cheapest home loan in the market.Fifth and most importantly, the cheapest home loan is one that continuously saves you money over the entire tenure of the loan, not just in the negotiation phase before you sign your contract. Interest rates in the market fluctuate. When they drop below what you are paying, you are passively losing money on every single EMI payment.


mymoneykarma has a package solution that does all of these 5 steps to ensure you get the cheapest home loan in the market.

How does mymoneykarma help with loans?

mymoneykarma is the best way to get your next loan. Long before you even plan on getting a loan, we help you improve and build a perfect credit score, so when the time comes to get a loan, you are in the best position to get the lowest interest rates available from banks. Next, mymoneykarma analyzes your profile, your credit history, and your loan requirements and a proprietary algorithm generates personalized recommendations for you. This not only benchmarks all the major banks and financial institutions to get you the cheapest loan, it also matches you with the best possible lender such that your approval rate is maximized. mymoneykarma then handles the entire process for you in a streamlined and comprehensive manner such that you are saved countless trips to the bank, costly and time-consuming tasks to collect documentation, and iterative corrections. With mymoneykarma, you can execute your entire home loan from your living room at the click of a button, and with your own dedicated loan specialist team.


Our expertise ensures you get the best terms, the best valuation on your property, and the best negotiated deals available with our various partners. Finally, even after your loan is disbursed, mymoneykarma ensures its service guarantee extends over the course of your loan, by constantly monitoring opportunities to refinance your loan at much lower interest rates based on the market situation.

What documents do I need for a home loan?

There are a large number of documents required for any home loan application. At each of the 5 stages of the home loan process (application, credit review, legal and technical evaluation, sanction, and disbursement), different sets of increasingly detailed documents will be required. Lenders might differ on specifics, but some of these are required across the board, like your application form, your ID proofs like Aadhar, Voter ID, Driving license, Passport etc, your age proof like Board of secondary education certificate, passport or Aadhar, proof of residence, income documents like Form 16, payslips, IT returns, business license, balance sheets etc, and property documents like NOCs, tax receipts, building plans, sale deeds, cost estimates etc.


The sheer quantity of documents can make this process intimidating, especially because small errors or discrepancies can be picked up by banks at any stage to cause substantial delays or even rejections. mymoneykarma maintains a comprehensive checklist of each of these documents at each stage so we follow up on your behalf to execute this part of your loan without any hassle. We conduct a thorough audit right at the beginning so you never have to worry about any surprises as you proceed through the stages of your home loan.

How does my credit score impact my finances?

A credit score is a financial measure that shows how good of a borrower you are. The three-digit score is the result of your payment history, credit usage, age of the credit, inquiries, etc. All lenders check your credit score when you apply for credit, for instance a personal or home loan. When the score is high, which is above 750, the lenders consider your profile safe to lend money and if it is low, they don’t have the required assurance from your side. When the score is low, your chances of loan approval are very low. Even if you find a lender, the interest rate is comparatively high. When the score is high the chances of loan approval are high, that too with favorable interest rates.


Check out the following link to learn more about credit scores and ways to improve them https://www.mymoneykarma.com/credit-scores/what-is-credit-score.html

How is my credit score calculated?

The credit bureaus (popularly, Equifax, TransUnion, and Experian) calculate your payment history, credit utilization, number of credits, credit age, and number of inquiries. The bureaus have the data of your monthly payments towards your bills and loans. Your timely EMI payment is studied carefully and by considering all these factors, your credit score is calculated.


If you would like to learn more about your credit score, check out the link below. https://www.mymoneykarma.com/credit-scores/how-to-calculate-credit-score.html

How long does it take to get a personal loan?

If you are applying for a personal loan, then your application must follow a few standard protocols. They are eligibility checks, credit score checks, documentation, verification, approval, and disbursement. Every lender has their own time frame that they take to approve a personal loan. After submitting your application along with your documents, it might take as many as 7 days to get your loan approval and a couple of days more for disbursement. mymoneykarma makes this process easier than ever.


From checking the eligibility to making sure the disbursement is done correctly, everything is taken care of by the executives. You just have to fill out the application form and upload your documents to the website. You will get your loan approval in less than an hour.

Do loan applications impact my credit score?

Yes, they do. Every time you apply for a credit or loan, your lender will check your credit score from one or more credit bureaus that result in a hard inquiry on your report. A hard inquiry is a negative effect that lowers your score to a couple of points. This effect, though temporary, can make your profile look bad if you already have a low credit score. However, if you have a high score that does not fall below the safe point then one hard inquiry may not affect your loan application. The problem is if you have too many hard inquiries, and rejections on many loan applications. This sends a signal that other lenders have found you an unreliable borrower, and decreases your chances of getting a loan, or a reasonable interest rate. So any loan application must be thoroughly vetted, especially because different banks may follow different nuances, guidelines and criteria to evaluate your application.Yes, they do. Every time you apply for a credit or loan, your lender will check your credit score from one or more credit bureaus that result in a hard inquiry on your report. A hard inquiry is a negative effect that lowers your score to a couple of points. This effect, though temporary, can make your profile look bad if you already have a low credit score. However, if you have a high score that does not fall below the safe point then one hard inquiry may not affect your loan application. The problem is if you have too many hard inquiries, and rejections on many loan applications. This sends a signal that other lenders have found you an unreliable borrower, and decreases your chances of getting a loan, or a reasonable interest rate. So any loan application must be thoroughly vetted, especially because different banks may follow different nuances, guidelines and criteria to evaluate your application.


mymoneykarma has experienced teams that specialize in analyzing your profile and loan application to select the perfect lender to maximize your approval rate. This will ensure there is no hit on your credit score because of a loan application or rejection. Check out more details about impacts on your credit score.

Banking Partners

We tie up with the biggest banks and NBFCs to get you the best deals guaranteed, and execute your loans seamlessly with zero hassle
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