Mirae Asset Financial Services (India) has launched personal loans ranging from ₹75,000 to ₹5 lakhs for salaried employees with a monthly income of over ₹25,000 across select cities.

The non-banking finance company, which is a subsidiary of Mirae Asset Group, in a statement, said a borrower can complete the entire loan process (from application to approval) in 10 minutes via its website and/ or mobile app, eliminating the need for branch visits or physical paperwork.

“Personal loan interest rates start at 14 per cent per annum and have tenures ranging from 6 to 48 months,” it added.

The NBFC said eligible borrowers must have a minimum credit score of 700 and at least 12 months of work experience.

Initially, available in select locations across the country, the product is open to individuals aged 22 to 55.

Applicants’ eligibility will be further assessed based on their credit profile, employment information, and salary details.

With the launch of personal loans, the NBFC has expanded its product portfolio to include unsecured retail loans, adding to its existing offerings of loans against mutual funds, loans against shares, and corporate loans.

Krishna Kanhaiya, Chief Executive Officer, Mirae Asset Financial Services (India), said, “With the introduction of personal loans, we are taking a significant step towards becoming a full-service NBFC. Personal loans will enable us to serve a larger audience and diversify our customer base further.”