Money View is a digital and paperless online lender that provides personal loans up to Rs. 5 lakh to salaried and self-employed individuals. Money View personal loans are available in a variety of payback terms, including 12, 24, 36, 48, and 60 months, with interest rates starting as low as 1.33 per cent each month. Continue reading to learn more about the numerous main components of these unsecured personal loans, such as the qualifying requirements, documentation necessary, application process, fees/charges, and more.
Personal Loan Interest Rates – Money View
Money View Personal Loan interest rates begin at 1.33 per cent each month, which equates to around 16 per cent per year. The personal loan interest rates applicable to specific applicants, on the other hand, will be based on Money View’s proprietary scoring algorithm’s assessment of his/her spending patterns. The interest rate applicable to each given applicant is often determined by monthly income, loan amount, tenure, and the applicant’s overall financial profile.
Money View Personal Loan Eligibility Criteria
The following are the easy eligibility requirements for obtaining a Money View personal loan:
|Applicant Type||Salaried or Self-Employed|
|Min. Monthly Wage||If Salaried- Rs.13,500 If Self-employed- Rs.25,000|
|Min. Age Group||21 Years|
|Max. Age Group||57 Years|
|Criteria for Income||Only direct bank credit is taken into account. When determining loan eligibility, cash income is not taken into account.|
|The Score of CIBIL||600 or more|
Documents Necessary for a Loan Application
Money View takes minimal documentation in order to provide you with a hassle-free borrowing experience. To obtain a personal loan from Money View, the following documents are required:
- An Identity proof, preferably your Aadhar Card or your PAN Card
- Your current address proof is mandatory. For that, you can give your Ration Card, Passport, Voter ID Card, Driving License, etc.
In case you have your current address updated in your Aadhar Card and if you have submitted the same for Identification proof, then the above-mentioned documents won’t be needed. Only the Aadhar Card will suffice.
- For the salaried, Income proof will be needed. A bank statement for the last three months showing salary credits and Salary Slips can be given.
- For the self-employed or the businessmen/businesswomen, the Last two years’ Income Tax Return Verification Form can be submitted as Income proof.
Fees and Charges for Processing
The following are some of the most important fees and charges associated with a Money View personal loan:
|Processing Fees||Processing costs are not charged separately and begin at 2% of the accepted loan amount. It is deducted at the time of disbursement, and the remaining balance is credited to your account.|
|Late Payment Fees||500 rupees (cheque bounce costs) plus Rs.10 per day (late payment fee)|
|Foreclosure Charges||NIL. Foreclosure is only permitted once you have made at least three EMI payments and if your EMI repayment time exceeds six months.|
|Part Prepayment Charges||As per the Money View personal loan agreement. Monthly EMIs cannot be paid in instalments. According to the loan terms, you must pay the entire EMI on the due date. However, if you want to pay a portion of the total loan amount, you can contact customer service.|
Money View Personal Loan Refinance
Money View provides borrowers with the option of obtaining a top-up loan on their existing loan, allowing them to obtain an additional loan amount to satisfy additional financial needs. At the moment, this is an invitation-only service, and only people with a clean payment history are eligible. When you apply for a top-up loan, a new loan account is created for you, which includes information such as the current loan’s due date and the amount of the top-up loan.