Money View

Money View Loans Personal Loan

Personal Loan

 Introduction

A personal loan can be a great way to manage big-ticket purchases or expenses like a wedding or a medical emergency. The big plus point about this type of loan is that it doesn’t require the borrower to furnish any collateral for obtaining the loan. Another advantage of a personal loan is that unlike other forms of loans, it doesn’t limit where or how you spend the amount. So while a home loan will allow you to spend only on home purchase, there is no such spending limitation on a personal loan.

Money View Loans is the best application for a persnal loan, get a personal loan in just a few hours. The app gives you the freedom to do more with your life. Whether you want to furnish your home, cover wedding expenses, throw a party or take a break & go on a family vacation, we’ve got you covered with a quick and easy personal loan.

Money View Loans is the fastest & easiest way to get a collateral free, personal loan.

Eligibility

Money View Loans Personal Loan application download

Our proprietary eligibility checking process goes beyond your credit scores. It allows us to understand your profile better, and make you the best offer possible. In fact, having a credit history isn’t necessary to avail a personal loan through Money View Loans.

Features of the loan:

1 It’s quick – Get the loan in a few hours
2 Apply for a personal loan of up to ₹5 Lakh
3 Personalise your loan amount and payback period through the app
4 Completely paperless process – Apply for a personal loan through the app and pay back through the app
5 No document pickup required for personal loan approval – completely app based
6 Backed by excellent customer service

This app is brought to you by the makers of the Money View money manager app. The Money View money manager app has 10 million downloads on the Play Store. Money View is trusted by the best banks and financial institutions in the country. People from 500+ cities across the country have used Money View to avail a loan.

Documents needed

1. An ID proof like passport, Aadhaar card, driving license, or ration card
2. An address proof like passport, Aadhaar card, ration card, or electricity bill
3. A PAN Card
4. Salaried employees will need to furnish salary slips, last 6 months bank statements, and form 16
5. Self-employed people will need to furnish last 2-3 years IT returns and bank account statements

Money View Loans Personal Loan application download

Personal Loan Process

The Money View Loans app is the fastest and easiest way to get a personal loan. It is completely app based – from loan application to loan repayment. Four steps, that’s all you need to complete to get the loan amount in your account:

● Choose loan amount and loan tenure
● Upload your documents & complete your loan application
● Check eligibility & verify documents
● Review and submit the loan agreement

Get started by downloading the app right away!

Our loan amount range from ₹10,000 to ₹5,00,000
Loan duration range from 3- 36 months
Annual Interest rates vary from – 16-24%*
Processing fee vary from 2.5% – 4%*
*These numbers are indicative and final interest rate or processing fee may vary from one user to another depending on their credit assessment

How to improve loan approval chances even with low credit scores

Now that you know what causes can lead to the rejection of personal loan applications, we look at how you can improve your credit and financial profile to avoid the rejection. The first thing to know is that this is not an overnight method. You need to work diligently for creating a great credit footprint so that banks view your application in a positive light.

In order to build a credit history, you need to start off early. You can opt for credit to buy smaller durable goods or devices like ovens or laptops. This way, you start building your credit history with prompt repayments in full.

Some FDs offer credit cards secured by the FD. You can use this to buy smaller products and create a more positive footprint of repayment. Since it is a secured card, the likelihood to give in to an impulse purchase will be less.

Hence, using a judicious mix of secured loans and unsecured loans will help you build a better credit history. This will lead to higher credit scores aided by timely repayments without any defaults or penalties.

As a worst case scenario, if your approval is still facing rejection, you can look towards other avenues like NBFCs and peer-to-peer lending. Their due diligence is more lenient than banks, and the chances of approval are much brighter with them. However, it is worth noting that the rate of interest charged by them may be much higher than what banks charge.

 Does it make sense to prepay personal loan?

There are certain advantages of closing your loan early in the form of pre-payment or pre-closure. Some of these are as below –

1. Save on interest charges

If a prepayment is done early into the loan tenure, then there is a high chance that you would save a lot of money in the form of expensive interest amounts. Banks carry a lock-in period of 6 months to 1 year. After this period, you have the option to prepay the loan in full. If you have the means to repay it soon after this lock-in period is over, you can save a huge sum. Even if it is late in the tenure, it is best to pay it off and be done with it.

2. Part payment helps

If you get a Diwali bonus, make sure to use the windfall to make part payment for the outstanding bank loan amount. Though it may not be sufficient to completely pay off the loan, it will definitely bring down your tenure and the interest charges payable. Today with personal loan apps and online payment facility, this step can be carried out very easily.

3. Effect on credit rating

Doing prepayment of the loan and closing it will work tremendously in your favor as far as credit ratings are concerned. Please note that part payment will have no impact on your credit rating.

In short, it does make total sense to prepay the personal loan in full as soon as possible, and not stretch the loan for the entire duration of the tenure.

Why your loan application may be rejected even with good credit score?

Many applicants face the disappointment of personal loan application rejection. A CIBIL score gives an indication of the likelihood of repaying the debt back on time based on your past credit history. Check out what other factors can go wrong even if you have a healthy CIBIL score.

1. CIBIL report comments

In addition to the overall score on the CIBIL report, it also contains remarks or comments. For instance, if you had opted to pay off the past debt in any way other than the standard method, then it will appear as a remark such as ‘written off’ or ‘settled’. Even paying off the debts after a certain number of ‘days past due’ (DPD) will appear as a negative remark.

2. Matching another defaulter’s data

It may happen that your details would inadvertently match a past defaulter. Banks keep a list of defaulters by various characteristics like name, address, ID and address proof details. If some details match (even by mistake), your loan may be rejected. A classic case will be that you move to a new address where a past defaulter might have been residing previously. If you provide this address, then there will be a chance that your loan application will be rejected. You can, however, get your CIBIL report corrected if you notice discrepancies.

3. Acting as a guarantor on a problematic loan

If you had stood as a guarantor on a loan that saw a default, then it will work against you in your own personal loan application.

4. Negative debt to income ratio

Banks consider you overleveraged if your debt repayments leave you with very less income for survival purposes. For instance, if you have a salary of Rs. 50000 and 2 loans of Rs. 15000 EMI each, that will mean that you will be left with just Rs. 20000 for other expenditure. It is highly unlikely that you will get a third loan with this arrangement.

5. Excess borrowing

If you have taken on too many loans, it doesn’t matter whether you diligently pay them back or not. Banks will consider you a risky profile if you borrow in excess.

These pointers will let you work on the negatives and present a good profile so that the chances of your cash loans approval goes up significantly.

Essential points to know about personal loan

Before taking a personal loan it is important to know a few essential points about it so that you are certain that you are making the right financial move. Some of these are as below –

1. A lending bank will sanction loan based on the credit history of the borrower. In India, the TransUnion CIBIL Limited (Formerly: Credit Information Bureau (India) Limited) is India’s Credit Information Company that tracks credit scores.
2. Credit score determines the ability of the borrower to repay the loan instalment on time without defaults. Out of a max score of 1000, a score of 750 or above is considered a healthy score.
3. The amount to be repaid is split into a fixed number of installments. The amount comprises of interest and principal amount.
4. A personal loan is generally disbursed in 2-3 days
5. Personal loan interest rate starts from 10.99%. You can research online or use personal loan apps to compare the rates offered and find the bank that offers low interest rates
6. Cash loans carry a maximum tenure of 5 years
7. Personal loans are unsecured loans. The borrower can get loan approval without the need for showing any asset as a mortgage

Money View Loans Personal Loan application download