If you’re worried that your personal loan request won’t get approved due to low income, apply for Money View Personal Loan. Here, you can borrow a lump sum amount at a minimum in-hand salary of INR 13,500 per month. So, if your income meets the Money View Personal Loan eligibility criteria, apply for the loan to meet your needs. Using the lump sum money you can meet your financial obligations in equated monthly installments. Continue reading this article below for more information on this personal loan from Money View.
What Does Money View Do?
Money View is a non-banking financial institution that offers personal loans from INR 5,000 to INR 5 Lakh. And as with any personal loan you don’t need to provide any collateral. Money View offers the loan based on your repayment capacity.
To check your eligibility for Money View Personal Loan, the lender checks your monthly in-hand salary and credit score. A person’s income helps the lender know how much he/she can repay for the lump sum amount. Whereas a credit score shows how well the borrower is managing the repayment.
Applicable Interest Rate on Money View Personal Loan
Money View charges an interest rate of 1.33% per month. This is the starting rate of interest, so it may vary based on the applicant’s eligibility. In case of due payment, Money View charges a penalty interest of 2.00% on your outstanding EMI.
So, repay your loan wisely. There is a wide range of repayment options for you. If your cheque bounces, you need to pay an additional INR 500 along with the EMI amount. So, ensure you’ve maintained enough balance in your account to pay off your loan EMIs.
What is the Money View Personal Loan Eligibility?
You can apply for a Money View Personal Loan if you meet the following criteria –
Type of Employment
Both salaried and self-employed are eligible to borrow Money View Personal Loan. So, whether you’re an employee at an organization/company or run your own business, Money View helps you get a Personal Loan for urgent financial needs.
You can use the loan amount for any purpose. There are no limitations on the loan amount usage. And with an amount high as INR 5 Lakh, one can easily meet heavy financial obligations.
Monthly Income
For salaried applicants, the minimum in-hand income needed is INR 13,500. To prove the same, you need to submit documents such as bank statements and salary slips reflecting your in-hand income. If you live in Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc. then the minimum income requirement is INR 20,000. Other than Mumbai and NCR, the minimum income requirement is INR 15,000.
For self-employed people, the minimum income required is INR 15,000. To prove their income, they have to submit an ITR report.
Credit Score
A minimum CIBIL score of 600 and Experian Score of 650 are required for Money View Personal Loan. If you can’t meet the aforementioned credit score criteria, you can still avail of the personal loan based on the Money View credit assessment model. Your credit score is a numerical representation of your creditworthiness. If you have a credit score of >700, you are considered to be less risky in terms of defaulting loan repayments and therefore can borrow a higher amount at lower interest rates.
Money View Personal Loan Foreclosure Option
The lender allows you to close the loan early with its foreclosure option. Money View doesn’t charge any fee for it. But you need to pay at least six EMIs in order to avail of this facility. Using the Money View short term Personal Loan EMI Calculator check out your repayment schedule and start your investment accordingly. This way, by the time six EMI payments are done, you will have saved enough money to pay off the loan balance.
