Today, we will discuss everything about MoneyView Personal Loan—whether it’s worth taking a personal loan from them or not. This review covers charges, benefits, eligibility criteria, and the safety of using MoneyView for loans.
Charges and Benefits of MoneyView Personal Loan
When taking a personal loan from MoneyView, it’s essential to understand the charges and benefits that come along with it. Here’s a summary of what you can expect:
- Loan Amount: Minimum ₹5,000 to a maximum of ₹10 lakh.
- Interest Rate: Monthly interest starts from 1.33%.
- Processing Fees: Range from 2% to 8% of the loan amount.
- Overdue EMI Charges: If you miss an EMI, you’ll be charged around ₹500–₹1,000 per ₹10 lakh loan.
- Repayment Tenure: Between 3 months to 60 months (up to 5 years).
The process is quick—applying for a loan takes only 2–3 minutes, and your loan can be approved within 24 hours.
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MoneyView as a Middleman
MoneyView operates as a middleman or broker between customers and loan companies. It doesn’t directly provide the loan; instead, it connects you with various lending companies that offer personal loans. This makes it different from a traditional bank, where collateral or documentation is required to secure the loan.
Is MoneyView Safe?
In today’s digital age, safety is a concern, especially with loan apps. You may have heard about Chinese loan apps that misuse personal data. They can access your phone’s gallery and contacts, editing photos and blackmailing customers. The good news is that MoneyView is RBI-registered and doesn’t engage in any such practices. It ensures that your information is safe, and no blackmailing tactics are employed.
Application Process and Documents Required
To apply for a personal loan through MoneyView, the process is entirely digital and requires minimal documentation:
- Documents Needed:
- PAN Card
- Aadhaar Card
- Bank statement for the last 3 months
- How to Apply:
- Download the MoneyView app.
- Enter your personal details.
- Upload the required documents.
- Wait for approval, which usually takes up to 24 hours.
The app also allows you to track your application status and manage your loan easily.
Interest Rates and Processing Fees
Understanding the interest rates and processing fees is crucial before applying for a loan:
- Interest Rates:
- The interest rate can range from 1.33% monthly to 2-3%, depending on your credit history and CIBIL score.
- For example, if your CIBIL score is above 650, you may qualify for the lower interest rate. If it’s below 650, the rate could increase.
- Processing Fees:
- The processing fee ranges from 2% to 8% of the loan amount. For example, if you’re taking a ₹10 lakh loan, the processing fee could be ₹20,000 to ₹80,000.
- The processing fee is deducted before the loan amount is transferred to your account.
Auto Debit and Penalty Charges
When you take a loan from MoneyView, the EMI payments are typically set on auto debit. Here’s what you need to know:
- Auto Debit Returning Charges: If your EMI is due on the 1st of the month, and you don’t maintain the required balance in your account one or two days before, you will incur a penalty of around ₹500 to ₹1,000.
- Overdue EMI Charges: If your EMI bounces or is overdue, you’ll have to pay an additional fee based on the loan amount. For a ₹10 lakh loan, this charge could be ₹20,000.
Make sure to maintain the balance at least one day in advance to avoid these charges.
Eligibility Criteria for MoneyView Personal Loan
To qualify for a loan, you must meet certain eligibility criteria:
For Salaried Individuals:
- Monthly Salary: Minimum ₹13,500, credited to your bank account.
- CIBIL Score: Should be 650 or higher.
- Age: Between 21 to 57 years.
For Self-Employed Individuals:
- Income: Your business should generate at least ₹20,000 per month.
- Location: Your salary requirements may vary based on your location.
If you don’t meet these criteria, your loan application is likely to be rejected.
Loan Closure and Prepayment Terms
If you wish to close the loan early, MoneyView has specific terms depending on your loan tenure:
- Loan Tenure up to 6 Months: No prepayment allowed.
- Loan Tenure between 6 to 18 Months: You can close the loan after paying 6 EMIs.
- Loan Tenure of more than 18 Months: You can close the loan after paying 12 EMIs.
Remember that early closure may attract certain charges, so check with MoneyView for details.
Key Benefits of MoneyView Personal Loan
- Minimal Documentation: You only need basic documents like PAN, Aadhaar, and a 3-month bank statement.
- Fast Processing: Loans are approved within 24 hours.
- Wide Coverage: The app is available across 19,000+ locations.
- Flexible Repayment: Loan tenures range from 3 months to 5 years.
Drawbacks of MoneyView Personal Loan
- High Processing Fees: The processing fee can go up to 8%, which is relatively high.
- Auto Debit Penalty: If you don’t maintain the balance in advance, you may incur additional charges.
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