Money View personal loan 2024: Is money view approved by RBI?

Money View personal loan 2024: Is money view approved by RBI?: Money View is a popular online lending platform that offers personal loans to borrowers in India. The company has been in operation since 2015 and has disbursed over ₹10 billion in loans.

In this blog post, we will discuss how to get a personal loan from MoneyView in 2024. We will also cover the benefits, interest rates, charges, eligibility, limitations of Money View loans and also talk about,”Is money view approved by RBI or Not?“.

What is Money View?

Money View is an online lending platform that offers personal loans to borrowers in India. The company was founded in 2014 and is headquartered in Bengaluru, India.

Money View offers personal loans of up to ₹5 lakh with repayment tenures of up to 5 years.

Money View Personal loan eligibility

• Citizenship: You must be a citizen of India.
• Age: You must be at least 21 years old and not more than 57 years old.
• Income: You must have a minimum monthly income of ₹15,000.
• Credit score: You must have a minimum CIBIL score of 600.
• Employment: You must be either salaried or self-employed. If you are salaried, your income must be credited directly to your bank account. If you are self-employed, you must provide proof of your income.

If you meet these eligibility criteria, you can apply for a MoneyView personal loan online or through the company’s mobile app. The application process is quick and easy, and you will typically receive a decision within 24 hours.

Money View Personal Loan Charges

Money View charges a ₹500 application fee for all personal loans. The processing fee for Money View loans varies depending on the loan amount. The processing fee is 1% of the loan amount, up to a maximum of ₹5,000.

Fees & Charges	Amount to be Paid
Interest Rate	Starting from 1.33% per month
Loan Processing Charges	Starting from 2% and going up to 8% of the approved loan amount
Part/Full Payment of the Loan	No part payments are allowed
Loan Foreclosure	Foreclosure allowed after a minimum of 3 EMIs. (No additional charges for foreclosure)
Interest on Overdue EMIs	2% per month on the overdue EMI/Principal loan amount
Cheque Bounce	Rs. 500/- for every bounce
Loan Cancellation	👉 No additional charges apart from the interest amount for the period between loan disbursement and loan cancellation. 👉 Processing fees will also be retained.

For example, if you are approved for a loan of ₹50,000, the processing fee will be ₹500. If you are approved for a loan of ₹5 lakh, the processing fee will be ₹5,000.

There are no other fees associated with Money View personal loans. However, if you make a late payment, you will be charged a late payment fee of ₹500 per day.

It is important to note that the application fee and processing fee are non-refundable. This means that even if your loan application is rejected, you will still be charged these fees.

Before you apply for a Money View personal loan, be sure to understand the fees associated with the loan. You can find more information about the fees on Money View’s website.

Additional things to keep in mind about Money View loan application charges:

• The application fee is charged upfront, when you submit your loan application.
• The processing fee is charged when your loan is approved.
• The late payment fee is charged if you make a late payment on your loan.
• The application fee and processing fee are non-refundable.

Money View Personal Loan Interest Rate

Money View’s personal loan interest rates start at 1.33% per month. The interest rate you are offered will depend on your credit score, income, and other factors.

For example, if you have a good credit score and a steady income, you may be offered an interest rate of 1.33% per month. However, if you have a poor credit score or a variable income, then the possibility to have you may be offered an interest rate above than 1.33% per month.

The interest rate on a Money View personal loan is calculated on a reducing balance basis. This means that the interest is calculated on the outstanding balance of the loan each month. As you make payments, the outstanding balance decreases, and the interest you pay also decreases.

The repayment tenure for Money View personal loans can be up to 5 years. This means that you can choose to repay your loan over a period of 12 to 60 months.

The total interest you pay on a Money View personal loan will depend on the interest rate, the repayment tenure, and the amount of the loan. For example, if you borrow ₹50,000 at an interest rate of 1.33% per month for 12 months, you will pay ₹665 in interest.

Before you apply for a Money View personal loan, be sure to compare the company’s rates and terms to other lenders. You should also be sure to understand the fees associated with Money View loans.

Required documents for Money view loans

• Identity Proof: Any one of the following documents is accepted:
  • PAN Card (This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any of the officially valid documents given below will suffice.)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
• Address Proof: Any one of the following documents is accepted:
  • PAN Card (This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any of the officially valid documents given below will suffice.)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days
• Income Proof: Last 3 months’ bank statements of your salary account in PDF format showing salary credits.

Must note that the documents you upload must be clear and legible, to avoid loan rejection.

How to apply money view personal loan?

Follow these steps to apply for a personal loan on Money View:

1. Go to the Money View website or download the Money View app.
2. Click on the “Personal Loan” tab.
3. Enter your basic details, such as your name, email address, mobile number, and PAN number.
4. Enter your income and employment details.
5. Select the loan amount and tenure that you want.
6. Upload your KYC documents, such as your ID proof, address proof, and income proof.
7. Submit your application.

Money View will review your application and let you know the status within a few hours. If your application is approved, the loan amount will be credited to your bank account within 24 hours.

Also Read: What is Zest Money 2024: how to get personal loan, eligibility, benefits, charges

How to track money view loan application status

Tracking your personal loan application status on Moneyview is easy. You can do it on our app or website by following these steps:

• Through Website:
  • Go to the login section on our website.
  • Login with your registered mobile number.
  • Go to the “Dashboard” section of your loan account.
  • Scroll down to the “Application Status” tab to know the status of your loan application.
  • Through App:
    • Open the Money View app.
    • If you haven’t already, register with a valid email ID.
    • Go to the “Loans” section.
    • You will be automatically directed to the “Application Status” screen where you can check your application details.
    • If you have the Moneyview Loans app, you will be directed to the “Application Status” screen automatically as soon as you open it.

Is money view approved by RBI?

Yes, Money View is approved by the Reserve Bank of India (RBI). Moneyview is a lending platform that connects borrowers with lenders. The lenders on Moneyview are all regulated by the RBI, so you can be sure that your loan is safe and secure.

In addition to being RBI-approved, Moneyview is also a member of the Credit Information Bureau (India) Limited (CIBIL). CIBIL is a credit bureau that collects and maintains information on borrowers’ credit history. This information is used by lenders to assess the creditworthiness of borrowers.

Moneyview’s approval by the RBI and CIBIL means that you can be confident that your loan is with a legitimate and reputable lender. If you are considering applying for a personal loan, Moneyview is a good option to consider.

Money view personal loan EMIs calculator

Here are the steps, To calculate your money view personal loan EMIs:

Loan amount:

Tenure:

Interest rate:

EMI = (P x R x (1 + R)^T) / [(1 + R)^T – 1]

where,

P = Loan amount

R = Interest rate per month

T = Tenure in months

For example, if you take a loan of Rs. 1 lakh for 36 months at an interest rate of 1.33% per month, your EMI will be Rs. 3,338.

Another way to calculate your EMIs.

Money view personal loan customer care number

To reach assistance or any query regarding to loans, customers mail him on at [email protected] or contact him on at 080 6939 0476.

FAQs

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