Apply for Personal Loan Starting From 10.25%*Money View Personal Loan Highlights – Jan 2022 | |
| Interest Rate | 1.33% per month onwards |
| Loan Amount | Up to Rs. 5 lakh |
| Loan Tenure | Up to 60 months |
| Processing Fee | Starts from 2% of the approved loan amount |
| Minimum Monthly Income | For Salaried: Rs. 13,500 Self-employed: Rs. 25,000 |
Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the bank and RBI. Interest rates are updated as on Jan 2022.
Money View is an online lender that offers personal loans up to Rs. 5 lakh to salaried as well as self-employed individuals through a completely digital and paperless process. Money View personal loans are offered with multiple repayment tenure options of 12, 24, 36, 48 and 60 months with interest rates starting as low as 1.33% per month. Read on to get detailed information of various key aspects of these unsecured personal loans including the eligibility criteria, documentation required, application process, fees/charges applicable as well as more.
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Money View Personal Loan Interest Rates
Money View Personal Loan interest rate starts at 1.33% per month which equals approx. 16% per annum. However, the personal loan interest rates applicable to specific applicants will be based on the assessment of his/her spending patterns by Money View proprietary scoring algorithm. Typically monthly income, loan amount, tenure and the overall financial profile of the applicant determines the interest rate applicable to any specific applicant.
Comparison of Money View Personal Loan vs Other Lenders
Given below is a comparison of the key features of a personal loan offering from Money Tap with other top lenders in the India:
| Banks/NBFCs | Interest Rates (per annum) |
| Money View | 1.33% onwards per month |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Also Know: Which bank offers low personal loans interest rate?
Eligibility Criteria for Money View personal loan
The eligibility criteria for availing a Money View personal loan is simple and as follows:
| Particulars of Applicant | Eligibility Criteria |
| Applicant Type | Salaried or Self-employed |
| Minimum Monthly Income | Salaried: Rs. 13,500* Self-employed: Rs. 25,000 |
| Minimum Age | 21 Years |
| Maximum Age | 57 Years |
| Income Criteria | Only direct bank credit is considered. Cash income is not considered when determining loan eligibility |
* May vary based on the applicant’s place of residence and Credit Score.
Documents Required for Loan Application
Money View requires minimum documentation to give you a hassle-free loan experience. The following documents are required to avail a personal loan from Money View:
| Identity Proof | Aadhaar Card /PAN Card |
| Current Address Proof | Passport, Ration Card, Election Card, Driving License, etc. ( Any one)
If the address mentioned in the Aadhaar card is your current address, the above documents are not required. |
| Income Proof ( For Salaried) | Bank statement of last three months showing salary credits and Salary Slips |
| Income Proof (For Businessmen or self-employed) | Last two years’ Income Tax Return Verification Form |
Fees & Charges
Some key fees and charges associated with Money View personal loan are given below:
| Processing Fees | ● Starts from 2% of the approved loan amount ● You don’t have to pay processing fees separately. It gets deducted at the time of disbursal and the balance amount is credited to your account. |
| Late Payment Fees | Rs. 500 (cheque bounce charges) + Rs.10 per day (late payment fee) |
| Foreclosure Charges | Nil* |
| Part Prepayment Charges | As per the Money View** personal loan agreement |
*Foreclosure is permitted only after you have made at least 3 EMI payments and if your EMI repayment period is longer than 6 months.
** Part payment of monthly EMIs is not permitted. According to the terms of the loan, you are required to pay the full EMI on the due date. However, if you wish to pay a part of the entire loan amount, you can contact the customer care.