MoneyView Personal Loan:MoneyView-the digital lending platform of WhizDM Innovations Pvt. Ltd. able to help individuals get much comfort from his urgent financial needs without requiring unnecessary hassles and complicated procedures. At MoneyView, you get fully online processes, competitive interest rates, and customizable loans for any level of credit score-hence the reason MoneyView is loved by borrowers.
This Complete MoneyView Guide for Personal Loan has everything you need to understand about MoneyView Personal Loans; its features, benefits, customer experience, eligibility, and much more.
Flagship Characteristics of MoneyView Individual Loans
- Loan Amount Range:The loans that MoneyView provides vary from ₹5,000 all the way up to ₹10,00,000. This is mainly because different people use funds for different purposes, such as education, home renovation, medical emergencies, or travel.
- Interest Rate:Interest may go as low as 14% per annum up to 36% depending on factors such as the borrower’s credit score, income profile, and repayment capacity.
- Flexible Tenure:Borrowers have the option of choosing a repayment tenure of up to 5 years giving them flexibility in managing monthly payments.
- Processing Fees:A processing fee of up to 2% of the approved loan amount is charged, which is deducted during fund transfer.
- Quick Disbursal:MoneyView gives keen interest on the loan amount disbursed within 24 hours of approval, making it an attractive choice for emergencies.
- Minimal Documentation:The whole process of application requires very little documentation and thus is quite easy and smooth-no fuss involved.
- Digital Process:Every single step is undertaken digitally, from application to disbursement, saving time and energy on behalf of the borrower.
Eligibility Criteria MoneyView Personal Loan
MoneyView evaluates applicants based on the following parameters:
- Age:
Borrowers must be between 21 to 57 years old. - Income:
The minimum monthly income required is ₹25,000. - Credit Score:
Applicants need a minimum CIBIL score of 650 or an Experian score of 600. - Employment Type:
Both salaried and self-employed individuals are eligible to apply.
Documents Required
MoneyView requires the following documents to process a loan application:
- Identity Proof:
- PAN Card (primary document)
- Passport, Aadhaar Card, Voter ID, or Driver’s License (if PAN is unavailable or rejected).
- Address Proof:
- Aadhaar Card, Passport, Voter ID, Driver’s License, or utility bills (dated within the last 60 days).
- Income Proof:
- For salaried individuals: Last 3 months’ salary account bank statements.
- For self-employed individuals: Last 3 months’ bank statements.
Customer Reviews and Feedback
Positive Aspects:
Fast Approval and Disbursal:
Customers have appreciated the speed of qualification and disbursal, which lasts less than a day.
Flexible Loan Options:
Many borrowers appreciate multiple loan amounts along with flexible repayment tenures.
Convenience:
Entirely digital process makes it very simple and straightforward to apply for loans.
Negative Feedback:
- High-Interest Rates: High-cost interest rates have been criticized by a few users, particularly in the case of individuals having lower credits.
- Hidden Fees: According to some borrowers, it doesn’t seem great that there are hidden fees included, plus there was poor communication regarding foreclosure policies.
- Poor Customer Support : Complaints about customer’s care being unresponsive and queries left unresolved are frequent.
- Fraud Issues: There are reports about fraudulent transactions including misdirected payments, raising few concerns about the internal security mechanism.
Processing Fees and Other Charges
| Charge | Details |
|---|---|
| Processing Fee | Up to 2% of the approved loan amount. |
| Interest on Overdue EMIs | 2% per month on the overdue principal/EMI. |
| Cheque Bounce Charges | ₹500 per instance. |
| Foreclosure Charges | Nil (after a minimum number of EMIs). |
Policy on Foreclosure
MoneyView permits borrowers to foreclose their loans but under the following conditions in the time period of the loan:
- No foreclosure permitted for up to 6 months.
- 7-18 months – Allowed subject to minimum payment of 6 EMIs.
- For above 18 months: After paying 12 EMIs, foreclosure will be allowed for the remainder of the loan.
Partial prepayment is not allowed; borrowers can clear it off only fully.
Mystified and Baffling Complaints Customers Are Fed Up With
Very Delayed Solutions:
Customers much complain about doubtful resolution time for their queries, including payment-related issues or how to close loan advances.
Obscure Aspects of Loans:
Most customers complain about the confusion over the repayment schedules extending beyond tenures that have been agreed upon.
Thuggish Staff:
Many users have reported bad experiences with customer service representatives, as they note a kind of unprofessionalism and lack of empathy.
Fraud:
Reports of fraudulent practices have caused potential borrowers’ trust problems.
EMI Calculator
MoneyView provides an EMI calculator to help borrowers estimate monthly payments.
Example Calculation:
- Loan Amount: ₹5,00,000
- Interest Rate: 14% per annum
- Tenure: 5 years
Monthly EMI: ₹11,634.
Total Amount Payable: ₹6,98,040 (includes ₹1,98,040 as interest).Pre-Borrower Hints
Tips for Borrowers
- Examine all loan terms:
Understand the ground rules about all interest rates, payment schedules, and policies on foreclosure. - Compare Interest Rates:
Compare MoneyView rates with other lenders in order to make the best deal. - Maintain a Good Credit Score:
A high credit rating can help to secure loans at lower interest rates. - Reviews Reading:
Check customer feedback to learn what could go wrong and what could be done right. - Customer Support Utilization:
Store all records of communication with customer care to solve the problems in no time at all.
Why MoneyView?
Alternative Credit Scoring:
The pioneering model of MoneyView allows those who are not-so-good in their credits to avail of personal loans.
Smooth Process:
Minimal documentation, a very online process, and everything is easy to borrow for the user.
Very Wide Loan Choices:
Flexible amounts and many tenures make MoneyView applicable for every financial need.
Final Words
MoneyView personal loans are indeed an option for people looking for quick and hassle-free solutions for their financial problems. However, potential borrowers should be cautious as there could be high-interest rates, hidden charges, and reported customer service issues despite the speed of disbursal as well as the digital process.
Do your homework before applying because understand terms, compare your choices, and use tools such as the EMI calculator to effectively plan repayments. MoneyView can thus be an effective partner in your financial needs with careful consideration.
Apply Now
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Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.