How to Get a Personal Loan Online in India

A personal loan can be your gateway to fulfill aspirations or to take care of any financial emergencies. Since banks and other institutions grant personal loans without any specified end-use, you can use the loan for miscellaneous purposes. You can fund a family vacation, family function, purchase electronic gadgets or take care of a medical emergency among others. With the advent of technology, the turnaround time for such loans have squeezed, and one can avail a personal loan at short notice.

Money View Loans makes it easier and convenient for you to get a paperless personal loan up to Rs. 5 lakhs in 2 hours by applying through the App. It benefits the user in terms of being transparent, quick, personalization of the loan, and staying paperless.

Here is the Process to Get a Personal Loan Online in India with Money View Loans App

1.Initiating the Process Open Money View Loans App. Click on ‘Get Started’ to begin the process.

2. Enabling Access Permissions for the Mobile App If you are using Money View Loans App for the first time, the app will ask for several permissions from the user which are required in the application flow. Such permissions include access to location details, SMS data, device information, etc. The app then asks for the e-mail address and mobile number to identify the user and start the loan process.

3. Essential Details for Loan Application – The user needs to provide basic details including employment type, i.e. salaried or self-employed. A consistent salary income is considered desirable in unsecured loans such as a personal loan. However, it does not mean that self-employed individuals cannot apply for a personal loan. The employment type is just one of the parameters for determining your eligibility for the loan.

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4. Determining the Loan Quantum – The user must enter the monthly income on the same screen. This will impact the quantum of the personal loan being offered, as a higher income will result in the higher and convenient ability for repayment of the personal loan.

5. Confirmation of the Loan Eligibility – Once both the details are entered, the system will calculate the loan amount eligibility and display the same on-screen right away. So, the screen will read something like this: “Congratulations! You’re eligible for a customisable loan of any amount between Rs. ______ to Rs. ________.”

6. Customising the Loan As per the loan amount eligibility, the user is shown a loan plan selector. This allows the user to select the exact loan amount, loan term, and the EMI amount. EMI is dependent upon the loan amount being applied for and the loan term. Further, the user may be charged some processing fees in respect of the loan, which will be displayed upfront on the mobile screen. The app will also display first EMI date for the loan so that the user can plan the repayments accordingly. The app proceeds with the application flow in a completely transparent manner.

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7. Completing the Application – Money View Loans app then asks the user to enter all the relevant information regarding the application. This step aims to capture all the necessary information required to fetch the credit report of the applicant including name, date of birth, address, employment details, loan purpose and Permanent Account Number (PAN), etc. Some additional information may also be required to be entered by the user, including office address, mother’s name, and father’s name.

 

8. KYC Details – After the above details have been entered by the user, the app requires the user to upload ID proof and KYC related documents. The user may upload a copy of the Aadhaar card or PAN card as ID proof, and may also click the picture of the PAN/ Aadhaar card while filling the application, for which the app may ask for permission for accessing the camera. The user must then upload the address proof, for which driving license, passport, gas/ electricity/ telephone/ postpaid mobile bill, voter ID card and Ration card are eligible. The app also asks for the duration for which the user is staying at the current address, for which the address proof is being uploaded. The app then seeks a photograph and video of the applicant, with permission to use the picture on the loan agreement. The video needs to be shot with PAN card in hand.

9. Authentication of the bank details The user is then required to enter the bank details to enable the app to authenticate the account where the loan amount is needed to be transferred. The app seeks to transfer the loan amount in your salary account if you are a salaried individual. The income will be verified through the bank statement of such salary account, which the user is required to upload during the process. If the bank statement is not readily available, the user can skip this step and email the bank statement at a later stage. However, it must be noted that the loan is not processed until the statement has been received by Money View Loans team.

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10. Confirmation of the Details – The application input process is complete now, and the app will display all the details for final confirmation before the same is submitted for loan processing. The user can also enter promo code, if available, to avail any concession on the processing fee.

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11. Application Submission Once the user has verified the application details, the app seeks to verify the mobile number as entered by the user by asking for One Time Password (OTP). Upon successful verification, the application gets submitted, and the user is given an option to rate the application process.

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12. Processing the Loan Application – The application verification takes place at the backend by Money View Loans team, which typically takes one working day if all the documents are in order. Once all the documents are confirmed to be in order, the user gets a notification on the app to review the agreement. Once the agreement is reviewed and approved by the user, the loan amount gets credited in the bank account in 2 hours.

The process is simple and straightforward. A number of our current Money View Loans users have lauded the efficiency of it in our User stories that you can read here. Money View Loans offers you a great way to get personal loans online in India. Just make sure that you maintain a decent credit score to stay eligible for a personal loan and follow the steps as listed above.

Simardeep Singh


Simardeep Singh is a Chartered Accountant based in Delhi. He loves sharing his knowledge about personal finance and investment.