Frequently Asked Questions
Fields corresponding to any of the documents being uploaded can show up in red only if there’s an issue with that particular document. To avoid such situations, please be extra careful whenever you upload any document that we ask for.
Here’s the correct process you’ll need to follow for every document that you upload on our app:
- Address Proof – A clear picture of your current address proof (front and back) with important details, including the tenant’s name and the tenancy period being legible.
- Identity Proof – A clear picture of your valid Aadhaar/PAN card (front and back) with clearly legible details.
- Income Proof – A picture of your latest salary slip/ITR with important details, including the employer’s name and tax paid details being legible.
- Bank Statement – A pdf version of the last 3 months’ bank statements of your salary/savings account. You’ll need to include the password if the files are password-protected.
- Signature – A clear picture of your signature that’s made on a clean, white paper without any shadows or reflections.
First off, please check for messages on the number that you’ve used to register on our app. Ensure that it is the same number you’re currently using. If you’re not getting any messages in spite of the number being correct, please write to us at firstname.lastname@example.org
To begin with, you’ll need to register yourself for the internet banking facility with your bank. Once you have a valid ID and a password, log in to your account and look for the option to download a pdf version of your account statement.
If you’re unsure as to how you can do this, here’s a comprehensive guide to help you along.
The process to upload either of these media on our app is pretty much simple and straightforward. Here’s what you’ll need to do:
- Video – A recorded video of yourself holding up your PAN card and saying your full name clearly. The video should be shot in a bright room with a plain wall in the background. The video shouldn’t have any shadows or reflections.
- Selfie – A clear picture of yourself shot in a bright room with a plain wall in the background. The picture shouldn’t have any shadows or reflections.
To ensure timely repayment of all loan EMIs, you will have to enable an auto-debit facility from your bank account. Once you get the NACH mandate form on our app, you will first have to download it and get a clear printout. You’ll then have to sign the form in the requisite field before scanning and sharing the signed copy via email.
Once you’ve shared your NACH mandate form and enabled the auto-debit facility successfully, you will now have to review your application by going through the Loan Agreement. This agreement will also have your identity and address proof attached to it. If your Aadhaar Card is one of these attachments, the first 8 digits will be masked.
You will then receive an OTP on your registered number, which you’ll need to enter to be able to submit the loan agreement. On entering the OTP, you will be redirected to your email wherein you’ll have to send a mail confirming acceptance of the agreement along with the OTP details.
Our internal team sends out emails to you only if there’s an issue with one or more of the documents you’ve uploaded. Please go through the email you’ve received for more details on what documents we require from you again. Be sure to follow the upload instructions clearly to avoid this situation again.
To ensure quick processing, we request you to upload the required documents on our app. Alternatively, you can also mail them to email@example.com
Ideally, we would like to send the latest current address proof for verification. Some of the reasons why we reject an applicant’s rental agreement are:
- There is no notary stamp on the rental agreement.
- The rental agreement should be valid for the next 6 months. Any agreement with a lesser validity period—expiring before 6 months—won’t be accepted.
- The pincode mentioned on the rental agreement isn’t matching with the gps location pincode.
- There should two witness’ signatures on the document.
If you don’t have a valid rental agreement, you could also send us any of the following documents as your current address proof – Voter ID, Gas bill, Driving license, Postpaid mobile/Landline bill, or Bank statement with the address.
If the ‘Pay Now’ option is visible on your app, you can go ahead and make a payment – advance or overdue instalments. If you’re paying an instalment in advance, we will not be initiating the auto-debit feature for the following month.
Once you upload the NACH mandate form, we send a request to your bank to enable the auto-debit feature. Your bank will then verify your signature and other important details before enabling the auto-debit feature.
If you continue to notice that this feature is still disabled after a couple of days, please get in touch with us at firstname.lastname@example.org
If the auto-debit feature for your loan account is not enabled or activated for some reason, you can still pay your monthly EMIs through the ‘Pay Now’ option on our app. You can either use your debit card or your netbanking account to make your payments with this option.
We usually get the monthly auto-debit report by the 7th or the 8th day of that month. Out internal team usually updates the app once this report is checked and verified. So, there’s nothing for you to worry about as long as you’ve made the payment.
We would advise you to make your monthly EMIs on time for your entire repayment tenure. However, if you end up missing any EMI payment and the auto-debit request gets declined, you’ll firstly have to deal with additional charges from your bank. This fee can vary from one bank to another.
On the other hand, we give you a grace period of 2 days to make this payment. If you’re still unable to pay the EMI on time, you will have to deal with cheque bounce charges and a separate late payment fee – Rs.500 (cheque bounce charges) + Rs.10/day (late payment fee). This fee will add up until you make the payment for that month.
The minimum income requirement for salaried individuals and self-employed individuals can differ from one application to another. Here’s our income requirement for each applicant category:
For salaried customers
- Minimum monthly income required Rs. 20,000 if
a) Applicant is new to credit or hasn't taken a loan before
b) Applicant's location is Mumbai/Thane or NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad etc)
- Minimum monthly income is 15,000 if Bureau score (CIBIL) is > 675 and customer is located in a metro city (other than Mumbai/NCR)
- Minimum Monthly income required Rs. 25,000 if Credit score (CIBIL) is between 300 and 675
- Minimum monthly income is 13,500 for everyone else
For self employed Customers
Minimum income requirement Rs. 25,000
At this point in time, we only provide salaried and self-employed individuals with loans. In addition, here’s the criteria we consider:
- Our own proprietary credit scoring process.
- Your Credit Bureau score. We don’t provide loans if your Credit Bureau score is less than 650.
- Your monthly in-hand salary should not be less than Rs.13,500. If you’re self-employed, your monthly income should be a minimum of Rs.25,000.
You can get an instant loan on Money View without any paperwork by following these steps:
- Complete and submit your loan application on the app.
- Once you’ve submitted your loan application, we’ll go through your documents and assess your creditworthiness along with other important details on your application.
- Post the verification process, we’ll send you a NACH form, which you’re required to print, sign on, scan, and send back to us. This NACH form is to enable the auto-debit facility for your bank account so you can pay your EMIs on time automatically.
- On receiving your NACH form, we’ll send you a loan agreement on the app. You’ll need to review and submit the agreement. Post this, your loan amount will be credited into your bank account in a few hours.
Your loan request will get rejected only in these cases:
- If your Credit Bureau score is less than 650
- If your salary is less than Rs. 13,500 per month (less than Rs.25,000 if you’re self-employed)
- If your documents were incorrect/invalid or you don’t have all documents
- If you did not qualify to get a loan as per our credit process
Yes, we do give out loans to non-salaried individuals as long as their monthly income is Rs.25,000 or more.
Your Credit Bureau score is a number that represents your creditworthiness. It is based on previous loans that you might have taken, your credit card usage patterns, as well as your promptness to pay back any loans/credit card bills on time.
During the process of applying for a loan via Money View, you will need to allow us to pull your credit report to assess your overall creditworthiness. This report will be kept private. It will not affect your Credit Bureau score.
At this point of time, we only give out loans to people with a Credit Bureau score of 650 or higher.
At this point in time, we only give loans to those individuals who get their salary via bank transfer – directly from their employer. We will not be able to give loans to those individuals who get their salaries in cash.
Here’s the list of documents you will need to apply for a loan on our app:
- Identity Proof – Aadhaar/PAN Card
- Current Address Proof – If Aadhaar Card doesn’t feature your current address
- Bank Statement (Salary A/C) – Last 3 months’ statement with salary credits
- Income Tax Return Verification Form for the last 2 years if you’re self-employed
Please make sure that the documents listed above are valid at the time of submission of your loan application.
Money View’s loan processing flow is completely digital and is done entirely on the app. There are no physical forms, documents, or in-person verification processes involved.
The minimum amount that you can borrow on Money View Loans is Rs.10,000. The maximum loan amount is dynamically calculated by our algorithm and can go up to Rs.5,00,000.
The rate of interest starts from 16% p.a. and will be based on the assessment of your spending patterns by our algorithm.
This loan is collateral-free.
We try our best to process your loan within 2 business hours. This time period starts when you’ve reviewed and submitted your loan agreement. It ends once you receive the loan amount in your account.
To keep you informed, the time taken for your loan application, NACH mandate, and eligibility check are not part of this 2-hour period. These steps usually involve plenty of discussions between you and our customer support team. This makes it difficult for us to provide you with a conclusive timeline.
Please note that our business hours are from Monday to Friday: 10:00 AM – 6:00 PM.
No, you can’t change your loan amount on the app after you’ve submitted your application. If you’ve made any errors during the application process, please email us at email@example.com
Do keep in mind that you can’t change the loan amount or the terms after you’ve reviewed and submitted the Loan Agreement.
We’ll need your bank details to transfer the loan amount to your account and to deduct the Easy Monthly Installments (EMIs) for the loan.
We only charge a one-time processing fee that’s dynamically calculated. For instance, if you’ve borrowed Rs.50,000 as a loan, the applicable processing fee will be deducted from the loan amount while the remaining funds will be transferred to your account.
No, we don’t provide multiple loans at the same time. However, you can finish your existing repayments and start a fresh loan whenever you need to.
I’ve completed the first three steps of the loan application process on your app. However, I’m not able to proceed to the next step – the “Enable EMI Auto-Debit (NACH)” stage. What do I have to do to move further?
Once your loan application is submitted on our app, our internal team will verify your Credit Bureau score. Thereafter, we will verify all the documents you’ve uploaded. Keep in mind that we will send the NACH form to your registered email address only once we’ve approved your documents.
The loan EMI will be automatically deducted from your bank account. This is done only after you’ve authorized us to deduct the proposed EMI amount that’s specified during the loan request process in the app.
The last step of the loan request process includes you sending us a Loan Agreement form with the authorization of deducting a proposed EMI amount for a certain duration (depending on the loan plan). This Loan Agreement form will contain a NACH mandate, which will enable us to auto-debit the EMI amount directly from your bank account.
Yes. If the auto-debit facility is not activated for your linked account, you can pay the loan EMI manually through the ‘Pay Now’ button on our app.
NACH stands for National Automated Clearing House (NACH). It is a centralised system that’s similar to ECS. It was launched with the aim of merging multiple ECS systems running across the country and to introduce higher efficiency. It has replaced ECS for auto-debit transactions in India and has been operational since May 2016.
You can read more about NACH here.
The amount in the NACH form is equal to your loan amount but your EMI remains the same as what you’ve chosen on the app. This is done for your convenience by reducing multiple NACH authorizations when taking an additional loan.
For instance, each time you borrow more money through a top-up loan or credit line, we’ll have to get a new NACH mandate to accommodate the change in the EMI amount.
To avoid such a cumbersome process, we have simplified things by taking a single NACH mandate authorization, which is equal to your initial loan amount.
The loan amount gets automatically debited on the 5th of every month. If you don’t have the required funds in your account, we allow a grace period of up to 3 days during which you can request for a Loan EMI transfer through the app to avoid any late charges. Beyond this time period, a late payment fee will be charged.
Pre-closure of your loan is allowed with zero fees only after you’ve paid at least 3 EMIs. Once you have paid 3 EMIs, feel free to get in touch with our support team via email or a phone call.
We will mention the amount that you will need to pay to pre-close the loan. The final amount will include your principal amount and applicable interest charges as of that day.
Contact us at:
No, we only support banks that are recognized by the Money View app as it ensures the authenticity of the bank account.
Your Credit Bureau score gets affected only if you’re not able to pay back the loan EMIs on time or if you miss payments altogether. With consistent repayments, your Credit Bureau score will only improve.
Yes, there will be a credit report enquiry made whenever you borrow from Money View.
No, you can cancel the loan only before you’ve submitted the Loan Agreement form. After you submit this Loan Agreement, you will not be able to cancel the loan.
No, Money View only facilitates the process of lending and repayment of the loans.
Yes, your loan request data will be shared with the lender. This is done to facilitate the process of you getting the loan from the lender.
We have made sure that the loan request process on our app is smooth and bug-free. But, if your app crashes at any point in time, you will be able to start from the same step where the app crashed previously.
If you can’t see the Loans tab on your Money View app, please make sure to update the app to the latest version.