Personal Loans are extremely convenient and easy to avail which makes them an easier source of fulfilling immediate and emergency needs. However, loans from banks and many NBFCs are not very easy to avail due to various requirements like a high credit score, extensive documentation, and stringent eligibility criteria.
Private financers are those who are not a part of the regulated banking or financial sector but assist in making available instant personal loans to individuals. However, here we are not referring to the money lenders belonging to the unorganized sector. The new-age private finance lenders are online lenders who lend personal loans in tie-ups with various NBFCs.
Private finance works at making personal loans easily instantly accessible to individuals. The other benefits of availing a loan from private finance are:
Available for Low Credit Scores: Banks and other financial institutions often look for a credit score of 750 or above to approve loan applications. So, many individuals who might either have credit scores lower than 750 or those with no credit history find it difficult to avail loans. However, private finance even lends to those with low or even no credit scores.
Lower needs for Documentation: The requirement for documentation for approval of a personal loan is much lesser with a private financer which makes it easier to apply for loans.
Paperles s Process: Most private financers follow a digital process which means the entire process from loan application to approval happens online on websites or apps of the financers. Thereby saving the applicants precious time and effort in going to a bank for application or document submission.
Relaxed Eligibility Criteria: Employment status, income, and the employer are some of the eligibility factors that are taken into effect by traditional lenders. However, private financers allow lower eligibility criteria making loans available to a large number of applicants.
Can help you Improve your Credit Score: If you can ensure a prompt repayment schedule after borrowing from a private lender, it can also help you in improving your credit score.
In spite of planning your finances well, the need for some extra cash or funds can come up at any day. At that time, convenience and the speed of service are what matters, which private finance is apt at providing due to their processes and systems.
Some of the reasons for which you can avail a personal loan from private finance are:
Money View is a leading private finance lender trusted by over 1 crore users in India. It allows instant online personal loans at a highly competitive rate of interest and other terms and conditions.
Some of the important features of a Money View personal loans that make it attractive are:
The eligibility criteria for private finance personal loans from Money View are very transparent, easy to understand and also allows for as many applicants to be eligible for personal loans for their financial needs.
|Income and Credit Score Eligibility Criteria|
|Minimum In-Hand Income||Area of Residence||CIBIL Credit Score Requirement|
|Salaried Individuals||Rs 20000||Any||1-299 or New to Credit|
|Rs 20000||Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)||CIBIL Score of 650 /Experian Score of 750 and above|
|Rs 15000||Metro City other than Mumbai and NCR||675 or above|
|Rs 13500||Any||CIBIL Score of 650 /Experian Score of 750 and above|
|Self Employed Individuals||Rs 25000||Any||CIBIL Score of 650 /Experian Score of 750 and above|
Interest rates and other charges on your personal loan plays an important role in deciding the cost of a loan. The interest rates and charges on a private finance personal loan from Money View are extremely competitive and pocket-friendly.
You could apply for a Money View Personal Loan either on the website or on the app and follow a very easy process of loan application till disbursement. The entire process is digital which saves you a lot of time, energy and ensures your need for finance is met at the earliest.
If you still have queries or doubts regarding our personal loans or wish to know more, please get in touch with us at email@example.com or 080 45692002.