Self-employed applicants can avail personal loans up to 5 lakhs starting at just 1.33% interest rate and minimal documentation from Money View without any collateral.
Features & Benefits of Personal Loan for Self Employed
Here are some important features and benefits of Money View’s personal loan for self-employed applicants -
Quick Eligibility Check
Before applying for the loan, applicants can visit the Money View website or download the app to check their eligibility which will only take 2 minutes
Flexible Loan Amount
Based on your eligibility you can choose a loan amount of upto Rs. 5 lakhs
Flexible Repayment Term
Applicants can choose flexible repayment tenure of up to 60 months
Minimal Documentation
Three documents - ID proof, address proof, and income proof are all that we need
Loan for Low Credit Applicants
Due to our in-house credit model, even with low credit scores you can get a loan*
100% Online
The complete process of applying for and getting a loan from us is 100% safe, hassle-free, and online
Instant Disbursement
After your loan application is approved, your loan amount will be credited to your bank account within 24 hours
Personal Loan Eligibility Criteria for Self Employed
As a self-employed person, you are eligible for a Money View instant personal loan if you meet the following criteria -
- Applicants must have a minimum in-hand income of Rs. 15,000 per month
- Income must be directly credited to the applicants’ bank account
- A minimum CIBIL score of 600 or more or Experian score 650* or more
- Applicants must be between the ages of 21 years and 57 years
Documents Required for Self Employed Borrowers
In order to avail a personal loan from Money View, you will need to submit the following documents -
| Identity Proof | Address Proof | Income Proof |
|---|---|---|
PAN Card - This is the primary ID proof required. However,
if it is rejected due to image quality issues or other
reasons, any 1 of the officially valid documents given
below will suffice)
|
Any 1 of the following -
|
Last 3 months’ bank statements in PDF format |
Interest Rate and Other Charges for Self Employed Applicants
Money View provides instant loans for self-employed borrowers at competitive rates. Take a look at the table below to know more -
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.33% per month |
| Loan Processing Charges | Varies from 2% to 8% of the approved loan amount. The processing fee is deducted upfront from the approved loan |
| Interest on Overdue EMIs | Starting from 1.33% per month |
| Loan Processing Charges | Between 2% to 8% of the approved loan amount |
| Interest on Overdue EMIs | 2% per month on the overdue EMI/Principal loan amount |
| Cheque Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Steps to Avail Personal Loan for Self Employed
Check Your Eligibility
Give us the required details and we will let you know your eligibility in 2 minutes
Select Your Plan
Based on the options provided, select the loan amount and repayment term of your choice
Upload Your Documents
Upload all of the necessary documents online for verification
Get the Loan Amount
Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours
Note -
- After your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to Money View.
- This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without the need for any manual intervention.
- On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly
In Conclusion
If you are self-employed and are looking for a personal loan at a competitive rate of interest and with minimal documentation, Money View is the perfect choice. Not only is the entire process of application to disbursal completely online helping you save time and money, the loan amount is disbursed to you within just 24 hours of loan approval. Visit the Money View website or download the app today!
Self-Employed Personal Loan Related FAQs
Yes, you can avail a personal loan from us even if you have a low credit score thanks to our in-house credit rating model. However, you will need to have a CIBIL score of over 600 or Experian score of over 650.
No, we do not allow part-prepayment of personal loans. However, you can foreclose your loan after a certain number of EMIs have been made based on your repayment term as given below:
| Fees & Charges | Amount Chargeable | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Foreclosure Charges |
Nil but foreclosure can be done only after a minimum
number of EMIs have been paid as illustrated below-
|
Once you have submitted an application, you can track your application status on our app or website by following the steps below -
-
If you’ve applied on our website
- Go to the login section on the website by clicking here: /apply-loan/signup
- Login into your loan account with your registered email ID
- Go to the ‘Dashboard’ section of your loan account
- Scroll down to the ‘Application Status’ tab to know the status of your loan application
-
If you’ve applied on the Money View app
- Open the Money View app
- Register yourself with a valid email ID if you haven’t done it yet
- Head over to the ‘Loans’ section
- You will then be automatically redirected to the ‘Application Status’ screen where you can check your application details
- If you have the Money View Loans app, you’ll be directed to the ‘Application Status’ screen automatically as soon as you open it
Currently we only provide loans to those individuals who get their salary directly credited to their bank account from their employer. We will not be able to give loans to applicants who get their salaries in cash.
A personal loan application can be canceled only before the submission of the Loan Agreement Form. Once that is submitted, you will not be in a position to cancel the loan.
Our app has been designed to ensure a smooth experience. However, if the app does crash during the application process, please do not worry as you will be able to restart the process from the same step again.
Loan Related Articles
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- Personal Loan Eligibility
- Documents Required for Personal Loan
- Personal Loan EMI Calculator
- Steps to Apply for a Personal Loan
- Top-Up Personal Loan
- Loan on Aadhar & Pan Card
- Loan for Salaried Employees
- Personal Loan Foreclosure Procedure
- Personal Loans from Private Finance