Interest rates and other charges for personal loans applied through Moneyview are transparent and affordable with no hidden costs. Here are the fees and charges of Moneyview’s partner lenders -
| Fees and Charges | Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starts at 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹ 500/- each time |
|
Loan Cancellation |
You can cancel your loan anytime before the disbursal. However, if you wish to cancel the loan after the amount has been credited to your bank a/c, you can cancel the same within the cool-off period of 3 working days. |
Lending partners of Moneyview allow loan foreclosures on certain conditions. The charges and other details are mentioned below -
| Fees and Charges | Amount Chargeable | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Foreclosure Charges |
NIL. However, foreclosure can be done only after a minimum number of EMIs have been paid, as illustrated below-
|
||||||||
|
Part- Prepayment Charges |
Part-prepayment is not allowed |
To reduce your interest rates, knowing what affects it is mandatory. The following are some of the most important factors that can affect your personal loan interest rates -
Your credit score is a 3-digit number that indicates your creditworthiness. A high credit score shows you as financially more responsible, and thus you can get loans more easily and at better terms.
A higher income and job security makes you are more trustworthy borrower. That reduces your risk profile and helps you get a loan at lower interest rates.
Your repayment history is included in the calculation of your credit score. Still, if your credit score has dropped due to some other reasons, having a spotless repayment history makes you look more reliable. And, the more reliable you look, the lower your interest rates.
In case you have done business with a lender before, they might provide you with competitive interest rates on personal loans. Lenders typically try to retain clients who they trust and whose financial records they have on file.
This figure shows you how much debt you owe in relation to your income at any given point. Lenders often impose a higher interest rate on borrowers with high debt-to-income ratios since they are viewed as a burden on the lender.
Kamal from Jamshedpur wanted to make cooking videos. However, he didn’t have the required funds to buy the initial gear. His friends told him about easy loans through Moneyview and he thought of trying it out.
He applied for a ₹10,000 loan and got the funds transferred to his bank account. He bought a tripod stand for his phone, some nice utensils, a microphone, etc. He is now making videos and plans to upgrade his mobile phone once he has paid back a significant amount of this loan.
There are two main types of personal loan interest:
The reducing or variable interest rate is a type of interest rate that fluctuates regularly. A variable interest rate is tied to the Reserve Bank of India's repo rate adjustments. This is also known as a lowering or variable interest rate.
The interest rate on the loan amount is fixed under this method and remains constant throughout the loan term.
The best way to meet your urgent financial needs is to apply for low-interest personal loans. This makes it easy for you to make repayments. Use the strategies below to get the lowest interest rate on a personal loan.
Your credit score measures your creditworthiness based on previous credit management behaviors. A credit score of 700 or 750 makes you eligible for a personal loan. In general, a higher score indicates a better chance of loan approval.
A little research will help you find easy personal loans. Compare personal loans from various providers to determine the best interest rate and features. This will take some time, but it will help you make the most informed decision possible.
Customers are informed of special offers by SMS and email by lenders. If you want to save money on your loan, keep an eye out for these bargains.
There is no harm in negotiating. If you earn a good income and work for a recognized public or private company, the lender considers you a trustworthy candidate. So take advantage of this possibility to ask for lower interest rates or better terms.
Loan Amount
Min ₹5,000
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
If you are unsure of how much to pay and the interest rate charged, visit the Moneyview loans app and check the column titled ‘Monthly EMI’. This section will also display the duration of the loan and the amount that you need to pay as monthly EMI. Additionally, the entire interest that you will be paying on the loan will also be given as a reference. You can also use our EMI calculator to learn about your EMI amount.
Your EMI or Equated Monthly Installment consists of a portion of principal amount as well as interest payment on the loan. The EMI amount on your loan depends on the principal amount, the loan tenure, and the rate of interest.
Moneyview's partner lenders follow the reducing balance method for interest calculation.
Yes, you can. As Moneyview's lending partners use their unique algorithm to process loan applications, individuals with relatively lower credit scores can also avail of personal loans through Moneyview. Anyway, the minimum credit score requirement is a CIBIL score of 650.
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Loan Process, Terms and Rules Explained
Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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