Money View offers instant personal loans of up to Rs 5 lakhs that can be availed online easily through the loan app or on the website. These loans are collateral-free, easy on documentation, and are flexible enough to meet your financial needs and are disbursed in a matter of 2hrs after the loan approval.

Personal Loan Interest Rates and Other Charges

Money View personal loans come with the best interest rates and other charges that are highly transparent and competitive. Read on to find out for yourself.

Fees and Charges Amount Chargeable
Interest Rate 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/- for every bounce
Loan Cancellation
  • No additional charges levied
  • The interest amount for the period between loan disbursement and loan cancellation will be payable.
  • Processing fees will also be retained.

ForeClosure and Part-Prepayment Charges

You would be surprised to learn that Money View does not charge on foreclosure of loans.

Fees and Charges Amount Chargeable
Foreclosure Charges Nil or Foreclosure can be done only after payment of 3 EMIs
Part- Prepayment Charges Part-prepayment is not allowed

A personal loan is one of the easiest loans that can be availed with easy documentation and faster disbursal. However, it is equally important for you to get a good deal on your personal loan as you would need to repay the loan over the pre-decided term of the loan.

Paying a little attention to some of the factors below can ensure that you get a great deal on your personal loan interest rate.

  • Credit Score

    A credit score is a measure of your creditworthiness which is assigned by the credit bureaus based on your present and past credit behavior. A good credit score is a basic requirement of getting a loan approved on the lowest interest rate for your personal loan or for that matter any loan.

    Credit Scores above 750 are generally preferred for lending. Lenders may also take other factors into consideration before making the lending decision.

    Money View Personal Loans are made available even to those with low credit scores as we employ alternative credit scoring models to make better lending decisions. Our minimum credit score requirement is 650 on CIBIL or 750 for Experian Score.

  • Your Debt to Income Ratio

    Any debt or loan that is availed has to be repaid. Therefore debt to income ratio which is calculated based on the EMIs paid from your income to your total income becomes important.

    If you are already using more than 40-50% of your income in making EMI payments on existing loans, it will not be easy to get your future loan approved or it may be approved with a higher rate of interest.

  • Ensuring Continuous Employment Status

    The employment status of an applicant is also another factor that is important for your loan approval and getting the best interest rate on your personal loan. If you are employed with blue-chip employers, the chances of approval on your loan increases. Also, continuous employment with your current employer for a period of 2 or more years is looked forward to.

    If you are a self-employed individual, certain lenders may not be forthcoming to lend to you. However, we at Money View make no such bias as long as a self-employed individual meets our eligibility criteria and his loan application is approved by our systems.

  • Ensuring a Gap in your Loan Applications

    If you have been applying for a loan after the other on a continuous basis, you may come across as a person who lives on credit and has a problem managing his/her expenses within his means.

    If you are looking for a low-interest personal loan, then a good gap between loans is necessary. Did you know frequent applications for loans can pull down your credit score?

  • Comparison Among Various Lenders

    While going in for a personal loan with a low rate of interest, it is not enough to check for rates with just a single lender. Make a comparison among different lenders on their interest rates and other terms and conditions like processing fees, prepayment penalty/fees, the way interest is charged (Flat basis or reducing balance method), etc.

  • Considering Pre-Approved Offers

    Many times individuals receive pre-approved loan offers from their existing banks or credit card issuers. As these offers are pre-approved, the disbursal is faster and there is no requirement of documentation. If your requirement is rather urgent, these offers may save you the time and effort required in applying for a fresh personal loan.

Every applicant wishes that his personal loan comes at the lowest interest rate. However, there are many factors that affect the interest rate on your personal loan which depends on the risk perceived by the lender in lending to a particular applicant.

  • Credit Score:

    Your credit score is one of the prime factors that has an effect on the interest rate of your personal loan.

  • Repayment History:

    A good repayment history on your earlier loans has a positive effect on your credit score as well as your interest rate on future loans.

  • Employment Status:

    Continuous employment with the current employer for a certain amount of time or employment with a blue chip employer will act as factors that will help you get a good interest rate on your personal loan.

  • Income:

    A good income is required but is not sufficient to get a good interest rate if you already have many loans being paid out of that income. Therefore, an income commensurate with your loan EMI can get you a good interest rate.

  • Existing relations with the Lender:

    A good relationship with your lender may help you get a personal loan on lower interest rates as the lender is aware of the account balances, spending, saving trends and repayment history.