Same day loans are those loans that are disbursed within 24 hours. This is quite a new concept in the Indian markets and while the exact type of loan may not be offered, certain online lenders such as we at Money View provide loans in 24 hours of application approval.
Certain banks have also introduced this concept, however, they are mostly restricted to their existing customers and come in as pre-approved offers.
Features of Money View Same Day loans
In addition to same-day disbursal, Money View Personal loans come with a host of other benefits and features as well and these are -
- Check your eligibility for an instant loan in 2 minutes
- Borrow any amount starting from Rs. 10,000 and going up to Rs. 5,00,000
- Enjoy flexible repayment terms of up to 5 years
- The loan amount is disbursed to your account in just 2 HOURS of approval
- Benefit from low-interest rates starting from 1.33% per month
- From documentation to repayment, the entire process is done digitally
- Low credit score? You can still get a loan with our alternate credit model
Eligibility Criteria for 24-Hour Loans from Money View
If you meet the eligibility criteria given below, you can easily avail same-day loans from Money View -
- Applicants must be between 21 years and 57 years
- Applicants must receive an income of Rs. 13,500 or more*
- Income must be credited directly to the applicants’ bank account
- Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650
Given below is a city-wise breakdown of the income and credit score requirement -
| Income and Credit Score Eligibility Criteria* | |||
|---|---|---|---|
| Salaried Individuals | Minimum In-Hand Income | Area of Residence | CIBIL Credit Score Requirement |
| Rs 13,500 | Any | CIBIL Score of 600 /Experian Score of 650 and above | |
| Rs 20,000 | Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) | New to Credit or CIBIL Score of 600 /Experian Score of 650 and above | |
| Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL Score of 600 /Experian Score of 650 and above | |
| Self-Employed Individuals | Rs 15,000 | Any | CIBIL Score of 600 /Experian Score of 650 and above |
Documents Required for 24-Hour Loans from Money View
At Money View, we require minimal documentation as given below -
| 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 -
|
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits OR Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed |
Fees and Charges from Money View
Every loan applicant wants to avail a loan that is most affordable. Money View’s same-day loans come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are -
| 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 | 2% per month on the overdue EMI/Principal loan amount |
| Cheque Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Steps to get Rs. 2 Lakh Personal Loan from Money View
Now that you know our eligibility and documentation requirements, follow these steps to get a loan -
Check your eligibility
Visit the Money View website or loan app. Provide the required details and we will let you know your eligibility in 2 minutes.
Choose your loan plan
Based on the options provided, select the loan amount and repayment term of your choice
Upload required documents
Upload all of the necessary documents online for verification
Get the Loan
Get the loan amount transferred to your account within 24 hours of successful verification of your documents.
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
Same-day loans are a boon to those looking for emergency financial assistance. However as this concept is quite new, not all lenders offer 24-hour loans. Money View loans on the other hand provides borrowers with loans within 24 hours of application approval making this one of the best choices for individuals who need instant personal loans.
Same Day Loan - Related FAQs
A good credit score is an irreplaceable requirement for getting any kind of credit these days. However, there may be many individuals who do not have a high credit score but need loans urgently. While getting a same-day loan from a traditional source with a bad credit score is quite difficult, online loans may be a better option.
At Money View, thanks to our unique credit rating system, even those with relatively low credit scores can avail 24 hour loans. Borrowers need to have a minimum CIBIL score of 600 or a minimum Experian score of 650.
Once you’ve submitted your loan application, there are multiple ways how you can track its status depending on which platform you’ve applied from.
Here are the main steps you’ll need to follow:
1. If you’ve applied on our website- Go to the login section on our website, Click here: /apply-loan/login
- Login in to your loan account with your registered phone number
- Go to the “Dashboard” section of your loan account
- Scroll down to the “Application Status” tab to know the status of your loan application
- Open the Money View/Money View Loans app
- Register yourself with a valid email ID if you haven’t done it yet
- If you have the Money View app, head over to the “Loans” section
- Once you switch over, you’ll be automatically directed 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
Yes, we do lend to self-employed applicants. However, you must fulfill the eligibility criteria given below -
- Your monthly in-hand income must be above Rs. 15,000 per month
- Income must be credited to a bank account
- You must be between 21 to 57 years old
- You must have a CIBIL score of 600 and above or an Experian score of 650 and above
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