Did you know that urgent loans for bad credit is a possibility now? If you have a low credit score but require a personal loan, we at money view provides loans to even those with credit scores as low as a CIBIL score 600 or Experian score of 650.

Why Choose Money View Loans for Bad Credit

Thanks to Money View’s unique credit rating model, even if you have a relatively low credit score, you can get a loan. So, if you want an urgent loan with bad credit in India, you know where to apply.

Loans with Low Credit Score

Those with relatively lower credit scores can avail personal loans easily on minimum CIBIL score of 600 or Experian score of 650

Instant Eligibility Check

Complete your eligibility check from Money View website or download the app within just 2 minutes

Flexible Loan Amount

Depending on your eligibility you can choose any loan amount of upto Rs. 5 lakhs

Flexible Repayment Term

Applicants can enjoy flexible repayment tenures of up to 60 months

100% Paperless

The entire process from application to disbursal is quick and hassle-free

Minimal Documentation

All you need to submit are three documents - ID proof, address proof, and income proof

24 Hour Disbursement

Your loan will be credited within a day after your loan application has been approved

How to Get NBFC Personal Loan for Bad Credit

If you wish to avail a loan from a reputed private finance company such as Money View, you will have to follow the steps given below -

Check Your Eligibility

Visit the Money View website or download the app. Provide all the details required and we will let you know your eligibility in just 2 minutes

Select Your Plan

Choose the loan amount and repayment term of your choice based on your eligibility

Provide required documents

Upload the required documents online easily and effortlessly

Instant Loan Disbursal

After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours

Note -

  • Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to us.
  • This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without 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.

Eligibility Criteria for Bad Credit Loans Online

If you have a low credit score, you can still avail a personal loan from Money View if you fulfill the eligibility criteria given below -

  • 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 Bad Credit Loans Online

Given below is a city-wise breakdown of the income and credit score requirement -

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)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
Any 1 of the following -
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

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 for Bad Credit Loans Online

Money view’s personal loans for bad credit 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 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
  • No additional/hidden charges levied
  • The interest amount for the period between loan disbursement and loan cancellation will be payable.
  • Processing fees will also be retained

In Conclusion

Individuals may end up with a bad credit score due to a number of reasons and moving from a bad credit score to a good credit score takes some time.

However, the need for credit could come up at any time. If you have a low credit score then do not worry, with Money View personal loans you can still get a loan for bad credit. Thanks to our unique credit rating model, we require applicants to only have a CIBIL score of 600 or more or Experian score of 650 or more.

Personal Loans for Bad Credit - Related FAQs

Technically speaking, a bad credit loan refers to loans that are provided to those that have low credit scores. In order to easily avail loans, one must have a credit score of 750 or more. But this may not be possible for everybody. Therefore, certain loan providers such as Money View provide loans to even those with credit scores as low as a CIBIL score 600 or Experian score of 650. So, if you’re looking at loans for bad credit, you know where to apply.

One could end up with a bad credit score due to a lot of reasons which can vary from one person to another. However, the most common reasons due to which individuals might land up with bad credit are -

  • Defaults in repayment of old and existing loans or credit cards
  • High credit card utilization or a high number of hard inquiries
  • Those who do not have a credit score as they are new to credit. (Never availed credit earlier)

Secured loans are those that are provided against collateral such as home loans, auto loans, gold loans, etc. Unsecured loans are those that do not require collateral such as personal loans. Money View personal loans for bad credit are unsecured loans and do not require any collateral or security.

If you have a low credit score and but have some form of collateral, you can avail the following loans -

  • Gold Loans -You can avail a loan by using the gold that you own (bonds, coins, jewellery) as collateral
  • Loan Against Property - An existing property can be given as a security to avail a loan. A Loan to Value Ratio of anywhere between 50-75% is allowed depending upon the age, condition and title documents of the property
  • Securities and Fixed Deposits - Investments in securities, mutual funds or fixed deposits can also be used as collateral for availing loans.

When bad credit loans are availed against collateral, the amount of the loan will always be tied to the value of the asset allowed as collateral. However, with low credit scores, even with collateral, your interest rate will be on the higher side.

Loans for bad credit are loans that are provided to individuals with low credit scores. As the lenders take on more risk when lending to less creditworthy individuals, they tend to compensate for it by altering certain terms and conditions of the loan as given below -

  • These loans are often provided at higher rates of interest
  • Sometimes, these loans are only provided as secured loans, i.e., require collateral
  • These loans may have short repayment terms

Yes, you can. Thanks to Money View’s alternate credit rating model, as long as your CIBIL score is above 600, you can get a personal loan from us.