Personal Loan Interest Rates and Charges

Interest rates and other charges for personal loans at Money View are transparent and affordable with no hidden costs. Take a look at the applicable charges below -

Fees and Charges Amount Chargeable
Interest Rate Starting from 1.33% per month
Loan Processing Charges Starts at 2% 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 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

Fees and Charges Amount Chargeable
Foreclosure Charges Nil but foreclosure can be done only after a minimum number of EMIs have been paid as illustrated below-
Tenure Foreclosure
Up to 6 months Not allowed
7 - 18 months Allowed after 6 EMI payments
Over 18 months Allowed after 12 EMI payments
Part- Prepayment Charges Part-prepayment is not allowed

Factors That Affect Personal Loan Interest Rates

Given below are some of the factors that affect personal loan interest rates -

  • Credit Score
  • Higher the credit score, lower will be the interest rate imposed

  • Repayment History
  • Those with good repayment history are known to present less risk to lenders hence, can avail loans with lower interest rates

  • Employment Status
  • Those with salaried or regular income are likely to avail loans with lower rates of interest as their ability to repay the loan is easier as compared to those with an irregular income schedule

  • Income to Loans Ratio
  • Having a high income is desirable but if the borrower already has multiple loans active at the same time, chances of him/her availing a loan at lower interest rates is low

  • Existing relationship 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, repayment history, etc.

Personal Loan Interest Rates - Related FAQs

The rate of interest for personal loans starts at an affordable 1.33% per month and varies based on the amount availed, your credit score, repayment history, etc.

Yes, a small amount is charged as a processing fee and starts from 2% of your loan amount. The amount is decided by our system based on multiple factors and will be deducted from your loan amount while the remaining balance will be transferred to your bank account.

If you are unsure of how much to pay and the interest rate charged, visit the Money View loans app and check the column titled ‘Monthly EMI’. This section will also display the duration of the loan and 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 reference.

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.

Money View follows the reducing balance method for interest calculation. Given below is an example to illustrate the same.

Suppose you avail a loan for Rs 50,000 for a term of 6 months at an interest rate of 16%, your repayment schedule will be as given in the table below. Your outstanding loan amount reduces with payment of each EMI, which is why this method is called the reducing balance method for interest calculation.

Month Principal Repaid Interest Paid EMI Amount Outstanding Principal
1 8060 667 8727 41940
2 8167 559 8727 33773
3 8276 450 8727 25497
4 8387 340 8727 17110
5 8498 228 8727 8612
6 8612 115 8727 0

Yes, you can. As Money View uses its own unique algorithm to process loan applications, individuals with relatively lower credit scores can also avail personal loans from Money View. However, the minimum credit score requirement is a CIBIL score of 600 or an Experian score of 650.