How to Get Fast Loan Approval with Money View

How to Get Fast Loan Approval with Money View

In today’s fast-paced world, getting a quick personal loan can be a lifesaver, especially during financial emergencies. This article delves into the details of obtaining a personal loan using the Money View app, highlighting the entire process from start to finish. We’ll also discuss crucial aspects such as interest rates, processing fees, and the potential pitfalls of using instant loan apps.

How to Get Fast Loan Approval with Money View
How to Get Fast Loan Approval with Money View

Introduction to Money View

Money View is an instant loan app that offers personal loans up to 10 lakhs with varying tenure options ranging from 3 months to 60 months (5 years). The actual loan amount and terms depend on your CIBIL score and income. For instance, someone with a high CIBIL score and a steady salary may be eligible for a higher loan amount, while others might qualify for a lower amount.

Understanding the Interest Rates

A critical aspect of any loan is the interest rate. Money View claims that their interest rates start at 1.33% per month, which translates to nearly 16% annually. However, it’s important to note that this is the starting rate, and the actual rate can be significantly higher, potentially reaching up to 40% or more depending on your creditworthiness.

How to Get Fast Loan Approval with Money View
How to Get Fast Loan Approval with Money View

Processing Fees

Another crucial factor to consider is the processing fee. Money View’s processing fees start from 2% but can go as high as 10%. For example, if you take a loan of 1 lakh rupees and the processing fee is 10%, you’ll receive only 90,000 rupees after deducting the 10,000 rupee fee.

Loan Recovery Methods

One significant concern with instant loan apps is their aggressive recovery methods. These apps often require access to your location, gallery, and contacts. If you default on your loan, they may contact your relatives and friends, causing significant distress and potential defamation. This is a stark contrast to traditional banks, which typically follow more regulated and less intrusive recovery methods.

Comparing Loan Options How to Get Fast Loan Approval with Money View

While Money View offers loans up to 10 lakh rupees, other options like Bajaj Finserv and Navi offer higher loan amounts and different terms. Bajaj Finserv, for instance, offers loans up to 40 lakhs with a tenure of up to 8 years, whereas Navi provides loans up to 20 lakhs with interest rates ranging from 9.9% to 45%.

Step-by-Step Loan Application Process

Let’s go through the process of applying for a loan using the Money View app:

  1. Install the App: First, download and install the Money View app from the Google Play Store. Note that the app is not available on the App Store for iPhone users.
  2. Permissions: Upon opening the app, you’ll be asked to grant permissions for location, SMS access, device information, and contacts. These permissions are necessary to proceed with the loan application.
  3. Personal Information: Enter your mobile number, email ID, and verify them using OTP. Then, fill in your personal details such as your name (as per your PAN card), educational qualification, employment type, and monthly income. The minimum salary requirement is 13,500 rupees, and you must be at least 21 years old to apply.
  4. Loan Offer: Based on your details and CIBIL score, the app will show you the maximum loan amount you’re eligible for. You can choose the desired loan amount and tenure.
  5. Processing Fee and EMI Calculation: The app will display the processing fee and EMI for different tenures. For example, for a loan amount of 50,000 rupees with a processing fee of 8.26%, you’ll receive 45,870 rupees after deducting the fee. The interest rate might be around 39%, resulting in high monthly EMIs.
  6. KYC Verification: Complete the KYC verification by either uploading documents through Digilocker or using a paperless e-KYC method. You’ll need to provide your Aadhaar card details, take a selfie, and enter your bank account details for disbursal.
  7. Enable Auto Debit: Set up auto-debit for EMI payments by entering your debit card details and verifying with OTP.
  8. Final Submission: Review and submit your loan application. Once approved, the loan amount will be credited to your bank account.

Risks and Recommendations

While Money View provides a quick and convenient way to get a personal loan, it’s essential to be aware of the high-interest rates and processing fees. Additionally, the aggressive recovery methods can be distressing if you default on your loan. It’s always advisable to consider traditional banks first, as they typically offer lower interest rates and more regulated recovery methods.

However, if you’re in urgent need of funds and have no other options, Money View can be a viable solution. Just ensure you read all the terms and conditions carefully and understand the total cost of the loan, including interest rates and processing fees.

Conclusion

Instant loan apps like Money View can be a double-edged sword. They offer the convenience of quick loan approvals and disbursals but come with high costs and potential risks. Always weigh the pros and cons before opting for such loans, and try to explore traditional banking options first. If you decide to go ahead with Money View, follow the steps outlined in this article to ensure a smooth and informed loan application process.

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