If you have been undergoing a financial crisis for some time now, chances are that you have definitely heard about personal loans. Although not a relatively new concept, it has been steadily gaining popularity over the past couple of years, mainly due to the increase in lenders who specialize in rendering this service as well as a host of beneficial features it arrives with.
Among the leading personal loan lenders in India, Money View is a reliable name for over 1 crore customers, mainly because of its unique features and benefits, and in today’s article, we will explore exactly those.
Now that you understand the basic definition of a personal loan let us look at some of the most significant features of the ones rendered by Money View.
If you have ever applied for a traditional loan in the past, you are well aware of the fact that most of them have long eligibility checks. Since most conventional lenders in India rely on legacy systems to process their applications, they generally take hours of time to check your eligibility for a loan and subsequently proceed to the next steps of the process.
On the other hand, if you apply for a personal loan from Money View, you can check your eligibility for the same in just 2 minutes. The lender, in this case, relies on modern fintech technology and leverages its power to access your credit history from both CIBIL and Experian and if you have a minimum cibil score of 650 or Experian score of 750 on a scale of 900, instantly approves your application.
Most traditional loans in India arrive with a predefined loan amount, over which you have close to no flexibility to customize as per your needs.
For example, you can get a home loan for exactly ₹5 lakhs and not ₹4.5 lakhs, and this lack of flexibility often pose a problem to most first-time borrowers. The reason behind this simply being, the more loan amount, the higher will be the interest rate and so on.
On the other hand, at Money View, you have the complete flexibility of deciding the loan amount you want to borrow. The lender has a bracket of ₹10,000 to ₹500,000, and as a borrower, you are given the freedom to choose any amount in this range.
This feature not only allows you a greater degree of freedom but also helps you save money in the long run.
Next to a long eligibility check, the third disadvantage of a traditional loan is the fact that it arrives with predefined repayment terms from the lender. Since traditional lenders only use a handful of measures to check your eligibility for a loan, in most cases, they predefine both the EMI amount you are supposed to pay every month along with the date on which the debit will occur. While this is an incredible step from the lender’s perspective since they are essentially limiting their risk in a loan, it puts you in catharsis in terms of better managing your personal finances.
On the other hand, if you take a personal loan from Money View, you have the option of choosing a flexible repayment scheme. Essentially in this mode, you get to decide both the EMI amount you want to repay each month, the date of repayment, and the tenure of the loan, which can go up to 60 months.
This option not only allows you to take better control of your finances but also saves you money in the long run.
Once you have completed your traditional loan application, in most cases, the lender will take at least 1 business week to 4 business weeks to approve your application and consecutively disburse the loan amount to your account. Since, in most cases, borrowers apply for loans when they are in urgent need, a long timeline for disbursement can hinder the process of meeting their urgent needs.
On the other hand, Money View provides a guarantee of disbursing your loans within 24 hours of your application getting approved, thus ensuring that you get the money in your account when you need it the most and not at a later date.
Most traditional loans in India arrive with an interest rate of 5% to 13%, and while this might not look significant at first glance, in the long run, it will generally cost you a lot of money. Along with this, since the traditional loan sector is dominated by a few key players, the lack of competition allows these lenders to charge unwary borrowers a high rate of interest.
On the other hand, Money View offers personal loans in India starting from 1.13% per month. Having a low rate of interest not only ensures that you save more money in the long run but also allows you to take better control of your personal finances.
Last but not least, Money View is one of the few lenders in India that have their own credit assessment system in place, which allows the lender to check your creditworthiness beyond your CIBIL and Experian scores.
Utilizing this system not only allows you to get approved for a higher loan amount but also ensures that even those with poor credit scores can apply for personal loans from Money View.