Introduction
Digital technology has completely transformed the finance sector especially lending. Applying for a loan was such a big affair and meant long queues at banks papers on documents and a lot of bureau cratic red tape before one was issued a loan. Digital lenders such as Money View are revolutionising speed convenience and access.
It is the largest personal loan platform offering fast reliable user friendly hassle free credit to its vast customers in India. Being a part of the booming financial technology ecosystem in India it offers individualised loans for every customer’s convenience without cumbersome paperwork or in person interactions.
Money View Loan Features
Money View Loan makes an impressive show with its customer centric approach and feature set which makes borrowing quite easy. Here are some of the top features.
Instant Approval Loan
The fully digital process of Money View promises approval in just a few minutes. That’s quite an advantage over traditional banks because if you visit them it can take days to get approval there.
The financial products also tend to be diversified and include loans between ₹10000 and ₹500000 with a bank loan interest of around 1.33% per month. However the actual rates will be selected based on the creditworthiness of the borrower.
Repayment Tenure
The loan givers can offer the borrowers any quantum of tenure for repayment between 3 months to 5 years which will be useful to the lenders to use funds appropriately.
Paperless Process
One of the distinguishing features of Money View is that it is a completely paperless loan application and disbursal process. All one requires is internet connectivity the Money View app and access to whatever digital documents are required.
These features make borrowing through Money View convenient transparent and fast for the users.
Criteria that Determine Money View Loans
When Money View promises to make borrowing easy there are criteria that a potential borrower would need to qualify for loans such as
Age
The applicant must be between 21 and 57 years old.
Income and Employment Status
The money view requires a minimum monthly income of ₹13500 from the salaried employees and ₹25000 from the self employed persons. It is quite obvious that the borrower has a sound platform for finance management for repayment of this loan.
Minimum Credit Score
Money View looks for a credit score of 600 or above or an Experian score of 650. If the credit score is lower other factors might come into play but the loan terms may need to be more attractive.
Bank Account and Location
They have to be in possession of an Indian bank account. They need to be residing in locations that Money View services cover. This currently covers broad swaths of urban and semi urban areas across the country. With these eligibility criteria fulfilled applicants can access loans with minimal risk to themselves and the lender.
Money View caters to various financial needs with different types of loans primarily focusing on personal loans. A few of the most popular options are as follows
Personal Loans
These are general purpose loans that can be used for all kinds of personal expenditures such as medical emergencies weddings vacations or any home repair.
Money View offers a lot of debtor consolidation opportunities wherein multiple debts are consolidated into one loan which simplifies payments and in the process cuts down on the total interest hence reducing them altogether.
Emergency Loans
Because of instant loan approvals and disbursals of quick funds for all sorts of unexpected expenses. Money View is very handy for any instant financial need.
Business Loans and Car Loans
Although Money View deals mainly with personal loans some users borrow business and car loans through the website and hence a wider range of access to borrowing facilities.
All these loans vary in their terms and conditions but all share the benefit of speed in the approval and disbursal process on this platform.
How to Apply for Loans?
One of the key advantages of Money View Loans is the ease with which a borrower can apply for such loans. The application process is entirely digital thereby making the process convenient to users. This may be possible for just about anyone with a smartphone and good internet access through the Money View mobile app. A step by step walk through of how an application might be made includes
Downloading the Money View App
To download Money View users utilize the Google Play Store and Apple App Store. During installation the application has an interactive user interface that assists in submitting a loan application.
Entry Of Personal Details
As part of registration users are going to provide all details including personal information such as name contact information date of birth employment status monthly income and address. The mobile number is subjected to OTP for verification purposes as well.
Upload KYC Documents
KYC is one of the important steps when any financial product application process is being processed. In the case of Money View all the required documents can be uploaded digitally and include things such as proof of identity with a PAN card Aadhar card or passport proof of address with utility bills rental agreement or voter ID and income proof with salary slips bank statement and ITR returns for those who are self employed.
It can then do the step without visiting any physical branch because it is a paperless process.
Verification and Loan Approval
The uploaded documents are verified first. Money View with its algorithms and credit models checks on the applicants financial position very quickly. The decision making process usually takes just a few minutes. When approved the users are informed of the amount of the loan and the terms under which they can borrow.
Loan Disbursement
After loan approval users are provided an opportunity to read through the loan agreement and accept it. After acceptance the loan amount shall be disbursed directly to the applicants bank account within 24 hours. In most cases users have reported receiving the loan within several hours. Thus it remains an excellent solution for those who urgently require funds.
One thing about understanding any loan is the interest rates and how you will be repaying the funds. Money Views loan has flexibility and transparency although at its core Lets dive deeper into these areas.
Interest Rates
Money View offers interest rates that start as low as 1.33% per month. However the interest rate will depend on many different considerations such as
Credit Score
Borrowers who possess a good credit score are provided with low interest since the lender perceives them to be lower risk customers.
Loan Amount
A small loan amount is relatively charged at higher interest rates in exchange for administrative expenses.
Repayment Tenure
Shorter tenure loans could be cheaper as the borrower pays a lesser sum every month. Long tenures may attract large interest amounts though their monthly repayments will be lower.
For example a person with a better credit score may get a rate of 1516% per annum whereas a person with lower scores may be offered between 2024% per annum.
Comparison with Other Lending Platforms
The rates offered by Money View are competitive in the digital lending market compared to other traditional banks or NBFCs. Several digital lending sites may offer the same rates however what sets Money View apart is the speed of approval the flexibility it offers to issue loans of different amounts and the availability of various modes for repayment.
Repayment Options
Money View provides customers with flexible tenure options. This facility is offered between 3 months and five years based on which the borrowers can choose the tenure as per their suitability. In this manner they get lower monthly installments along with reducing the overall interest charges in the long term.
Auto Debit from Bank Account
Most borrowers prefer getting auto debit from their registered bank account such that timely payments are made automatically without any manual interference.
Manual Payments
There is also an option to make manual payments through the Money View app where in one can track outstanding amounts and upcoming EMIs.
Early Repayment and Prepayment Charges
With Money View borrowers can pay off the loan early thus saving interest. At times depending on how soon one would clear the loan certain charges are levied. All these charges are indicated in the loan agreement thus giving a fair idea of what one needs to pay.
Features of Money View Loan Application
Besides loan application and repayment service provision the Money View app offers more than this. It is an all inclusive finance manager for the user with a wide array of features to help users in the proper management of their finances.
User Friendly Interface
To make access and usage of the service even easier for users the app has a user friendly design that is not very demanding on the users experience.
Through this design the user can effortlessly switch between sections such as applying for loans confirming eligibility uploading documents and checking the status of the loan. This minimalist design and easy process avoid frustration and confusion among users thereby allowing the first time user to be comfortable with navigating through the app.
Credit Score Tracking
Credit score monitoring is another unique feature of the Money View app. With this app users can obtain an absolutely free current credit score and thus stay updated about their financial position. It becomes a really helpful tool to improve ones credit score or to know where one stands in the area of loan eligibility.
EMI Reminders and Payment Tracking
The application has an automatic reminder feature showing when the EMI payment is due. It also shows a detailed breakup of loan amount interest rate and remaining balance providing better management of repayments.
Financial Management Tools
Besides loans the app has other finance planning tools such as budgeting features spending tracking and suggestions to improve ones financial health. This makes Money View more than just a loan application it becomes a partner in better money management.
Customer Support
In case of any problem that may emerge during the loan application or after its disbursal. There is also customer support for an app. Users can raise their queries or connect directly to support through a chat or email. The app gives information on FAQs and tutorials for common problems that the user might face.
Problems with Money View Loans
While Money View has its advantages and still has some disadvantages and issues that potential borrowers need to be aware of such as
Higher Interest Rates for Low Credit
For lower credit ratings a lender can charge substantially higher interest rates. Being in most lenders do that to balance the risk but it puts the cost of loans to certain customers particularly those with poorer credit ratings than others.
Regional Restrictions
Even though Money View is accessible everywhere in India there could still be some local areas or regions where the services of Money View might be restricted. Borrowers outside the urban and semi urban regions would face inconvenience in accessing loans through the platform.
Limited in Person Presence
Money View is a completely web based channel. Thus it does not provide any branches where one may walk to get help in person. Although the application has robust customer support its users who require face to face interaction may consider the absence of a physical presence to be a critical drawback.
Overdraft Charges
The borrower has to be concerned with the repayment date. If EMI is missed or even if loan repayment happens at a delayed time several extra charges and penalties have to be incurred by the borrower which increases the cost of the loan later.
Customer Reviews and Feedback
Customer reviews and feedback go a long way in measuring any financial service like Money View Loans. What the clients have experienced while using the service helps extort insight into the benefits and challenges users face during their usage. Here we analyze general trends in user feedback what end users like and dislike and how the customers benefit through the support of the customer care team.
Positive Trends
The majority of Loan users across Money View have reportedly stated a smooth and satisfactory experience especially in terms of speed and convenience. Top Rated features include
Fast Approvals and Disbursements
Users most often cite that the loan gets approved in a few minutes followed by disbursal in hours. In cases of emergencies or urgent financial requirements they appreciate the speed offered by these loan services.
Low Documentation
The borrowing process is quite straight forward because one only requires a little paperwork or in person visits. Uploading a document with the app is usually straight forward and very efficient.
Clarity and Ease
Many of the reviewers appreciate that the process of borrowing is transparent. They are shown all the implications of interest rates and repayment terms as well as any added costs at a glance. The interface of this app is easy to use and quite intuitive.
General Weaknesses Identified by the Customers
Customers found a few weaknesses in the app. These are
High Interest Rates
Due to low credit some users expressed dissatisfaction with the interest rates provided especially if they have lower credit ratings. That is so because the more risky borrowers pay higher interest rates. At the same time other users with limited credit history or low ratings noted that at times borrowing may become too expensive.
Limited Choices for Tenures
According to some users the options made available by Money View in terms of repayment tenures are limited for borrowers requiring a longer or shorter period. Although it offers an adequate spread of tenures from 3 months to 5 years some customers would have felt more benefit from this service if some additional tailoring was done.
App Crashes and Technical Bugs
A few users reported minor technical issues similar to those of any digital platform such as the Money View app crashing or not allowing uploads of documents. These seem to be incidentally presented and the customer service section seems sensitive to solving such a problem.
Security Features and Data Protection
Digital security and privacy are the primary concerns in this digital world and Money View takes its measures seriously to protect users data and secure their transactions. As the nature of the product is sensitive in terms of financial information the security protocols for this platform play an important role in its whole business.
Data Encryption
Money View uses 256 bit SSL encryption to ensure all personal and financial information users share on the platform is secured. This means that without permission such information as submitted for KYC protection bank account information income statements among other documents will not be accessed by the wrong people.
Secure Payment Gateways
All loan disbursements and repayments are processed by secure payment gateways which fulfil the latest security standards that prevent fraud and ensure that transactions between Money View and the users are safe and secure.
Compliance with Data Protection Laws
Money View is fully compliant with the Information Technology Act of India as well as other relevant data protection laws. This means the platform follows very tight rules regarding its protocols for collecting storing and using customer data. It also has a precise privacy policy about how it handles the users information hence being transparent to its customers.
Multi Factor Authentication (MFA)
To enhance account security Money View uses multi factor authentication. This means that in addition to the password it needs the user to authenticate through an OTP that will be received on their mobile device. It provides additional layers to prevent unauthorised access to account details.
Future Trends in Digital Lending
As digital lending keeps changing Money View sits at the forefront of transforming the faces through which people access credit. Several trends shape the future of the digital lending industry and Money View is well positioned to ride on these developments including
AI and Machine Learning in Credit
The creditworthiness decisions made by Money View today already rely on complex algorithms future models will be even more predictive and advance beyond purely traditional credit data incorporating other data points such as utility bill pay and social media related behaviour. This would open door ways to lending that greatly expand accessibility for people who may not otherwise qualify for credit.
Blockchain Technology Secure Lending
Yet another place with immense potential is that of increasing the security and transparency levels in lending. Money View and other similar platforms of tomorrow will be required to shift towards blockchain for assured loan agreements and clear tracking of loans repaid that increase the degree of lender and borrower trust.
Scaling Credit to Underserved Markets
As digital infrastructure improves such platforms as Money View are likely to grow into more rural and semi urban markets where access to other kinds of banking is limited. So Money View could very well play a significant role in improving financial inclusion in India through tailor made products catering to these underserved populations.
Conclusion
Money View Loans has proven to be completely safe and accessible in digital lending catering to huge financial needs in quick disbursal flexible loan amounts and friendly app features. Such competitive interest rates that go hand in hand with transparent processes ensure complete satisfaction for its clients who especially need access to such a service.
However since this is a financial product borrowers first need to weigh the situation concerning their finances and their capability to repay the loan. Although the platform has many benefits such as minimal documentation and flexible tenures one needs to consider the disadvantages also such as slightly higher interest rates for low credit borrowers and possibly late payment penalties.