With the advent of the digital world, bank transactions have become hassle-free and quick. Who would have imagined that the long queues in the bank would change to paperless transactions with a click of a mouse button?
Thanks to the online world, it has become effortless to get a loan from NBFCs and several online lenders. During financial emergencies, taking an instant loan can save you from a lot of paperwork and the need for collateral. To take an instant loan, banks are not a viable option. Since they take more processing time, online NBFCs are a go-to option for this.
In this article, let’s talk about the process of taking instant loans of Rs 10,000 from Money View and how to make the entire process seamless.
Best features of a Rs 10,000 instant loan from Money View
You can take instant loans for any purpose without putting up collateral. Here are some striking features of taking an instant loan from Money View.
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Online method
A great relief to the otherwise strenuous loan procedure is the online application process. Money View offers loans in an instant since the application is entirely online.
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Minimum paperwork
A big chunk of time goes into following lengthy documentation for loan approval. But, instant loans from Money View take less than a few minutes. Why? Courtesy of less paperwork and minimum submission of documents.
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Unsecured loan
You can avail of an instant loan from Money View by putting up zero collateral. It gives an upper hand to the borrower as you can meet urgent financial needs without any risk of losing assets.
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Quick approval
Long gone are the days when loan approval took over a week typically. Online NBFCs like Money View take little or no time to approve instant loans of Rs 10,000.
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Attractive interest rates and flexible repayment options
With instant loans from Money View, you can reap the benefits of having competitive interest rates. In addition to that, you can repay the principal amount in the flexible tenure you choose.
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Eligibility check within minutes
You can check your eligibility for an instant loan within two minutes using Money View. Since the entire transactions are online, you can submit the details and know your eligibility.
3 things to be aware of while applying for an instant loan from Money View
Getting a loan instantly disbursed is promising and sounds easy, but a few months down the line, it can make you restless if you do not consider a few aspects before applying for the loan. What are they? Let’s see them below.
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Maintain a good credit score
You can be sure of the instant loan if you maintain a good credit score. CIBIL Score is the primary tool any lender considers before approving the instant loan. So, have a good CIBIL score of 750 and above to double your chances of instant loan approval.
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Keep track of your finances
An instant loan is useful during emergencies. However, you might have other obligations and commitments towards the financial institutions. Hence, bear in mind the repercussions of this extra loan that can affect your monthly budget. Keep a clean bank record and pay your interests on time.
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Think through the necessity of an instant loan
It is always best to avoid borrowing loans if you can avert the situation. Before applying for the instant loans, you must gauge the reason to avail and the extent of the emergency. If you can ward off the case, it is best to opt out.
Since instant loans come with competitive interest rates, failing to repay on time can lead to penalty charges.
Eligibility criteria to avail instant loan of Rs 10,000 from Money View
To avail of an instant loan from Money View, you must meet a few eligibility criteria. It has a slight variance for salaried and self-employed borrowers. Let’s take a look at each below.
For salaried individuals:
- Must be above 21 years of age.
- Must be residing in India.
- Must have a minimum monthly income of 13,500 with a minimum CIBIL score of 600
- Must have a monthly income of Rs 20,000 for those residing in Mumbai or Delhi-NCR
- Must have an income of Rs 15,000 for those residing in Metro cities other than Delhi and Mumbai.
For self-employed individuals:
- Must be between the age of 21-57 years.
- Must be residing in India.
- Must maintain a CIBIL score of 600 and above.
- Must draw a monthly income of Rs 15,000, residing anywhere in India.
Documents required for an instant loan of Rs 10,000 from Money View
As mentioned above, you must provide very few documents to avail of an instant loan from Money View. Since the application process is online, a soft copy of the essential documents will suffice.
- Identity proof such as PAN card, Aadhar card, driver’s license.
- Address proof such as Aadhar card and utility bills (electricity bill, gas bill).
- Income proof (salary slip of past three months or bank statement).
A step-by-step guide to the application process
Now let’s dive into the application procedure for an instant loan from online lenders like Money View. It is very straightforward, and you can complete the form within minutes.
Step 1:
Firstly, click on the Money View website and check if you are eligible for the instant loan. Once you enter the amount, i.e., 10,000 and the repayment tenure, it will generate a page that says if you are eligible or not. It takes less than two minutes for this step.
Step 2:
Money View has flexible guidelines, and most of the time, you qualify for the loan. The next step is to give the preliminary details like loan amount and repayment tenure. One of the notable features of Money View is you have the freedom to choose the time at your convenience.
Step 3:
Once you fill in the details of the loan amount, you are required to submit the necessary documents given in the above section. Submit all the documents online for verification.
Step 4:
After you submit the documents, your application is processed and approved. After this, the loan amount is credited to your account within 24 hours.
Interest rates and repayment
The interest rate for the instant loan of Rs 10,000 starts from 1.33% per month. However, there are other charges like loan processing fees between 2% to 8%.
To start paying the EMI, you must fill in the NACH form, which will appear once you submit the documents. By filling out the NACH form, EMI will be automatically debited from your account from time to time, avoiding overdue charges.
Conclusion
During a cash deficit, getting loans from banks can become tedious and time-consuming. Instant loans from Money View come to the rescue to overcome this hurdle. They are personal loans that you can borrow for any purpose with no collateral.
Money View is an online NBFC that offers instant loans with attractive interest rates and easy repayment tenure. But you must gauge your financial condition before applying for instant loans. In the end, you must pay EMI on time to avoid overdue charges.
Set right your financial crisis by taking these short-term loans within 24 hours and enjoy the benefits of a less cumbersome application.
