Personal loans are flexible financial tools that assist you in paying for a variety of needs, be it a wedding, education, or something as simple as going on a vacation.
However, prior to applying for a personal loan, it’s important to understand every detail of the loan, even though it offers instant access to funds.
In this blog, we will discuss all the factors you must consider before you apply for a personal loan.
Things to Consider Before Taking a Personal Loan
Before opting for a personal loan, it is important to consider several factors that play a huge role in deciding your financial situation until the loan is fully repaid. Here are a few important factors that you must consider before applying for a personal loan:
1. Eligibility Requirements
One of the most important factors to consider before obtaining a personal loan is your loan eligibility. There are various lenders with varying eligibility requirements, so choose the one that best fits your needs.
2. Repayment Capacity
Before anything else, the bank will determine your repayment capacity. When applying for a loan, the bank will look into your credit history, previous loan repayment history, your current debt and calculate your debt-to-income ratio.
Furthermore, your earnings and other loan repayments, if any, affect your loan repayment capacity and, by extension, your current loan approval.
3. Credit Score
Credit score affects personal loan eligibility and interest rates. The better your credit score, the better your loan offers. Before applying for a loan, you should review your credit report and, if necessary, take action to enhance your credit score.
4. Loan Terms
Everyone wants to secure a loan with the lowest interest rate available. A lower interest rate reduces your financial burden while also allowing you to repay the loan easily.
Before applying for a loan, do your research and understand all of the loan terms provided by the lender. A few factors to consider when applying for a loan include interest rates, prepayment charges, processing fees, foreclosure charges, and late fees. Continue with the application only once you have found all parameters satisfactory.
5. Documentation
It is critical to submit the proper documentation when applying for a loan because lenders will need it to determine your eligibility for a personal loan. Personal loans typically require identity and residence proof, as well as proof of income.
The documentation necessary for income proof for business owners or self-employed persons varies by lender. Check the documentation requirements of every lender before proceeding with the loan application.
6. Best Loan Offers
Don’t accept the first loan offer you receive. Take the time to research various loan offers from different lenders to finalize the one that best suits your requirements and has reasonable terms.
Moneyview Personal Loans in Mumbai
Moneyview is a digital lending platform that provides affordable loans to borrowers across the country. If you are looking to obtain a personal loan in Mumbai, then Moneyview is the best choice.
Why Should You Choose Moneyview Personal Loans?
There are numerous online lenders available on the market. However, Moneyview, one of India’s major money lenders, provides attractive loans that are tailored to the demands of its consumers.
Here’s why Moneyview’s instant personal loan without documents is the perfect solution for your financial demands!
Highest Loan Amount
With Moneyview, you can apply for any amount from Rs.5,000 to Rs.10 Lakh.
100% Transparent
There are no hidden fees or unwelcome surprises when you apply for an instant personal loan without documentation from Moneyview. Our process is easy and transparent.
Hassle-Free
Did you know that our entire loan process, from application and document submission to amount disbursement, is digital? Not only does this save time, but it also allows you to apply for a loan from anywhere, at any time.
Most Affordable Offers
Moneyview loans have low rates of interest starting from just 10% p.a. and flexible terms to make your financial life simpler.
Eligibility Criteria for Moneyview Personal Loans in Mumbai
The eligibility criteria for applying for a Moneyview Personal Loan are straightforward. Our basic eligibility criteria are:
- The applicant must be a salaried or self-employed individual
- They must receive a monthly in-hand income of ₹13,500 or more
- The income should be received directly in a bank account
- A minimum CIBIL score or Experian score of 650 is necessary
- The borrower must be aged between 21 years and 57 years
What are the Documents Required for a Moneyview Personal Loan in Mumbai?
To apply for a Moneyview loan in Mumbai, you will need the following documents:
For Salaried Applicants
- Identity Proof – Aadhaar/PAN Card
- Current Address Proof – In case your Aadhaar Card doesn’t have your current address
- Bank Statement (Salary A/C) – Last 3 months’ statement with salary credits
For Self Employed Applicants
- Identity Proof – Aadhaar/PAN Card
- Current Address Proof – If your Aadhaar Card doesn’t feature your current address
- Income Tax Return Verification Form for the last 2 years
Please ensure that the documents given above are valid when you submit your loan application.
Furthermore, if you can complete the oKYC process within the application flow, the document requirements will be minimal.
What are the Moneyview Personal Loan Interest Rates & Other Charges?
Moneyview offers competitive interest rates on personal loans. There are no hidden fees or charges with our interest rates & charges.
| Charges | Rates |
| Interest Rate | Starting from 10% p.a. |
| Processing Fee/Felicitation Charges | Starting from 2% of the approved loan |
| Part/Full Payment of the Loan (Loan Foreclosure) | No part payments are allowed For foreclosure of your loan, you should have paid a minimum of 3 EMIs |
| Interest on Overdue EMIs | 2% per month |
| Cheque Bounce | Rs.500/- for every bounce |
How to Apply for an Instant Moneyview Personal Loan in Mumbai?
The process to apply for an instant low-interest loan from Moneyview is:
Step 1: Check Eligibility
Visit the Moneyview website or download the personal loan app, and fill out all of the essential information. We will then notify you of your eligibility in only 2 minutes.
Step 2: Select Loan Tenure
After that, depending on your eligibility, you will be able to choose the loan amount and repayment term that you want.
Step 3: Upload Documents
Upload all of the essential documents online for verification, fully digital and hassle-free.
Step 4: Amount Disbursed
Once your documents are verified and your application is approved, the loan amount will be deposited immediately into your account within 24 hours.
Conclusion
Before applying for a loan, remember to check your credit score, choose the right lender, assess your repayment capacity, and other crucial factors that will help make your borrowing journey easier.
Borrowers looking for low-interest personal loans in Mumbai can now easily avail through Moneyview personal loans. Visit the Moneyview website or download the App and get an affordable personal loan now.
