Money View Loan App: Review By Hani Jain
Though I had taken loans from online mobile apps multiple times, I never heard about Money View till then. So, out of curiosity, I clicked on the link & it took me to the official website of the lender.
After furnishing my PAN details, mobile number, e-mail id, and online AADHAAR verification it offered me a loan of INR 20,000.00 instantly.
After providing my bank details & signing the loan agreement online, I enabled auto-debit of EMIs from my Bank following the instructions of the app.
It was January 28, 2022, when I got the loan sanction letter and the approved loan amount in my HDFC bank’s savings account, without any collateral. It matches the slogan, Ghar Baithe Instant Loan!
Here are my loan details:
- Loan Amount: 20000.0
- Disbursed Amount: 18195.0
- Loan Tenure: 12
- Rate of Interest: 35.0
- EMI for Each Month: 1999.0
There was a lock-in period of six months for which I have to EMIs. I cleared the loan on the 7th EMI as I was taking this loan to try a new online loan app.
After clearing the EMIs in advance, I again got a top-up loan offer me this loan app. To my surprise, this time they offered me a loan of INR 50,000.00 which I accepted & got it instantly in the month of September 2022.
Here are my second loan details:
- Loan Amount: 50000.0
- Disbursed Amount: 48094.0
- Loan Tenure: 12
- Rate of Interest: 24.0
- EMI for Each Month: 4728.0
This time rate of interest was 24% per annum as compared to 36% in the first loan. In both loans, they charged a processing fee.
Previously I took online loans from Kissht, Rufilo, KreditBee & other Apps. But the experience with the Money View Loan app was much better than other rest.
Eligibility For Money View Loan: As with other platforms, Credit Score matters the most in getting a loan. One’s loan repayment history matters the most, according to my experience. Many loan apps deny loans just because one has multiple EMIs active. But Money View sanctioned me the loan despite my multiple loan accounts, as I never failed any EMI.
Also Read: From Money View Get Online Loan From Money View App instantly?