It does not matter whether you are planning to purchase a brand new vehicle, raise funds for your child’s wedding or pursue higher studies; a personal loan is the best option. This helps meet the financial requirements of individuals including medical emergencies, dream vacation, and property renovation. With Money View’s loan for salaried professionals, one could seamlessly pay off the dues.
Personal loans are indeed an ideal option for those who require instant cash. It is an assurance, especially for salaried employees to cover additional expenses that pop up instantly. It guarantees safety and security for each lender. However, there are certain criteria like monthly income based on the nature of the job and location which have to be fulfilled by the applicant. The rate of interest will be low if you have a great credit score and a personal loan is best suited to clear off the credit card debt as well.
Eligibility for a personal loan for a salaried employee
To be considered eligible for a salaried personal loan, one should be employed in a public or private limited firm during the time of loan application. An applicant must have worked for at least one year at their current entity.
How to apply for a personal loan for a salaried employee?
Applicants should choose the apply button and to speed up the process, Money View requests the applicant to furnish KYC details, salary slips, and bank statements.
Loan application procedures through Money View
The first step is to get familiar with the maximum loan amount an applicant would receive or eligible for within just a few minutes. The next step is to pick up a suitable repayment tenure and loan amount that matches your needs and requirements. Here at Money View, they offer a flexible repayment period starting from one year to five years.
What are the features and advantages of a personal loan?
- It is convenient, instant, and simple while applying for a personal loan through Money View.
- We have a tailor-made repayment solution to meet changing needs of an applicant.
- The internal team of Money View is well equipped to make sure that the entire process starting from application to documentation is carried out in a hassle-free manner.
- Salaried employees have the liberty to choose the EMI amount and tenure. Here at Money View, we enable our applicants to decide the EMI amount along with a flexible repayment tenure at their discretion.
- By doing so, an applicant will be able to execute payments within a stipulated time thereby averting late payment charges.
- Another major highlight regarding Money View personal loans is that they do not demand collateral securities or a guarantor.
Eligibility requirements for a personal loan
- Applicants are required to submit ID proof such as a PAN card or Aadhar card
- If in case, the Aadhaar card of an applicant does not have an existing address, then it is better to submit a rental agreement or current address proof.
- Do not forget to furnish a bank statement for the previous three months that contains salary credits.
Highlights of Money View personal loans
- Money View offers loans at an attractive rate of interest
- Instant disbursal of the loan amount
- They provide a flexible repayment period starting from one year to sixty months
- Ensure a hassle-free documentation process.
Factors to be taken into consideration while applying for a personal loan with a minimum credit score
- Money View had recently launched an in-house credit rating model to procure a personal loan i.e. min Cibil score of 600 or Experian score of 650
- Ensure that the EMI amount stays well within your limits
- Applicants have to make sure that supporting documents are valid.
- Get familiar with the terms and conditions including rate of interest and repayment period before a loan application.
Advantages of personal loan
- Readily available: — Personal loans are granted at a reasonable rate of interest by financial institutions and banks. Unlike other types of loans, it is quite easy to avail of a personal loan.
- Absence of intermediary: — To obtain a personal loan, there is no need to seek the help of an agent thereby eliminating unnecessary expenses and delays.
- Minimum processing time: — The overall time taken to process personal loans is low.
- Few paper works: — As the loan applications are carried out online, you are not required to attach supporting documents as proof, which involves numerous paper works.
- Access to numerous offers: —- Today majority of the online lenders like Money View provide attractive offers and schemes for salaried professionals like Doctors and Architects and Chartered accountants.
What are the major drawbacks of a personal loan?
- The rate of interest might fluctuate especially for the borrowers with a low credit score.
- Personal loans often involve hefty fees as well as penalties that escalate borrowing costs.
- Quite a few lenders levy prepayment penalties if in case you clear the balance amount at an early stage before the conclusion of the loan.
- It is highly recommended to go through the penalties and fees of various personal loans taken into consideration.
- Optimal payments when compared to credit cards. It features a low monthly payment with no deadline for clearing the balance amount. On the contrary, a personal loan involves a higher monthly payment at a fixed rate. It has to be cleared before the final term of the loan.
- Personal loans are subject to maximum debts. If you pay the credit cards using a personal loan, it clears up the credit limit.
Who are salaried individuals?
Salaried professionals earn a stable income along with incentives per month. The monthly income is directly credited to their bank account and it ensures a sense of security to all lenders.
What are the extra charges and rate of interest (ROI) levied on salaried employees?
The rate of interest is about 1.33% per month and the loan processing charges are around 2% to 8% of the designated loan amount. Money View levies Rs.500 for each cheque return, however, no extra charges are levied and even the processing fees could be preserved.
Wrap Up:
Personal loans are unsecured loans where there are not collateral securities or guarantors involved. However, applicants must possess the repaying capacity to clear the dues. If you are a salaried professional, visit the official website of Money View to avail personal loan.
