Revolutionizing Loans: Moneyview’s Solution for Low CIBIL Scores
Revolutionizing Loans: Moneyview’s Solution for Low CIBIL Scores
Mar 20, 2024
15 Mins
Introduction:
In a groundbreaking move, money view has revolutionized the loan application process for individuals with low CIBIL scores. Now, it is easier than ever to avail of personal loans even if your credit rating is less than stellar. Read on to discover how you can secure a personal loan for a low CIBIL score.
Understanding the CIBIL Score
Before delving into the benefits of Moneyview's personal loan offerings, it is important to grasp the concept of the CIBIL score. This credit rating, assigned by the credit bureau CIBIL, is based on various factors including credit history, repayment consistency, utilization ratio, and spending habits. Ranging from 300 to 900, the CIBIL score determines an individual's creditworthiness when applying for a loan.
Why Choose Moneyview for Low CIBIL Score Loans?
Unlike traditional lenders, the money view takes into account multiple factors beyond just the CIBIL score when assessing an applicant's creditworthiness. This unique credit rating model enables individuals with low CIBIL scores, as low as 650, to easily obtain the funds they need. Furthermore, the money view offers an array of appealing benefits:
1. Flexible Loan Amount: Borrowers can access personal loans ranging from Rs. 5,000 to Rs. 10,00,000, suiting their specific needs.
2. Quick Eligibility Check: Discover your eligibility within a mere 2 minutes by applying for a personal loan through MoneyView.
3. Collateral-Free Loans: Thanks to Moneyview's innovative approach, there is no need to pledge any assets or provide a guarantor when applying for a personal loan.
4. Affordable Interest Rates: Recognizing the importance of affordable personal loans, money view offers interest rates starting at a mere 1.33% per month.
Eligibility Criteria for Low Credit Score Loans
Obtaining a money view loan for a low credit score is a simple process, as long as you meet the following criteria:
- Applicants must be between 21 and 57 years old.
- Applicants must have a monthly income of Rs. 13,500 or more.
- Income must be directly credited to the applicant's bank account.
- The minimum required CIBIL score or Experian score is 650.
Required Documents for Personal Loan with Low CIBIL Score
The documentation requirements for money view loans are minimal. Simply follow these steps:
1. Confirm or provide your PAN number.
2. Ensure that your mobile number is linked to your Aadhaar card for KYC verification.
3. Submit a clear, well-lit selfie.
Please note that additional documentation may be necessary depending on your profile. Proof of address, bank statements, and other supporting documents may be required.
Interest Rates and Charges for Low CIBIL Loans
Transparency is at the core of moneyview's approach. Here are the rates and charges applicable:
- Interest Rate: Starting from 1.33% per month (16% annually).
- Processing Fee/Felicitation Charges: Starting from 2% of the approved loan.
- Part/Full Payment of the Loan (Loan Foreclosure): No part payments allowed. Loan foreclosure is permitted after six months of EMI repayments.
- Interest on Overdue EMIs: 2% per month.
- Cheque Bounce: Rs.500/- for every bounce.
City-Wise Breakdown of Income and Credit Score Requirements
Regardless of location, moneyview welcomes borrowers from all corners of the country, including those with low CIBIL scores. Here are the requirements for different categories:
Salaried Individuals:
- Minimum In-Hand Income: Rs. 13,500
- Area of Residence: Any
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Salaried Individuals in Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.):
- Minimum In-Hand Income: Rs. 20,000
- Area of Residence: Mumbai/Thane or the NCR region
- CIBIL Credit Score Requirement: New to Credit or CIBIL Score of 650/Experian Score of 650 and above
Salaried Individuals in Metro Cities other than Mumbai and NCR:
- Minimum In-Hand Income: Rs. 15,000
- Area of Residence: Metro City other than Mumbai and NCR
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Self-Employed Individuals:
- Minimum In-Hand Income: Rs. 15,000
- Area of Residence: Any
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Importance of the CIBIL Score
The CIBIL score plays a vital role in the loan application and approval process. A high CIBIL score offers several advantages to borrowers:
1. Creditworthiness: Lenders assess the CIBIL score to gauge the applicant's ability to repay the loan. A strong repayment history and patterns showcased in the CIBIL score demonstrate the potential to fulfill loan obligations.
2. Lower Interest Rates: Borrowers with high CIBIL scores not only enjoy lower interest rates but also encounter minimal paperwork. Additionally, they have the opportunity to negotiate for higher loan amounts. Conversely, applicants with lower scores may face higher interest rates and, at times, loan application rejections.
3. Faster Loan Approval: A higher CIBIL score leads to faster loan approval as it portrays the borrower's creditworthiness. Moreover, it expedites document processing and ensures swift loan disbursement.
4. Longer Tenure: Individuals with high scores are eligible for loans with longer repayment tenures. However, those with low scores often face shorter loan terms.
Factors That Lower the CIBIL Score
It is crucial to understand the factors that can lower your CIBIL score. These include:
1. Bad Credit Utilization Ratio: Exceeding the credit limit on your credit card negatively impacts your score.
2. Multiple Loans in a Short Period: Taking out numerous loans within a brief period increases the number of hard inquiries, thereby reducing your credit score.
3. Missed or Late Payments: Delaying or missing EMI payments, as well as non-payment of other dues, can decrease your credit score.
4. Unhealthy Credit Mix: Having a higher number of unsecured loans compared to secured loans can lower your credit score.
5. Errors in the Credit Report: Rectifying errors in your credit report is vital to improving your credit score.
Improving Your CIBIL Score
Although Moneyview offers loans for individuals with low CIBIL scores, it is essential to work towards improving your credit score for a secure financial future. Take the following steps to increase your CIBIL score:
1. Timely EMI Payments: Avoid delays and maintain discipline when it comes to credit repayments.
2. Optimize Credit Card Limit: Customize your credit card limit to match your expenses and ensure your credit utilization ratio remains in check.
3. Establish a Healthy Credit Mix: Generate a balanced credit mix encompassing both secured and unsecured loans to enhance your score.
4. Maintain a Lengthy Credit History: Punctual repayments over an extended period contribute to a robust credit score.
5. Be Cautious with Debt Accumulation: Avoid accumulating excessive debt within a short timeframe.
6. Opt for Longer Repayment Tenures: Gradually boost your credit score by selecting loans with extended repayment tenures.
7. Regularly Check Your CIBIL Report: Stay vigilant by monitoring your CIBIL report and correcting any errors promptly through CIBIL.
How to Apply for a Low CIBIL loan with money view
Applying for a low credit score loan is a breeze with Moneyview. Follow these four simple steps:
1. Check Eligibility: Provide the required details to determine your loan eligibility within two minutes.
2. Choose Loan Tenure: Based on your eligibility, select the loan amount and repayment term that best suits your needs.
3. Upload Documents: Digitally upload the necessary documents for quick verification.
4. Amount Disbursed: Once your documents are verified and the loan agreement is submitted successfully, the loan amount will be credited directly to your account within 24 hours.
Conclusion: money view - Making Dreams a Reality
Securing a loan with a low CIBIL score is no longer an unattainable dream. moneyview enables individuals with CIBIL scores of over 650 to access personal loans at competitive rates, with minimal documentation and other appealing advantages. Visit the Moneyview website or download the app to apply now and experience financial freedom like never before.
Introduction:
In a groundbreaking move, money view has revolutionized the loan application process for individuals with low CIBIL scores. Now, it is easier than ever to avail of personal loans even if your credit rating is less than stellar. Read on to discover how you can secure a personal loan for a low CIBIL score.
Understanding the CIBIL Score
Before delving into the benefits of Moneyview's personal loan offerings, it is important to grasp the concept of the CIBIL score. This credit rating, assigned by the credit bureau CIBIL, is based on various factors including credit history, repayment consistency, utilization ratio, and spending habits. Ranging from 300 to 900, the CIBIL score determines an individual's creditworthiness when applying for a loan.
Why Choose Moneyview for Low CIBIL Score Loans?
Unlike traditional lenders, the money view takes into account multiple factors beyond just the CIBIL score when assessing an applicant's creditworthiness. This unique credit rating model enables individuals with low CIBIL scores, as low as 650, to easily obtain the funds they need. Furthermore, the money view offers an array of appealing benefits:
1. Flexible Loan Amount: Borrowers can access personal loans ranging from Rs. 5,000 to Rs. 10,00,000, suiting their specific needs.
2. Quick Eligibility Check: Discover your eligibility within a mere 2 minutes by applying for a personal loan through MoneyView.
3. Collateral-Free Loans: Thanks to Moneyview's innovative approach, there is no need to pledge any assets or provide a guarantor when applying for a personal loan.
4. Affordable Interest Rates: Recognizing the importance of affordable personal loans, money view offers interest rates starting at a mere 1.33% per month.
Eligibility Criteria for Low Credit Score Loans
Obtaining a money view loan for a low credit score is a simple process, as long as you meet the following criteria:
- Applicants must be between 21 and 57 years old.
- Applicants must have a monthly income of Rs. 13,500 or more.
- Income must be directly credited to the applicant's bank account.
- The minimum required CIBIL score or Experian score is 650.
Required Documents for Personal Loan with Low CIBIL Score
The documentation requirements for money view loans are minimal. Simply follow these steps:
1. Confirm or provide your PAN number.
2. Ensure that your mobile number is linked to your Aadhaar card for KYC verification.
3. Submit a clear, well-lit selfie.
Please note that additional documentation may be necessary depending on your profile. Proof of address, bank statements, and other supporting documents may be required.
Interest Rates and Charges for Low CIBIL Loans
Transparency is at the core of moneyview's approach. Here are the rates and charges applicable:
- Interest Rate: Starting from 1.33% per month (16% annually).
- Processing Fee/Felicitation Charges: Starting from 2% of the approved loan.
- Part/Full Payment of the Loan (Loan Foreclosure): No part payments allowed. Loan foreclosure is permitted after six months of EMI repayments.
- Interest on Overdue EMIs: 2% per month.
- Cheque Bounce: Rs.500/- for every bounce.
City-Wise Breakdown of Income and Credit Score Requirements
Regardless of location, moneyview welcomes borrowers from all corners of the country, including those with low CIBIL scores. Here are the requirements for different categories:
Salaried Individuals:
- Minimum In-Hand Income: Rs. 13,500
- Area of Residence: Any
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Salaried Individuals in Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.):
- Minimum In-Hand Income: Rs. 20,000
- Area of Residence: Mumbai/Thane or the NCR region
- CIBIL Credit Score Requirement: New to Credit or CIBIL Score of 650/Experian Score of 650 and above
Salaried Individuals in Metro Cities other than Mumbai and NCR:
- Minimum In-Hand Income: Rs. 15,000
- Area of Residence: Metro City other than Mumbai and NCR
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Self-Employed Individuals:
- Minimum In-Hand Income: Rs. 15,000
- Area of Residence: Any
- CIBIL Credit Score Requirement: CIBIL Score of 650/Experian Score of 650 and above
Importance of the CIBIL Score
The CIBIL score plays a vital role in the loan application and approval process. A high CIBIL score offers several advantages to borrowers:
1. Creditworthiness: Lenders assess the CIBIL score to gauge the applicant's ability to repay the loan. A strong repayment history and patterns showcased in the CIBIL score demonstrate the potential to fulfill loan obligations.
2. Lower Interest Rates: Borrowers with high CIBIL scores not only enjoy lower interest rates but also encounter minimal paperwork. Additionally, they have the opportunity to negotiate for higher loan amounts. Conversely, applicants with lower scores may face higher interest rates and, at times, loan application rejections.
3. Faster Loan Approval: A higher CIBIL score leads to faster loan approval as it portrays the borrower's creditworthiness. Moreover, it expedites document processing and ensures swift loan disbursement.
4. Longer Tenure: Individuals with high scores are eligible for loans with longer repayment tenures. However, those with low scores often face shorter loan terms.
Factors That Lower the CIBIL Score
It is crucial to understand the factors that can lower your CIBIL score. These include:
1. Bad Credit Utilization Ratio: Exceeding the credit limit on your credit card negatively impacts your score.
2. Multiple Loans in a Short Period: Taking out numerous loans within a brief period increases the number of hard inquiries, thereby reducing your credit score.
3. Missed or Late Payments: Delaying or missing EMI payments, as well as non-payment of other dues, can decrease your credit score.
4. Unhealthy Credit Mix: Having a higher number of unsecured loans compared to secured loans can lower your credit score.
5. Errors in the Credit Report: Rectifying errors in your credit report is vital to improving your credit score.
Improving Your CIBIL Score
Although Moneyview offers loans for individuals with low CIBIL scores, it is essential to work towards improving your credit score for a secure financial future. Take the following steps to increase your CIBIL score:
1. Timely EMI Payments: Avoid delays and maintain discipline when it comes to credit repayments.
2. Optimize Credit Card Limit: Customize your credit card limit to match your expenses and ensure your credit utilization ratio remains in check.
3. Establish a Healthy Credit Mix: Generate a balanced credit mix encompassing both secured and unsecured loans to enhance your score.
4. Maintain a Lengthy Credit History: Punctual repayments over an extended period contribute to a robust credit score.
5. Be Cautious with Debt Accumulation: Avoid accumulating excessive debt within a short timeframe.
6. Opt for Longer Repayment Tenures: Gradually boost your credit score by selecting loans with extended repayment tenures.
7. Regularly Check Your CIBIL Report: Stay vigilant by monitoring your CIBIL report and correcting any errors promptly through CIBIL.
How to Apply for a Low CIBIL loan with money view
Applying for a low credit score loan is a breeze with Moneyview. Follow these four simple steps:
1. Check Eligibility: Provide the required details to determine your loan eligibility within two minutes.
2. Choose Loan Tenure: Based on your eligibility, select the loan amount and repayment term that best suits your needs.
3. Upload Documents: Digitally upload the necessary documents for quick verification.
4. Amount Disbursed: Once your documents are verified and the loan agreement is submitted successfully, the loan amount will be credited directly to your account within 24 hours.
Conclusion: money view - Making Dreams a Reality
Securing a loan with a low CIBIL score is no longer an unattainable dream. moneyview enables individuals with CIBIL scores of over 650 to access personal loans at competitive rates, with minimal documentation and other appealing advantages. Visit the Moneyview website or download the app to apply now and experience financial freedom like never before.
Author
Pluto Team
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