Loan App Fast Approval | Money View Personal Loan

Hello friends, in this vlog we'll discuss about Moneyview loan app. In this video, I'll show the entire process of getting a personal loan from Moneyview from home. Let me show you the whole process on the screen as well. All this process – what details to provide, how everything goes till the end and how the amount of personal loan will be received in your account from Moneyview I'll tell you everything but at the end of the video. First, we should know what rate of interest the loan app is charging, how much is their processing fee, whether it's trustworthy or not. First, let's learn all about Moneyview. If we take a loan from Moneyview and fail to repay one or two EMIs on time, how much penalty will they impose? These are crucial details to understand. I'll demonstrate each step of the process live. You probably won't find another video detailing the process like this, but we'll see that at the end. Let's start by discussing the most important points. Speaking of Moneyview, their official website states that we can get a loan of up to 10 lakhs, So, that's good. Next comes the tenure. However, the actual loan amount depends on one's CIBIL score and salary. For example, someone may be eligible for a maximum of 5 lakhs, while another person may only qualify for 50,000 rupees. Whatever amount – suppose, someone's eligible for 5 lakhs. The loan tenure offered by Moneyview ranges from a minimum of 3 months to a maximum of 60 months or 5 years. I've noticed many videos on YouTube where people simply read out information without explaining it properly. Some even claim that the rate of interest starts from 1.33%, which is misleading. It's important to understand that 1.33% is the monthly rate, which translates to almost 16% annually. So, the annual rate of interest actually starts from 16%. Some may say that the rate of interest is just 16%, which is not entirely accurate. These videos often focus on completing the loan application process without fully explaining the details to their audience. I believe it's crucial not to misguide your audience, no matter what. Here, they state that their rate of interest starts from 1.33% per month. However, this can be misleading if taken at face value. To understand the annual rate, you should multiply it by 12, which equals 16% annually. But they've not said that you'll surely get it at 16%. Banks usually charge 16% interest. They're mentioning that the interest starts from 16%, but there's no upper limit. It's possible that you may end up with a loan at 40%, 35%, or even 50% interest rate. They've mentioned that their rate of interest starts from 16%. When I demonstrate the process, all of these details will be clarified, and you can form your judgment about the Moneyview app then. In all my videos, I advise people to take loans from banks as it's the best option. However, I received a comment that prompted me to review these instant loan apps. Generally, I strongly advise against taking loans from instant loan apps, especially if your CIBIL score is good The comment highlighted that due to my employment in a bank, my regular salary, and the fact that I file ITR, I can consistently advocate for taking loans from banks in all my videos. Banks easily offer loans at a lower interest rate, and there are no unpleasant surprises. well, I'll compare the methods of recovery of both. Let's put banks on one side and instant loan apps on the other side. As I always say if someone defaults on a loan taken from the bank, then the bank will go to that person's place to ask for repayment. But whenever you apply for a loan from an instant loan app, it'll ask for access to your location, gallery, and contacts. That means they'll have all the contacts on your phone. And if God forbid, someone defaults due to any issue, the instant loan app will contact the person's relatives, cuss them, defame you, and distress you that way. You'll be pressurized to a dangerous extent. That's why, I always advise against it. The comment I received pointed out that it's easy for me to recommend bank loans since I have a regular salary. However, there are countless people in this country whose salary is either very low or paid in cash. Banks do not entertain such individuals, leaving them with no option but to turn to instant loan apps. He has made a genuine point – the comment seemed quite genuine to me. That's why I review these instant loan apps, and aware people about the Chinese loan apps people often select an instant loan app without checking. Chinese loan apps are nothing but scams. They even make obscene photos to blackmail people. So, take a loan from RBI-registered instant loan apps if you wish to. Now, Moneyview imposes a quite high rate of interest – I'll discuss it later on, If someone is compelled due to a low salary, perhaps because they are paid in cash, and needs money instantly for medical expenses or any other emergency, then they have no choice. Moneyview is at least an RBI-registered instant loan app. Ok, so let's move our discussion forward. We've seen that, now let's come to the processing fee. They say that their rate of interest starts from 16% but they don't mention any upper limit. Their processing fee starts from 2%, but it may go up to 8% or 10%. Now, let's take an example. Suppose, someone has taken a loan of 1 lakh rupees. Suppose, the rate of interest is 30%, and the processing fee, for example, is 10%. So, the loan amount is 1 lakh. The interest on it is 30%. But only 90K will be credited to the account, as the processing fee is 10%. The high processing fee is not unusual at all – 5%, 7%, 8%, 10% Instant loan apps take advantage of people's desperation and exploit them. They have access to your gallery, location, and contacts, so if you default, they have various ways to enforce recovery. You've to understand all these. Suppose, someone defaults an EMI – suppose their EMI was 5K rupees a month. So, how much penalty will be charged? Here, it says that a minimum of 500 rupees will be charged per default, plus 10 rupees for each day, so that's 300 rupees for a month, plus a 2% penalty will be charged for each month. So, on 5k rupees, the 2% penalty means 100 rupees. So, it totals 900 rupees. That means, if you default the first EMI, then you've to repay 5900 rupees instead of 5K. Imagine, you default the next EMI as well. So, the EMI amount of 5k is there, plus 5900 rupees from the previous month, so it totals 10900 rupees, and apply the same calculation on this too. So, 500 and 300 will be charged, and 2% of this as well. This way, a trap is created and one can get badly entangled in that. So, that's that. There are other loan apps that offer higher loan amounts. For example, Moneyview provides loans up to 10 lakh rupees, as we've discussed. Bajaj Finserv offers a maximum loan of 40 lakh rupees, while Navi provides loans up to 20 lakh rupees. There are other RBI-registered loan apps visible in this screenshot. In terms of tenure, Bajaj Finserv offers loans for a maximum of 8 years, Moneyview's maximum loan tenure is 5 years, and apps like mPokket offer loans for a maximum of 4 months only. There's also True balance, but their interest rates are extremely high and not advisable. I'm making videos on this because I'm compelled to. Now, let's talk about the rate of interest. As I've mentioned, Moneyview's rate of interest begins from 16% - 15.96% to be precise. Navi's interest rate ranges between 9.9% and 45%; Bajaj Finserv's interest rate is from 11% to 37%; Buddy Loan's interest rate is 11.99% onwards - now, 'forwards' means it has no limit, it could be 36%, 50%, 100% – it can be anything. So, there are different rates – you can take a screenshot of this. Lastly, let's come to the processing fee. Here, one good thing about Navi is that their processing fee is zero. But let me tell you something. It's my personal observation on Navi, that is I've also created a separate video on Navi. Navi doesn't provide loans to just anyone. Moneyview will give you a loan even if your CIBIL score isn't that great. But Navi doesn't do that, it filters applicants before giving a loan. So, Navi operates almost like a bank. Despite being an instant loan app, Navi filters applicants before granting a loan. Its interest rates are almost on par with those of banks. However, I still believe that if you're going through all the hassle, it's better to get a loan from a bank. As for Navi's claim about processing fees, it's true. I've verified this by applying for a loan, and they truly don't charge any processing fee. But the rate of interest that I got was 19% when I applied to make the video. So, their interest rates are a little higher than those of banks, but they don't give loans to just anyone. When it comes to banks, ICICI Bank's interest rate ranges from 10.50% to 16%. SBI's interest rate starts at 11%. I'll begin the process shortly, but it's important to know how much cheaper the interest rates are at banks. HDFC Bank's interest rate on personal loans ranges between 10.50% and 25%, and Axis Bank's personal loan interest rate starts at 10.49%. I've taken a personal loan from ICICI Bank, and here's a screenshot. I've blurred out the loan account number. The loan amount was 3.17 lakhs, and when I used a calculator, it showed an interest rate of 13.4%. So, you can get a personal loan at 13.4%. Now, let's look at the details of Moneyview to find out the interest rate they offer So, that's the bottom line—only take a loan from here if you have no other choice. So, now let's quickly start the process on Moneyview. Before we begin, I'd like to make a request. I always strive to provide genuine reviews for you, even though doing so might attract attention from these apps, possibly even a notice. I could easily include a referral link for the Moneyview personal loan application in the description and earn a commission, but I choose not to. Instead, I ask for your support. If you find this video helpful and appreciate the transparency, please like the video, subscribe to the channel and leave a positive comment. You can mention that it's the best video on the Moneyview loan app, or share your own thoughts and experiences. Your support motivates me to continue creating such content. Additionally, if you have any suggestions on how I can improve, please let me know. Constructive feedback is always welcome and helps me grow and provide better content for you. So, that was all. Let's now go ahead with the application process for Moneyview. First, you need to go to the Google Play Store and install the Moneyview app. I have not provided any links and I don't intend to. While the world may rely on affiliate links, I am committed to providing unbiased reviews without any affiliate incentives. If you're an Android user, you can find this app on the Play Store. However, if you're an iPhone user, please note that the app is not available in the App Store. Despite being a significant loan app, it's surprising that they haven't made it to the App Store yet. So, you've to first install and open this application. When you open the app, you'll see an interface like this. You'll see these pictures, and you'll have to click on the 'Get Started' option below. On the next page, it asks for your location access, SMS access, device information, etc. which you'll have to give permission to the checkbox below is already ticked by default and you'll have to click on 'I agree', otherwise, you won't get the loan. So, let's click on 'I agree'. Next, it asks for access to make phone calls, which you've to allow; then it asks for location access, and you've to allow it too; then it asks you to allow the access to your contacts clearly, this is nothing but another way of getting personal data. But you don't have any other choice but to allow it all. That's why I say that in case someone defaults, then they'll not be spared. They'll be utterly defamed and humiliated. So, go for it only if you have no other choice. It's RBI-registered, so it's alright. But as I mentioned what they say about the rate of interest they say the processing fee starts from 2%, and the rate of interest starts from 16%, right? Now, keep that in mind, and see what it actually is. There's quite a difference between what's been said and what it is in reality. Many reviewers fail to disclose these details, and most don't understand how processing fees and interest rates are calculated. Reading information aloud is one thing; explaining and demonstrating it comprehensively is another. I'll ensure to explain everything clearly and demonstrate the charges using a calculator. On the next page, you will be prompted to enter your mobile number. Enter the mobile number you want to register with. Enter the email ID you want to register with. Select both the checkboxes and click on 'Continue' below Next, you will receive an OTP on your registered phone number for verification. Enter the OTP here and click on 'Verify OTP' below On the next page, you will be asked to 'Tell us about yourself'. Here you have to enter your First & Last Name Kindly ensure that the name is entered as per your PAN Card Then you need to enter your education qualification as in 'Graduate' or 'Post Graduate' Then, you need to enter the employment type as either 'Salaried' or 'Self Employed' I have selected 'Salaried' Next, you will be asked to enter your monthly income. The minimum salary for loan eligibility is Rs 13,500. One important point to note is that your age must be 21 or above to apply for the loan. An eighteen-year-old college student is not eligible to apply. You must be 21 years or older to get this loan. To be on the safe side, I mention a salary of 20,000 and recommend the same to you. Even if you earn 12,000, you need to enter 20,000 once. Next, you will be asked for your Annual Family Income. This is the total income of your family; I have put 'more than 3 lakh'. Then you will be asked ' How do you get your salary?' There are options like 'Online', 'Cheque', or 'Cash'. You can try selecting 'Cash' as this might also qualify you for a loan, but I recommend choosing 'Online'. The rest is your choice. 'Online' is the better option, but I am selecting 'Cash' here just to check whether they offer a loan with the 'Cash' option or not. I have entered all the details. Now, I need to select the checkbox and click on the 'Get Offer' option below. The next page says, 'Congratulations! You are eligible for a special loan' It mentions that after verifying your CIBIL score through your PAN card, the maximum eligible loan amount can be 50,000 rupees. Normally, they offer loans up to 10 lakh rupees, but currently, I am eligible for only 50,000 rupees. I can decide on the final amount based on my requirements, with 50,000 rupees being the maximum and 5,000 rupees being the minimum. Now, let's take a look at the installment- For 12 months the EMI will be 5098/- This is the most important page, please pay attention For nine months my EMI will be 6497/- Below, you can see the Processing Fee of 4130 /- Let me open the Calculator once My processing Fees is 4130 and my loan amount is 50,000 This means the processing fee is 8.26%. That is really very high They have mentioned that Processing fees will be onwards of 2% Not their fault, they have mentioned onwards of 2% and the actual is 8.26% Now, the loan amount is small I am taking a loan of 50,000 It says that at 8.26%, 4,130 rupees will be debited from your loan amount as processing fees. i.e. I will receive 50,000 - 4,130 = 45,870 in my account The loan amount is fifty thousand and if I calculate the rate of interest Let me open the Personal Loan Calculator. I have entered the loan amount as 50,000 rupees. The interest rate is left blank. I have entered the EMI amount as 5,098 rupees. Then I enter the loan tenure as 1 year. The rate of interest comes out to be 39%. Now, understand a thing about this loan The principal was 50,000 I have received only 46,000, as because 4,130 has been deducted as Processing Fees Assume it is roughly 4,000; I have received only 46,000 instead of 50,000 The loan amount is 50,000 rupees, and the rate of interest is 39%. They have mentioned that the rate of interest starts from 16%, as I told you in the beginning, and this is live. If they want to sue me, they can; I am sharing this live. I have applied for it myself and have not entered anyone else's details. They are charging an interest rate of 39%. Now that is how it is; the interest rate is very high by 39% we actually end up paying 3.25% interest per month Today, even if I take a loan from the open market, that loan is available at 2% per month, which is annualized to 24%. Even for someone with very poor creditworthiness, the rate is 2.5%, which is the best rate available in the open market. You can try lending your money; you will get around 2-2.5%. They are offering an annual rate of interest of 39%. If you are compelled to take this loan and find these conditions acceptable, then click on 'Confirm and Proceed' below. Then it says that your loan is almost ready. Below, it states that your Video KYC will take place. You only need to click on 'Let's Go' On the next page, I am reducing my loan amount to 5,000. I am doing this to help you understand. I am reducing the loan amount to 5,000 only as we are doing this video for educational purposes only If I take 50,000, I will have to repay 61-62,000 unnecessarily. Adding to that, 4,000 of processing fees, I will end up paying 15-20 thousand for this video, which I will not earn from Adsense. Hence, I am selecting a loan amount of 5,000 with a tenure of three months. so that it is closed as early as possible Then we click on 'Confirm and Proceed' below It is your choice, you can select the amount and process Then you will be asked 'A little more about you' You have to enter your marital status as 'Married' or 'Unmarried' Next, enter your father and mother's names. Then, indicate if your address is owned or rented by selecting accordingly. Next, you need to enter the purpose of the loan. Select from options like 'Household Expense', 'Furniture for Home', or 'Repaying another Loan' Then select your preferred language from the given list Then click on 'Continue' below The next page will ask about your company. Select the name of the company you are working with. If it's not in the drop-down list, select 'Others'. Then, select the industry type as 'Government' or 'Private'. Enter your company's actual address. If it's in the list, select it, or insert the proper address, add the pin code, and click 'Continue' below. Then it will show that your Video KYC will start There are two methods; do a paperless e-KYC or complete KYC through Digilocker Let us click on the paperless e-KYC option Next, you enter your Aadhaar Card number enter the captcha then click on 'Get OTP' You will receive the OTP on the mobile linked with Aadhaar Enter the OTP and submit On the next page, you will see your KYC-verified details. Your photo, name, and address will be fetched from your Aadhaar card. If everything is ok, click on 'Continue' below Next, you will be asked to take a selfie. You have to click on 'Take a Selfie'. Your camera will open and you have to take a proper selfie I have taken a selfie here i.e. the selfie of the person for whom I am opening the account I am pausing for a moment and will restart the video. After taking the selfie, you will see a green tick. Then, click on 'Submit Document On the next page, you have to enter your bank details. This is the bank account where you want the loan amount to be credited. Select your bank name, enter your account number twice, and then enter the IFSC code. After entering all the details, click on 'Verify Now' below. The next page is very important. Here, you will see five steps that will be completed one by one. We have already completed two steps. The third step is document verification, which is a long step. Here, you will once again see your final loan details. It shows that the loan amount is 5,000 rupees. The loan offering partner is Liquiloans. Moneyview is not providing its own money; it takes money from an NBFC and then lends it to you. This is just for your knowledge and has no impact on the process. You only need to click on 'Confirm' below. Next, you will be asked to enable EMI Auto Debit. This means that the loan amount will be transferred to your designated bank account. To repay the EMIs, you need to mention the bank account and enable the auto-debit option so that EMIs will be debited automatically from the bank account. It is not practical to deposit cash every month. It is asking to activate auto debit Click on the 'Enable Now' option You will get two options: 'Netbanking' or 'ATM/Debit Card'. even though there is a third option of using the Aadhaar card But we will choose the ATM/Debit Card option On the next page, all my bank details will be displayed, and I need to scroll down to view them. After scrolling, I will see a section where I need to enter the debit card details of the account where I want to receive the money. it is asking to enter the card details I will enter the card number, expiry date, CVV, and then click on 'Continue' below. On the next page, you will receive an OTP for verification. Enter the OTP and click on 'Verify'. Here, you can see the 'Enable Auto Debit' option is in progress. Although it usually happens instantly, sometimes it may take up to 15 minutes and show as 'In Progress'. You may need to check the app repeatedly. Once you see a green tick next to it, it means the process is completed. On the next page, it shows 'Review and Submit Agreement'. Here, we need to click on 'Review Now'. Once you click 'Review Now', it will ask you to confirm your address. Enter your address in Line 1 and Line 2, add the Pincode and landmark, and click on 'Confirm'. Next, it will ask you to enter personal references. If you default on the loan, they will contact these references first. First, it will ask for your father's name. Click on 'Select Mobile Number' and choose your father's number from the contact list. Similarly, provide the reference of a friend. You need to add two reference numbers here. On the next page, it will ask you to review the loan details one final time. The loan amount is 5,000 rupees, with a processing fee of 342 rupees. They also offer insurance, but please uncheck this option. With an already high interest rate of 39% and an 8% processing fee, additional insurance is unnecessary. Unselect the insurance option and click on 'Continue'. Next, you will see an agreement. Scroll down to the end and click on 'Sign Agreement' Next, you will need to enter the OTP received on your mobile. After entering the OTP, your agreement will be successfully verified. The 'Review and Submit Agreement' status will then show 'In Progress'. Sometimes this happens instantly, but it may take some time. Don't worry if you have to wait. In the final step, it will show that the money is being transferred to your bank account and the status will be 'In Progress'. Sometimes, this can take an hour or two, so please do not worry. After receiving the 5,000 rupees in my ICICI Bank account, I opened the Moneyview app. It showed an interface with the loan amount clearly displayed as 5,000 rupees. I am sharing a screenshot to show the amount received in my ICICI Bank account, which is 4,658 rupees. This concludes the entire Moneyview loan application process. I have tried my best to provide you with the most detailed video on the Moneyview app. If you feel that I have explained each and every detail transparently, please like this video, subscribe to this channel, and leave a positive comment to motivate us further For now, this is the end of the video. Thanks for listening and thank you all