finance

Whether it’s your home improvement project, unexpected expenses, or paying your medical bills, a personal loan can be your solution.

Most people think that getting a personal loan is complicated. But it’s pretty simple. There are many reasons people can think about personal loans when their credit cards are not sufficient to pay their bills.

The benefits of getting a personal loan are many, like getting a lower interest rate on your credit card, or you can use the funds for almost anything you need.

Several lenders offer personal loans, and the interest rates and terms can vary greatly. So it’s essential to search around to find the best deal.

Here’s a guide on how to get a personal loan of 1 lakh from Money View.  Follow the steps, and you’ll get a personal loan quickly.

Know your eligibility:

The first step is to know if you are eligible for the loan. Many people have this query about whether they can apply for a loan or not. So, specific criteria need to be fulfilled for fast loan approval.

• Age: 21- 57years
• Income: Rs 13,500 per month or more and should be received in a bank
• CIBIL Score: 600 or Experian score of 650
• Employment stability: Minimum 2 years
• A salaried or self-employed individual

Compare interest rates

Once you know how much you’re eligible for, it’s time to start looking around for the best interest rate. You don’t want to be paying more than you have to on your loan, so it’s essential to compare different lenders.

If you opt for a lender like Money View, the interest rate will start from 16% p.a, and it is based on the details provided by you like your credit score, another loan, income, obligations, or the lender.

Gather required documents

Before applying for a loan, make sure you have all the required documents ready. This will speed up the process and ensure that you don’t have to wait long for your loan to be approved.

You can get personal loans online quickly but you need to have all the documents for the loan disbursement. The list of documents are:

For Salaried Applicants

• Identity Proof – Aadhaar/PAN Card
• Current Address Proof – If Aadhaar Card doesn’t feature your current address
• Bank Statement (Salary A/C) – Last three months’ statement with salary credits

For Self Employed Applicants

• Identity Proof – Aadhaar/PAN Card
• Current Address Proof – If Aadhaar Card doesn’t feature your current address
• Income Tax Return Verification Form for the last two years

Please make sure that the documents listed above are valid when submitting your loan application.

With these minimum documents, you can avail of pre-approved loans instantly and get flexibility in amount and tenure.

Apply for the loan from Money View

Once you’ve found a lender like Money View with an attractive interest rate and you’re all set with your documents, it’s time to apply for the loan. Please fill out the form and submit it right away.

• You need to fill up the loan application on the app/on our website. Provide your details, employment details, bank statements, and submit your KYC documents.
• We at Moneyview will check your documents and assess your creditworthiness along with other necessary details on your application.
• After the complete verification, you will get a NACH form, which you need to print, sign, scan, and send back to us. The NACH form will let you pay us automatically on time as your EMIs.
• You will get a loan agreement on the app. Check, review and submit the agreement.
• A personal loan can be approved and given to you in a matter of hours or days. You will be credited with the loan amount.

Additional fees

While you apply for a loan, you must be aware of any additional charges or fees needed to process your loan.

To get a personal loan of 1 lakh from Money View, you need to pay a small charge, and it can be 2% of the loan amount, and it will be deducted automatically from the loan amount disbursed to your account.

Repayment of Loan Amount

You can repay the loan amount as EMIs which will be automatically deducted from your bank account and this can be done after your approval for the deduction of the certain amount from your bank account.

The tenure of 1 lakh Personal Loan EMIs  lies between 6 months to 60 months.

Money View, a private lending company.  It provides personal loans for salaried and self-employed only.  Getting a personal loan of 1 Lakh is quite simple if you follow the steps. Once you have the money, it’s time to start thinking about how you’ll use it. Perhaps you need to make a large purchase or consolidate your debts. Whatever the case, a personal loan can be a great way to get the money you need.

If you face any difficulty while applying for an instant personal loan from Money View platform, you can opt for many options like save your application or mail us at loans@moneyview.in along with the details of the issue. For more info, visit us at moneyview.in/.

A two-wheeler loan enables you to buy a bike of your choice on low-interest rates with monthly EMIs without hurting your budget EMIs or Equated Monthly Installments are designed to repay the two-wheeler loan at affordable prices.

A two-wheeler loan EMI calculator to an online tool designed to calculate the EMI amount payable towards clearing the loan. You need to simply fill in the financial details to get the required information. Once you enter all these details correctly, you can see the auto-computed EMI amount.

There are several factors that affect your bike loan EMI that one should need to consider before applying for a bike loan.

Credit Score:

Credit Score is one of the most important factors when it comes to taking a loan. It considers numerous facets including the number of loans you’ve taken, the loan amounts, whether you made timely payments or missed them and so on. The score comes on a scale that is out of 900, and anything above 700 is deemed a good score. The loan interest rates will depend on this score, and you will have a low-interest rate if your rating is good.

Loan Amount:

The interest rate also depends on the total amount of the loan you are asking for. To qualify for a bike loan, financial institutions look at the net income you earn. Income criteria for getting a bike loan is quite low, there are usually high chances for low-income earners too to get a bike loan. However, the higher the income level, the lower is the interest rate charged, as higher income means lower risk of default.

Loan Tenure:

The duration of the loan in which the loan is paid off also has an impact on the interest rate charged. Bike loan EMI price depends on your loan tenure. If you have a high monthly EMI price, the interest rate will be lower, as it reduces the risk of you defaulting. Similarly, if you have a long tenure, and a lower EMI rate, your rate of interest will be much higher. As interest rates create a huge impact on your bike loan EMI, but we can reduce it in several ways such as:

• Making a higher down payment
• Apply for a bike loan with longer tenure
• Apply for a bike loan from your existing bank account
• Apply for your bike loan on behalf of your spouse by opening a woman saving account, as it offers lower interest rates for women.                                                                                       –
• By making a full or part repayment of your bike loan amount.

Dealership Location:

Prices also depend on the dealership location. As you know, the price of the bike has small variations depending on the dealership location, as each distributor has different costs and different local tax amounts. Since the price of the vehicle varies, the loan amount you apply for will also be different. Thus, in order to get the best deal in the bike loan interest rates, ensure you choose a dealership that gives a good price.

Secured Vs Unsecured Loan:

As a borrower, one must be aware of secured loans and unsecured loans. A secured loan is one where you promise an asset to the bank as security or collateral. This reduces the rate of interest as there is less risk for the bank in giving you the loan. Whereas unsecured loans are loans where you do not pledge collateral, and thus have higher rates of interest to justify their risk. As bike loans come under secured and unsecured loans wherein secured loans we can keep our bike as collateral, as a result, we can get a higher amount of loan amount and lower interest rate. Whereas unsecured loans are provided with a higher interest rate and lower loan amount as there is no collateral provided as security. So it completely depends upon the borrower to choose whichever option works the best while applying for the loan.

Conclusion

Overall, interest rates charged on bike loans vary a lot, depending on the factors discussed above. While buying a bike, it is important to look at various options of getting loans from different financial institutions to best suit your requirements and grab the lowest interest rate possible.  A bike loan EMI calculator can help you plan your finances better by calculating the amount you have to pay on a monthly basis.