Introduction:

In a pioneering initiative, MoneyView has transformed the personal loan application process for those with low CIBIL scores. This has made obtaining personal loans easier, even for applicants with lower credit ratings. Discover how you can apply for a loan with a low credit score.

Understanding the CIBIL Score

Before exploring the benefits of MoneyView's loan services, it's crucial to understand the CIBIL score. This credit score, provided by CIBIL, evaluates credit history, repayment habits, credit utilization and spending patterns. The score ranges from 300 to 900 and indicates an individual's creditworthiness for loans.

Why Choose MoneyView for Low CIBIL Score Loans?

Unlike traditional lenders, MoneyView assesses creditworthiness based on various factors beyond the CIBIL score. This unique model allows individuals with scores as low as 650 to secure funds. MoneyView offers several attractive features:

• Flexible Loan Amount: Access loans from Rs. 5,000 to Rs. 10,00,000 based on need.
• Quick Eligibility Check: Determine eligibility within 2 minutes when applying through MoneyView.
• Collateral-Free Loans: Innovative methods eliminate the need for asset pledges when applying.
• Affordable Interest Rates: Interest rates start at 1.33% monthly, making loans affordable.

Eligibility Criteria for Low Credit Score Loans

To obtain a MoneyView loan, you must:

• Be aged between 21 and 57 years.
• Have a monthly income of Rs. 13,500 or more, credited directly to your bank account.
• Maintain a minimum CIBIL or Experian score of 650.

Required Documents for Loans with Low CIBIL Score

Documentation is minimal; simply:

• Provide or confirm your PAN number.
• Ensure your mobile number is linked to your Aadhaar for KYC.
• Submit a clear selfie for verification.

Additional documents like address proof or bank statements might be requested.

Interest Rates and Charges for Low CIBIL Loans

MoneyView is transparent with rates and charges:

• Interest Rate: Starts from 1.33% monthly (16% annually).
• Processing Fees: Begins at 2% of the approved amount.
• Loan Foreclosure: Permitted post six EMI payments; no part payments.
• Overdue EMI Interest: 2% monthly.
• Cheque Bounce Charge: Rs. 500 per instance.

City-Wise Income and Credit Score Requirements

MoneyView accommodates borrowers across India, even with low CIBIL scores:

Salaried Individuals:

• Minimum In-Hand Income: Rs. 13,500
• Residence: Any
• Score Requirement: CIBIL or Experian score of 650+

Individuals in Mumbai/NCR:

• Income: Rs. 20,000
• Residence: Mumbai/NCR
• Score Requirement: New Credit/CIBIL or Experian score of 650+

Individuals in Metro Cities:

• Income: Rs. 15,000
• Residence: Metro cities except Mumbai/NCR
• Score Requirement: CIBIL or Experian score of 650+

Self-Employed Individuals:

• Income: Rs. 15,000
• Residence: Any
• Score Requirement: CIBIL or Experian score of 650+

Importance of the CIBIL Score

A good CIBIL score benefits borrowers significantly:

• Creditworthiness: High scores demonstrate good repayment potential.
• Lower Interest Rates: High scores attract lower rates and easier processing.
• Faster Approval: High scores expedite approval and document processes.
• Longer Tenure: High scores allow longer repayment terms.

Factors That Lower the CIBIL Score

Recognize elements that decrease your score like:

• Credit Utilization: Overusing credit limits reduces scores.
• Multiple Loans: Numerous short-term loans increase inquiries, lowering scores.
• Missed Payments: Late or missed EMI payments impact scores negatively.
• Unhealthy Credit Mix: More unsecured loans compared to secured loans can lower your score.
• Credit Report Errors: Errors must be corrected for better scores.

Improving Your CIBIL Score

Increase your score with these tips:

• Make timely EMI payments without delays.
• Manage your credit card limits within your means.
• Keep a healthy credit mix of secured and unsecured loans.
• Maintain a long credit history with punctual repayments.
• Avoid unnecessary debt in a short timeframe.
• Opt for loans with extended tenures to build your score.
• Check your CIBIL report regularly for errors.

Applying for a Low CIBIL Loan with MoneyView

For a low score loan with MoneyView:

• Check Eligibility: Input details to know your eligibility in two minutes.
• Choose Tenure: Pick the ideal loan amount and repayment term.
• Upload Documents: Digitally submit documents for verification.
• Disbursal: Loan amount credited to your account within 24 hours post-verification.

Conclusion: MoneyView - Making Dreams a Reality

Getting a loan with a low CIBIL score is now achievable. MoneyView grants access to personal loans with scores above 650 at competitive rates, necessitating minimal documentation. Visit MoneyView's website or app to apply today and reach new financial heights.