Once the loan is approved and the agreement is sent, Money View disburses the loan amount to your bank account within 24 hours.
We require only your ID proof, income proof, and address proof to process your application for a loan for salaried persons.
Avail instant loan for salaried employees without multiple trips to the bank with Money View’s online and paperless process.
Flexible repayment options
You get to choose the tenure of the loan, starting from 6 months and all the way up to 60 months.
Active auto-debit option for your loan payment and never again stress about making manual payments on time.
Eligibility Criteria for Personal Loan for Salaried
You can avail of a personal loan for salaried persons if you meet the following eligibility criteria:
- Applicant must be aged between 21 and 57 years
- Applicant must get a monthly in-hand salary of minimum Rs 13,500
- Applicant must receive income via direct bank transfers from the employer
- Applicant must have a minimum CIBIL score of 600 and Experian score of 650
Documents Required for Personal Loan for Salaried Person
Money View requires and accepts only the following documents for approving an instant loan for salaried employees:
|Documents Required||Accepted Documents|
|Identity Proof||PAN Card, Aadhar Card, Indian Passport, Voter ID, Driver’s License|
|Address Proof (Needed only if Aadhar Card doesn’t have your current address)||PAN Card, Indian Passport, Voter ID, Driver’s License, Utility Bills|
|Income Proof||Bank statements of the salary account with the record of salary credits from the last 3 months|
Rates and Charges for Loan for Salaried Person
Money View offers competitive interest rates for a loan for salaried persons. Here is a brief on the rates and fees applicable during and after loan application:
Loan processing fee: Money View charges a processing fee for your personal loan, ranging between 2% and 8% of the loan amount.
Interest rates: The personal loan interest rates on Money View starts from 16% p.a. and is dependent on your credit assessment.
Overdue EMI charges: Money View charges a cheque bounce charge of Rs 500 and a late payment fee of 2% per month on the loan amount when borrowers default on EMI payments.
Availing Instant Loan for Salaried
Following are the steps involved in availing an instant loan for salaried professionals:
Step 1: Loan Application
Fill in the loan application form on the Money View app or website and complete it by uploading necessary KYC documents.
Step 2: Verification Process
Money View assesses your creditworthiness, documents, and other application details.
Step 3: Activating Auto-debit
We will send a NACH form to enable an auto-debit facility for your bank account. You will need to print, sign, scan, and send this document back to us.
Step 4: Loan transfer
Once we receive the NACH form, we will send you the loan agreement on the Money View app, which you will need to review and submit. Following this, your loan amount would be transferred to your bank account within hours.
Personal Loan for Salaried FAQs
1. Who is considered a salaried individual?
A salaried individual is someone who receives a fixed monthly payment from an employee that is separate from incentives and bonuses.
2. If I get my salary in cash, am I eligible for Money View loans?
No. Currently, Money View can only process loan applications wherein the applicant gets direct bank transfers from the employee for salary credit.
3. How many loans can I take at a time?
Money View allows only one personal loan for salaried persons to be taken at a time. However, based on the EMI payment patterns, we may give a selected few an option to top-up their existing loan.
4. Will I be charged for closing a loan before the repayment period ends?
No. You close your loan before the repayment period ends without paying any fee. However, foreclosure is allowed only after a minimum number of repayment is complete.
|Loan Tenure||Number of EMIs to be paid before foreclosure|
|Up to 6 months||Foreclosure not allowed|
|7-18 months||Min. 6 EMI payments|
|More than 18 months||Min. 12 EMI payments|
5. Can I make manual EMI payments for the loan?
Yes, if the auto-debit option is not activated in your bank account, you can repay your instant loan for salaried employees through manual payments through the Money View app.