All About Money View Personal Loan

To get started, you will have to download and install the Money View mobile app from Google Play Store. Once you’ve launched the app, fill in the details to begin the loan application process. You will have to upload certain documents as well, so Money View can evaluate your creditworthiness.

Once your profile is assessed and verified, you will receive a NACH form. You will have to print the form, sign it, scan it, and then send it to Money View. By signing this form, you will enable the auto-debit facility, so you can pay your EMIs easily.

After Money View receives your NACH form, you will receive the loan agreement on the app. You will have to go through the agreement, and if you’re pleased with the terms, submit it on the app itself. This concludes the application and approval process. You can expect the loan amount to be disbursed to your bank account in a few hours.

Eligibility criteria

Money View loans to salaried and self-employed individuals. In addition to this, you will have to meet the criteria mentioned below:

Age criteria:

Minimum age: 21 years

Maximum age: 57 years

You should receive your salary through a bank transfer.

Minimum income criteria for salaried employees are as follows:

If you don’t have a credit history or you’re located in Thane, Mumbai, or the NCR region, your minimum monthly income should be Rs.20,000.

If your CIBIL score is above 675 and you’re located in a metro city other than Mumbai or the NCR region, your minimum monthly income should be Rs.15,000.

If your CIBIL score is between 300 and 675, your minimum income should be Rs.25,000.

For others, your in-hand salary per month has to be Rs.13,500 and above.

If you’re self-employed, your monthly income has to be Rs.25,000 and above.

Money View has their own proprietary credit scoring process to assess your creditworthiness and your risk level as a borrower in case your credit score is low.

Documents required to Apply

To apply for a loan through the app, you will need to upload the following documents:

ID Proof: Aadhar card or PAN card.

Present address proof if your Aadhar card doesn’t have your current address.

Bank statement of your salary account, showing the salary credits from the last 3 months.

Income Tax Return Verification Form for the last 2 years, if you’re self-employed.

During the submission process, ensure the documents are valid.

Micro Finance Firms require Aadhaar Numbers of Clients

The unique identification project has been under legal and civil scrutiny since its launch on the basis of its scope of use and validity. The government is trying to make Aadhaar mandatory for receiving social welfare benefits, now private companies are trying to make Aadhaar their primary requirement for identification to avail services. The latest to join this trend is the Indian Microfinance industry. Microfinance offers lending to small business and persons with low income, the amount of the loan is usually below 1 lakh and the interest rates are 15% to 30% per annum. Last year the loans taken from these firm grew by about 89% without a large increase in the number of clients, indicating that multiple loans were being given to the same people. To resolve these issues two self-regulating microfinance organisations, the Microfinance Institution Network (MIN) and Sa-Dhan have made it a requirement to possess an Aadhaar to avail loans. Microfinance Institutions Network directed its 53 partners and 23 associates to collect the Aadhaar numbers of its customers by July 1st, 2016 to prevent over-indebtedness.

The CEO of Microfinance Institutions Network Ratna Viswanathan states that providing a long list of documents was leading to individuals manipulating identities and demographic data to procure multiple loans. This resulted in the Credit Information Report of individuals being inconsistent. This problem has also been recognised by other self-regulatory organisations such as Sa-Dhan. Sa-Dhan has been working in collaboration with the Unique Identification Authority of India (UIDAI) to organise camps for its borrowers to obtain Aadhaar cards. MFIs are using the Aadhaar to check the creditworthiness of its clients by comparing the databases of credit bureaus with the financial profiles of the borrowers.

Many micro finance firms are still using other forms of identification because they believe the information from the credit bureaus might be inaccurate as only financial records of the customer after receiving the Aadhaar will be recorded and previous debt will not appear in these records, thereby, giving them an inaccurate picture of the person’s financial condition. With all these conditions being put in place by institutions, the legality of these demands is still unclear. Legal researcher Usha Ramanathan states that the Aadhaar Act, 2016 does not make it mandatory to have an Aadhaar number to receive any service including the electronic Know Your Customer verification, which Micro finance institutions are making mandatory.

The Aadhaar Act does not allow seeding of numbers in any database, including the eKYC. The seeding of eKYC can only be done with specific consent under Section 8(3). The sharing of Aadhaar data by customers is raising a lot of security concerns with regards to the storage of this data and the use of this data by individuals for malicious purposes. There is also a growing concern among people that private entities in possession of this data will start selling it for revenue, presently this data is sold in a consolidated for, but there might come a time when individual data will be sold, stolen or mined from these databases.