In the recent few years, there’s been a rise in the popularity of personal loans done quickly through mobile apps. The Money View app has become a popular name in the personal finance and money lending industry. All its transactions are conducted online.
Such an online loan app makes it easier for people to borrow the money they require without any hassle. This is beneficial, especially during the pandemic situation. There is no need for anyone to leave the safety circle of their house.
Money View requires their potential borrowers to upload some mandatory documents to start the personal loan application. This ensures safe and secure transactions on both ends.
Why is documentation necessary for a personal loan?
In the money lending business, a potential borrower must have enough credits. This assures the lender that they can repay the loan to the lender in the stipulated time.
Many banks and private companies discuss the borrower’s business plans at length to judge whether they will be successful enough to return the borrowed money. The process also involves using credit-related documents, financial statements, and contracts of previous loans, amongst others. All these documents are compiled and reviewed by the loan review committee, and other boards of the lender’s company before the loan is sanctioned.
Bank examiners assign credit quality ratings to the borrower. They make use of this documentation as they detail the history of a loan. It is directly dependent on the quality of documentation to settle any disputes later.
In banks and other private companies, low credit loans are usually not sanctioned. If a loan has poor credit due to lack of proper documentation, the borrowers are required to fulfill them quickly to be eligible for the original loan agreement.
But personal loan apps like Money View now disburse loans with a low credit score. If the borrower can fulfill the minimum eligibility criteria mentioned and upload the required documents, they will be eligible for the loan.
What are the documents needed to obtain a personal loan from Money View?
Uploading documentation comes right after checking the eligibility criteria one must fulfill for taking a personal loan from the Money View app. It is also good to know what documents you will need beforehand. This will prevent you from panicking at the last minute.
There are only three types of documented proofs the borrower needs to submit:
- Identity proof
- Address proof
- Income proof
The documents required for self-employed and salaried applicants are slightly different from each other. Let’s check the details of each of them.
The identity proof is the most crucial document in a personal loan application. It helps to keep track of the individual who is taking the loan. The lending company will check the creditworthiness of this particular ID holder.
The Permanent Account Number Card, or the PAN Card, is the most preferred identity proof for the Money View app. However, since it is an entirely online process, there might be a problem with the photo printed on the card and its visibility in the video or picture uploaded. In this case, Money View allows the following alternative identity proofs:
- Aadhaar Card
- Driving License
- Indian Passport
- Voter ID Card
These must be your last resort only if the system rejects the PAN Card. Otherwise, one can easily fulfill this requirement with a clear picture of their PAN Card.
This may seem slightly tricky, especially if the borrower has a transferable job or is prone to change their living place in quick succession. But Money View only needs the document with the borrower’s current or permanent address, so providing either of them will do.
Many identity proofs with mentioned addresses are used by the Indian citizens on a daily basis. Uploading the recent one will do. The borrower can choose from the following:
- Aadhaar Card
- Driver’s License
- Indian Passport
- Voter ID Card
- Utility Bill
Conditions for using Utility Bill:
Four types of utility bills are allowed to be uploaded on Money View for a personal loan. They are:
- Telephone Bill
- Electricity Bill
- Gas Bill
- Water Bill
Any of these bills can be uploaded to the Money View app. But keep in mind the following conditions:
- The bills should have the borrower’s name and address. Since this will be a stand-in for your address proof, this is the essential factor to note.
- The bills should be recent. Money View app specifies that they will accept bills of only the last 2 months, that is, the last 60 days.
For a smooth and seamless process, Money View requires the borrower’s income proof. This helps to judge the creditworthiness of the person. It assures the lender that the borrower will be able to repay the amount of money loaned along with interest incurred well within time.
The income proof required for a Money View personal loan application is different for salaried and self-employed individuals. Just like in other money lending operations, Money View requires the applicants to submit their bank statements in detail like this:
For salaried applicants:
They will be required to submit the bank statements over the last 3 months of their salary accounts. These have to be uploaded in a PDF format to show their salary credits.
For self-employed applicants:
They will need to upload just the bank statements over the last 3 months. These must be uploaded in a PDF format too.
What are the things to keep in mind while uploading the documents?
One needs to keep in mind some factors while uploading the documentation for a smooth, hassle-free process.
At the time of uploading, the applicants must ensure that the documents are valid. Expired documents uploaded will be rejected by the Money View app. In such a case, the borrower may receive emails from Money View, by which they will be required to upload more documents.
This only lengthens the process for both Money View and the borrower. To avoid such a hassle, it’s best to check the validity of your documents before you upload them.
Clearing the eKYC process at one go:
The online KYC process of the Money View app is a high-functioning one. If all documents are uploaded correctly at one go, borrowers can get approved quickly with minimum documentation. This alleviates their worries regarding loan approval and lets them concentrate on their future plans.
But if the applicant is unable to clear their eKYC process at the first chance, there is no need to fret. It will disrupt their application flow a bit, but Money View provides ample opportunities to upload more documents in order to substantiate the requirements.
Visibility of the document details:
Since Money View’s entire application and approval processes are conducted online, the documents uploaded should be clearly visible. The applicant should take clear pictures for the PDF documents and videos where required. This makes the entire process easier and quicker on both ends.
The applicant must remember to use a hard copy of the document in the video. Recording the soft copy of the document in the video will not be approved by Money View.
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With Money View, personal loan applications are more convenient and hassle-free than ever. It takes only a few minutes for Money View to approve a loan application with proper documentation. Uploading the required documents properly ensures the rapid progression of the loan sanction process.