Money View Loans vs. MI Credit: Everything you need to know

As technology is getting advanced each second in the world, the competition is also getting boosted simultaneously in every sector. Likewise, the larger segment of financial space has reserved its nook in the digital world.

Every year, numerous instant loan apps get launched with their respective exclusive offers and then some of them leave a mark on the users.

Among those leading loan apps, Money View and MI credit are the two. In this post, you will get to know both viz. Money View loan details and MI credit loan details and consequently the following will also aid you to figure out why they are the leading instant loan apps in India alongside you can figure out the best between Money View loans vs. MI credit. Let’s get started:

Money View Instant Loan

Money View extends personal loans within the matter of a few hours without any collateral. The entire process right from application to disbursal is performed digitally which means you are not required visit for anywhere to fulfil any formalities, you can get the loan anytime from anywhere. The app also allows you to track the status of your loan and keeps you updated about your repayments.

Additionally, the loan app drives its own credit scoring process to evaluate your repayment capability and your risk level as a borrower in the event of a low credit score.

Money View Loan – Highlights
Loan amount	Rs. 10,000 to Rs. 5 lakhs
Repayment tenure	Up to 5 years
Rate of interest	1.33% p.m. onwards

Money View Instant Loan – Features and benefits

In addition to instant and readily available loans, the app renders you some other appealing features and benefits to you. Take a look:

• You can check the eligibility within 2 minutes from Money View app.
• You don’t have to give any documents in paper form, every document will be uploaded and submitted digitally along with the duly filled loan application.
• The loan gets disbursed within 24 hours after the approval.

Money View Instant Loan – Eligibility criteria

To apply for Money View instant loan, you’ll need to fulfil the following eligibility requirements:

• Your age should lie between 21 years and 57 years.
• Your salary must be credited into your bank account.
• Your minimum income should be:

• • Rs. 20,000 (If you reside in Thane, Mumbai and NCR region.)
  • Rs. 15,000 (If your CIBIL score is above 675 and you reside in a metro city besides Mumbai or the NCR region.)
  • Rs. 25,000 (If your CIBIL score is between 300 and 675 and you reside in a metro city besides Mumbai or the NCR region.)
  • Rs. 13,500 (If you reside in a rural area.)
  • Rs. 25,000 (If you’re self-employed.)

Money View Instant Loan – Documents required

You must possess the following documents to avail Money View instant loan:

• Proof of identity (Aadhar card or PAN card)
• Proof of address (Current address proof in case your Aadhar card doesn’t have your current address)
• Last 3 months bank statement of your salary account showing salary transactions.
• Last 2 years ITR (in case of self-employed)

Money View Instant Loan – Application process

To apply for an instant personal loan from Money View app, follow the below steps:

• Download and install the loan app from Google Play Store.
• After you’ve launched the app, fill in the details to start the loan application process.
• Upload the required documents.
• After the verification of your profile, you’ll get a NACH form. Print the form, sign it, scan it, and after that send it to the Money View.*
• After going through your NACH form, the lender extends you the loan agreement on the app.
• Go through the agreement and submit it on the app itself.*
• The loan amount will be disbursed into your bank account within a matter of a few hours.

Note:

1. By signing the NACH form, you’ll be agreeing to opt for the auto-debit facility, so you can easily pay your instalments.
2. The NACH form and the loan agreement concludes the application and approval process.

MI Credit Instant Loan

Now, the MI Credit is an instant loan service which is extended by the leading smartphone brand in India viz. MI to its users. Go through the following factors to perceive the difference between Money View instant loan and MI Credit:

MI Credit instant loan – Highlights
Loan amount	Up to Rs. 1 lakh
Repayment tenure	Up to 3 years
Rate of interest	1.3% p.m. onwards

MI Credit – Documents required

You must possess the following documents to avail instant MI credit:

• PAN card
• Address proof
• Income source
• Bank account details

MI Credit – Features and benefits

Following are the features and benefits that you can enjoy on taking out an instant loan from MI credit:

• Simple and seamless application process.
• Instant disbursement after the approval.
• Appealing rate of interest starts from 1.3% p.m.

MI Credit – Application process

To apply for MI credit instant loan, simply follow the below steps:

• Download and install the MI Credit app from the MI app store.*
• Click on ‘Get Now’ and enter your phone number. An OTP will be sent on your registered phone number.
• Enter the OTP and proceed.
• Upload all the required documents.
• Upload your picture and click on ‘proceed’.

*Note: The application is yet to come on Google Play Store, therefore, for now, it can only be downloaded through MI app store.

Your loan profile will be created and if you get found eligible for the loan, you can upload your bank and salary details. Afterwards, the lender will credit the loan amount into your bank account.

Conclusion

As a conclusion, it can easily be understood that Money View instant loan is far better than MI credit since you get multiple benefits as compared to MI credit. Although to go with the one, it is suggested that you better understand the aforementioned factors on Money View loans vs. MI Credit.