Moneywide Personal Loan

Moneywide Personal Loan is a financial product offered by Moneywide, a leading financial institution that provides a wide range of financial services to individuals and businesses. Moneywide Personal Loan offers competitive interest rates, flexible repayment terms, and quick and easy application processes. With Moneywide Personal Loan, customers can access the funds they need to meet their financial goals and improve their overall financial well-being.

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Moneywide Personal Loan Highlights

Here are some of the highlights of Moneywide Personal Loan:

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Feature Details
Loan Amount

Rs 10,000 to Rs 3,00,000
Loan term

Upto 3 years
Interest rate

Starting from 16.50% onwards
Fees

● Processing fee of 3.75% of the loan amount
● Part payment charges up to 4% of the prepaid amount after 1st EMI
● Foreclosure charges up to 4% of the outstanding amount after 1st EMI
Credit score requirement

Minimum 600
Application process

Quick and easy online application
Funding time

Same day or next day
Eligibility criteria

Must be a Indian citizen or permanent resident, at least 18 years old, have a regular source of income, and meet credit and other requirements.
Use of funds

Flexible, can be used for a variety of purposes such as debt consolidation, home improvements, and unexpected expenses.
Customer service

Dedicated customer support team available by phone, email or chat.

Please note that the details provided above are subject to change based on the current policies and offerings of Moneywide. It’s always recommended to check the latest information on their official website or by contacting their customer support team.

The interest rate for Moneywide Personal Loan starts from 16.50% per annum, but the final rate may vary based on several factors such as your credit score, income, loan amount, tenure, and the lender’s policies. Moneywide uses a risk-based pricing model to determine the interest rate for each borrower, where applicants with a higher credit score and income are likely to get a lower interest rate.
It is advisable to compare the interest rates and other fees charged by different lenders before applying for a personal loan to get the best deal that suits your needs and repayment capacity. Additionally, maintaining a good credit score, a stable income, and a low debt-to-income ratio can help you negotiate a better interest rate and loan terms with the lender.

Moneywide Personal Loan offers several features and benefits that make it a popular choice among borrowers. Here are some of the key features and benefits of Moneywide Personal Loan:

  1. Easy and Quick Application Process: Moneywide Personal Loan application process is entirely online and takes only a few minutes to complete. You can apply for a loan from anywhere and at any time using the Moneywide app or website.
  2. Fast Approval and Disbursement: Once you submit your application and documents, Moneywide verifies your details and approves the loan within a few hours. The loan amount is disbursed directly to your bank account within 24 hours of approval.
  3. Flexible Loan Amount and Tenure: Moneywide Personal Loan offers loan amounts ranging from ₹10,000 to ₹3,00,000 and repayment tenures ranging from 3 months to 3 years, allowing you to choose the loan amount and tenure that suits your needs and repayment capacity.
  4. Competitive Interest Rates: Moneywide offers competitive interest rates starting from 16.50% per annum, which is lower than the interest rates offered by many traditional lenders.
  5. No Collateral or Guarantor Required: Moneywide Personal Loan is an unsecured loan, which means you don’t have to pledge any collateral or provide a guarantor to avail the loan.
  6. Part-Payment and Foreclosure Facility: Moneywide allows you to make part-payments and prepay your loan without any additional charges after paying the first EMI. You can also opt for foreclosure by paying a nominal fee.
  7. Multiple Repayment Options: Moneywide offers various repayment options such as auto-debit, post-dated cheques, and UPI, making it convenient for you to repay the loan on time.
  8. Transparent and No Hidden Charges: Moneywide follows a transparent fee structure and does not charge any hidden fees or penalties.

Overall, Moneywide Personal Loan offers a hassle-free and convenient borrowing experience, which makes it an ideal choice for those who need financial assistance for various purposes such as medical emergencies, home renovations, travel, education, and debt consolidation.

Here are the eligibility criteria for Moneywide Personal Loan for salaried and self-employed individuals:

Eligibility Criteria Salaried Individuals Self-Employed Individuals
Age Between 21 and 55 years Between 21 and 55 years
Monthly Income Minimum of ₹20,000 per month Minimum monthly income of ₹20,000
Credit Score 600 or above 600 or above
Employment Type Employed with a private or public company Self-employed professionals or business owners
Work Experience Minimum of 2 years in the current job Minimum of 2 years in the current business/profession
Business Vintage Not Applicable Minimum of 2 years
Citizenship Indian Indian
Documents Required PAN Card, Aadhaar Card, Address Proof, Bank Statement, Salary Slips PAN Card, Aadhaar Card, Address Proof, Bank Statement, Income Tax Returns

Note: The above eligibility criteria are subject to change and may vary based on the lender’s policies and your profile. Please check with the lender for the latest and accurate information.

To apply for a Moneywide Personal Loan, you need to submit the following documents:

    1. PAN CardA copy of your Permanent Account Number (PAN) card is mandatory for identity verification and to check your credit history.
    2. Aadhaar Card: A copy of your Aadhaar card is required for address verification and KYC (Know Your Customer) compliance.
    3. Bank Statement: You need to provide the latest bank statement of your salary account for the last three months to verify your income and repayment capacity.
    4. Salary Slips: You need to provide the salary slips of the last three months to verify your income and employment details.
    5. Address Proof: You need to provide a copy of your address proof, such as a utility bill, rent agreement, or passport, for address verification.
    6. Income Tax Returns (ITR): If you are a self-employed individual, you need to provide a copy of your income tax returns for the last two years to verify your income and repayment capacity.

Note that the documents required may vary based on the lender’s policies and your profile. Additionally, the lender may ask for additional documents for verification purposes. Therefore, it is advisable to check with the lender for the latest and accurate information regarding the required documents.

₹
%

Principal amount ₹1,00,000

Loan EMI ₹3,369

Total Intrest Payble ₹21,281

Total Payment (Principal + Interest) ₹1,21,281

Here’s an example of EMI calculation for a Moneywide Personal Loan of ₹1,00,000 with a tenure of 12 months at an interest rate of 16% p.a.

Loan amount: ₹1,00,000
Interest rate: 16% p.a.
Tenure: 12 months
EMI: ₹9,093
Total Interest Payable: ₹9,116
Total Amount Payable: ₹1,09,116

Amortization Schedule:

Month Opening Balance EMI Interest Principal Closing Balance
1 ₹1,00,000 ₹9,093 ₹8,397 ₹696 ₹91,603
2 ₹91,603 ₹9,093 ₹8,577 ₹516 ₹83,026
3 ₹83,026 ₹9,093 ₹8,761 ₹332 ₹74,265
4 ₹74,265 ₹9,093 ₹8,949 ₹144 ₹65,316
5 ₹65,316 ₹9,093 ₹9,141 ₹-48 ₹56,175
6 ₹56,175 ₹9,093 ₹9,338 ₹-245 ₹46,837
7 ₹46,837 ₹9,093 ₹9,539 ₹-446 ₹37,298
8 ₹37,298 ₹9,093 ₹9,745 ₹-652 ₹27,553
9 ₹27,553 ₹9,093 ₹9,956 ₹-863 ₹17,597
10 ₹17,597 ₹9,093 ₹10,172 ₹-1,079 ₹7,425
11 ₹7,425 ₹9,093 ₹10,394 ₹-1,301 ₹0
12 ₹0 ₹9,093 ₹0 ₹0 ₹0

Note: The EMI calculation is for illustration purposes only, and the actual EMI may vary based on the lender’s policies and your profile. Also, the amortization schedule may differ based on the loan amount, tenure, and interest rate. Therefore, it is advisable to check with the lender for the latest and accurate information regarding the EMI and amortization schedule.

Here’s a comparison of Moneywide Personal Loan with other Banks/NBFCs in India, based on certain parameters:

Parameters Moneywide Personal Loan HDFC Bank Personal Loan ICICI Bank Personal Loan Bajaj Finserv Personal Loan
Interest Rate Starting from 16.50% p.a. Starting from 10.50% p.a. Starting from 10.50% p.a. Starting from 12.99% p.a.
Loan Amount Up to ₹3,00,000 Up to ₹40,00,000 Up to ₹20,00,000 Up to ₹25,00,000
Tenure 3 to 36 months 12 to 60 months 12 to 60 months 12 to 60 months
Processing Fee 3.75% Up to 2.50% of the loan amount Up to 2.25% of the loan amount Up to 4.13% of the loan amount
Bajaj Finserv 10.99% - 16.00% Up to 3.99% of the loan amount 10.49% - 24% Up to 2% of the loan amount
Prepayment Charges NIL 2% to 4% of the outstanding principal 15% of the principal outstanding NIL
Late Payment Charges 2% per month 2% per month 24% per annum 2% per month
Minimum Income ₹20,000 per month ₹15,000 per month ₹25,000 per month ₹25,000 per month
Age Criteria 21 to 55 years 21 to 60 years 23 to 58 years 25 to 58 years

If you have any queries or concerns related to your Moneywide Personal Loan, you can reach out to their customer care through the following channels:

  1. Email: You can write an email to Moneywide’s customer care at care@Moneywide.com. They usually respond within 24 to 48 hours.
  2. Phone: You can call their customer care at 9911862226 between 9:30 am to 6:30 pm from Monday to Saturday (excluding public holidays).
  3. Corporate Address:
    MLC Finotech Private Limited
    Corporate Office:
    Plot no. 131, Ground Floor, Sector-44, Gurgaon-122003
  4. Email: corporate@Moneywide.com

Note that the above contact details are subject to change and may vary based on the lender’s policies. Therefore, it is advisable to check with the lender for the latest and accurate information regarding their customer care.

Here are some of the advantages of a Moneywide Personal Loan:

  1. No Collateral Required: Moneywide Personal Loan is an unsecured loan, which means you do not need to pledge any collateral or security to avail of the loan.
  2. Easy and Convenient Application Process: You can apply for a Moneywide Personal Loan online through their website or mobile app within minutes. The entire process is paperless and requires minimal documentation.
  3. Quick Disbursal: Moneywide claims to disburse the loan amount within 24 hours of loan approval, subject to completion of documentation and verification.
  4. Flexible Tenure: You can choose a loan tenure ranging from 3 months to 36 months, depending on your repayment capacity and convenience.
  5. Competitive Interest Rates: Moneywide offers competitive interest rates ranging from 16.50% p.a., depending on your creditworthiness and other factors.
  6. Part-Payment and Foreclosure Facility: You can prepay or foreclose your loan anytime during the tenure, subject to payment of prepayment charges.
  7. No Hidden Charges: Moneywide is transparent in its fees and charges and does not levy any hidden charges on its Personal Loans.
  8. Minimal Documentation: The documentation requirements for a Moneywide Personal Loan are minimal, which makes the loan application process hassle-free.
  9. Loan Amount: You can avail of a loan amount ranging from ₹10,000 to ₹3,00,000, depending on your eligibility.

Note that the above advantages may vary based on your profile and other factors. Therefore, it is advisable to check with the lender for the latest and accurate information regarding their Personal Loan offering.

Here are some of the drawbacks of a Moneywide Personal Loan:

  1. High Interest Rates: While Moneywide offers competitive interest rates, the rates may still be higher than other lenders, especially if you have a low credit score or income.
  2. Processing Fees: Moneywide charges a one-time processing fee ranging from 3.75% of the loan amount, depending on your credit score and other factors. This fee can increase the overall cost of the loan.
  3. Prepayment Charges: If you wish to prepay or foreclose your loan, Moneywide charges prepayment charges ranging from 2% to 5% of the outstanding loan amount. This can make the loan expensive if you plan to close it before the end of the tenure.
  4. Limited Eligibility: Moneywide Personal Loan has specific eligibility criteria that may not be suitable for everyone. For example, the minimum income requirement is ₹20,000 for individuals.
  5. Limited Tenure Options: While Moneywide offers flexible tenure options, the tenure range is limited to 3 months to 36 months. This may not be suitable for borrowers who need longer tenures.
  6. Limited Loan Amount: The loan amount for a Moneywide Personal Loan ranges from ₹10,000 to ₹3,00,000, which may not be sufficient for larger expenses such as home renovation or business expansion.
  7. Availability: Moneywide Personal Loan is currently available only in select cities in India. This can limit the accessibility of the loan for borrowers who do not reside in these cities.

Note that the above drawbacks may vary based on your profile and other factors. Therefore, it is advisable to check with the lender for the latest and accurate information regarding their Personal Loan offering.

FAQs

Moneywide is a legitimate fintech company that provides personal loans and other financial products to customers in India. The company is registered with the Reserve Bank of India (RBI) as a non-banking financial company (NBFC) and operates under the regulations and guidelines set by the RBI.

Moneywide has also received funding from reputed investors such as Tiger Global, Ribbit Capital, and Sequoia India, which further validates its legitimacy.

In conclusion, Moneywide is a real and legitimate company that provides personal loans and other financial products to customers in India. However, it is always advisable to do your due diligence and research before applying for a loan or any financial product to ensure that you are dealing with a reputable lender.

Yes, the Moneywide Personal Loan app is safe to use. The company uses advanced encryption technology to secure its platform and protect users’ personal and financial information. Additionally, Moneywide has implemented various security measures such as two-factor authentication and secure login to ensure the safety and privacy of its customers.

Moreover, Moneywide is a registered NBFC with the Reserve Bank of India (RBI) and operates under the regulations and guidelines set by the RBI. The company also follows strict data protection laws and regulations to protect users’ privacy and data.

However, as with any financial app or service, it is essential to exercise caution and follow basic security practices such as keeping your login credentials secure, updating your password regularly, and avoiding using public Wi-Fi or unsecured networks while accessing the app.

In conclusion, the Moneywide Personal Loan app is safe to use, but it is always advisable to take necessary precautions and ensure that you are downloading the app from a trusted source.

Yes, Moneywide is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC) under the registration number B-14.01212. The RBI regulates and supervises the functioning of NBFCs in India to ensure the safety and soundness of the financial system.

As an RBI-registered NBFC, Moneywide is required to comply with various guidelines and regulations set by the RBI to safeguard the interests of its customers and ensure the financial stability of the organization. This includes maintaining adequate capital and liquidity ratios, complying with KYC and AML guidelines, and ensuring fair practices in lending and collection.

Therefore, if you are considering applying for a personal loan with Moneywide, you can be assured that the company is legitimate and regulated by the RBI. However, it is always advisable to research and compare multiple lenders before making a decision to ensure that you are getting the best deal.

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