Hello friends, in this concept we'll discuss about the Moneyview personal loan app. I'll explain the whole process of application step by step let me show you on the screen too I'll show you how, from the comfort of your home, you can apply for personal loan from Moneyview loan app – I'll show you the entire process of it in this concept, but I'll show it at the end of the concept. Because, the instant loan app we’re going to take loan from needs to be reviewed first. Let’s see the review of Moneyview, the personal loan app, its processing fee, its interest rate etc. We’ll also compare Moneyview with other personal loan apps to see the processing fees and interest rates of the others. We’ll also compare it with the prominent banks like ICICI, HDFC, SBI, Axis, Kotak etc., and find out their interest rates for personal loan as well. First, we need to have a clear picture – we should know if we take loan from Moneyview, then how much interest and processing fee we have to pay; and by chance, if we miss an EMI, then how much penalty will Moneyview impose upon us. So, we'll learn all of these first, then we'll see the application process, which will take only about 5 minutes. Then we'll see, in that 5 minutes, how to apply for personal loan from Moneyview app. Now, before I start the concept, let me share my own opinion. I'm not going to share any link with this concept, as I never support any instant personal loan app. I’m not saying that these are not good, but according to the recent reviews in the market, the incidents that are happening to a lot of people, it’s better to avoid them. I'll surely discuss and share my reviews, but personally, l don't support personal loan apps. So, let's start the concept. There're 3 ways of getting a personal loan. First, we can get personal loan from bank. The second way can be categorized into two there are apps which are RBI-registered, for example, Bajaj Finance, Navi, Buddy Loan, Moneyview, Kreditbee etc. You can find these apps in Play Store. All of these are RBI-registered. There’re also a lot of apps which aren’t RBI-registered, which are basically ‘Chinese’ loan apps. You must avoid them at all cost, because their purpose is not to give loans, but to scam people. Imagine, you've mistakenly installed such an app. If you install a personal loan app, they'll give you a loan of 2K-3K rupees. When you'll apply for loan, it'll ask for permission to access your gallery, which you'll have to allow, then it'll ask for your location and access to contacts, and you'll allow those too. Basically, this way you've given access to the data of your phone to them. They’ll then give you loan of a small amount like 2K-5K – suppose it’s 2000 rupees and after just 2-4 days, they’ll ask you to return 5000 rupees. You'll wonder how did the interest become this much. Then they'll threaten that if you don't send the money, they'll make a photo of yours. They'll get a photo from your phone gallery; God forbid if you're a woman, then they'll take your photo too, and edit and turn into a nude photo. It’s horrible – they’ll edit your photo and paste the face into a nude photo, probably with a nude woman in the photo too. They'll threaten you that if don't send the money, they'll send this photo to your contacts. So, they'll send the picture to your relatives. You'll be pressurized to give them the in order to prevent them from doing that. You pay them once, and after a few days, they'll ask for more, and this will go on, till you're completely devastated. At last, you'll have to turn off your phone, discard your SIM to get out of this problem. People even go into depression because of this harassment. So, we must stay away from ‘Chinese’ loan apps. So, we’re left with bank and instant personal loan apps which are RBI-registered. We’re going to discuss about the Moneyview loan app among these, and we’ll also see the features of other apps alongside. Now, when we take loan from banks, they never ask for access to your contacts or gallery. They do ask for the location, but not ask for phone gallery or contact access. But RBI-registered loan apps do ask for the access to phone gallery and contacts. Now, I admit that the RBI-registered loan apps don’t resort to blackmailing like the ‘Chinese’ apps, which are nothing but scams. So, RBI-registered loan apps don’t do anything horrible like them. But by chance you miss an EMI, then they can stoop low to recover the money. It’s true that they won’t make a fake nude photo, but if you can’t pay EMI in time, then they’ll use your contacts list and not only call you, but also one of your contacts. It might be your relative, whom they'll call, and defame you for borrowing and defaulting. They might ring up more of your kins and defame you. Again, you'll be forced to give back the money to get rid of them. But the borrower might truly be facing a financial issue that they can't pay now, but they might be able to pay back after a few months. Of course, it’s their responsibility to repay since they’ve taken the loan. If you default a loan taken from bank, then bank also sends a team to you. But they come to your place and talk to you. They won't bother your relatives. So, banks have a smooth, mature, and systematic way of recovery. But here, if someone’s really facing an issue, they start to defame them in their circle. So, this is the difference between instant loan apps and banks. So, before I start the concept, let me tell you that no matter if you take loan from bank or from instant personal loan app, the main thing that you've to keep in mind that, you must take loan from those who's offering the lowest interest rate and processing fee. If you're confident and have good intention that you will repay the loan in time, then you can take loan from anywhere that offers you the cheapest interest rate. That'd be the best. That's all you need to keep in mind. So, let’s start the concept and see the interest rates of the apps, and the interest rates and processing fees of banks. So, let's get into the topic; I've given you a clear picture of the difference between the loan apps and banks. Let us first look at the banks and take ICICI Bank, for instance, which charges 2.5% as processing fees. This means if you seek a loan of rupees 1 lakh, then it'd be sanctioned as 1 lakh, but effectively what will come into your account is 97.5 thousand because the bank will be deducting the 2.5% processing fees as they had mentioned. Their rates of interest would vary from 10.5 to 16% and the time period would be from 12 to 12 x 7 =84 months which is 7 years. Similarly, the rate of interest at SBI begins from 11.05%; And now let's come to HDFC Bank. HDFC Bank charges from 10.5 to 25% rate of interest which is a particularly high rate of interest. Now, here let me clarify one thing, because I'll deal with the instant loan apps later; if you come across personal loan that has 30% or more interest rate, be it bank or app or a person, then please do not fall prey to any such offer because these are like the moneylenders in the market. Even the moneylenders charge you a rate of 2% per month, which would come to 24% for the year when you multiply 2 by 12. So please don't go for 30% or more when you are seeking a loan because if you are Going for such a steep rate, it'd be better to get a loan in the open market. Please do not go for such high interest rate. In fact, I would say don't even go for 25% – as a customer you will have hundreds of options so do not go for such an option. It might seem simple, because they'll present it to you in such a way. For example, be it Moneyview or Navi I am not criticizing anyone in particular here, but what they will tell you is that for a 10,000 rupee loan at 25 or even 30% interest they will charge you minimal amount without saying that for 10 lakhs if they charge you 30% then your EMI would turn out to be so and so; they'll say as example that if your loan is of 10k, then according to 30% interest your EMI would be 1k or 2k. They will never quote a big figure or a big amount; so, these are all diversionary tactics used to sway you; do not fall for such tricks. So now let's move forward and discuss the rates and come to Axis Bank. They provide loans up to rupees 40 lakhs for a period of up to 5 years and their rate of interest begins from 10.49%. So, these were the banks; now let us come to the apps. Here I have listed all the apps. Now we shall look at their amounts of loan one by one. For me the priority would be – which app gives me the maximum amount of loan at the lowest rate of interest and at minimum processing fees – that is what I will be looking for. So, when I look at the loan amount Bajaj Finserv offers me the maximum of 40 lakh rupees, Navi offers me 20 lakhs and so the list goes. Moneyview, for example, gives me a maximum of 10 lakhs. Now let us come to the fixed tenure of the loan payment. Bajaj Finserv gives maximum duration of 8 years; Navi is giving me a maximum duration of 6 years; Moneyview is giving me 5 years at most and a minimum duration of 3 months. Now, when it comes to rate of interest, I have mentioned Navi on top because they claim that their rates of interest begin at 9.9% and it goes up to 45%; now only God knows whether they have ever provided anyone loan at the rate of 9.9% because if you find that the 9.9% is only in writing and when you go for a loan, then they charge you 44% then I would say they are not worth it. In fact, I would say do not go for anything in excess of 25%. Why should you? Now, some people would claim that these being instant loan apps they give loan even if the CIBIL isn't that great. This is never the case, it never happens. If you are to get a loan you would get a loan even at banks. So, have patience and get a loan from bank. You'll get it at way cheaper interest. So, choose the option that's providing you the lowest rate of interest. Now, Bajaj Finserv charges you from 11 to 37% interest rate which again is very steep. Now, when you come to Moneyview they claim on the website that they only charge 1.33% per month onwards. Now, a lot of people won't be able to figure out and would, on first impression, feel amazed that they are charging so less. It's actually starts there and it's the rate per month. Multiplying that by 12 would get you the actual interest rate, that's 15.96% per annum. This is very misleading. Suppose I want to get a home loan and the bank says their interest rate is 8%, or 12%. Now, if they say their rate of interest is 1% per month, that'd sound remarkable, but in reality it's 12% per annum. Everything's just for show. No one goes that deep. 1.33% can be a tempting offer for anyone. But that's per month. And if you multiply it by 12, it'll be 15.96%, and it's not like that you'll get it at 15.96%. It's at least 15.96%. 'Onwards' means it has no actual limit. It can even charge you 60%! But we don't have to give that much. I suggest if it goes above 25% then leave it. It's simple. Next, let's talk about the processing fees. Now Navi's processing fee is 0, this is good thing. True balance offers 0-15%. That's a high processing fee. Let's say I'm charged at 15% on a loan of 1 lakh. So, I've a burden of 1 lakh rupees loan, and 15% processing fees means I'll get only 85k rupees in my account. And suppose, I've to pay 30-35% rate of interest on this. So, already I've loan of 1 lakh, additionally I'll have to pay interest at 35%, and in my account, I've only 85000 rupees. So, I'm left with nothing. It sounds good that I get 85000 in my account, but I'll pay 35% interest on it. The loan amount is 1 lakh, on which 35% interest will be charged. So, why should I pay such high processing fees? The banks charge 1% or 2% as fee processing. We can negotiate that too. So, take loan wisely. Let's talk about Moneyview. This is no less than other apps. They are charging 2% to 8% processing fees from us. I've put the rest in the list. Okay, earlier there was an app called Dhani. But now, it doesn't give any loan. So, don't go there even by mistake. It has become something like an online shopping site now. It doesn't give a loan anymore. So, please don't be misguided. I've mentioned it repeatedly that it doesn't give any loan now. Next, let's talk about minimum age. So like mPokket, it gives loan to students. So, the minimum age they require is 18 years. Talking about Moneyview, the minimum age should be 21 years, and the maximum age is 57 years to get a loan. Okay, let me talk about students. I know my concepts get a bit stretched. But all I say is from my personal banking experience. So, please stay tuned. I share these for you because it's very easy for me to tell you the process quickly and be done with it. But I try to share knowledge from my banking experience. So, sometimes my concepts become a little lengthy. I just try to impart knowledge as much as possible. It takes a lot of effort to make extra PPTs. If you feel that this knowledge adds even a little value in your life, then please like this concept and subscribe to the channel. And please do leave a positive comment, so that we also get motivation. Okay. Now, we were discussing minimum age requirement. What happens to the students is, suppose there're 18-20 years old college students. Now assume, they get monthly 2k-3k rupees from home but they desire to have iPhone. For that, they can get loans from anywhere. How else do these loan apps have such demand? All the college students are responsible for it. They don't know what the financial planning is. They wanted a loan and they got it. Now, their attitude is like, "I've got the loan. Even if I don't pay, what will the app do to me?" The app can't do anything. I agree. But if you default a loan of 20-30 thousand rupees, it'll worsen CIBIL score for life. The age has just started. Some students will prepare for Government jobs. In some Government departments, one even cannot apply with having a bad cibil score. If someone wants to run business in future, or if one has to go abroad for a job, or for a business perspective, then they'll never get a loan for life. Imagine how many opportunities you will miss for yourself! It may sounds like a nonsense that getting loan is not so important. But there can be plenty of chances where you will think if you could get a loan of 1 crore rupees, then you could take your business to next level. Then in the market, where the bank will give you a loan at 7-8%, then you'll have to take a loan at 20% from the local moneylender. When you run a business, you understand the importance of the CIBIL score. So please, in this attitude of buying iPhone and defaulting later, These 18-20-year-olds should never take a loan. Take the loan that can easily be paid off. So, be careful. So, after this, if you see the rating of Moneyview, then it tops the list. So, it has the rating of 4.7 on Play Store. These are the ratings of the rest of the apps. Okay, so we have had a look and saw where Moneyview stands comparing to others. Okay, one more thing. Let's say you took a loan of 1 lakh rupees. Suppose the EMI is 5000 rupees on Moneyview. Now the most important thing is that by chance, suppose you've taken a loan from Moneyview, and the EMI is 5000 rupees, and you haven't paid EMI in time. So, how much penalty will you be charged? So, Moneyview says that if you miss any installment, then, there'll be a penalty of flat 500 rupees. Now, suppose you've not paid the money even in the next month, then every day you will be charged 10 rupees as penalty, i.e., 300 rupees per month, plus 2% of the defaulted amount i.e. 100 rupees. So, you'll have to pay total 900 rupees as penalty next month. Now, in the next month, you've to pay 5900 rupees plus installment of next month i.e. 5000 rupees, so it'll amount to 10900 rupees, which has to be paid now. Suppose you don't pay again, so flat 500 rupees again, plus 10 rupees per day i.e. 300 rupees and it will keep increasing, plus 2% of defaulted amount, that is 2% of 10000. That will be charged as well. This way the loan amount will keep rising. If you take loan, then pay it on time, otherwise, don't go for it. Okay, so we did the whole discussion. Now let's see how to apply for personal loan from Moneyview Personal Loan app. To apply Moneyview Personal Loan, first you've to go to the Play Store and install the Moneyview Personal Loan app. After that, you've to open this app and you'll see this interface. Now here, it asks for some basic permissions, as I told you at the beginning of the concept that you've to give the location access, contacts, and whatever information it asks for. You can't skip this. So, scroll it down and simply click on the 'I Agree' option below. After that, it asks for some permissions 3-4 times, so you have to allow a couple of times. You're helpless here. You've to give all the permission it asks for. This is the problem of Instant Loan Apps. So, you've to give these permissions and click on 'allow' for all these notifications. After that, it'll show all the email IDs that are logged in to your phone. You've to select any one of them which you want to register with Moneyview. After selecting that, click on OK option below. Then on the next page, it shows your email ID. Then it asks for your mobile number that you want to register with Moneyview. Then, you've to simply click on 'Continue' below. Then on the next page, it'll automatically fetch your OTP, and then it'll take you to the next page. Now here on the next page, it asks for some basic details like your first name, last name, your education qualification etc., and you've to enter all these basic details. After that, move to the next page. On the next page, you've to put the monthly income that you mentioned before, like, I've mentioned 10000 rupees in the monthly income for the one I'm applying. So, according to that, it shows that he's eligible for a loan of maximum 1.10 lakh rupees. The calculation of the EMIs will be shown below, that if you take a loan for 18 months, then you pay this much on every instalment, or if you take a loan for 15 months, then you pay this much. So, select the tenure you want the loan for. After that, click on the 'Confirm and Proceed' option below. On the next page, it asks some additional details like education qualification, father's name, mother's name, the house where you live, whether it's your own house or rented. So, all these're the basic details which you've to enter. After that, you move to the next page. Then it asks you to verify your KYC. There're two ways to verify KYC. Either you can do it paperless or with DigiLocker. So, the easiest way is to do KYC with DigiLocker. You need to know the PIN that you set when you used DigiLocker. Even if you don't know the PIN, you can put any number and you'll be logged in. So, I'm simply selecting DigiLocker here. Then on the next page it asks you to enter your Aadhaar card number. Then enter this capture code as it is. Then, click on the 'next' option. Then, you'll receive an OTP on mobile for verification. Enter that OTP. Then it takes you to the next page. Here it asks the same PIN that you've set for the DigiLocker. If you remember, then put it in. If you don't remember, then set your another PIN here. Then, you've to click on the 'Done' option below. Then on the next page, it'll fetch your details from your Aadhaar card. You simply have to click on the 'Allow' option here. Then on the next page, it asks you to upload a selfie here for verification. It'll have your photo as a proof. So, here you've to simply upload the selfie. Then you have to click on the 'Done' option. Then on the next page it asks you that in which bank you want the loan amount to be credited. So, select the bank in which you've your account. E.g., the person for whom I'm applying for loan, has account in Axis bank. So, here I select the Axis Bank option. Now after that, it asks on the next page to verify your bank account. So, there're 3 ways to verify. I'll verify my Axis bank account through Net Banking. So, here I click on the second option, Net Banking. Then on the next page, it asks me to select my bank and enter the username and password of the bank and then click on the 'next' option. After that, it takes you to the next page after verification. After verification, it asks in which account you want to receive your money. So, automatically it shows the name of Axis bank. Here, I'll enter my account number, confirm the account number and after entering my IFSC code, click on the 'verify' option below. Next, it shows this interface on the next page. Here, it has reduced the loan amount, because it validates again later that how much loan you're exactly eligible for. So, you can check the exact and final loan amount here. If you think that the rate of interest is correct, everything seems to be correct, then below you have to click on the 'confirm' option. Then, it takes you to the next page. It asks to set auto-setup here. Auto-setup means that, after getting the loan in your account, from which account you want the EMIs to get deducted, so, that it deducts automatically every month, that is called the auto-debit. So, select that account here. Now, simply you've to select the account for auto-debit of the instalments, and verify the account. So, we can verify this through Net banking that from which account you want the money to be deducted every month. After that, the same verification process is repeated on the next page. It asks to select your bank, enter your customer ID, password and click on the 'next' option below, so that it can verify your auto-debit account. After that, it takes you to the next page. Here it asks you to confirm your address. You've to enter your PIN code, complete address, all the details of your address etc. After that, click on the 'confirm' option below. After that, on the next page, it asks some other details, such as, it asks you here to select anyone in the family. For example, if you select your father, then you've to enter his number. If you want to add friend's number in relative's section. This is just for their backup. If you default tomorrow, then it'll approach them. Anyway, they've already taken a lot of data already, but you've to do this. So, after doing all this, you move to the next page. Then, finally, you'll be shown a review page at the end, stating your loan amount, rate of interest, EMI, and all. If you still think that the interest rate is high or anything that you find unsuitable, then you can exit from here too. If you think everything's fine, then you've to click on the 'Continue' option below. And in about 1-2 hours or 3-4 hours, loan amount will get credited in your account. So, this was the complete review of Moneyview Loan App. I hope you found this concept informative. If you found this concept to be informative even a little bit, then please like this concept and subscribe to the channel. See you in the next concept. For now, this is the end of the concept. Thanks for listening and thank you all.