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Money View offers personal loans up to Rs. 5 lakh to both salaried and self-employed individuals to deal with various financial requirements. Money View personal loan interest rate starts at 1.33% per month. The loans can be easily availed online through a completely digital and paperless process with the option of foreclosure as per your convenience. The process, charges and benefits associated with the foreclosure of Money View personal loans is discussed below:
Money View Personal Loan Foreclosure Charges and Other Processing Fees
Foreclosure of a personal loan means paying off the loan completely before the end of its tenure. Whereas, when you pay an amount in excess of the actual EMI amount it is known as partial prepayment. The following table gives the charges associated with Money View personal loan foreclosure and pre-payment:
| Particulars | Charges |
| Foreclosure charges | Nil* |
| Part Prepayment Charges | As per the prevailing policy of Money View** |
| Processing Fees | ● Dynamically calculated according to Money View Algorithms.
● Does not have to be paid separately. It is deducted from your sanctioned loan amount before Money View transfers the funds to your bank account. |
*Foreclosure allowed only if your EMI repayment period is longer than 6 months and once you have made at least 3 EMI payments.
** Part payment of monthly EMIs is not allowed. As per the terms of the loan, you are required to pay the full EMI on the due date. However, in case you want to pre-pay a part of the entire loan amount, you can get in touch with the customer care to know applicable terms and conditions.
Steps involved in the Personal Loan Prepayment Process
Once you have paid at least 3 EMIs, you can foreclose your Money View personal loan by contacting the company’s customer support team via call or email. You can also use the company’s mobile app and visit the “Foreclose Loan” section on the “Loan Overview” screen of the app.
Money View Personal Loan Preclosure Benefits
Given below are some key advantages of pre closing your Money View personal loan:
Foreclosure/Full Prepayment
- Helps you save on the overall interest payout of the loan.
- You are freed from the burden of the loan.
Partial Prepayment
- Allows you to save on the interest payout of the loan.
- You get the option to either reduce the loan tenure or pay a lesser EMI amount.
FAQs
Q1. What is Money View personal loan interest rate?
Money View offers personal loans at an interest rate starting at 1.33% per month onwards. However, interest rate applicable to an applicant is based on the assessment of his/her spending patterns by the company’s algorithm.
Q2. What is the tenure option available on Money View personal loans?
The repayment tenure on Money View personal loans ranges between 12 to 60 months.
Q3. What is the minimum and maximum loan amount that I can avail on a personal loan from Money View?
You can avail a personal loan ranging between Rs. 10,000 to Rs. 5 lakh from Money View to meet various personal financial needs.
Q4. How can I contact the company’s customer care in case I have queries related to personal loan foreclosure?
You can get in touch with the Moneyview’s company customer care via any of the following means given below:
- Call: You can call the customer service executives on 080-4569-2002.
- Email: You can also send your queries via email. Money View’s email address is given below:
- For loan Related Queries: loans@moneyview.in
- For Loan Payment Queries: payments@moneyview.in
- For General Queries: feedback@moneyview.in
Q5. When can I foreclose my Money View personal loan?
You can foreclose your Money View personal loan only if your EMI repayment period is longer than 6 months and that too only after you have made at least 3 EMI payments. However, there is a lock-in period that is applicable on your personal loan, based on your overall repayment period. You can refer to the table below to check your eligibility for foreclosing your Money View personal loan:
| EMI Repayment Period | Loan Foreclosure Conditions |
| 6 months or earlier | Foreclosure is not allowed |
| 7 – 18 months | Foreclosure is allowed after completion of 6-month Lock-In period
(mandatory payment of 6 EMIs) |
| 18 months or more | Foreclosure is allowed after completion of 12-month Lock-In period
(mandatory payment of 12 EMIs) |
Q6. How is the total amount payable on Money View personal loan foreclosure calculated?
You can foreclose your Money View personal loan after you have paid at least 3 EMIs without paying any additional charges. The final amount payable on foreclosure is calculated automatically and includes the outstanding principal amount, interest charges as of that day, overdue EMIs and penalties (if any).
Q7. Why can’t I see the “Foreclose Loan” section on the Money View app?
The “Foreclose Loan” section may not visible on the app because:
- You haven’t made the mandatory number of EMI payments to be eligible for foreclosure.
- Loan foreclosure by MoneyView is permitted only after the 8th of every month till the end of the month.