The Pandemic and the Need for Funds for Higher Education
Amidst the online learning craze of India and the world due to the epidemic, demand for an education loan is at an all-time high. According to lenders and industry experts, the pandemic has significantly pushed individuals to upgrade their education and skills. Here is where Money View can help by offering individuals loans to cover their immediate financial needs.
“An investment in knowledge pays the best interest”
Benjamin Franklin
Instant Loan With Paperless Application
Money View offers an instant loan for students up to Rs. 5,00,000 to salaried and self-employed with a paperless application. To get a Money View instant loan, the customer needs to know which loan they are eligible for on the link provided at the website of Money View.
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Money View also enjoys popularity among users of loan apps, thanks to two main attractive features: convenience and paperless application. The paperless application makes a tiresome process easy and smooth. Once the application is accepted, the loan amount will be released within 24 hours.
There are specific qualifying requirements for potential applicants in terms of age, income limit, and creditworthiness. The specifications are:
| Applicant Catagory | Age Requirements | Income Requirements | Credit Score |
| Student | ——- | NA | No credit score required |
| Salaried | 21-57 Years | Rs. 13,500 to 25000(varies from city to city) | 1-299(who are new to credit) Minimum 650-750 |
| Self-employed | 21-57 Years | Rs. 25000 | Minimum 650-750 as applicable |
Documents Required
- Identity proof (PAN or Aadhaar Card).
- Address proof.
- Last three months’ statement with salary credits (if applicable).
- Latest mark sheet.
- Basic qualification mark sheets for 10th, 12th, Degree certificate, etc.
- Course details.
- Collateral documents (if applicable).
- Public documents like application forms etc.
Key Features
Who Can Avail?
Anyone interested in furthering their education can apply for an education loan.
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What Expenses Are Covered?
Covers all costs associated with the course of study.
Any Min/Max Amount?
For education loans, there is no fixed minimum or maximum amount. The amounts are determined by the student’s chosen field of study.
Interest Rate
The interest rate charged on an Education Loan is determined by various criteria, including the co-applicants credit score, collateral provided, employment possibilities of the course, etc.
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Education loans are generally charged at an interest rate in the range of 9 to 15%. Loans provided by public sector banks tend to be cheaper. The loan amounts awarded through financial institutions can be flexible, depending on what you need, but may limit the amount you receive.
Margin
Margin money is that portion of an amount on which interest is charged. Currently, for an educational loan, you can borrow up to Rs. 4 lakhs without requiring a margin.
Collateral
There is no need for collateral if your loan amount is less than Rs 4 lakh. There is a requirement of collateral in the form of a third-party guarantee for loan amounts ranging from Rs 4 lakh to Rs 7.5 lakh.
Conclusion
Money View’s instant personal student loans are one of the most accessible loan options available to students. The documentation and eligibility criteria for student loans are not as stringent as other types of loans. This makes the entire process paperless, online, and hassle-free.
References
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