Covid, the pandemic has hit many people financially and pushed them to the edge. Considering the financial needs of the consumer, some banking and NBFCs have been indulging in offering a specialized kind of loan referred to as Covid 19 loans. These loans are surely a huge help to people and families who are finding it difficult to meet certain expenses due to a paucity of funds in this pandemic.
Wondering if a bad credit score can get you the Covid 19 loan?
It becomes easier to get any kind of loan from banking or non-banking financial institutions only if you secure a good credit score. But everyone doesn’t need to have a great credit history. If you are also one of them then do not get disheartened since there are some financial institutions like Money View that have an in-house credit rating system.
These trustworthy companies apart from the CIBIL score consider several factors to get an idea of the creditworthiness of the applicant. Generally, if you want to avail of the Covid 19 loan scheme from Money View or other reliable lenders then you must have a minimum credit score of 600 or a minimum Experian score of 650. To get detailed information about the Covid 19 loan scheme, contact the financial expert of an authentic institution.
Keen to know the eligibility criteria of the Covid-19 loan scheme?
Before applying for the Covid 19 loan, you should have a brief knowledge of the eligibility criteria. Let’s have a look at a few mentioned points to know if you are eligible for availing of the loan or not. If you are making plans to apply for Covid 19 loan scheme from the Non-Banking Financial Institute then you need to fulfill certain requirements.
- First comes the age criteria and in this, the person needs to be in the age group of 21 to 57 years.
- If you are applying for a loan in Money View, you need to fulfill the requirement of minimum income and this is Rs.13, 500.
- The important point to be noted here is that this income must get credited to the bank account of the applicant.
- If you want to apply for the Money View Covid 19 loan then you should secure a credit score of a minimum of 600. Also, you are eligible for the loan if you have a minimum Experian score
To get Covid 19 loan from Money View, an applicant should fulfill the minimum documentation requirements. The details of the documentation process that needs to be completed are mentioned below:
- It is necessary for an applicant to submit photo id proof. The best example of photo id proof is the PAN card of the applicant. In case there is any problem with the image clarity on the PAN card then they ask for any other supporting photo id document.
- The applicant also needs to submit valid address proof. It can be an Aadhaar card, driving license, passport, etc.
- The third document that the applicant has to submit along with the covid 19 loan application form is the proof of income. The best and most authentic income proof is the bank statement of the last 3 months of the applicant.
Reasons for choosing Money View for availing Covid 19 Loan
With the establishment of many Government and private financial institutions, it becomes too easy for anyone to avail loans. Just choose a reliable name from the list and apply for the loan. Just check the reasons for which one must apply for the Money View Covid 19 loan scheme:
- The process to apply for the Money View Covid 19 loan is very simple and requires less documentation.
- The entire loan application process of Money View is online and there are no complicated steps that need to be followed.
- If you are eligible and the documentation procedure is done properly then the Money View loan is disbursed in a few hours.
- You can use the Money View Covid 19 loan to fulfill any of your financial needs like paying the utility bills or paying the tuition fees of your child etc.
Here is what you need to do to apply for the Money View Covid 19 loan:
If you are interested in getting the Money View Covid 19 loan then there are some simple steps that you need to follow. Go through the major steps:
- First of all, check your loan eligibility online on the website of Money View. You can also download the Money View app on your android device and then check the eligibility on the app.
- In the case of eligible candidates, they need to choose the loan plan that is the loan amount and the repayment tenure.
- Next, the applicant has to submit the online application form and the documents which are photo id proof, address proof, and bank statement.
- In the last, the verification of the loan documents is done and after that, the loan agreement is sent to the applicant.
Once the terms and conditions of the loan agreement are accepted by the applicant the loan is disbursed in a few hours and the amount is credited to the bank account of the applicant.
Important notable points that you just cannot ignore:
Once the documents are verified by the Money View officials the applicant is given a NACH form which has to be printed, signed, scanned, and submitted to the organization. On receipt of the NACH form, the applicant gets the loan agreement online. The NACH form is for the auto-debit of the EMI from the bank account of the applicant.
In the Covid times if you are looking for financial support then you can rely on Money View. This financial institution is offering the Covid 19 loan scheme and this loan amount can be used by the borrower for his different financial needs. For complete information about the Money View Covid 19 loan scheme, connect with the financial experts of the organization.