MoneyWide Personal Loan

Features and Benefits of MoneyWide Personal Loan

You gain access to the following features and advantages when you obtain a loan from MoneyWide:

• Quick and paperless approval on personal loans.
• The interest rates are reasonable, with payback terms ranging from three months to three years.
• Both self-employed individuals and employed professionals can apply for loans.
• Individuals with no credit history are also eligible for MoneyWide personal loans.
• 5-minute loan payout and approval on the same day.
• With a digital web login and application, there is no need to make an in-person visit.
• Documents proving a minimum income are needed.
• Flexibility to repay a loan in full or in part after making one on-time EMI.
• The minimum monthly income required for loan approval is INR 20,000.

MoneyWide Personal Loan Overview

MoneyWide is a fintech platform owned and operated by MyLoanCare Ventures Private Limited that was introduced in 2022. Incorporated in 2014, MyLoanCare is an NBFC registered with the RBI. MyLoanCare began as a neutral bank platform with a strong reputation for offering digital financial services to a sizable customer base. It offered well-known digital discounts on mortgages, auto loans, personal loans, and other financial products from more than 30 Indian banks and NBFCs.

The NBFC reached the landmark of serving 3 million registered customers, adding another triumph feather to its sash. With a 4.5 out of 5 customer rating, it became one of the biggest online financial markets.

It is now prepared to begin its new journey as MoneyWide, providing distinctive, practical, yet transparent loan options. It was ranked as the fourth-largest lending marketplace from 2014 to 2019. It changed from a financial banking company with PB Fintech investments in 2020 to a non-banking financial company in 2021. It is highly known for providing personal loans at attractive rates starting from 17% onwards. Individuals with no financial history and credit rating can also secure MoneyWide personal loans.

MoneyWide Personal Loan Eligibility Criteria

To get a MoneyWide personal loan with utmost ease, adhere to the following eligibility criteria:

Eligibility Criteria for Quick Personal Loan category

• Applicant must be between 21 years to 55 years while applying for a MoneyWide personal loan.
• All salaried individuals working in the public and private sectors are eligible to secure a personal loan.
• For instant personal loan approval, the borrower must have a credit score equal to or above 650. 
• The minimum monthly income to secure quick personal loan clocks at INR 20,000.

Eligibility Criteria for MW First Personal Loan

• The borrower must be between 21 and 30 years while applying for a personal loan.
• All salaried individuals working in the public and private sectors are eligible to secure a personal loan.
• If you are a first-time borrower, you can apply with a 0 or -1 CIBIL Score.
• You must have a minimum monthly income of INR 20,000. 

MoneyWide Personal Loan Interest Rates

MoneyWide caters to a versatile customer base with different types of personal loans to meet urgent fund requirements. It includes personal loans, instant personal loans and MW First program. The aim is to provide a personal loan with minimal documents within the same day. The MoneyWide personal loan interest rates range from 17% to 29% per the borrower's creditworthiness. The interest rates for MQ First Program start from 29% as they fall in the high-risk category.

Factors Affecting MoneyWide Personal Loan Rate of Interest

The following factors affect the MoneyWide personal loan interest rates:

• CIBIL Score: A personal loan's approval and interest rate are strongly influenced by the credit score, also known as the CIBIL score. A high credit score, or above 650, demonstrates your reliability to the lender. A high credit score qualifies you as a risk-free borrower, which makes it easier for you to take advantage of lower-interest-rate offers.
• Financial Stability: A high-paying employment is a requirement so that you can make on-time repayments. A borrower with stable finances has a better chance of getting a MoneyWide personal loan approved at a cheaper interest rate than those who don't. If you own a business, the lender will consider you creditworthy if you have a consistent annual revenue.
• Loan to Value Ratio (LTV Ratio): Borrower's income must be higher than the monthly expenses and loan repayments. It guarantees that you will complete all of the scheduled monthly payments.
• Loan Repayment Period: The interest rate on a personal loan automatically drops as the loan repayment period is extended to reduce the monthly payments. However, the monthly EMI and interest rate would increase the shorter the payback period. So, if you want lower interest rates on MoneyWide personal loans, plan on repaying the loan over a longer period.

MoneyWide Fees and Charges

While applying for a MoneyWide personal loan, be prepared to pay the following fees and charges:

Specification	Charges
Interest Rate	17% to 32%
Processing Charges	3.75% of the approved loan amount
Partial Prepayment Charges	4% of the prepayment amount (at maximum)
Foreclosure Charges	4% of the principal loan amount remaining

Documents to Secure MoneyWide Personal Loan

You must provide specific documents to get approval for a MoneyWide personal loan with utmost ease. Preparing the required set of documents beforehand fastens the entire MoneyWide loan process.

Identity Proof Documents	Valid Passport Applicant’s Driving Licence Aadhaar Card Card, Driver’s Licence Voter’s ID
Residence Proof Documents	Valid Passport Aadhaar Card Utility Bills (electricity, gas or telephone bill) Driving Licence
Documents associated with Age Proof	Aadhaar Card Valid Birth Certificate Certification of School Completion

If you are a salaried individual, you will also need salary slips, bank account statements, and Form 16.

For self-employed applicants, lenders will ask for business income proof, business continuity proof, and proof of ownership.

How Does the EMI Calculation Work for MoneyWide Personal Loans?

In MoneyWide, the borrower gets the option to repay the borrowed amount within 36 months as per their convenience as well as repayment capabilities. But you can determine the monthly EMI you will have to pay against the borrowed amount through the EMI calculation formula. Additionally, you can count on Urban Money's EMI calculator to determine the monthly repayment amount.

To perform the computation manually, deploy the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

• EMI is the monthly repayment toward the MoneyWide personal loan
• N is the Number of Monthly Instalments towards the borrowed amount
• P denotes the Principal Personal Loan Amount
• R represents the applicable Personal Loan Interest Rate

How Does MoneyWide Compare with other Lenders?

Before applying for a MoneyWide personal loan, try comparing the offering with other lenders. We have compared the personal loan offered by various lenders in terms of interest rates:

Banks and other Non-Banking Financial Institution	Interest Rates (per annum)
Deutsche Bank Personal Loan	24 Percent
Tata Capital Personal Loan	10.99 Percent
State Bank of India (SBI) Personal Loan	9.6 Percent
HDFC Bank Personal Loan	10.25 Percent
Punjab National Bank (PNB) Personal Loan	7.9 Percent
ICICI Bank Personal Loan	10.25 Percent
Kotak Mahindra Bank Personal Loan	10.25 Percent
Axis Bank Personal Loan	10.25 Percent
IndusInd Bank Personal Loan	10.49 Percent
IDFC Personal Loan	10.49 Percent
Clix Capital Personal Loan	14.99 Percent

Having this information will be beneficial in making an informed decision.

MoneyWide Personal Loan Customer Care Number

If you have any queries or complaints or need assistance with any financial instrument, you can get in touch with the customer care executive with utmost ease.

All you have to do is call their helpline number, and your queries will be resolved quickly.

Contact Number: +91-9911862226

(Customers can get in touch with an executive by calling this number from Monday to Saturday. The timings are limited to 10 am to 6:30 pm)