MoneyWide Personal Loan Interest Rate

MoneyWide
4.5

Customers can get instant loan approval with Moneywide, an RBI-registered NBFC. The process takes less than 5 minutes with the provision of applying online without the need to visit any branch. The Moneywide personal loan facilitates up to INR 3 Lakhs for a tenure ranging from 3 to 36 months.

  • MoneyWide Personal Loan Interest Rate

    Personal Loan offer for You

  • 16% - 32%

    Interest Rate (p.a.)
  • ₹20K - ₹3L

    Tenure(0 - 3 Years)
  • ₹2,432 - ₹3,359

    EMI Per Lakh

Check Latest Personal Loan Offer From Moneywide

  • MoneyWide Personal Loan Interest RatePersonal Loan offer for You
  • 16% - 32%

    Interest Rate (p.a.)
  • ₹20K - ₹3L

    Tenure(0 - 3 Years)
  • Up to 4% of loan amount

    Processing Fee

Compare Moneywide Personal Loan Interest Rates with Other Lenders

The table below compares MoneyWide Personal Loan Interest Rates with other banks and lenders. 

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

MoneyWide Personal Loan interest rates start at 29.99% and zero hidden charges, MoneyWide provides a quick and hassle-free loan approval process that takes less than 5 minutes. 

Applying for a MoneyWide personal loan is even more convenient with their mobile app, which allows you to complete the entire process with minimum documentation. Additionally, MoneyWide offers part-payment and foreclosure options, giving you greater flexibility in managing your loan.

Features and Benefits Of a MoneyWide Personal Loan

MoneyWide Personal Loan comes with a range of features and benefits that make it a convenient option for borrowers:

  • Instant online paperless approval: MoneyWide offers instant online paperless approval for personal loans, meaning you can complete the entire loan application process online without any physical documentation or branch visits.
  • Part-payment and foreclosure facility: MoneyWide allows you to make part payments and foreclose your loan without additional charges, giving you greater flexibility in managing your loan repayment.
  • A loan from INR 10,000 and INR 3 lakhs: You can apply for a personal loan from MoneyWide starting from as low as INR 10,000 up to INR 3 lakhs, depending on your eligibility and requirements.
  • Tenure 3 months to 36 months: MoneyWide offers flexible loan tenure options ranging from 3 months to 36 months, allowing you to choose a repayment period that suits your financial situation.
  • No hidden charges: MoneyWide does not levy any charges or processing fees on personal loans, ensuring transparency in the loan application and repayment process.
  • Repayment flexibility: With MoneyWide Personal Loan, you can choose from various repayment options such as auto-debit, online payments, and cheque payments, making it easy to repay your loan conveniently.

MoneyWide Personal Loan Schemes

MoneyWide offers several personal loan schemes to cater to the diverse needs of borrowers. Here are the key features of each scheme:

  1. Instant personal loan: MoneyWide's Instant Personal Loan scheme provides quick and hassle-free loan disbursal with minimal documentation. You can apply for a loan of up to INR 3 lakhs and get instant approval within minutes.
  2. New credit personal loan: If you have little or no credit history, MoneyWide's New Credit Personal Loan scheme is designed for you.
  3. Personal loan without documents: MoneyWide's Personal Loan Without Documents scheme allows you to apply for a loan without submitting any physical or digital documents. The loan approval process is quick and hassle-free.
  4. Personal loan on Aadhaar Card: If you have an Aadhaar Card, you can apply for a personal loan from MoneyWide without any collateral or guarantor. The loan approval process is quick; you can get up to INR 3 lakhs in the loan amount.
  5. Personal loan for travel: MoneyWide's Personal Loan for Travel scheme is designed for those who want to fund their travel expenses.
  6. Personal loan for marriage: MoneyWide's Personal Loan for Marriage scheme allows you to finance your wedding expenses.
  7. Personal loan for home renovation: MoneyWide's Personal Loan for Home Renovation scheme is designed for those who want to renovate their homes. 

Factors Affecting MoneyWide Personal Loan Interet Rates 

Several factors can impact the eligibility and interest rates for a MoneyWide Personal Loan. Here are the key factors:

  • Credit score: MoneyWide considers your credit score while processing your loan application. A high credit score indicates good creditworthiness and increases your chances of loan approval at lower interest rates.
  • Monthly income: Your monthly income determines your repayment capacity, impacting your loan eligibility and interest rates. A higher income increases your eligibility and may result in lower interest rates.
  • Employment history: Your employment history is also considered while processing your loan application. A stable job and a consistent employment history can increase your chances of loan approval at lower interest rates.
  • Loan amount and tenure: The loan amount and tenure you choose also affect your interest rates. A higher loan amount and a longer tenure may result in higher interest rates.
  • Existing debt: If you have other outstanding loans or credit card debt, it may affect your repayment capacity and loan eligibility.
  • Relationship with the lender: If you have an existing relationship with MoneyWide, such as a savings account or credit card, you may be eligible for preferential interest rates or other benefits.

How to Calculate MoneyWide Personal Loan Interest Rates and EMI?

Calculating MoneyWide Personal Loan interest rates and EMI is essential in determining your loan's affordability and suitability. Here's how you can calculate it:

  1. Interest Rates: MoneyWide Personal Loan interest rates are determined based on various factors, including credit score, loan amount, and repayment tenure. You can use the online EMI calculator on the MoneyWide website or app to understand the applicable interest rate. You need to enter the loan amount, repayment tenure, and interest rate to get the monthly EMI and the total interest payable on the loan.
  2. EMI Calculation: To calculate your monthly EMI, you can use the following formula: 

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

Where,

 P is the loan amount

R is the monthly interest rate

N is the repayment tenure in months. 

Let's take an example to understand this better. Suppose you take a MoneyWide Personal Loan of INR 2 lakhs at an interest rate of 20% for a tenure of 24 months. Using the formula, the monthly EMI will be- 

EMI = [2,00,000 x 20%/12 x (1+20%/12)^24]/[(1+20%/12)^24-1] = INR 10,312. 

The total interest payable over the loan tenure will be INR 47,686.

Using the above methods, you can calculate the interest rate and EMI for your MoneyWide Personal Loan and make an informed decision. Keep in mind that the actual interest rate may vary based on the factors mentioned earlier. Before applying for a loan, it is always advisable to check with MoneyWide for the latest interest rates and other details.

How to Get Low-Interest Rates with MoneyWide?

Getting a low-interest rate on a personal loan from MoneyWide can help you save a considerable amount on interest charges. Here are some tips to help you get a low-interest rate. 

  1. Good Credit Score: A high credit score is an essential factor in determining the interest rate on your personal loan. If you have a good credit score, you are more likely to get a lower interest rate than someone with a lower credit score. So, it's a good idea to maintain a good credit score by paying your bills on time, reducing your credit utilisation, and avoiding defaulting on any loans.

  1. Compare Lenders: Before applying for a personal loan, compare the interest rates offered by different lenders, including MoneyWide. Look for lenders offering the lowest interest rates and favourable loan terms.
  2. Choose a Shorter Tenure: The tenure of the loan also affects the interest rate. Usually, a shorter term leads to a lower interest rate, as the lender has to take on less risk. So, choose a shorter tenure for your MoneyWide Personal Loan.
  3. Provide Collateral: Providing collateral, such as property or other assets, can help you secure a lower interest rate on your loan.
  4. Negotiate: Once you have researched and compared different lenders, you can negotiate with MoneyWide for a lower interest rate. Be sure to have a good credit score, a stable source of income, and a repayment plan to present your case convincingly.

MoneyWide Personal Loan Interest Rates Fees and Additional Charges 

MoneyWide Personal Loan Interest Rates stand at 3.75% on the processing amount. 

Part payment charges Up to 4% of the prepaid amount after 1st EMI
Foreclosure charges Up to 4% of the outstanding amount after 1st EMI

Frequently Asked Questions (FAQs)

What is the current interest rate of a MoneyWide personal loan?

The current interest rate for a MoneyWide personal loan starts from 29.99% per annum.

How can I reduce my interest in a MoneyWide personal loan?

You can reduce the interest rate on your MoneyWide personal loan by improving your credit score, opting for a shorter tenure, negotiating with the bank for a lower interest rate, or providing collateral.

Is MoneyWide personal loan a floating-rate loan or a fixed-rate loan?

MoneyWide offers fixed interest rate options for personal loans.

Do MoneyWide demand collateral or security for personal loans?

MoneyWide may or may not demand collateral or security for personal loans. It depends on various factors like loan amount, credit score, and repayment capacity of the borrower.

Can individuals pay off their MoneyWide loans EMI early?

Yes, individuals can choose to prepay their MoneyWide personal loan EMIs early. However, it may involve prepayment charges as per the bank’s policies.

What is the EMI for one lakh for 24 months for a 29.99% personal loan?

The EMI for a 1 lakh personal loan for 24 months at a 29.99% interest rate is approximately Rs. 5,871.

What is the EMI for ten lakhs for 24 months for a 29.99% personal loan?

The EMI for a 10 lakh personal loan for 24 months at a 29.99% interest rate is approximately Rs. 58,711.

Urban Money