Learn about how to make your Moneyview loan repayment, including the automatic deduction process, manual payments, and how to calculate your EMI.
Making your Moneyview loan repayment online is a simple process. You can opt for automatic Equated Monthly Installment (EMI) deductions through National Automated Clearing House (NACH), or pay manually through the app if you prefer. Both options are designed to ensure that your repayments are made on time and without hassle.
Repaying your Moneyview Personal Loan is easy and flexible. The loan repayment process is designed to ensure that your EMIs are paid on time with minimal effort.
By default, your EMIs will be automatically deducted from your linked bank account through the NACH system once you authorise the mandate during the loan application process. This automatic deduction eliminates the need to remember due dates and ensures hassle-free payments.
If you prefer not to set up auto-debit or if it’s not activated for your linked account, you can still make manual payments. You can pay your monthly EMIs through the ‘Pay Now’ option in the Moneyview app. This gives you the flexibility to choose your preferred method, including using your Debit Card, Net Banking, or UPI ID.
You can download the Moneyview app through both Android and iOS devices. Follow the steps below to get started:
For Android:
Open the Google Play Store and search for ‘Moneyview: Loans, Credit Score’
Once installed, open the app and tap on ‘I agree’ to grant necessary permissions
Click on ‘Get Started’
Enter your mobile number and email ID to create an account, then click ‘Continue’
For iOS:
Go to the App Store on your iPhone and search for ‘Moneyview: Loans, Credit Cards’
After installation, open the app and click ‘Allow’ for necessary permissions
Tap on ‘Get Started’
Log in using your mobile number and email address, click ‘Get OTP’, and enter the OTP to proceed
To calculate your Moneyview loan repayment, you’ll need to know 3 key details:
The loan amount
The interest rate
Loan tenure
The Equated Monthly Installment (EMI) is calculated using a standard formula that accounts for these factors:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal amount (the loan amount you’ve borrowed)
r = Monthly interest rate (in decimal form)
n = Number of months (loan tenure in months)
Let’s say you take a loan of ₹5,00,000 with a monthly interest rate of 1.33% (which is equivalent to an annual rate of 15.96%) for a period of 5 years (60 months).
P = ₹5,00,000
r = 1.33% per month = 0.0133
n = 60 months
Now, plug these values into the formula:
EMI = [5,00,000 × 0.0133 × (1 + 0.0133)^60] / [(1 + 0.0133)^60 – 1]
Step-by-step calculation:
(1 + 0.0133)^60 = 2.2094
EMI = [5,00,000 × 0.0133 × 2.2094] / [2.2094 – 1]
EMI = [5,00,000 × 0.0283] / 1.2094
EMI = 14,737 / 1.2094
EMI ≈ ₹12,186
For a loan of ₹5,00,000 at a monthly interest rate of 1.33% over a period of 60 months, your EMI would be approximately ₹12,558.38.
You can use the Moneyview Personal Loan EMI calculator to easily calculate your EMI before taking a loan or during the loan application process.
When taking out a Moneyview loan, it’s important to be aware of the fees and charges that may apply during the repayment process.
Here are the details:
| Type of Charge | Amount/Details |
|---|---|
Processing Fee |
Up to 2% of the loan amount |
Cheque Bounce Penalty |
₹500 per instance |
Disclaimer: The interest rates and charges mentioned above are subject to constant change at the lender’s discretion.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can easily view your loan details, including the repayment schedule and outstanding balance, directly on the Moneyview app by logging in with your registered phone number and email address.
Yes, if the auto-debit option is not activated for your account, you can make manual payments through the ‘Pay Now’ feature in the Moneyview app using your Debit Card, NetBanking, or UPI.
Yes, a penalty of ₹500 will be charged if an EMI is missed.
The NACH mandate date may extend beyond the loan tenure, but rest assured, the EMI will only be deducted for the actual loan duration. This ensures that the final Moneyview EMI payment is collected on time.
Sometimes, the NACH mandate amount may appear higher than the EMI, but the monthly deduction will still be the same as the EMI amount you agreed to during the loan application process.