There is no contest over the fact that money is a necessity, and often as life happens, we might need quick and immediate cash. However, access to credit in India is so restricted that only less than 10 percent of Indians have access to formal credit. That means there are at least one billion people who can't access formal credit in India. Reason most of the population have no formal borrowing history and thus no bureau (CIBIL) score and are consequently invisible to banks.

A country's growth is linked to its debt to GDP ratio, which is much lower in India as compared to other developed nations. So how do we solve this credit gap? A life saviour in this regard can be an instant personal loan. Money View is one such company which has garnered trust and reliability since its inception. Money View is an app based platform that democratizes access to fair & responsible credit to millions of people with just a smartphone and a bank account.

Money View's Modus Operandi
Money View uses data driven multi dimensional risk assessment to holistically understand users' creditworthiness, thus offering higher credit approval rates at lower risks than traditional banks. “Our end-to-end digital process allows users from anywhere in the country to get an instant loan in a frictionless manner, while adhering to all regulatory policies. Our graduation based strategy helps borrowers bring discipline & growth in their financial journey," says

Puneet Agarwal, Founder, Money View.

The company operates on three core values Simplicity, Transparency, and Nurture. Simplicity keeping process simple & frictionless so that anyone and everyone can apply without a second thought Transparency insuring the borrowers understand every fine transactional details and Nurture to help grow the borrowers in their financial journey."We are constantly striving to provide personalised, frictionless and responsible customer centric financial products to enable credit access to a billion Indians," adds Puneet.

Instant Loans Empowering The One In Need
While in the case of a personal loan, one needs to provide required documents, and it is only after that the loan request is given for processing, instant loans go completely paperless where all documents are uploaded online. Second, the flexibility to choose a loan amount ranging from as low as Rs.10,000 upto Rs.500,000, thus meeting needs across the spectrum. Third, instant loans are really true to their name as they get disbursed pretty quickly and are the best option when you need immediate funds. This automatically means that your documents will be processed almost realtime as compared to standard personal loans.Fourth, loan tenures will be as one chooses and usually has flexibility regarding that. Loans are personalized to each customer based on an array of factors which helps Money View provide loans to every Indian that traditional banks and NBFCs are not able to serve. While a few instant loan players keep the tenure low, Money View offers significantly longer tenures upto 60 months, thus offering better financial control to the borrowers.

Our end-to-end digital process allows users from anywhere in the country to get an instant loan in a frictionless manner, while adhering to all regulatory policies”

Fifth, the loan amount is also offered according to the individual's choosing, provided they are within the minimum and maximum amount decided by Money View. The criteria to be eligible for an instant loan is having a decent credit score, preferably above 600. However, that doesn't mean borrowers without a credit history cannot avail a loan. Our data modelling looks at various other factors to present a suitable offer.

The collaboration between startups like this and fintech NBFCs is here to stay. This collaboration has not realized even a tenth of its potential in India, as fintechs continue to build technology that will allow companies and individuals to operate effectively.