5 Things to Remember When Availing an Online Personal Loan

digital-lending-loan

Introduction

With the term ‘cashless’ taking center stage in India’s financial circles, since December 2016’s Demonetization, the spillover effect can be seen on personal finance in the form of ‘Online Personal Loan’, as well. What is an Online Personal Loan? It is a financial transaction in which a financial institution agrees to provide a personal loan to a borrower. Such transactions can happen via a digital lending platform. The principal personal loan amount, tenure and EMIs are all set during the approval process. The approval process does not involve any offline processes – mandatory in case of traditional lending institutions such as banks. The communication between the platform and borrower happens completely online making it a digital process.

A digital lending platform is set-up in such a way that the borrower’s personal, financial information and social authorization are evaluated by the platform, and his/her credit worthiness is calculated. The platform then decides if the loan is to be approved or not. No bank statement photocopies, no attested documents, no reference forms and no heaps of application forms are needed. With no time wasted in documentation, this mode of personal loan disbursement is faster and quicker than traditional bank solutions. We today look at 5 things to remember when availing a personal loan via digital lending platforms. The objective is to make you aware of what digital lending is, which is the best place to get an online personal loan and what should be your approach when applying for a personal loan.

 

What is Digital Lending?

Forget about saving paper, no human intervention in the loan application process allows for better streamlining. With the number of documents down to just PAN Details and Bank Statement PDF (that too fetched from your net-banking account), the borrower saves the time he/she would have spent in accumulating multiple documents and attestations needed by traditional lending solutions such as banks. The emergence of technology helps digital lending platforms improve on traditional banking pain points such as delay in loan approval, time taken in disbursement, etc. With digitization enabling Indians to make use of online payment modes, the option to avail an online personal loan does not seem farfetched. Eligible salaried individuals are provided funds based on their credit worthiness.

 

Loan Singh’ Digital Lending Platform

Loan Singh is a digital lending platform that requires no collateral while applying for an online personal loan. No stacks of paperwork or bundles of stapled photocopies. With no time wasted in documentation, this completely digital process is much faster and quicker compared to traditional lending solutions. The talisman for your loan to be approved is a good credit score. If you are a salaried individual, you can avail of a personal loan with no prior credit history. Although the personal loan process at Loan Singh is quick and easy, you must be focused on ensuring timely repayments of your Loan EMIs. The ease of availing a personal loan, through Loan Singh, should not lead you to a false sense of security without any responsibilities.

 

How to Apply for a Loan at Loan Singh

The process is simple and completely online. You need your PAN Card details and latest 6 months bank statement. The statement has to be in PDF format only. You can apply for the personal loan by going to www.loansingh.com and clicking on ‘Start Your Loan Application’.

Get Started Page – Select ‘PERSONAL LOAN’ from the drop-down and enter the loan amount with the desired repayment tenure.

Registration pageAdd your contact number, personal email ID and corporate email ID

Social AuthorizationConnect your Facebook, Google+ and LinkedIn profiles for discounted interest rates

Profile PageFill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your credit score and as a KYC document.

Address PageChoose your type of residence; mention your street address, city, state and pin code.

Job Profile PageMention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.

Financials pageUpload your latest 6 months bank statement from your computer or let us fetch it from your GMail account or net-banking account.

Auto Debit Page – Provide permissions to your bank name, account number and IFSC code for Loan Singh to auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.

 

Advantages of Loan Singh

Loan Singh presents a number of advantages over other online platforms. Some of these are

  • Minimal documentation
  • Fixed monthly installments
  • No hidden fees
  • Easy online loan application process
  • No prepayment penalty
  • Social authorization – a secondary identifier
  • Transparent process

 

5 Things to Remember

Switching your mindset from the traditional solutions, such as banks, is a tough ask. For generations, you have seen your friends & family avail personal loans from banks and you might understand how it works. For this reason, you are fine with the offline & time unbound method. But salaried millennials have no time to apply for a half day leave, carry the bunch of documents and wait for their turn at bank counters. As shown above, the process is online and easy to apply. We have listed 5 things for you to remember or consider when approaching a digital lending platform, such as Loan Singh, for a personal loan.

Research

Everyone does, and you should too. Despite Loan Singh’s digital presence on Facebook, Twitter, Pinterest, Google+ and LinkedIn, you need to understand how digital lending is different from offline modes. Read about Loan Singh’s FAQs and find out what documents are needed to be kept handy during the online application process. The actual documents should be provided digitally.

Eligibility

Just because you have internet and need funds does not mean a digital lending platform will allow you to get a loan approved. You need to be at least 21 years of age & with a salaried background. The minimum monthly salary you should be earning should be Rs.15,000. A competent credit score is key to get that ‘Amount credited’ SMS flashing on your smartphone.

Amount

The amount you need to borrow will be based on your income and your repayment capacity. The amount should also be intertwined with the personal loan purpose. Ensure you make use of the funds for the designated purpose which could be for a second hand car loan, debt consolidation, wedding, travel, etc.

Process

The process, though dominantly online, is easy and breezy. You can apply for the personal loan from your home, while travelling from work in an Uber, while stuck at a traffic signal, etc. As long as you have internet access and logged on to your Gmail or Netbanking account, you can finish the process in as short a time as 10 minutes.

Default

Once the personal loan is approved and disbursed to your account, your responsibility should become to ensure you do not default in any of the monthly EMIs. You can set up an auto debit feature with Loan Singh to debit the EMI amount from your account directly. For some reason if you do default, your credit score is hit along with the penalty for default.

 

32 thoughts on “5 Things to Remember When Availing an Online Personal Loan

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