8 Things to Remember When Applying For an Online Festival Loan



With Dussehra coming close, we are almost at the end of Navratri 2017. We have had a great response towards our Navratri creatives and Blog posts that went out during the last whole week. We received applications from salaried individuals based out of many cities. Loan Singh’s digital lending platform gave these underserved individuals the perfect financial avenue to avail a personal loan without running from bank-to-bank with a cartload of paperwork and enduring a never-ending wait for approval.

Many of you might have missed out on a personal loan during the Navratri-Dussehra period; but, fret not… Dhanteras, Diwali and Bhai Dooj are fast approaching. If all goes fine, you can get the personal loan amount disbursed to your account within 36 hours from application completion. But, if you are readying-up a loan application, then you should know where to get a quick personal loan from and what all you would need to get it.

The Need for a Diwali Loan

We will switch to the second leg of the festive season, and get all festive for Dhanteras, Diwali and Bhai Dooj. To cater to the various requirements for the festive season, it is obvious that you need a source of funds to celebrate Diwali in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

The best place to get a really quick and easy personal loan is a digital lending platform – such as Loan Singh. For salaried individuals to gather funds, within a short span of time, to celebrate Diwali is possible only through digital means; traditional banking solutions would take up to weeks to disburse the funds. For a personal loan, the borrower’s creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining his/her daily living. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at least get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes – such as shopping for Diwali, purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.


Being Loan Singh Eligible

Before you begin the quick and easy application process at Loan Singh, we urge you to check the following eligibility criteria.


To avail a personal loan from Loan Singh, you need to be a salaried individual – with a minimum monthly salary of Rs.15,000.

Credit Score

Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying his/her credit card bills on-time, and has never overspent over the credit card limit. If you have never availed a loan before, you will have no credit history. In such a case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score is, the lower are your chances of being eligible for a personal loan.


You need to be at least 21 years of age, to be considered eligible, for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.


Documentation at Loan Singh

So, you want to know which documents are accepted by Loan Singh, to approve your online personal loan application?
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  • PAN Card, and
  • Latest 6 months bank statement (in PDF)

Just 2 documents are required by Loan Singh; as compared to the exhaustive list of documents needed at banks.


Application process at Loan Singh

Not only is a personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh is mentioned below:

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

Registration page – Add your contact number, personal email ID, and corporate email ID

Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates

Profile Page – Fill 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 Page – Choose your type of residence; mention your street address, city, state and pin code.

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

Financials page – Upload your latest 6 months bank statement from your computer, your GMail account or from your net-banking account.

Auto Debit Page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can 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.


8 Things to Remember When Applying For an Online Festival Loan

Before applying for an online festival loan, this time for Diwali, always keep in mind the following pointers.

Research well

Everyone does this, 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 which documents are needed to be kept handy during the online application process. The actual documents should be provided digitally.

Know the eligibility

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

Decide on an 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 that you make use of the funds for the designated purpose which could either be for a second-hand car loan, debt consolidation, wedding, travel, etc.

Apply wisely

Now just because you have got the funds, it does not mean you can take your foot off the pedal and cruise along. It is wise to apply for a personal loan, based on your financial capability. This you should do, before applying, by checking our EMI calculator. Taking a personal loan is like jumping on a trampoline. You get the funds to spend in times of need, but you do need to repay it back. So, during the application phase itself, have the repayment figured out.

Application process

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

Don’t divert from the purpose

Utilize the amount for exactly the purpose you have mentioned. For example: do not spend the personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds to get out of your financial emergency rather than thinking of spending it and moving to a bank for funds. Remember, applying for credit at various credit institutions leads to hard inquiries which adversely affect your CIBIL score.

Apply for another loan

Sometimes it is better to be safe than sorry. There could be an instance when you may not be eligible for the loan amount you need, and so you will continue hunting for funds at different banks. Try not to do that. Stay away from putting your monthly EMI obligations at risk. Clear one loan and then apply for the next. Being prompt with your loan repayments, with Loan Singh, helps you not only to improve your credit score but also build a good repayment history with Loan Singh, and get a second loan.

Never default

The most basic of all pointers – missing out on EMI repayments, could hit your credit score in a bad way. Adding to that, the penalty for missing an EMI can easily lead to added expenses each month. Procrastinating with the EMIs can slowly push it to a point of no return. Ensure you keep reminders about the EMI due-date or you can easily set-up an auto debit feature and allow Loan Singh to deduct the EMI from your account each month.


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