Emergency is defined as a ‘serious, unexpected and often dangerous situation that requires immediate action’. Well, with banks, you can forget about the immediate action bit. What you need is source of funds that lets you avail quick cash to pay off in case in of emergencies. 3 scenarios where an Emergency Loan is best suited are for…
Like uninvited guests, medical illness, ailments and travails come unannounced. A terminal disease like cancer or an accident can turn your regular life’s cycle into disarray. Most millennials are already covered thanks to insurance policies, but most times one is skeptical to break the policy or the amount might not suffice towards the medical bill. At these times of peril, a personal loan is perfect for you.
House repairs are quintessential when it comes to prevention from rain, faulty wiring, and cracks due to damage. These instances do call for quick reaction. The more you delay, the worse your house will get. Insurance on your house can be claimed later, you need a quick fix to pay for this emergency.
Learning has no cut-off age. One can learn every day as long he/she lives. The same happens at one’s workplace. In order to climb the rungs of the success ladder, you need to be skilled and knowledgeable enough to face different vocation oriented challenges. There are a number of online & offline courses that one can enroll into to learn more in order to get a promotion. Professionals are trained in fields of accounting, technology and business management. The fees are generally quite high but so are your ambitions. An opportunity for a promotion might not last long and that is why you need to act fast and pay for the course ASAP.
Digital Lending to the rescue
Digital lending is a lending solution which enables salaried individuals to apply for a personal loan and get quick loan approval and fast disbursement; it leverages technology. Through traditional lending institutions dossiers of paperwork, no clarity on approval status, delays with regards to documentation, etc. make it a herculean task to get funds in times of emergency. On a digital lending platform, eligible individuals are provided funds based on their creditworthiness.
A digital lending platform combines the technology with credit lending principles. Borrower profiles are evaluated by credit underwriting algorithms to assess his/her creditworthiness based on multiple factors. The borrower then pays EMIs which the digital lending platform keeps track of. Borrowers can apply for a personal loan towards a number of purposes such as health, second-hand car, festival spending, travel, marriage, home improvement, etc.
Making use of technology certainly puts a digital lending platform in the driver’s seat. For loan processing, there is a system required to check the documents, process the loan and disburse the approved loan amount. All these are done with the help of credit models that make use of borrower’s data. Digital lending allows for continuous upgrade of tools that are needed to make the loan experience faster and better.
Imagine not needing to travel from bank-to-bank with documents, photocopies and application forms. With digital lending, the documents can be retrieved from the borrower’s internet banking account or uploaded from the computer. The borrower’s credit report is fetched online, and helps a digital lending platform to provide collateral free personal loans. So, without actually seeing the borrower, the loan is approved and disbursed.
There is least human intervention involved in digital lending. There are no executives to physically accept your application form or your physical documents. Therefore, there is no chance of partial tampering of documents or unbiased loan decisions via the route of digital lending. Digital lending also shortens the credit assessment time.
The use a simple online application form, replaces the pile of exhaustive paperwork that could take-up an hour to fill; along with references and signatures. With minimal paperwork and the whole process (from application to disbursement) happening digitally, your precious time is saved.
With traditional lending solutions taking up to 2-3 days to get the loan from approved to disbursal stage, a digital lending platform will do the same within 36 hours; if all the eligibility criteria are met.
Lending money is an activity that involves handling of sensitive borrower information – including the financials. This makes it paramount to protect the data. There are occurrences reported of identity theft and website hacks that make us skeptical to depend solely on digital lending. But, the hallmark of a good digital lending platform is making use of SSL layers for encryption.
Loan Singh’s Platform
Loan Singh is a digital lending platform that allows borrowers to apply for a personal loan with only PAN details, Aadhaar and 6-months bank statement. Loan Singh requires no paperwork and provides an online process for loan application. You apply for a loan via Loan Singh’s website and get the personal loan disbursed in to your account within 48 hours.
Swift processing – At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency requirements.
No collateral – Having no collateral requirement gives a personal loan an advantage over a secured loan. Even if you do not own any 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 purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, purchase of second-hand vehicles, marriage, etc.
Loan amount and tenure – The loan amount for a personal loan at Loan Singh can range from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months.
Loan Singh Application Process
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:
If you find yourself fitting Loan Singh’s criteria, log on to www.loansingh.com and apply for an online personal loan. You will need to keep your Aadhaar, PAN and bank details handy. Here is how the process goes.
Get started page – Select ‘PERSONAL LOAN’ from the dropdown and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID, and corporate email ID
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.
Address page – Choose your type of residence, and 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 (in PDF format) either from your computer, GMail account or net-banking account directly. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to banks, as well.
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 payments.