Aren’t you frustrated with traditional banking processes across the country? Traveling personally to apply for credit, providing lengthy documentation, and running to multiple counters. Add to this the delay in approvals and disbursement. These pain points are suffered by so many salaried individuals, that it acted as a catalyst for Goa based Fintech, Seynse Technologies Pvt Ltd, to come up with a digital lending solution that could digitize the entire experience of personal loan. The result: Loan Singh!
Loan Singh Platform
Loan Singh digital lending platform is set-up in such a way that the borrower’s personal information, financial information and social authorization, are evaluated digitally; basis which his/her creditworthiness is calculated. Loan Singh 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 credit solutions.
No human intervention in the loan application process allows for better streamlining. With the number of documents down to just PAN Card and Bank Statement PDF (that too fetched from your net-banking account), you save your precious time instead of going around accumulating multiple documents and attestations needed by traditional lending institutions, such as banks. Using technology, Loan Singh is able to serve the undeserved salaried individuals. Loan Singh’s mission is to improve on traditional banking pain points such as delay in loan approval, lengthy time taken in disbursement, and lack of credit history. With ‘Digital India’ encouraging Indians to make use of digital payment modes, the idea to avail an online personal loan has become a reality, as well.
A personal loan is a type of unsecured credit that is generally availed to meet urgent financial needs. Being an unsecured credit, a personal loan requires no collateral or mortgage. With no collateral, it is hard for Loan Singh to know about the borrower’s repayment capability and his/her past defaults. Loan Singh does not meet the borrower face-to-face, like banks do. Everything from loan application to amount disbursement is done online. To mitigate the prospect of risk, Loan Singh assesses your creditworthiness using your credit report. If you have a good credit history, you have a better chance of avoiding a loan rejection.
Your credit score indicates how prompt you have been with your past credit obligations. Availing a personal loan via Loan Singh is advantageous because there is minimal paperwork involved. So, no time is wasted in cross verifying any paperwork. The personal loan amount, along with interest rate, is calculated for the entire tenure, and in case you want to clear-off the loan before tenure completion, no prepayment penalty is levied by Loan Singh. The idea is to not strain you with credit, but to make sure that your salary and savings permit you to avail credit. 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
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 the 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 reducing balance method. The personal loan tenure can be from 3 to 36 months.
Loan Singh Loan Process
Once you know that you are eligible to apply for a personal loan, head over to Loan Singh’s Get Started page to get your personal fund problems fixed. In a nutshell, let us know what we can do to help you live your dreams.
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 multiple 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.
Airtel Online Store
In February of 2017, Bharti Airtel announced that it had acquired a strategic equity stake in Seynse Technologies Pvt. Ltd. By October 2017, this alliance resulted in Bharti Airtel launching its Airtel Online Store, which offers premium range smartphones with affordable down payment options. The smartphones are also bundled with Airtel’s postpaid plan and other features. The Online Store is part of Airtel’s ‘Project Next’ – Airtel’s digital innovation programme that is aimed at transforming customer experience across all its services and touch points. The project will further see an investment of up to Rs.2,000 Crore over the next 3 years purposed with the launch of several exciting digital innovations.
On the announcement of the Online Store, Harmeen Mehta, Global CIO and Director (Engineering), Bharti Airtel had the following to say, “Imagine getting your dream device, instant credit to purchase it and a great plan to go with it, all available in one place with a few clicks. All this is a product of some cutting-edge digital engineering by the in-house teams at Airtel. We would also like to thank our partners for integrating their APIs seamlessly with our platform to enable a great customer experience.”
The launch of the Online Store has required multiple brands working in partnership with Airtel, to provide an easy and hassle free online experience – wherein the customer is not just adding the smartphone in his cart, but buying it with instant credit verification and door-step delivery. This is a pioneering step that amalgamates e-commerce and online financing.
Airtel has partnered with Apple, HDFC Bank, Clix Capital, Seynse Technologies (developers of Loan Singh), Brightstar Telecommunications and Vulcan Express, to enable its Online Store. The Online Store is currently set to serve customers in 21 cities across India; further expanding to other cities and towns in due time.
Role of Seynse
The role of Seynse, in the partnership, has been that of an enabler of technology and credit underwriting
Credit underwriting, in simple terms, is the process of determining if the customer is eligible to avail credit; based on his/her financials & other relevant criteria. The customer’s Aadhar and Seynse’ proprietary credit algorithms help to assess creditworthiness on the Online Store.
Seynse has created a platform to provide complete digital loan lifecycle – from application to disbursement, including EMI re-payment and managing fund flow. Seamless integration between participating entities makes the entire system sustainable and scalable to the entire Indian population.
Why Apply at Loan Singh?
The advantages of applying for an online personal loan with Loan Singh are aplenty. Let us look at some of them.
Equated Monthly Installments – You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s EMI Calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto debit the EMI amount before the EMI repayment due date.
Multiple Purposes – You can apply for a personal loan to pay for a medical emergency, have a dream wedding, improve your home, travel overseas, and buy your favorite gadget. As everything from application to disbursement happens online, you can get the personal loan within few days.
Hassle free – The personal loan process at Loan Singh is hassle free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from your home and get the loan approved in just few clicks.
Less time consuming – As the whole process from approval to disbursement is online, you avoid the time and fuel wasted in visiting the bank repeatedly to submit documents and forms. With no middlemen, the loan is approved in the shortest possible time.
Keeps your information safe – With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending solutions.
Prepayment penalty – At Loan Singh you can clear a personal loan ahead of tenure and pay no prepayment penalty, unlike banks.
EMI tracking – Banks and other sources send receipts and other documentation via mail. Your personal Loan Singh dashboard allows you to track past EMI payments, pending EMIs and tenure remaining.