Diwali is less than 2 weeks away, and if you haven’t made arrangements to buy gifts, appliances and gadgets, then you better start spending. Wait a minute! You have bills to pay, rent or mortgages to pay, and still will be required take time off from your busy schedule, to stand in bank queues. All this, just to get a delayed approval or an outright rejection. To be able to celebrate Diwali with no stress or financial hassles, we need an easy and convenient process to get the funds we need.
What options do a salaried individual have to avail a Diwali personal loan? Heard of ‘Digital Lending’? It is online, fast, convenient and does not give you a delayed response. But how does digital lending replace the traditional process of banks, by using data and technology?
Digital lending is here…
No human intervention in the loan application process allows for an efficient system. With the number of documents down to just two – PAN and Bank Statement PDF (that too fetched from your net-banking account), you save precious time instead of going around accumulating multiple documents and attestations needed by traditional lending institutions, such as banks.
Technology has equipped a digital lending platform, such as Loan Singh, to serve salaried and underserved individuals like you. Loan Singh’s mission is to improve on the traditional banking pain points such as delay in loan approval, the 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 creditworthiness. A digital lending platform is set-up in such a way that the borrower’s personal information, financial information and social authorization are evaluated by the platform; and 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 the documentation, this mode of personal loan disbursement is faster and quicker than traditional lending solutions.
Why Digital lending?
With ‘Digital India’ gripping the nation, digital lending was not going to stay behind especially with India’s under-served millennial population. With the combination of borrower data, algorithms and technology, the question arose as to what could be done with this trident to solve the daily financial problems that were affecting India’s millennial generation. Financial Services are the largest digital contributor to the GDP. The idea is to have a simple platform that provides quick, yet effective, financial services with good value. There are more and more millennials ready to accept a digital outlook to solve their financial problems. The need for digital lending arises mainly due to the shortcomings in traditional lending solutions. Some factors that govern its rise are
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 this is done with the help of credit models – that make use of borrower 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 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 simply 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 minimal human intervention involved with digital lending. There are no executives physically accepting your application form or your 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.
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 traditional lending solutions taking up to 2-3 days to get the loan from disbursed, a digital lending platform will do the same within 36 hours if 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 an applicant skeptical to depend solely on digital lending. But, the hallmark of a good digital lending platform is making use of SSL layers for encryption.
Online Diwali loan
One of Loan Singh’s unique offerings is to provide an online personal loan to salaried individuals who have never availed credit before. To cater to the long list of Diwali expenses, it is obvious that you need a source of funds to celebrate the festival 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.
Loan Singh looks at your creditworthiness to determine if you can pay the loan EMIs regularly, or not. 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
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 still get funds from Loan Singh.
Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, job relocation, medical expenses, marriage, etc.
Application process at Loan Singh
Not only is 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.
Before getting an online Diwali loan…
Switching your mindset from the traditional lending solutions, such as banks, is a tough ask. For many years, you have seen friends or family run to-and-fro from bank-to-bank trying to get the money they needed to celebrate Diwali. For this reason, you are somehow fine with the offline & time unbound method.
Times have changed now. Your salary has improved and also the work you need to put in each day to improve your income and lifestyle has increased. You don’t have the time to apply for half a day of leave, carry a bunch of documents to the bank and wait for your turn at counters. So, this Diwali, don’t hesitate to apply for a personal loan through a digital lending platform, such as Loan Singh.
Everyone does, and you should too. Despite Loan Singh’s digital presence on Facebook, Twitter, 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.
The process, though dominantly online, is easy and breezy. You can apply for the personal loan from your home, while traveling from work in an Uber, while stuck at a traffic signal, etc. As long as you have internet access and can access your Gmail or Netbanking account, you can finish the process in as short a time as 10 minutes.
Once the personal loan is approved and disbursed to your account, your responsibility should become to ensure that 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 negatively affected, and a penalty for default is levied, as well.