The idea of applying for an online loan is not absurd. We marvel at how easily our colleagues and family members solve for their financial needs in a flash, all thanks to a personal loan. We have written a number of articles about Personal Loan and its advantages right here on the Loan Singh Blog. This piece deals with the things to consider when applying for an online loan. Our Blog has constantly educated you on topics such as how to get a personal loan online, how to pay your EMIs promptly, how important is credit score, and so on.
Loan Singh’s digital lending platform provides underserved individuals, like you, a chance to avail a personal loan without the hassles experienced at a bank – running with a cartload of paperwork and enduring a never-ending wait for approval. Through an online loan, although you will receive the funds in your account within 48 hours, it is crucial for you to plan your spending and utilize the loan wisely.
Why Apply For An Online Loan?
Personal loan is an unsecured loan that solves your quick 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 festivals 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 a 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, second-hand car, electronic gadgets, purchase of gold, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.
Are You Eligible At Loan Singh?
Before you begin the quick and easy application process at Loan Singh, we urge you to check the following eligibility criteria.
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 an online 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.
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.
Which Documents Are Required?
Unlike traditional lending solutions (such as banks), Loan Singh only requires 3 documents to process your loan application
- PAN Card
- 6 months Bank statement (only in PDF format)
Please note that the bank statement should be downloaded from your net-banking account. It is also extremely important for you to fill all the other fields on the form – such as your address information, your work information, and your social media presence.
What is The Application Process?
Not only is a personal loan the best alternative for quick funds, Loan Singh’s easy application process also provides the best experience while getting the funds 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 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 directly link your net-banking account. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to established 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.
8 Things to Consider For an Online Loan
Before applying for an online loan, always keep in mind the following pointers
Just because you have internet, and you need funds, does not mean a digital lending platform will approve your loan application. You need to be at least 21 years of age and with a salaried background. The minimum monthly salary must be Rs.15,000. A competent credit score is key to get that ‘Amount Credited’ SMS flashing on your smartphone.
Everyone does this, and so should you. Despite Loan Singh’s digital presence on Facebook, Twitter, and Pinterest, you need to understand how digital lending is different from offline modes. Read about Loan Singh’s FAQs and find out what is needed to be kept handy during the online application process.
The amount you need to borrow will be based on your income and repayment capacity. The amount should also be backed to be used for a valid purpose. Ensure that you make use of the funds for the designated purpose only – which could either be of a second-hand car loan, home improvement, wedding, travel, etc.
Now just because you 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 can do 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.
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 in to your Gmail or Net-banking account, you can finish the process in as short a time as 15 minutes.
Utilize the amount for exactly the purpose you have mentioned. For example: do not spend the wedding personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds solely for celebrating your marriage. Remember, applying for credit at various credit institutions leads to hard inquiries to credit rating organizations, and denial of a loan application will adversely affect your credit score, as well.
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 thereby get a second loan.
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.