We, salaried individuals are different from the other generations. We scream out for convenience in every service. We want our salary and other payments to process faster; we want our bills and utilities to be paid online and prefer booking travel tickets online. Now, with all these services happening online why not apply for a personal loan online, as well?
Many of us still prefer going to a bank to apply for a personal loan. Why wait in an unending queue? Why move from counter to counter aimlessly? Why carry tons of documents and photocopies? Why wait for weeks for just getting a personal loan approval? The final disbursement of funds could take up to a month before showing up in our account – if we get the approval in the first place. Before we look at where to get an online personal loan from, let’s look at what is an online personal loan.
A personal loan is a type of unsecured credit. ‘Unsecured’ means without any collateral or mortgage requirement. You can avail a personal loan solely based on your CIBIL and your monthly salary. It is a quick financial fix that you can avail for number of purposes such as festival shopping, purchase of household appliances, second-hand car, electronic gadgets, purchase of gold, travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.
The major difference between a personal loan from a physical branch of the bank and an online personal loan is that for an online personal loan, the loan application to disbursement process is completely digital.
Digital Lending Platform
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.
Technology has equipped the digital lending platforms, such as Loan Singh, with means to serve the salaried and underserved individuals – like you. Loan Singh’s mission is to improve on traditional banking pain points such as delay in loan approval, lengthy time taken in disbursement, etc. With digitization enabling Indians to make use of online payment modes, the option to avail an online personal loan has become a reality, as well. Eligible salaried individuals, such as you, 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; 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.
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
Swift processing – At Loan Singh, everything from application to disbursement happens online. With only 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, relocation of job, 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’s Application Process
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 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 connect 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.
Switching your mindset from the traditional solutions, such as banks, is a tough ask. For generations, you have seen your friends & family run to-and-fro from bank to bank trying to get the money they needed during times of financial duress. For this reason, you are fine with the offline & time unbound method. But, times have changed, your salary has improved and so has the work you need to put in each day to improve your income and lifestyle. You do not have time to apply for a half day leave, carry a bunch of documents to the bank and wait for your turn at counters. Here’s what you can do to get out of being traditional banking dependent.
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.
Just because you have an internet connection, and you are in need of funds, does not mean a digital lending platform will approve your loan application. You need to be at least 21 years of age & salaried. The minimum monthly salary you should be earning is Rs.15,000. A competent credit score is key to get that ‘Amount credited’ SMS flashing on your smartphone. Before approving the loan, Loan Singh looks at your CIBIL to evaluate your creditworthiness. 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-off his/her credit card bills on time and has never overspent on the credit card limit.
If you have never availed a loan before, you will have no credit history. In that 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, the lower your chances of being eligible for a personal loan.
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.
The process, being online, is easy and breezy. You can apply for the personal loan from your home, while travelling 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 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 CIBIL is negatively affected, and a penalty for default is levied, as well.