Hi friends! In today’s post we look at the 12 popular personal loan categories one applies for. This is because each one of us has financial requirements that needs funding. Some of us want to pay off hospital bills, some of us want to purchase a used car or motorcycle, whereas some of us simply want to buy the best smartphone out there in the market. Before we look at the 12 most popular personal loan categories in India, let’s understand what a personal loan is, why is it important to apply for one online and its benefits.
Online Personal Loan in India
The emphasis on banks and offline lending services would be to focus on building a seamless and digital application process. Everyone is already using smartphone and nobody has the time to visit the bank to wait in long queues. Faster credit underwriting is one more area which needs improvement by offline lending services. Time and research has to be spent to understand what millennials are looking for. There has to be a well-structured strategy, keeping in mind competencies. Two areas where digital lending platforms trump over traditional banking credit application process are:
Flexibility – Architecture and systems for online lending are flexible to customization. Real time requirements such as addition of external APIs can be added on the go.
Design – The design is focused on the end user. Understanding borrower profiles, their demographics, social media presence, etc. are taken into consideration, providing a more filtered and enriched applicant profile.
Eliminating paper and cutting time delays should be the priority for offline lending services. The friction that is caused due to unending paperwork and approval time has to be addressed. Digital analytics is needed to better understand borrower needs and that too in real time. Alerts, notifications and intimations need to be sent out in real time as and when the loan application is submitted, approved and amount disbursed.
Online Personal Loan Benefits
A personal loan is an unsecured loan that solves your quick fund requirements. As it is an unsecured loan, it does not require any collateral. For salaried individuals, being able to arrange for funds within a short span of time, is not possible via traditional banking solutions. These solutions take up to weeks to disburse 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.
No collateral – Having no collateral 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 – An online personal loan can be availed for a number of purposes – such as paying for online shopping, buying consumer durables, celebrating festivals, buying used vehicles, buying the latest gadgets, traveling for a holiday, home improvement, job relocation, medical emergencies, home renovation, marriage or wedding, etc.
Best Online Personal Loan Website?
If banks are slow to provide quick personal loan digitally, then which is the best online personal loan website to trust? Despite India’s digital lending sector still being in growth phase, one Fintech player has managed to tread farther than others in the segment.
The name of this Fintech is Seynse Technologies. Seynse Technologies are not just developers of Loan Singh – a digital lending platform which lets salaried individuals apply and avail quick online personal loan, but also is a proud partner in launch of the Airtel Online Store.
Loan Singh Review
Loan Singh presents a number of advantages over other online platforms. Some of these advantages are
- Minimal documentation
- Fixed monthly EMIs
- No hidden fees
- Easy online loan application process
- Transparent process
Loan Singh Eligibility
- Only salaried individuals or salaried professionals can apply for a personal loan
- The minimum monthly salary for applying for a personal loan is Rs.20,000 and above
- You must be an Indian obviously and of the minimum age of 21
- Loan Singh only accepts latest 6 months bank statement in PDF format
- First time loan applicants can get a personal loan
12 Personal Loan Categories in India
At Loan Singh, you can avail funds for any personal need. You can apply for a loan amount that ranges from Rs.50,000 and Rs.5,00,000.
- Home Improvement Personal Loan
Give your kitchen, living room or bathroom a classy makeover with a quick and easy home improvement personal loan. The home renovation loan can help you upgrade your home to the standard you deem perfect.
- Consumer Durables Personal Loan
Purchase the best in electronic or home appliances to enhance the styling and sophistication of your home. With international brands selling some of their top products in India, there are no shortage of options.
- Medical Personal Loan
Save precious time by clearing your medical bills and starting the treatment quickly. Crucial time is wasted when a loved one needs treatment for an illness or disease. There are opportunities to avail a 0% interest medical personal loan as well.
- Used Vehicle Personal Loan
Upgrade your medium of commute from a 2-wheeler to a 4-wheeler, thanks to a quick used vehicle personal loan. You can ditch the bus or metro and drive to work in comfort and style.
- Marriage Personal Loan
Celebrate your special day with pomp and grandeur, by paying for it via a hassle-free loan. Your wedding personal loan allows you to spend lavishly. You can then pay for the EMIs later on once you are done with the celebration of your special day.
- Travel Personal Loan
Go see the best travel/holiday destinations in the world with a quick travel personal loan. Having the funds to spend on fantastic travel ticket deals and discounted hotel rates is crucial. Spend now, enjoy your family vacation and start paying the EMIs once you are back.
- Debt Consolidation Personal Loan
Consolidate all your individual debts into one with a personal loan. This will help you improve your credit score easily, thanks to your prompt EMI repayments.
- Credit Card Refinancing Personal Loan
Clear off your credit card bill statements to also improve your credit score in the bargain. Not being responsible with your credit cards can ruin your credit score. As a result, pay off the credit card dues by applying for a personal loan.
- Relocation Personal Loan
Heading to a new city? With fresh funds, pay for transportation and new household items. A personal loan can help you not just in transportation but also setting your new apartment in order.
- Gadget Personal Loan
Whether an iPhone, fitness band or an Alienware, buy your favorite gadget within 72 hours (only if your documents are in place).
- Lifestyle Personal Loan
Stay super fit by building your own fitness studio at home with the best equipment available. Being fitness crazy is the new trend, and you wouldn’t want to be left behind.
- Shopping Personal Loan
Grab the best deals on Prime Day, Big Billion or any shopping website. Apply for a loan and pay for the best products money can buy.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs.50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
- Shopping loan
- Lifestyle loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.