An unexpected financial calamity can hit any of us. We care for our family, and have individual needs too. The financial need might be for the new iPhone, or for your grandfather’s brother’s second son’s medical expenses, or for a trip to a foreign country; some of these may not be emergencies. But, they are expenses that pop up at times when you have not saved enough, or these might be those expenses which don’t fit in your wafer-thin budget. You will say, you can borrow from friends, neighbor or company, but do you have the stomach to face the embarrassment? What if you fail to pay back? Embarrassment aside, this could cause a rift between you and your loved ones. Wouldn’t it be better if you could solve your financial emergencies without anyone else knowing about it? So, what is the best destination to send your SOS cry to? A Personal Loan of course!!!
What is a Personal Loan?
A perfect funding solution, personal loans are the only way you can get the cash you need on the go, and without a sweat. It involves no collateral (as it is an unsecured form of credit) and if availed from a digital lending platform (such as Loan Singh), then it will involve no lengthy paperwork. ‘No collateral’ and ‘digital lending’ are to be noted because this removes hassle bound processes such as lengthy paperwork towards asset declaration, references, photocopies, etc.
Credit institutions need something to mitigate the risk of default posed by the prospective borrower. The institutions then ask for your credit bureau report from a credit information bureau. The report contains all your credit related information including defaults, prompt payments and subsequent remarks. They look at your repayment history to see how prompt you have been with your loan EMIs. This naturally means a credit bureau score is quintessential in getting your personal loan application approved.
SOS in Financial Emergencies
You can avail a personal loan for a number of purposes/reasons, such as
- Medical expenses
- House repairs (with tax benefits)
- Online shopping
- International holiday travel
- Job relocation
- Home improvement
No collateral means you can apply for a personal loan for the above purposes and more; even if you do not own any assets. No loan guarantor is needed. No storage needed for piles of paperwork.
Personal loans are a superb SOS funding option. This is majorly because a personal loan falls onto a collateral-free zone. This means that credit institutions look at your credit bureau score to gauge if you are personal loan worthy, or not. This also leans towards one more thing. You are a smart individual, and chances are that your salary will continue to improve in the forthcoming months and years. Use this impetus to plan your repayments to avoid any delay in repayments and defaults. Late payment penalties will also hamper your credit repayment history.
Speak to your credit institution about the EMI due-date, repayment method and penalties that can be levied in case you default with your personal loan EMI repayments. Your credit bureau score acts like your financial curriculum vitae. So, if your credit history is without blemish, you have a great chance to get your personal loan approved.
Where to get a Personal loan from?
Presenting Loan Singh!
Its digital lending platform offers online personal loans with no paperwork, few documents and less verification time, making it the perfect source for your funding solution. The platform allows you to easily apply for a loan, get a swift approval and have the cash in your designated bank account within 36 hours. The personal loan has to be re-paid back to Loan Singh in the form of periodic payments (which includes the principal plus interest). This periodic payment is called Equated Monthly Installment. The repayment amount depends on your income and repayment capability. The advantages of Loan Singh are
Hassle-free – It is hassle-free because of no paperwork or running from one branch to another. Apply for a loan from the confines of your home; with a few clicks.
Documents – At Loan Singh all you need for a personal loan is a smartphone and internet access. With the whole approval to disbursement process being online, you avoid time wasted in communicating with middlemen.
EMIs – Loan Singh’s EMI Calculator allows you to know the approximate loan EMI amount – based on the tenure and personal loan amount. You can avoid loan EMI defaults by allowing Loan Singh to auto debit the EMI amount before the EMI repayment due-date, directly from your bank account.
Secure – Loan Singh’s SSL certified platform keeps your personal and financial information protected. All your transactions and documents are secure.
Prepayment– 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.
Fitting the criteria
To get a personal loan from Loan Singh, you need to
- Have a stable and steady flow of income.
- You must be an Indian citizen
- You must be at least 21 years old
- Your minimum monthly salary should be Rs.15,000
- Even with no credit history you can get a personal loan. But, you must be employed for at least 3 months