The feeling you get when your personal loan is approved, is one of jubilation and relief. Why jubilation you ask? Quite simply because applying for a personal loan at banks is filled with hassles, and getting a loan approved at a digital lending platform, like Loan Singh, is devoid of that. Just think about it. You go to a bank, fill in dossiers of paperwork, waste time in a queue to meet the manager, get inquired about your income or credit bureau score, and wait weeks for the approval to happen. Now cut to a scenario where you have to fill 2-3 forms of personal and credit information, and get instant approval with the disbursed amount credited to you in up to 36 hours. Isn’t this the rosy completion you were expecting for your personal loan application process?
Let’s find out more about personal loans, and look at ways in which you can expedite your personal loan approval.
Why Personal Loan is perfect for you?
Although a personal loan is availed in times of financial emergency, it also differs from a vehicle/home loan in terms of risk mitigation by lenders. Banks provide vehicle or home loans, by keeping the asset as collateral. So, in case you default in your loan repayment, the asset itself is taken as security. No collateral, with personal loan, saves you the time that would have been spent in arranging of references, deeds and insurance paperwork. For a personal loan, however, your credit bureau report is the basis on which you get the loan approved. You get a good credit bureau score based on how prompt you have been in your credit responsibilities. The advantages of personal loan are:
The purposes for a personal loan can range from purchase of electronic gadgets, online shopping, dream wedding, international holiday travel, home improvement, house repair, job relocation, medical expenses, and more.
No collateral helps you to get a personal loan even with no assets of your own. All you need is a stable income and a good bureau score. No need for a loan guarantor, as well. Even with no credit history, you can avail a personal loan with Loan Singh.
The personal loan approval is quick thanks to the absence of time consuming processes such as long list of documentation and hefty paperwork. Additionally, no storage of attested documents or photo copies is needed.
Why get a Personal loan from Loan Singh?
The main purpose of a personal loan is quick funds. This obviously is not possible via traditional lending solutions such as banks & NBFCs. With digital lending being used by people across India, there is no better platform to avail quick & hassle-free personal loans than Loan Singh. Here’s why:
Less time consuming – As the whole process from approval to disbursement is online, you avoid the time and fuel wasted in visiting the bank repeatedly to submit documents and forms. With the entire process happening online, you save so much of your precious time.
EMIs – Making use of Loan Singh’s EMI calculator, you can find out how much you need to pay each month for clearing your personal loan. You can set up an Auto debit feature which provides Loan Singh to debit the loan EMI from your account each month as per the due date.
Secure platform – Loan Singh’s digital lending platform is SSL (Secure Socket Layer) certified; i.e. all your financial information submitted, remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies – this feature is not available with traditional lending solutions.
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.
Loan Singh’s personal loan approval process
It is very easy to apply for a personal loan with Loan Singh. To apply, simply go to Loan Singh’s Get Started page and start your application process towards a quick personal loan approval.
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
Social Authorization – Connect to your Facebook, Google+ and LinkedIn profiles
Profile Page – Fill in your name, gender, father’s name, no of dependents and PAN. 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 either from your computer, GMail account or net-banking account directly. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to multiple banks.
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.
Tips to get a quick personal loan approval
You can get a faster personal loan approval by doing the following
Digital lending it is – Instead of banks, apply for a personal loan at a digital lending platform. With a digital process, you don’t have to wait for weeks for a personal loan approval. Apply on a digital lending website, get instant personal loan approval, and quick funds.
Know your credit history – Understand that by applying for a personal loan, even on a digital lending platform, would be a waste of time if you do not have a good repayment history. If you have defaulted in your credit responsibilities, don’t bother applying. Remember that every single time you apply, a hard inquiry is generated which will affect your credit bureau report.
Understand your report– Before applying for a personal loan, it is a good practice to request for the report from the credit bureau’s website. In case your score is abysmal, it would almost be impossible to get your personal loan approved.