Hi friends, our back-to-basics post today will feature all things personal loan. Writing a post on personal loan Frequently Asked Questions (FAQs) is important because there are a number of misconceptions and doubts with regards to personal loan in India. Some common questions we receive are:
“What is personal loan?”
“How to apply for personal loan?”
“What is personal finance loan?”
“How to apply for a personal loan online?”
“Who offers the best interest rates?”
“What are types of personal loan?”
A personal loan is your savior during financial duress. Even during times of cash crunch, availing a personal loan can lead to solving your financial needs. You can also boost your credit score by availing a personal loan and paying off the EMIs promptly. In case you don’t apply for a personal loan, the only two options that remain are borrowing from friends or breaking an emergency fund.
For the convenience of all our readers and also prospective first-time applicants, we will answer some commonly asked questions with regards to personal loan and online personal loan.
What is personal loan?
A personal loan is an unsecured loan that solves the quick fund requirements of salaried individuals. As it is an unsecured loan, it does not require any collateral. For salaried professionals, gathering funds within a short span of time, is not possible via traditional banking solutions.
These solutions that take up to weeks to disburse funds. For a personal loan, your creditworthiness determines if you can pay the loan EMIs regularly, and that too, without straining your 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 – A personal loan can be availed for a number of purposes – such as shopping, buying consumer durables, celebrating festivals, buying used vehicles, getting the latest gadget, traveling for a holiday, credit card refinancing, home improvement, job relocation, medical emergencies, home renovation, marriage arrangements, etc.
Who provides best personal loan?
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 has developed Loan Singh – A digital lending platform which lets salaried individuals apply and avail quick online personal finance loan.
Why Loan Singh?
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
- Secure platform
What is the availed amount of personal loan?
The personal loan amount that can be applied varies from bank to bank. At Loan Singh, the minimum amount to apply for a personal loan is Rs. 50,000. The maximum amount that can be availed is Rs.5,00,000. Please note, the amount that you can avail depends upon your credit history, fixed-salaried-bank-statement reflecting income and your repayment capacity.
What is tenure of personal loan?
Generally, the tenure at various banks goes from 12 months up to 6 years. At Loan Singh, the tenure for a personal loan is from 3 months up to 3 years.
What are documents for personal loan?
At Loan Singh, the documents required are soft copy of PAN, Aadhaar card and valid address proof.
Offline lending solutions ask for hard copy of age proof, photos, signed application form along with salary slips, form 16, balance sheet and profit/loss account certified by a CA, income tax returns certificate and other added documents.
This makes the personal loan application documentation process at Loan Singh swifter and easier.
What are the loan interest rates?
Every personal loan availed comes with an interest rate that is payable to the lender. The interest is a certain percentage that is set over the principal amount by the lender. Usually, the percentage of interest ranges anywhere from 15% to 37%. But, with Loan Singh, the competitive interest rates are between 16% and 28%.
How is personal loan EMI calculated?
The loan EMI amount is calculated by making use of 3 factors – Loan Amount, Loan Tenure and Interest Rate. Trust us when we say that the easiest and best way to check your loan EMI is by going to Loan Singh’s loan EMI calculator.
Who is a personal loan guarantor?
In most cases, a personal loan does not require a guarantor for getting the loan approved. Some banks however, do insist on having a guarantor.
Can you prepay your personal loan?
Repayment of your personal loan before the completion of your tenure is called pre-payment. You can pre-pay or pre-close your loan with Loan Singh by paying the balance principal amount in full.
How much time for loan disbursement?
The responsibility of getting your personal loan amount disbursed lies solely with the lender. The speed at which the funds are disbursed depends on the verification of your documents, your eligibility and other factors. As Loan Singh is a digital lending platform, the entire process is done online.
What are loan default consequences?
The most damaging of consequences includes a hit to your credit score. When your credit score dips, you will not be considered for any future loan or credit. Always remember that a personal loan is your sole responsibility failure to repay your personal loan can lead to legal hassles as well.
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
- Gold jewelry 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 is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
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.