Since December’s Demonetization cleared out all old Rs.500 and Rs.1000 currency notes, a lot emphasis has fallen on digital modes of payment. NEFT, RTGS, e-wallets, online shopping are some examples where digital transactions are carried out extensively. With such a fervor surrounding online or web based financial transactions, how could lending stay behind?
The personal loan processes at traditional lenders (read “offline institutions”) are marred with pain points. Lengthy documentation, presence of middlemen/agents, need for to and fro travel to get the documents attested and approved, delay in credit bureau checks and late approval of loan, etc. These pain points acted as a catalyst for Goa based Fintech, Seynse Technologies Pvt Ltd, to come up with a digital lending hybrid platform – Loan Singh.
What is Loan Singh?
Loan Singh is a hybrid digital lending platform. It combines features of 3 lending methods:
- Direct Lending – An example of such lenders are banks and NBFCs (Non-Banking Financial Company). Banks lend out a loan to borrowers by keeping a collateral/security to mitigate the occurrence of loan default.
- Electronic DSA – Direct Sales Agents are individuals who offer a choice of financial products to customers by removing the inconvenience they usually face with direct lending. DSAs help customers complete the application process from the customer’s home to even collecting the EMIs each month. DSA earn commissions from the bank or financial institutions. An e-DSA does the above entirely, but through a website.
- Peer to Peer Lending – Peer to peer simply means individual to individual. An individual who lends money is connected to individuals who are in need of money. Middlemen such as banks are not involved here. The process is faster with no bank hassles affecting the transactions.
Loan Singh’s hybrid digital lending platform allows lenders to provide personal loans to borrowers. Although personal loan does not include any collateral to be provided by the borrower, Loan Singh does check the borrower’s credit worthiness by evaluating their credit score. Loan Singh uses the borrower’s personal details, financial information and social footprint to calculate a borrower’s credit worthiness. The lender then decides if the loan is to be approved or not. No bank statement photocopies, no attested documents, no reference forms, no middlemen, no heaps of application forms needed. With no time wasted in documentation, this mode of personal loan disbursement is faster and quicker than traditional banks.
Although the personal loan process at Loan Singh is quick and easy, borrowers must still be focused in ensuring timely payments of EMI. The ease of availing a personal loan through Loan Singh should not lead you- the borrower to a false sense of security. You need to build a positive credit history with Loan Singh so that you can easily avail another loan in the future.
Personal Loan Eligibility
Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.
Salaried borrower – If you want to apply for a personal loan at Loan Singh, you need to be a salaried professional, & your monthly salary should be a minimum of Rs.15000
Credit bureau score – Loan Singh, at times, looks at your credit bureau/CIBIL score to approve your personal loan. A credit worthy borrower is someone who has been prompt in his past loan EMI payments, maintains a good credit utilization ratio, has been paying off his/her credit card bill on time and did not overspend over the credit card limit. If you have never availed of 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.
Age – You should be at least 21 years of age to be considered eligible for a personal loan. You also need to be of Indian nationality.
How to Avail an Online Personal Loan from Loan Singh?
Once you know that you are eligible to apply for a personal loan, head over to Loan Singh’s Get Started page– to get your personal fund problems fixed. In a nutshell, let us know what we can do to help you live your dreams.
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.
Advantages of Personal Loan from Loan Singh
Equated Monthly Installments – You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s EMI Calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto debit the EMI amount before the EMI repayment due date.
Multiple Purposes – You can apply for a personal loan to pay for a medical emergency, have a dream wedding, travel overseas, purchase your favorite gadget or to improve your home. As everything from application to disbursement happens online, you can get the personal loan within few days.
Hassle free – The personal loan process at Loan Singh is hassle free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from your home and get the loan approved in just few clicks.
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 no middlemen, the loan is approved in the shortest possible time.
Keeps your information safe – With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending solutions.
Prepayment penalty – At Loan Singh 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.
So what are you waiting for? Go to www.loansingh.com and get the funds you need to pursue your dreams.