8 Things to Remember When Applying For a Personal Loan Online

Apply for an online personal loan from Loan Singh's LaaS platform for instant personal loan approval for Mumbai, Delhi, Bangalore and Kolkata including around India

The other day I was just passing through the aisle of a prominent electronic store when I overheard a conversation between an elderly man and his 20-something grandson. Apparently, the grandfather wanted to purchase a really good LED TV to enjoy the IPL. He had been quite a follower of cricket it seemed. This I came to know from his constant back-in-the-day references to Sachin’s elegant straight drives and Javed Miandad’s last ball 6 off Chetan Sharma. The grandson was obviously concerned about the new season of IPL. He was more interested in the T20 format. At one point, he was, in fact, trying to explain to his grandfather how the ‘knuckleball’ is such a wonderful delivery in a bowler’s arsenal.

I, of course, was there assisting a friend in availing a personal loan for purchasing a refrigerator, but it did give me a chance to view and contemplate on their respective viewpoints. The grandfather wanted to pay by cash. He had rubber banded fat bundle of notes. The grandson was like “Pa, why the notes? Pay through card na, I have no patience to stand in a queue”. The grandfather was adamant. He retorted, “Pay by card? I waited for 15minutes in the ATM queue yesterday to withdraw this. ATM withdrawal mein bhi limit pad gaya hain. Do baar withdraw karna pada”

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Personal Loan

I can only imagine how difficult it will be for the grandson to convince his grandpa to apply for a personal loan online. The personal loan process has definitely evolved since the last decade. The idea of applying for an online personal loan is not absurd. We marvel at how easily our colleagues and family members solve their financial needs in a flash, all thanks to a personal loan. Loan Singh’s digital lending platform provides underserved individuals, like you, a chance to avail a personal loan without the hassles experienced at a bank – running with a cartload of paperwork and enduring a never-ending wait for approval (Yeah! Explain this to the old timers!).

Online Personal Loan

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. The best place to get a really quick and easy personal loan is from a digital lending platform – Loan Singh. For salaried individuals, to gather funds within a short span of time, is not possible via traditional banking solutions that take up to weeks to disburse the 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.

Your credit score acts as a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect for an online personal loan because it contains…

No collateral – Having no collateral gives a personal loan an advantage over a secured loan. Even if you do not own any fixed 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 a second-hand car, getting the latest gadget, traveling for a holiday, home improvement, job relocation, medical emergencies, home renovation, marriage arrangements, etc.

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Online Personal Loan Eligibility

Before you begin the quick and easy application process at Loan Singh, we urge you to check the following eligibility criteria.

Salaried

To avail a personal loan from Loan Singh, you need to be a salaried individual – with a minimum monthly salary of Rs.15000.

Credit score

Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying his/her credit card bills on-time, and has never overspent over the credit card limit. If you have never availed a loan before, you will have no credit history. In such a case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score is, the lower are your chances of being eligible for an online personal loan.

 

Apply for an online personal loan from Loan Singh's LaaS platform for instant personal loan approval for Mumbai, Delhi, Bangalore and Kolkata including around India

 

Age

You need to be at least 21 years of age, to be considered eligible, for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.

Click here to know why Loan Singh is the best online loan website

Which Documents Are Required?

Unlike traditional lending solutions (such as banks), Loan Singh only requires 3 documents to process your loan application

  • Aadhaar
  • PAN Card
  • 6 months Bank statement (only in PDF format)

Please note that the bank statement should be downloaded from your net-banking account. It is also extremely important for you to fill all the other fields on the form – such as your address information, your work information, and your social media presence.

 

Apply for an online personal loan from Loan Singh's LaaS platform for instant personal loan approval for Mumbai, Delhi, Bangalore and Kolkata including around India

 

Apply for an Online Personal Loan

Before applying for an online loan, try to remember the below-mentioned pointers

  1. Eligibility

Just because you have internet, and you need funds, does not mean a digital lending platform will approve your loan application. You need to be at least 21 years of age and with a salaried background. The minimum monthly salary must be Rs.15000. A competent credit score is key to get that ‘Amount Credited’ SMS flashing on your smartphone.

  1. Research

Everyone does this, and so should you. Despite Loan Singh’s digital presence on Facebook, Twitter, Youtube and Pinterest, you need to understand how digital lending is different from offline modes. Read about Loan Singh’s FAQs and find out what is needed to be kept handy during the online application process.

  1. Amount

The amount you need to borrow will be based on your income and repayment capacity. The amount should also be backed to be used for a valid purpose. Ensure that you make use of the funds for the designated purpose only – which could either be for a second-hand car loan, home improvement, wedding, travel, etc.

  1. Application

Now just because you got the funds, it does not mean you can take your foot off the pedal and cruise along. It is wise to apply for a personal loan, based on your financial capability. This you can do by checking our EMI calculator. Taking a personal loan is like jumping on a trampoline. You get the funds to spend in times of need, but you do need to repay it back. So, during the application phase itself, have the repayment figured out.

  1. Process

The process is easy and breezy. You can apply for a personal loan from your home, while traveling from work in an Uber, while being stuck at a traffic signal, etc. As long as you have internet access and can log in to your Gmail or Net-banking account, you can finish the process in as short a time as 15 minutes.

  1. Purpose

Utilize the amount for exactly the purpose you have mentioned. For example: do not spend the wedding personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds solely for celebrating your marriage. Remember, applying for credit at various credit institutions leads to hard inquiries to credit rating organizations, and denial of a loan application will adversely affect your credit score, as well.

  1. Second loan

Sometimes, it is better to be safe than sorry. There could be an instance when you may not be eligible for the loan amount you need, and so you will continue hunting for funds at different banks. Try not to do that. Stay away from putting your monthly EMI obligations at risk. Clear one loan and then apply for the next. Being prompt with your loan repayments, with Loan Singh, helps you not only to improve your credit score but also build a good repayment history with Loan Singh, and thereby get a second loan with ease.

  1. Default

The most basic of all pointers – missing out on EMI repayments, could hit your credit score in a bad way. Adding to that, the penalty for missing an EMI can easily lead to added expenses each month. Procrastinating with the EMIs can slowly push it to a point of no return. Ensure you keep reminders about the EMI due-date or you can easily set-up an auto debit feature and allow Loan Singh to deduct the EMI from your account each month.

Click here to see the connection between personal loan and credit cards

Loan Singh is a digital lending platform that prides in providing an unsecured online loan to salaried individuals. You can apply for instant funds with instant approval. An easy emergency loan can be availed in the form of a personal loan, which is not a bank loan. You receive a low personal loan interest rate. This instant loan, which is basically a quick loan, can be paid via easy EMI and can be availed for a number of loan purposes such as:

You can calculate your easy emi using our personal loan emi calculator. We accept bank statement, PAN, and Aadhaar for instant loan pre-approval. A bad credit score or credit report errors can lead to personal loan rejection. Personal loan defaulter consequences can also ruin your credit score. Improve your credit rating by avoiding emi repayment default. The ‘Loan Singh 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. Some destinations you can find us on are:

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Cash crunch in India making you frustrated is the current problem with the solution now with digital payments in India. Loan Singh's LaaS platform lets you avail online personal loan with instant approval.

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