Ah! Loan Approved! The feeling of accomplishment is simply surreal. An approval mail popping into your inbox can turn anyone’s day into something positive. You could be in need of funds to purchase a car, plan a foreign trip or simply debt consolidation. A loan approval can be your knight in shining armor.
Today we will culminate the entire Loan Singh application process. Monday saw a brief introduction to Loan Singh, followed by, “What is preapproved personal loan?” “What is personal loan underwriting?” and finally today we look at the post-approval of a personal loan. The idea is to answer as many questions you may have regarding personal loan and Loan Singh.
We get asked questions such as, “What is the process at Loan Singh to avail a personal loan?” and “Which KYC documents are needed at Loan Singh?”
Some queries that are already answered via the Loan Singh Finance Blog are:
- How to apply for an online personal loan?
- What happens when there is a personal loan default?
- What is the difference between credit card loan and a personal loan?
- How do you repay the loan amount? What are the benefits of netbanking?
- What is the meaning of GST (Goods and Services Tax)?
Preapproved Online Personal Loan
Loan Singh digital lending platform is set-up in such a way that the borrower’s personal information, financial information, and social authorization, are evaluated digitally; basis which his/her creditworthiness is calculated. Loan Singh then decides if the loan is to be approved, or not.
No bank statement photocopies, no attested documents, no reference forms and no heaps of application forms are needed. With no time wasted in the documentation, this mode of personal loan disbursement is faster and quicker than that of traditional credit solutions.
No human intervention in the loan application process allows for better streamlining. With the number of documents down to just PAN Card, Aadhaar and Bank Statement PDF (fetched from your netbanking account), you save your precious time instead of going around accumulating multiple documents and attestations needed by traditional lending institutions, such as banks.
Using technology, Loan Singh is able to serve the underserved salaried individuals. Loan Singh’s mission is to improve on traditional banking process pain-points such as delay in loan approval; a long time time taken in credit assessment (if there is no credit history) and disbursement. With ‘Digital India’ encouraging Indians to make use of various digital payment modes, the idea to avail an online personal loan has become a reality, as well.
Loan Singh does not meet the borrower face-to-face like banks do. Everything from loan application to amount disbursement is done online. To mitigate the prospect of risk, Loan Singh assesses your creditworthiness using your credit report. If you have a good credit history, you have a better chance of avoiding a loan rejection.
The borrower’s credit score/credit rating indicates how prompt you have been with your past credit obligations. Availing a personal loan, via Loan Singh, is advantageous because there is minimal paperwork involved. So, no time is wasted in cross verifying any paperwork.
Loan Singh Application Process
Get started page – Select ‘PERSONAL LOAN’ from the drop-down 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, to avail a discounted interest rate.
Profile page – Fill in your name, gender, Father’s name, number of dependents, and PAN details. 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 (in PDF format) either from your computer, GMail account or directly link your net-banking account. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to established banks, as well.
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.
Personal Loan Underwriting Process
The above details go into a credit evaluation algorithm (Loan Singh’s Proprietary) that uses electronic identification procedures to verify your identity. The program helps identify any fraudulent tampering with the bank statement.
Your credit bureau report, tells us about any hard inquiries pulled-up against your name along with your repayment history with other credit institutions. This is why the bank statement you upload has to be in PDF format only. Everything is done digitally – with no human interaction. This removes the possibility of impartial tampering at our end.
The algorithm then calculates your credit-worthiness based on all the information that goes into it. As a responsible lending solution, Loan Singh tries to find the best loan amount for you keeping in mind your regular spending habits.
Once you have received the loan application approved, the next phase i.e. post-approval consists of the following 3 facets.
Loan Amount Disbursement
Every borrower, whose personal loan application is ‘Approved’ or ‘Rejected’, gets notified via an email. It is obvious that a digital lending platform like Loan Singh makes use of digital means to inform borrowers of any loan application related event.
Sometimes, borrowers are found eligible but fall short of an approval due to a missing piece of information or incomplete data. Such borrowers are intimated via an email, SMS and phone call. Just like the US Military motto ‘never leave a man behind’, Loan Singh tries everything to get a credit-worthy borrower to avail a personal loan.
In case of a personal loan approval, the sanctioned loan amount is transferred to the account number mentioned in your NACH form. The loan amount is disbursed via NEFT/RTGS payment mode. Netbanking is the fastest, secure and most commonly used mode of fund transfer in India. This is why we prefer bank statement submitted via your netbanking login.
Loan Singh’s platform allows borrowers to view all of their loan related information at one portal. Each borrower can log on to his/her dashboard via an OTP and keep track of EMIs paid, the balance amount pending, loan tenure and EMI due-dates.
Loan Amount Repayment
Once you provide Loan Singh with a NACH mandate form, the EMI will be debited from your account automatically by the 5th of every month. In case due to some technical error, the EMI is not auto debited, you need to make the EMI payments via NEFT only. Loan Singh will communicate you of this status quo well in advance.
You wouldn’t want to miss-out on the EMI payment due-date, would you? Providing a NACH mandate to Loan Singh authorizes Loan Singh to deduct the monthly EMI amounts directly from your bank account. Loan Singh tries its best to ensure your EMI reaches us on time. This is crucial because a missed EMI can hit your credit score badly and rob an opportunity for you to build a positive credit history with Loan Singh.
Loan Singh is a digital lending platform that prides in providing online unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but provide a loan with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as home improvement, house repair, marriage/wedding, medical, second-hand car, second-hand bike, vacation and travel. 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 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:
- Loan Singh Pinterest
- Loan Singh on Facebook
- Loan Singh on Twitter
- Loan Singh on Youtube
- Loan Singh Blogarama
- Loan Singh Google Review
- Loan Singh Medium Blog
- Loan Singh Reddit Blog
- Loan Singh Tumblr Blog
- Loan Singh Scoop It Blog
- Loan Singh Storify Blog
- Loan Singh Digg Blog
- Loan Singh Blogger
- Loan Singh Lymelight
Loan Singh in Latest News
The year 2017 had been a breakthrough year for Loan Singh. Mention of partnership with Airtel helped Loan Singh to work harder in the space of digital economy. Some snippets of Loan Singh can be found on…