In the past 2 days, we have seen quite a many ‘Thank You’ messages on our Facebook page. This is due to the simplistic explanation we provided, our readers & borrowers, about ‘Pre-approved’ and ‘Loan underwriting’. In today’s piece, we will focus on the personal loan post approval. A personal loan availed via a digital lending platform, such as Loan Singh, is bound to be quick. There is no exhaustive paperwork, like in banks. There is no time delay that ensue your loan application. Loan Singh’s application process is, quite clearly, one of the best in India. The online ‘Get Started’ form is concise, comprehensive and captures all your essential data which lets us evaluate your personal loan application. Because of our entire process being digital, with no human intervention, the bank statement you upload has to be in PDF format only. A digital process, at Loan Singh, therefore makes your whole personal loan experience quick and hassle free. Before we look at what happens after your personal loan application is approved, let’s recap on why Loan Singh is the best solution for a personal loan.
Why Loan Singh?
A hybrid lending platform, Loan Singh allows lenders to invest and borrowers to avail funds. With personal loan being an unsecured form of credit, there is no collateral to be provided by the borrower. The only way Loan Singh can mitigate the risk of default is by checking your credit bureau score, which shows your credit repayment history and how diligent you have been with your credit responsibilities. Loan Singh uses your personal details, financial information and social footprint to determine your credit worthiness. No photocopies, scanned documents or reference paperwork is needed.
Advantages of Loan Singh
Availing a personal loan through a digital lending platform is advantageous compared to traditional lending institutions, such as banks. Some of these advantages are
Hassle-free Process – No requirement of paperwork; nor is it required to run from bank-to-bank. You can apply for a personal loan from your home, your office meeting room, your friend’s barbeque party, or from wherever you want to.
EMIs – Loan Singh’s EMI Calculator, lets you find out your monthly EMI repayment amount before you even apply for a personal loan. You can track your loan status by logging onto your personal dashboard. Loan Singh’s auto debit feature allows you to make EMI payments without missing any due-date.
Varied Purposes – At Loan Singh, you can avail a personal loan for a number of reasons such as medical emergency, wedding, travel, gadget funding, relocation, etc. You will have the funds in your account within 36 hours from loan approval.
Secure platform – With Loan Singh being SSL certified, all the information you share is private and protected.
Loan Singh’s Post Approval Process
In previous articles, we provided information about how your personal loan gets pre-approved, once you complete the ‘Get Started’ form, and also about what happens during the underwriting phase. Now, let’s look at the post approval process at Loan Singh.
Every borrower, whose personal loan application is ‘Approved’ or ‘Rejected’, gets notified via an email. It is obvious that a digital lending platform, such as Loan Singh, will make use of digital means to inform borrowers of any 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 slogan ‘never leave a man behind’, Loan Singh also tries everything to get a credit worthy borrower to avail a personal loan. In case your personal loan is approved, the sanctioned loan amount is transferred to your listed bank account via NEFT/RTGS payment mode. Netbanking is the fastest, secure and most commonly used mode of fund transfer. It is also advisable to provide Loan Singh with your latest bank statement PDF via your netbanking account. The disbursed loan amount is dependent on your income.
Loan Singh’s platform allows borrowers to view all of their loan related information at one place. Each borrower can log on to his/her dashboard and keep track of EMIs paid, the balance amount pending, loan tenure and EMI due-dates.
Borrowers can make loan EMI repayments via netbanking or NEFT. Net-banking, being swift, is the best method. 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. This auto debit feature ensures you don’t ever have to miss any EMI. In case you miss out on any EMI, Loan Singh will then levy a penalty.