We are Loan Singh! Our mission is to serve the under-served salaried individuals who need funds to various purposes. Loan Singh is a digital lending platform that provides online personal loans to credit worthy salaried individuals. Loan Singh’s FAQ section mentions what documents are needed to apply for a personal loan and what is the eligibility criteria as well. Before we indulge into the 4 types of personal loan borrowers that possibly exist, let’s look at how an online personal loan is slowly replacing the offline means that are present in banks.
Online Personal Loan
The best option left for you to get quick funds is Loan Singh. Firstly, Loan Singh is a digital lending platform that allows borrowers to apply for a personal loan with only PAN details, Aadhaar and 6-months bank statement. Loan Singh involves no paperwork and provides an online process for loan application. You apply for a loan via Loan Singh’s website and get the personal loan disbursed in to your account within 48 hours.
Swift processing – At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency requirements.
No collateral – Having no collateral requirement 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 purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, purchase of second hand vehicles, marriage, etc.
Loan amount and tenure – The loan amount for a personal loan at Loan Singh can range from Rs.50000- Rs.500000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months.
Loan Singh Application Process
Not only is personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh is mentioned below:
If you find yourself fitting Loan Singh’s criteria, log on to www.loansingh.com and apply for an online personal loan. You will need to keep your Aadhaar, PAN and bank details handy. Here is how the process goes.
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
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 net-banking account directly. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to multiple 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.
4 Types of Borrowers
Daily, we come across hundreds of borrowers who apply to us from different parts of India. Although their personal loan purposes, amount and tenure differ from one another, they all seem to fit into 4 probable categories. Let us now look at 4 possible categories of personal loan borrowers.
Pack of Cards
Credit Card users are mainly of 2 types: Firstly, the ones who pay their credit card bill statement on time and in doing so are loved by Credit Card companies. The other type is the one who carries a Credit Card debt on to the next month and pays interest and late fees. Multiple credit card holders will hence over spend, thereby accruing more debt keeping the credit card companies smiling. If these individuals apply for a personal loan, chances are that due to their high current obligation and irregular repayment, his/her application will be rejected. Such irregular repayments also appear negatively on your credit score.
With India embracing technology in almost every field of commerce, finance and communication, more and more salaried individuals want to get quick service for their needs. Applying for a loan at banks involves lengthy paperwork of forms to be filled and recurring trips to the bank. For such tech savvy salaried individuals, a digital lending platform is apt to apply for a personal loan. Easy and digital process, convenience to apply for a loan from your smartphone and auto debit of monthly EMI repayments is just some reasons why digital lending is perfect for such borrowers.
You have to understand that digital lending, even though faster than banks, is still a process. There can be one to many situations with regards to improper bank statement upload, human error in not filling personal information correctly, delay at the borrower’s end for sending the signed loan agreement etc. which stretches the time span from loan application to disbursement. Ideally you can get a personal loan within 48 hours from a digital lending platform like Loan Singh. That is only if you have uploaded the correct statement in the right format (PDF), uploaded the Aadhaar card copies in color and also uploading the NACH mandate for auto debit of EMIs.
The rush of getting credited with your salary at the beginning of the month is a warm feeling. Responsible salaried individuals pay their bills, clear off with the rent and most importantly, pay their loan EMI repayments. Many don’t plan their financial expenses well and as a result are left with a dearth of funds by the time we hit 21st or 22nd day of the month. The high soaring during the first half of the month in terms of expenses leaves the salaried individual with lack of money to pay for emergencies and household items.