If you an ardent reader of our work, you will know that our focus is to guide salaried professionals to make the right choice when it comes to personal loan. A digital lending platform like Loan Singh is prepared to serve individuals like you. We offer a totally unique and efficient loan availing experience, by providing a digital platform that promises ease and swiftness. Despite having a good digital lending platform in India, in terms of our application process, we still encounter borrowers who struggle to embrace the ease provided by Loan Singh. Bank statements are sent in scanned format instead of a PDF, loan purposes are unconvincing, etc. So, before you apply for a personal loan at Loan Singh, ask yourself the following questions:
Do I know what a personal loan is?
Personal loan is a type of unsecured credit. It is unsecured because no security or collateral is provided by the borrower to the credit institution. As there is no collateral involved, credit institutions obviously need something from the borrower to mitigate the risks in case of EMI defaults. You pay periodic monthly EMIs to clear off your personal loan. The credit institution then looks at your credit repayment history to get an understanding that you will pay the prospective EMIs promptly, or not. A good credit history ensures a better chance of getting a personal loan.
Unlike traditional lending solutions such as banks, Loan Singh does not see the borrowers face-to-face. Despite this, borrowers like you, can avail a personal loan making use of Loan Singh’s digital lending platform. A personal loan is hugely beneficial in times of a financial emergency. Urgent cash is needed for medical expenses, paying towards house repairs, beautify your home with exquisite décor, shop online or travel abroad with family. Therefore, multiple purposes, quick approval and short term emergency cover make personal loan the best solution for a financial need.
Am I eligible for a personal loan?
Unlike popular notion, not everyone can apply for a personal loan. There are certain requirements that have to be met to get a personal loan from Loan Singh.
- You must be an Indian citizen to apply for a personal loan.
- You must be at least 21 years of age
- You need to be a salaried professional earning a minimum of Rs.15,000 per month.
Am I personal loan worthy?
Just because you meet the above criteria, it does not mean your personal loan application will be approved. As you by now know, your credit repayment history is of utmost importance to get a personal loan from Loan Singh. To know if you are credit worthy or not, your credit bureau report is requested from the credit bureau. Your credit bureau score then forms the basis for your personal loan approval. You are deemed credit worthy, if you have been prompt in your loan EMI repayments, if you have had good credit utilization ratio, if you have paid-off your credit card bills on time, and have never overspent over the credit card limit.
What if I never availed a loan before?
Many people, including you, might not have availed a personal loan before. This could either be because you were a student, and have just started working; but, now you now need a quick influx of funds. Never availed a loan means no credit history. Almost surely your personal loan application, at a bank, will be rejected. This is because a personal loan is an unsecured credit, so with no score how can banks trust you when it comes to repayments?
Where will a credit worthy salaried professional go to solve his financial requirement?
Fret not! Loan Singh is here!
Even if you have never availed a loan before, you can get a personal loan from Loan Singh. You need to be salaried for at least 3 months to be eligible for a personal loan at Loan Singh.
Is Loan Singh the correct choice for a personal loan?
Being a digital lending platform, Loan Singh is advantageous in a number of ways. Everything, from application to disbursement, is done online. No time is wasted in cross verifying any paperwork or filling-up lengthy paperwork.
Personal loans are synonymous with ‘Quick funds’; although this cannot be said about traditional lending solutions like banks. With Pan India coverage, Loan Singh caters to salaried professional across the country. Some advantages of availing a loan with Loan Singh are:
Less time consuming – As the whole process from personal loan approval to disbursement is online, you avoid the time and fuel wasted in visiting the bank repeatedly to submit documents and forms. With the entire process happening online, you save so much of your precious time.
EMIs – Making use of Loan Singh’s EMI calculator, you can find out how much you need to pay each month for clearing your personal loan. You can set-up an Auto-debit feature which provides Loan Singh to debit the loan EMI from your account – each month as per the due-date.
Secure platform – Loan Singh’s digital lending platform is SSL (Secure Socket Layer) certified; i.e. all your financial information submitted, remains protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies – this feature is not available with traditional lending solutions.
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.
Why can my personal loan application be rejected?
There are many reasons due to which your personal loan application can be rejected. Some of them are:
- If your monthly income is insufficient to pay the monthly repayments on time, then your personal loan application will be rejected.
- If you have defaulted in any of your previous or running loan EMIs or credit card bill payment.
- If you are a loan guarantor to someone who has defaulted in a loan EMI payment
- If the co-applicant to your personal loan has a poor credit bureau record, even if your credit score is good