With this in mind, our first Loan Singh blog post and subsequent articles will highlight and discuss Loan Singh’s offerings and features such as competitive interest rates, minimal documentation etc. So let’s get straight to it.
We live in an age where we want everything done instantly. From noodles to groceries delivered at our doorstep, we want every process in life to be quick and hassle free.
It’s sad; we cannot associate this trait to applying for personal loans from a bank.
Ever heard someone say “I didn’t need much documentation for my bank personal loans” or “My personal loans was disbursed instantly by a bank“ or “This bank offered me less interest“.
You’re most likely to be a working individual who wants to pay for online shopping through EMI, pay for a medical emergency or apply for an academic course. A course that can enhance your career options or a course you always dreamed of completing.
So what are some of the problems you could face while applying at a bank for personal loans? What options do you as a borrower have to avoid lengthy paperwork and frustrating delays? We shall address these here.
A study by Rupee Times, lists 5 common problems faced by borrowers for personal loans in India.
Rejection at the first stage
Ineligibility due to age or income and improper documentation, increases the chances of rejection at the earliest stage. Banks also have a long list of requirements which can take up a lot of your time.
Loan Singh on the other hand, has a short list of requirements. We work with you, the borrower, to ensure a hassle free experience. We guide you through each step of the loan process.
Desired loan amount not sanctioned
Banks typically evaluate multiple factors to sanction a personal loan – monthly income, financial history, credit card debt history, past repayment record, years of employment etc. This leaves you under-served because you might have never availed a loan before or were not financially secure.
Loan Singh simply evaluates your current financial position. This prevents delay and enables a transparent process. We understand that you maybe a first timer and assess your financial stability without being partial.
The CIBIL scoring model takes into account – an individual’s credit exposure, past performances and credit duration to generate a score that the bank uses to grant you the loan you are seeking. A zero score means you have never availed a personal loan before. If you are applying a loan for the first time then it is harsh to judge you on credit history when you actually have never availed a loan before.
Loan Singh’s proprietary credit scoring model keeps it simple. It considers your demographic details, financial information and your trustworthiness. It does consider your bad credit card history. So even if you have never availed credit before, Loan Singh will get you that personal loan.
The interest rate dilemma
Bank interest rates can be tricky at most times. And they make it difficult to keep track of periodic changes. There is no transparency and you end up paying more.
Loan Singh offers flexible interest rates, depending on your Seynse Score. This is completely transparent because the interest is calculated based on your current financial position so you pay what is fair.
Down payment issue
Banks require the borrower to fund some percentage of the loan amount as down payment. The bank again looks at past transactions and credit history, whereas in the present you might not have that large of a down payment amount to pay.
Loan Singh asks for only 20% down payment. Again this amount is determined based on your current financial position so the interest rates are nominal. We do a CIBIL score check.
The process for personal loans are completely online and you can apply directly on our website: www.loansingh.com
Loan Singh’s Digital Lending Platform introduces lenders and borrowers to each other.
Credit-worthy borrowers are selected with the help of our ‘Seynse Score’. Borrower profiles are shared with Lenders and they decide who they would like to lend to. Both borrowers and lenders can track their EMI status on personal online dashboards. It is easily the best solution for low interest rates online loans.
Tell us what you think about Loan Singh? Send us your queries on how we at Loan Singh can help you solve your financial needs. Leave your comments below.
You can also call us on 09880675505 or drop us an email at email@example.com
Stay tuned for more finance related articles from the Loan Singh team.