No, we won’t get into statistics as to how well Personal Loan is doing in India (we will cover that in another post). But, we will speak about personal loan and its rapid rise in popularity. Banks and credit institutions have comprehended the extent and scalability of digital lending.
Developing an app is not enough to appease salaried millennials. Umpteen steps in getting personal loan approved are no more acceptable. Who has the time to stand in never ending queues? Banks need to reinvent themselves or might be left far behind by emerging startups and Fintechs.
Personal Loan in India
The emphasis on banks and offline lending services would be to focus on building a seamless and digital application process. Everyone is already using smartphone and nobody has the time to visit the bank to wait in long queues. Faster credit underwriting is one more area which needs improvement by offline lending services. Time and research has to be spent to understand what millennials are looking for. There has to be a well-structured strategy, keeping in mind competencies. Two areas to keep in mind this year are
Flexibility – Architecture and systems for digital lending must be flexible to customization. Real time requirements such as addition of external APIs are to be allowed on the go.
Design – The design should be focused on the end user. Understanding borrower profiles, their demographics, social media presence, etc. need to be taken into consideration.
Eliminating paper and cutting time delays has to be the priority for offline lending services. The friction that is caused due to unending paperwork and approval time has to be addressed. Digital analytics is needed to better understand borrower needs and that too in real time. Alerts, notifications and intimations need to be sent out in real time as and when the loan application is submitted, approved and amount disbursed.
Online Personal Loan in India
A personal loan is an unsecured loan that solves your quick fund requirements. As it is an unsecured loan, it does not require any collateral. For salaried individuals, gathering funds within a short span of time, is not possible via traditional banking solutions. These solutions that take up to weeks to disburse funds. For a personal loan, the borrower’s creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining his/her daily living.
No collateral – Having no collateral 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 shopping, buying consumer durables, celebrating festivals, buying used vehicles, getting the latest gadget, traveling for a holiday, home improvement, job relocation, medical emergencies, home renovation, marriage arrangements, etc.
Best Personal Loan Website?
If banks are slow to provide quick personal loan digitally, then which is the best online personal loan website to trust? Despite India’s digital lending sector still being in growth phase, one Fintech player has managed to tread farther than others in the segment.
The name of this Fintech is Seynse Technologies. Seynse Technologies has also been a proud partner in launch of the Airtel Online Store and has developed Loan Singh – A digital lending platform which lets salaried individuals apply and avail quick online personal loan.
Loan Singh Review
Loan Singh presents a number of advantages over other online platforms. Some of these advantages are
- Minimal documentation
- Fixed monthly EMIs
- No hidden fees
- Easy online loan application process
- Transparent process
Things to Consider When Applying for a Personal Loan
Before applying for an online personal loan, remember the following pointers
- Eligibility
Just because you have internet, and you need funds, does not mean Loan Singh will approve your loan application. You need to be at least 21 years of age and salaried. The minimum monthly salary must be Rs.20,000. A competent credit score is key to get that ‘Amount Credited’ SMS plonking on your smartphone.
- Research
Everyone does this, and so should you. Despite Loan Singh’s digital presence on Facebook, Twitter, YouTube, Instagram, LinkedIN, Google Business, Medium, Blogarama and Pinterest, you need to understand how digital lending is different from offline modes. Read about Loan Singh’s FAQs and find out what is needed to be kept handy during the online application process.
- Amount
The amount you need to borrow will be based on your income and repayment capacity. The amount should also be backed to be used for a valid purpose. Ensure that you make use of the funds for the designated purpose only – which could either be for a second-hand vehicle personal loan, home renovation personal loan, marriage personal loan, travel holiday personal loan, etc.
- EMI
Just because you are eligible for an online personal loan, does not mean your job is done. It is wise to apply for a personal loan, based on your financial capability. This you can do by checking Loan Singh’s EMI calculator. Taking a personal loan is like jumping on a trampoline. You get the funds to spend in times of need, but you do need to repay it back. So, during the application phase itself, have the repayment amount figured out.
- Process
The process is easy and breezy. You can apply for a personal loan from your home, while traveling from work in an Uber, while being stuck at a traffic signal, etc. As long as you have internet access and can log in to your Gmail or Net-banking account, you can finish the process in a short time of 15 minutes or less.
- Purpose
Utilize the amount for exactly the purpose you have mentioned. For example: do not spend the wedding personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds solely for celebrating your marriage. Remember, applying for credit at various credit institutions leads to hard inquiries to credit rating organizations, and denial of a loan application will adversely affect your credit score, as well.
- Second loan
Sometimes, it is better to be safe than sorry. There could be an instance when you may not be eligible for the loan amount you need, and so you will continue hunting for funds at different banks. Try not to do that. Stay away from putting your monthly EMI obligations at risk. Clear one loan and then apply for the next. Being prompt with your loan repayments, with Loan Singh, helps you not only to improve your credit score but also build a good repayment history with Loan Singh, and thereby get a second loan with ease. Loan Singh also provides debt consolidation personal loan among its numerable personal loan categories.
- Default
The most basic of all pointers – missing out on EMI repayments. This could hit your credit score in a bad way. Adding to that, the penalty for missing an EMI can easily lead to added expenses each month. Procrastinating with the EMIs can slowly push it to a point of no return. Ensure you keep reminders about the EMI due-date or you can easily set-up an auto debit feature and allow Loan Singh to deduct the EMI from your account each month. Just ensure you have sufficient funds in your bank account.
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