Tips for Getting Quick Personal Loan in India without Any Hassles
Do you face hardships in getting quick personal loans in India? Do you want to avail personal loans under 10 minutes? Welcome to the new Digital age of financial technology startups in India.
All of us have faced cumbersome and tedious method employed by banks to approve loans. The consumers have to follow various steps to get eligible for loans. Still, there is no surety of getting your loan approved despite wasting 3 to 10 days. With the digitization process making rapid strides in India, the banking scenario has changed drastically.
New age financial technology Startups has made the entire process of loan procurement easy and paperless for consumers at competitive rates.
What is a financial technology startup?
Financial technology startups are digital-based financial companies that are engrossed in loan disbursement for new-age customers. Here, you can apply and get a personal loan for home, car, education, house renovation, medical emergency or even for a picnic. These financial companies are emerging as a dependable and secure business partner for people across India who don't have the time to go through the lengthy procedure and physical verification at the banks or other NBFC.
What makes fintech startups attractive to consumers?
These fintechs use digital platform for instant loan payment. Here you can apply for short term personal loans ranging from ₹5000 to ₹5 lakh. These fintech are now operational in almost all Tier1 and Tier2 cities of India. It is increasingly becoming attractive to the current digital generation because of its features such as -
The smooth and quick loan process Easy repayment policy Competitive rate of interest
Fintech Apps in India
Most of the new-age financial startups use online personal loan app to reach out to customers. The online personal loan apps can be downloaded from Google play store. The app is simple and user friendly and enables financial assistance to the working professionals on the go. The hassle-free personal loan is disbursed without any collateral for immediate financial aid. The major highlight of the online app is the digital documentation without any paperwork.
What are the documents required to avail a loan in India?
The documents required for availing loans are : Identity proof (Aadhar card, Pan Card) Proof of residence (Aadhar card, Rental agreement, Utility bills or postpaid mobile bills) Proof of income Last three months bank statement Once your documents are verified which takes a few hours, your loan amount is credited to your bank account the very next day.
Benefits of online financial companies in India?
There are several benefits of an online financial platform over banks such as : Disbursement of loans are quick and made it easy to avail. Not lengthy paperwork and lesser time consumed to get a loan. Consumers can check eligibility to get a loan. Even small loans starting from ₹5000 can be taken.
Most of their clients are young professionals who take small-ticket loans for unplanned expenditure and pay it back in instalments over a period of time. These fintech takes into consideration different factors like income, age, credit history, repayment capacity, credit score and financial obligations before loan disbursement.
FAQs Q. Is it safe to take a loan from an online financial platform? A. It is entirely safe and secure to get personal loans instantly without compromising on your personal information from online financial platforms. These companies assure complete secrecy of your financial details.
Q. What is the interest rate slab? A. The interest rates vary between 1.4% to 2.3% per month depending upon the requirement, schedule and risk factor.
Q. How much time it takes to get your loan approved? A. Depending upon your documentation verification, it generally takes a few hours to get your loan approved. The company regularly apprises you regarding the process until the outcome.
The young generation in today's times doesn't have the patience to wait until their 40s to get a new car or go for unplanned holidays. They are ready to take a small number of loans for a short term period. Under these circumstances, online fintech has rightly sensed the business opportunity to provide hassle-free personal loans quickly and cater to this segment.