Loans are available to working adults who are resident Indian citizens who are either employees or are self-employed. Compared to bank loans, these online finance websites offer hassle-free loans with a minimum of documents. The loans are approved within minutes and the loan amount is credited to the borrower’s designated account.
Loans are offered at competitive interest rates and the repayment is on a reducing balance basis. Generally, the loan tenure is for a maximum period of 60 months so that the EMIs can be easily managed. The minimum amount of loan is ₹ 1,000, while the processing is usually two percent. From time to time, third-party vendors also have offered to borrowers who have taken a loan from the online finance App. For example, Zomato offers Zomato cashback offers and a Zomato coupon code that can be redeemed during the period of the offer.
Getting a Loan is Simple and Within Minutes
Since there are dozens of online finance Apps, it is advisable to browse through the various Apps on the internet and decide on one that suits your requirements. There are many online loan Apps and include Cashbean Personal Loan, MoneyTap Personal Loan, Paysense Personal Loan, Kreditbee Personal Loan, Early Salary Personal Loan, Lazypay and much more.
Once you have identified the right loan App, then the next step is to download the App. You will be required to enter a few personal details like name (as mentioned in your PAN card), date of birth, Net monthly income, the place from where the loan is required. The loans are disbursed only where the finance company has a local office or a representation in the area. Along with the required documents, you will also have to upload a clear selfie (frontal).
What are the Charges/Fees That has to be Paid?
There is a processing fee that every online finance App charges. This is generally around two percent. Interest is charged on a reducing balance. A late fee is charged for late payments of EMIs. This varies from App to App. You can also foreclose your loan. Foreclosure can be done only after the minimum EMIs are paid. A penalty is charged on foreclosure, and all taxes are to be paid as well.
What are the Types of Loans Available Online?
Loans are available for a whole range of reasons. They include:
- Marriage: loans are given to meet marriages of your son/daughter
- Medical: Medical emergencies, you need money quickly. it covers surgeries, illnesses, hospitalisation, lab tests and a whole lot more
- Education: Loans are given for your child’s study abroad or even for a professional course in India.
- Vehicle: You can purchase a vehicle (old or New) with a loan from the online App
- House: Loans are available for house repairs, painting and purchase of new furniture.
Conclusion
Online Finance Apps are now the best option if you are looking for a personal loan. You don’t have to give them a load of documents and follow it up by several visits to the bank. Also, you don’t need collateral or a guarantor who will vouch for you. Even after all this, it takes weeks till the loan is credited to your account. The drawback is that you have to have an account in the lender’s bank. Download theLazyPay app, get your credit limit and enjoy making those purchases like you never have !!!
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