INSUBCONTINENT EXCLUSIVE:
If you want to raise personal loan without
having to go through the hassle of cumbersome loan seeking process, there is a help available online
There are virtual financial institutions or loan aggregators that disburse loan through virtual interface
These portals work as loan aggregators and connect borrowers to lenders
There are several such portals that include Finzy, Quick Rupiya, KreditBee, InstaPaisa, cashe.com, among others.It is noteworthy that one
can seek loan from State Bank of India (SBI) for various purposes for which the minimum salary for seeking personal loan in urban and metro
areas is Rs 24,000 and Rs 10,000 in rural or semi urban area
One can seek a personal loan of 12 monthly income for salaried individuals and pensioners subject to the ceiling of Rs 10 lakh
The SBI personal loan requires relatively more documents than required by these loan aggregators
For instance, in order to seek personal loan, CASHe, virtual loan platform, requires just salary slip, bank statement, PAN card and address
MCLREffective Interest Rate With No ResetTerm LoanNo Check Off8.25%3.40% - 6.40%11.65% -14.65%Term Loan.Check Off8.25%2.90% -5.90%11.15%
-14.15%OverdraftNo Check Off8.25%3.90% - 6.90%12.15% -15.15%Overdraf.Check Off8.25%3.40% -6.40%11.65% -14.65%: SBI Personal Loan: How To
Apply, Prepayment Charges, Other FeaturesPortals That offer Personal loanCASHe: It is a fintech product from TSLC PTE that provides
short-term personal loans to young salaried professionals on the app
The app follows a social loan quotient algorithm that creates a sophisticated credit profile of consumers totally different from
conventional banks and credit agencies
The app enables the young professionals to get loans within minutes without paperwork.One can avail loans ranging from Rs 10,000 to Rs
2,00,000 for 15 days, 30 days, 90 days and 180 days based on ever changing needs
For this, one requires a salary slip, bank statement, PAN card and address proof clicked on a self-signed white paper and uploaded through
CASHe app.KreditBee: Recently, KreditBee in collaboration with Xiaomi rolled out personal loan facility for disbursing loan for a period of
The interest rate charged is very high, 3 per cent per month.Finzy: Another technology driven personal loan platform is Finzy
The process of seeking loan is quite simple
First you provide your basic information and KYC documentation
In the second step you can submit income documents and bank account statement
The third is to accept loan terms.Later, the loan is disbursed into bank account
After that you can pay the EMIs through auto debit.QuickRupiya: On the Quick Rupiya, one can check eligibility in 60 seconds
After that, one can quickly verify by submitting the documents
If everything goes through smoothly, the borrower is likely to receive funds within 48 hours
The virtual loan disbursement institution enables you to seek loan for any amount between Rs 25,000 and Rs 10 lakh
Quick Rupiya also connect the borrowers to lenders
The portal has four lenders that include Kotak, Tata Capital, DMI Housing Finance and Capital First.One can repay the loan in anytime
between 12 months to 60 months
The rate of interest starts at 10.99 per cent.Instapaisa is another credit decision platform that connects borrowers to lenders to execute
instant loan transactions
As the portal connects five lenders with borrowers, the rate of interest varies from the lender to lender.There are four kind of documents
required for applying personal loan from virtual platforms:Photo identity proof: The document includes passport, pan card, voter identity
card, driving licence, aadhaar cardAddress proof: ration card, passport, bank account statement, aadhaar card, driving licence, electricity
bill, telephone bill, sale deed, property purchase agreement (for owned properties)Income Proof: For salaries individuals, last three
months/ six months bank statement (dependent on scheme) showing salary credits
However, for self-employed individuals, one need to submit two years ITR, PL account and balance sheet for last two years and last six
