Easy Loans in India

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Easy Loans in India

Loans are essential in our lives today since we cannot predict the future. You might need the cash to boost your business or take care of a personal problem. The reason why easy loans are best is because of the lower interest rate and unsecured.

In India, the case is no different. Various firms offer easy loans to consumers through a mobile app. All you have to do is download the app, and you are good to go. However, there are various things that you need to know before requesting for the loan. In this article, we are going to look into easy loan and how it works. 

What is an Easy loan?

This refers to funds approved and transferred to your account directly within munities. Online lenders give the easy loan from bank at a flexible rates with no collateral. The lenders do not check your credit score or history for the loan to be approved. Nonetheless they will assess your profile to see the kind of borrower you’re. This is a personal loan with easy approval that one cannot let it pass by.

Additionally, the banks have also joined the online platforms to offer, fast loans to consumers. In India, you can access the funds anytime with minimal paperwork and no collateral. However, before the funds are approved, the institution will have to check your credit score. This determines how fast your fast easy loan shall be approved.

Who is eligible for the easy loan?

This is the question that you ask yourself once your easy personal loan app has been declined. The reason for this are requirements that one has to meet before the cash is approved. Some of the elements that make you eligible are

  • Age: this is an important aspect when it comes to personal loan approval. You have to be between the ages of 21 to 60 years. However, the age limit shall depend on whether you are salaried or self-employed. Hence, you will be required to show your Identification Card to prove your age.
  • Income: your income also determines if your easy bank loan will be approved or not.   Before the loan is sent to you, the lender will have to look at your bank statement. This helps the institution to decide whether you are high risk and the amount of cash to give you. For example, the lender might require you to have a minimum net income of Rs. 12,000 for the loan to be approved.
  • Debt: Having an outstanding debt or over-borrowing works against you to get an easy fast loan. For you to qualify for the funds, you need to have your debt levels in check. Ensure that your debt is not more than your income since the bank will consider you a high risk. 
  • Location: The lender also looks at this aspect when it comes to easy loan application online. They need to know where you leave or conduct your business which proves you are a citizen as well. This can be seen from the passports or utility billings done. If you lack a physical address, then the loan might take longer to be approved.
  • Credit history: Your credit score plays a significant role as well. Having a good credit score is a plus since you will receive the loan within hours of easy loan application. Some of the lenders won’t look at this, but to be on the safe side, ensure you have a good credit report. This, in turn, determines the amount of cash you will receive, tenure, and the interest rate attached to the loan.

Benefits of easy loans in India

  Fast, easy loans have the benefits that make them more appealing than long term loans. Some of the advantages include the following.

  • There is no collateral required by the financial institution for the easy loan to be approved.
  • The application process is simple due to less paperwork. Plus, the loan is approved with minutes, making it convenient.
  • The secure loans are flexible, making it easy to repay, and you are not restricted to how you use the cash.  
  • Another benefit when it comes to the personal fast loan is that there is no debt involved. This means that you can borrow as much according to your income and make the payment as quickly as possible. This helps you to avoid entering into a debt cycle that will prove to be a problem in the future.
  • If you have a poor credit score, quick easy loans are the best option for you. When the loan is paid on time, it improves your credit score. This enables you to get a higher amount of cash which is approved within hours.
  • There is a zero processing fee needed for the loan to be approved. However, this will depend on the financial institution.

How to get a easy loan

Accessing the funds from a lender is an easier task than what one may think. Here are simple steps to follow during easy loan app online

  •  Identifying the financial firm

The first step will be determining the right loan and the lender to offer you these services. This is because there are various easy personal loan apps in the market today. Each of the firms has its interest rates, which might be slightly higher than the rest.

You need a service provider that gives you a lower interest rate for more manageable repayment. The reason for this is most online lenders that offer easy loans attract a higher interest rate than the long term loans. Therefore research thoroughly before subscribing with the financial firm.

  • Getting the required documents

Before the firm approves your loan request, they will need to look at the various documents submitted. The files could be your Identification Card, bank statement, credit history, among others. Hence, before applying for the funds, read through their policies to know the kind of documents needed. This increases the chance of you getting the loan approved quickly.

  • Applying and submitting the documents

Once you have acquired all the necessary documents, you can go ahead and ask. There will be an online form that requires you to fill your personal information. Therefore, ensure the data you give is correct since the lenders will counter check the details with the Credit Bureau. This is done through the approval of the Reserved Bank of India.

 Some of the firms might run the information through the Credit Bureau while others won’t. However, to be on the safe side, ensure the information is correct before submitting it.  

  • Verification and easy personal loan approval

It’s the last stage before the loan is approved. The firm pools all the records from your credit history to personal information and evaluate your request. The lender does this to access the kind of risk you present to the firm. They will also look at the amount to give, tenure, and interest rate to attach to the loan requested. 

Afterward, the firm sends an email or a message to inform you if the loan has been approved or not. On the other hand, if the loan has been approved, you will receive the funds in your account within minutes or hours.

Easy loan for self employed

In India, loan packages have been packaged to ensure you get what you need for a financial boost. The individuals seeking this loans are divided into two which are self-employed professionals and self-employed non-professionals.

Self-employed professionals refer to doctors who run their clinics, interior designers, chartered accountants, among others.   On the other hand, self-employed non-professional is people who are engaged in their businesses. This can be trading, manufacturing, or service delivery business enterprises.

For you to qualify for the loans, you have to meet the following requirements.

  • You must be between the ages of 22 to 55 years for you to qualify for the funds.
  • One must have a net monthly income of Rs.25, 000
  • Your credit score must be equal or above the 750 marks.
  • The minimum loan amount to request for is Rs. 50,000 and a maximum amount of Rs. 30 lakh. 

Easy loans for business

Are you facing financial problems and need a quick economic boost? Easy loans for firms is the best way to go. The product allows you to access funds within the shortest time possible with minimal documentation and no collaterals.

For you to qualify for the easy business loans, the following parameters have to be met.

  • The applicant must be within the ages of 25 to 55 years.
  • One must have a valid income tax return statement for the business for the last year.
  • The firm must also have a good credit score for the loan to be approved quickly.
  • The firm must have been in business for three years.

Conclusion 

In the past, access a loan, whether long term or short term, was a long process that involved a lot of documentation. Today thanks to technology, one can get a fast, easy loan through an app using your smartphone.

 The India government has embraced this kind of lending and even regulate the financial institutions to ensure citizens are not exploited.  Therefore if you are seeking an accessible business or personal loan from an online platform, you can without fear.

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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