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 proof clicked on a self-signed white paper for the personal loan approval.
Portals That offer Personal loan
CASHe: 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.
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.