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Easy Personal Loan

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Easy Personal Loan would refer to loans that require minimal documentation, provide instant approval and quick disbursal. – PowerPoint PPT presentation

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Title: Easy Personal Loan


1
Easy Personal Loan
2
Easy Personal Loan
  • It refer to loans that require minimal
    documentation, provide instant approval and quick
    disbursal.
  • All lenders promote their personal loan products
    as easy and hassle-free.
  • Some lenders promise loan disbursal within 24
    hours.
  • Others claims to complete the entire application
    process online.
  • Mostly, Private banks and NBFCs that
    offer instant personal loans. Public sector
    banks, on the other hand, take some time to
    scrutinize the application and give approval.

3
What to do in order to avail an Easy Personal
Loan?
  • Maintain a good credit score.
  • Pay all your dues on time. Banks maintain a track
    record of whether their customers have been
    regular with the bill payments or not. Try not to
    go into the banks bad books.
  • Establish a good relationship with the bank by
    being loyal to their services.

4
What is Short-term Personal Loan?
  • Nowadays, easy personal loans are available in
    the market in the form of Short-term personal
    loans (STPL).
  • These loans are offered through mobile apps and
    the process is completely online.
  • Only cons of STPL is that you may not be able to
    get a higher loan amount.
  • Some popular STPL apps are CASHe, Stashfin,
    PaySense, KreditBee, etc.

5
Features of STPL
  • Quick disbursal.
  • The rate of interest on these loans would be a
    little higher than that on normal personal loans
    but not as high as credit cards. An average rate
    of 2 per month can be assigned to the borrower.
    Since the tenure is also smaller, the overall
    interest outgo is low.
  • The tenure of short-term personal loans may be as
    low as 3 months but usually does not go beyond 1
    year.
  • Much like normal personal loans, these lenders
    also give out loans on the basis of the
    borrowers credit profile.
  • Some of these lenders may also be ready to give
    out loans to those who are new to credit thus
    making it a good way to start a credit score if
    you do not want to get a credit card.
  • Generally, the application process is online.
  • Sometimes, the lender would use the borrowers
    psychometric analysis or digital footprints to
    determine his creditworthiness.

6
Top Banks/NBFCs Offering Easy Personal Loans in
India
  1. Bajaj Finserv Personal Loan
  2. Tata Capital Personal Loan
  3. Indiabulls Dhani Personal Loan
  4. HDFC Bank Personal Loan
  5. ICICI Bank Personal Loan

7
Conclusion
  • If you do not want a high loan amount but quick
    disbursal is the main concern for you, then a
    Short-term personal loan is a good bet.
  • However it is not advisable to take short-term
    loans often as it would show you as a credit
    hungry person which may affect your credit score.

8
Thank You !!!
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