We all know the many intricacies of getting a loan which almost always leads to major confusions and problems as no one bank or site ever gives a loan without some big hullabaloo about forms and documents and all. And in most cases even after producing the requisite documents, most of the time one can’t get a loan because of the simple fact that they haven’t bribed anybody and don’t know anybody who is working at the particular institution. But most importantly a huge factor in getting a loan is the time. Almost every time one wants a quick loan, they have to return disappointed due to the fact that almost all the places have a long and arduous process of granting loans which sometimes drag onto weeks, maybe months. But now thanks to new loan apps, getting a loan isn’t only easy, it is way less time consuming than one can imagine.
First step
For applying for a loan there is a preliminary first step where you need to fill in some personal details based on which the company is going to assess your credit limit. You have to keep in mind that the credit limit is unique for each individual as the company takes into account various factors while calculating it. Needless to say, the higher your credit score, the more amount money is available to you for loan. Like every other company which grants loan, the credit limit is an important criteria as the company just can’t loan money to you if you are a defaulter or is already under another loan.
Second step
After your credit score is evaluated, you can take loans of as low as INR 10,000. Not only does this broaden your horizon of taking a loan, it also lets you take as much money you want and not more. There are a lot of companies in the market whose minimum loan threshold is way higher than the measly INR 10,000 allocated by this company.
Third step
This is one of the vital ones, as you get to know that the interest calculated on your loan is only going to be calculated on your capital, which is the original amount of loan taken. There is no provision for compound interest where the interest on the loan increases by leaps and bounds which leads to many cases of defaulting on loans.
Fourth step
After you have gone through everything and actually taken the loan, this is the part where you select a suitable payback option. The payback options ranges from EMIs for three months to as many as twenty four months. You get to choose an option of your choice and pay back the loan accordingly. As a result of this super flexible EMI plan, you can pay back that amount as per your own convenience instead of having to bend to the deadlines usually given by money lending corporations.
Because of these feature available at this company, taking a quick personal loan has now become easier than before. No worries about compound interest or inconvenient EMIs. All you have to worry about is paying back the loan along with the simple interest generated on it. Someday soon, this method of taking an easy and hassle free loan is going to revolutionize the entire loan granting industry.