When everyone needs money, no one wants to wait days, or even weeks to see if they’ve been approved. People also don’t want to fill out mountains of paperwork, have their credit and income put under a magnifying glass or answer invasive financial questions. If you are one of them, what you want is easy loans in India.
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the online loans in India, to get more information people can read the article Customers can get an online loan in India by one click. Now, let find knowledge about easy loans in the post today.
EASY LOANS IN INDIA
Just like a lot of article posts such as unsecured personal loans bad credit, small loans online, unsecured loans for people with bad credit, loans for bad credit history… this post about an easy loan in India also includes some main parts. They are:
1. Some requirements to get an India easy loan
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Some documents required:
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
2. Some benefits and drawbacks of India easy loan
- Step 1: Get approved instantly: Customers need to fill out the online application form of lenders by answering some questions about yourself, your education, expenses, your employment, and needs. This process would take no longer than 10 minutes.
- Step 2: Submit a bank report: Securely connect with your bank via net banking and send a bank report as part of the loan application easily. Alternatively, you can upload the generated pdf bank report.
- Step 3: Select the loan term: Using our exclusive credit scoring algorithm, we determine your loan eligibility in real time. Our algorithms use information about you, to determine your future potential and help you get the best rate right away.
3. Some types of easy loans in India
3.1. Easy loans for individuals with low credit scores
Many companies offer easy personal loans to individuals with credit scores as low as 575. In this way, they were able to serve a larger part of the working class population.
3.2. Easy loans for individuals with low income
Another impressive feature of easy loans is that even low-income individuals can qualify for these loans
3.3. Easy loans for customers living in shared accommodations
Banks refuse applicants who want to apply for a personal loan if they work with unlisted or resident companies in shared rooms. However, many companies serve consumers working at many companies in India, thereby helping a large number of working-class professionals find themselves rejected due to their employer type, continued. access to easy loans in India.
4. The interest rate and fees of India cash loans online from some lenders
|INTEREST RATE||11.99% to 35.99%|
|PROCESSING FEE||1% to 5% of the total loan amount|
|LOAN AMOUNT||₹1,00,000 to ₹15,00,000|
|LOAN TENURE||12 to 60 months|
Example: A loan offer of ₹2 lac, for a tenure of 3 years at an interest rate of 16.6% (on a reducing principal) and a processing fee of 2.5%. Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from the loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
This post is about easy loans in India. We provide this information to offer you some of the necessary information that is useful for getting easy loans. Also if you are looking for information about personal loan apps, please refer to the Customers can get up to Rs. 25 thousand with personal loan apps link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free