About AnyTimeLoan

AnyTimeLoan.in (ATL) is a Fintech Company based in Hyderabad which offers a digital platform that gives access to a loan to working individuals who are in need of a small size credit. There is no requirement for elaborate documents, paperwork, or credit score to avail a loan through this platform.

AnyTimeLoan is a P2P lending platform which links the eligible borrowers to the lending partners of ATL. This facility is available round-the-clock, 365 days. ATL has partnered with non-banking financial companies (NBFCs) and other financial institutions to provide financial assistance at the quickest possible time to millions of eligible borrowers across the country.

Keerthi Kumar Jain, an IIM graduate, is the founder of this Firm. A situation in his personal life is what prompted him to design this platform which will give easy access to money to each and every individual when in need. This digital platform will provide access to the smallest amount of loan, for instance, 1,000 for personal use or a few lakhs for a business requirement. The only aim of the founder was to make the availability of funds easy for anybody at any time.

The firm has partnered with various lenders across the country to make the funds available. It has collaborated with Global Fintech Association, Yes Fintech, and Yes Bank.  The lenders on this platform are individuals of high net worth and NBFCs.

In a span of 3 years, the firm has managed to mobilise 53,000 loans amounting to 67 Lakhs. To either lend or borrow the money you have to register at their website online. With the help of an in-house algorithm, the creditworthiness of the applicants are assessed with the help of KYC documents, PAN Card, and other documents. 

The firm offers loans for education from the kindergarten up to Standard 12, Personal Loans as well as Business Loans to medium enterprises. It provides loans of small size to a loan of high value at affordable interest rates. The loans are made available in the quickest possible time since the whole process is online.

Education Loan is provided up to 5 Lakhs and a Personal Loan can be from 1,000 to 60,000. The interest is on a per-day basis. For Personal Loans, the interest rate is 0.01% per day, for Business Loans, it is 0.05% per day, and for education loans, it is 0.1% per day. However, this concept of per day interest is quite novel and interesting.

The whole process of availing a loan from ATL is very interesting. ATL evaluates the creditworthiness of the borrowers using their in-house algorithm. Once a borrower applies for a loan, the loan enquiry is connected to the various lenders on the platform by LOBOT, which is a chatbot. The lender who chooses to accept the proposal relies on the evaluation made by ATL and will disburse the loan in a matter of minutes directly into the bank account of the borrower.

Types of AnyTimeLoan

There are three types of AnyTimeLoan:

  • Personal Loan
  • K12 Education Loan
  • MSME Loan

Features of AnyTimeLoan

The features of AnyTimeLoan are as follows:

Name of the loan Features

Personal Loan

There are three different levels of memberships at ATL, i.e., Silver, Gold, and Platinum. Personal quantum and rates depend on the level of membership.

Purpose: Can be used for any purpose. There is no restriction on end-use.

Quantum:

  • For Silver Membership: The minimum quantum is 1,100 and the maximum quantum is 50,000.
  • For Gold Membership: The minimum quantum is 1,100 and the maximum quantum is 70,000.
  • For Platinum Membership: The minimum quantum is 1,100 and the maximum quantum is 1,00,000

Interest:

  • For Silver Membership: 0.1% to 0.15% per day
  • For Gold Membership: 0.01% to 0.07% per day
  • For Platinum Membership: 0.01% to 0.07% per day

Repayment: The amount to be repaid between 1 - 30 days. The extension will be permitted for a period of another 30 days with some additional charge. Repayment should be made in a lump sum.

Processing charges: 1.5% of the loan amount or 800, whichever is higher.

Extension charges: 2% of the last outstanding amount or 1,100, whichever is higher.

Penal charges for delayed payment: 500 per day, with a penal interest of 0.15% per day.

Cash deposit charges: 250

K12 Education Loan

Purpose: To meet the education expenses from kindergarten to class 12.

Quantum: The minimum quantum is 5,000 and the maximum quantum is 5 Lakhs.

Interest: Interest at 3% p.m.

Repayment: To be repaid in 2 EMIs

Processing fees: 1.5% of the loan amount or 3,000, whichever is higher.

Penal charges for delayed payment: 500 per day with interest at 0.15% per day.

Cash deposit charges: 250

MSME loan

Purpose: To meet the business requirement

Quantum: The minimum quantum is 10,000 and the maximum quantum is 10 Lakhs.

Interest: 3% p.m.

Repayment: Both bullet payment and EMI option available

Processing fees: 2% of the loan amount or 3,000, whichever is higher.

Extension charges: 2% of the outstanding amount or 3,500, whichever is higher.

Penal charges for delayed payment: 500 per day plus 0.15% interest per day.

Cash deposit charges: 250

Benefits of AnyTimeLoan

The benefits of AnyTimeLoan are as follows:

  • You register yourself as a member on the ATL website and upload the required documents to avail a loan. You will not have to either fill an application or upload documents. Also, you can repeatedly avail a loan with just a click.
  • It is a P2P lending meaning lending from Indian to an Indian
  • You can avail a loan from 1,000 to 10,00,000 and repay in a period ranging from 1 day to 3 years.
  • Interest is charged on a day's basis and it is as low as 0.07% per day. If your requirement is just to fill the gap of funds for a few days then it is very economical to avail this kind of a loan.
  • There is no foreclosure or prepayment charges
  • They do not rely on CIBIL score as they have their in-house algorithm through which evaluation of the creditworthiness is done on the basis of the KYC documents, PAN card, and income proof documents uploaded online.
  • The moment the loan is applied for, the loan enquiry is connected to the lenders on the digital platform through LOBOT a chatbot. The lenders rely on the evaluation done by ATL and will disburse the loan in minutes and the funds are credited directly into the bank account of the borrower. It is that simple.
  • The whole process is hassle-free and simple
  • There are no hidden charges

Documents Required for AnyTimeLoan

The following documents have to be submitted to avail a loan from AnyTimeLoan:

For Salaried:

  • Current address proof
  • PAN Card
  • Bank account statement for the last 6 months, and latest 3 months salary slips
  • Proof of occupation

For Self-employed

  • Current address proof
  • PAN Card
  • Bank account statement for the last 12 months
  • Proof of business

How to Apply for AnyTimeLoan?

To apply for AnyTimeLoan, you will have to follow some simple steps:

  • Download the app through Google Play Store or App Store
  • Access the mobile app and register as a borrower by sharing some basic information about you
  • Upload the clear and genuine documents in PDF format, including KYC documents, Bank Statements, etc.
  • Declare accuracy of the information and documents provided
  • Provide digital consent by accepting loan terms
  • Once the submission is done, the LOBOT connects your loan enquiry to the lenders on the platform and the decision is conveyed instantly. You accept the decision and the amount get credited to your bank account instantly.

The one-time registration done will enable you to avail a loan repeatedly on ATL platform any time with just one click since you do not have to go through the ordeal of uploading the documents again and again.

AnyTimeLoan - Processing Fee and Other Charges

The following are the AnyTimeLoan processing charges and other fees:

Type of Charges Personal Loan K12 Education Loan MSME Loan

Rate of Interest

Sliver:

  • 0.07% per day (up to 25.55% APR) for 1-6 days
  • 0.1% per day (up to 36.5% APR) for 7-14 days
  • 0.15% per day (up to 54.75% APR) for 15-30 days

Gold:

  • 0.05% per day (up to 18.25% APR) for 1-6 days
  • 0.07% per day (up to 25.55% APR) for 7-14 days
  • 0.1% per day (up to 36.5% APR) for 15-30 days

Platinum:

  • 0.05% per day (up to 18.25% APR) for 1-6 days
  • 0.07% per day (up to 25.55% APR) for 7-14 days
  • 0.1% per day (up to 36.5% APR) for 15-30 days

3% per month (up to 36% APR)

3% per month (up to 36% APR)

Processing charges

1.5% of the loan amount or 800, whichever is higher (for Silver, Gold, and Platinum membership).

1.5% of the loan amount or 3,000, whichever is higher.

2% of the loan amount or 3,000, whichever is higher.

Extension fee

1,100 or 2% of last outstanding, whichever is higher (for Silver, Gold, and Platinum membership).

NA

3,500 or 2% of last outstanding, whichever is higher (applicable for bullet repayment option only).

Penal charges for default

500 per day (for Silver, Gold, and Platinum membership).

500 per day

500 per day

Default interest

0.15 per day(for Silver, Gold, and Platinum membership).

0.15 per day

0.15 per day

Cash deposit charges

250 (for Silver, Gold, and Platinum membership).

250

1,000

ATS (Optional)

10 (for Silver, Gold, and Platinum membership).

10

10

AnyTimeLoan - Customer Care

You can contact AnyTimeLoan for any queries at +91 9121142222 and request for a callback.

Frequently Asked Questions

What is the system adopted for processing a loan at ATL?

At ATL, the evaluation of the creditworthiness of the applicant is done with their in-house algorithm with the help of the KYC documents, PAN Card, and the income documents uploaded by the applicant. Once the registration process is complete and the documents are uploaded, LOBOT or chatbot will do the online evaluation and connect you to the various lenders on the platform. The decision will be conveyed within no time and once you accept the decision, the proceeds of the loan will be credited to your account in minutes.

The whole process is contactless and paperless and happens in real-time.

What is the One Time Registration that ATL refers to?

This One-Time Registration is the online registration that you do as the first-time borrower on ATL platform. Once the registration is done and documents uploaded, you get the advantage of a Life-Time-Registration, which means you need not go through the ordeal again and again. The data will be stored and every time you want a loan again, you can get it with just a click.

What is the time taken for processing a loan application by ATL?

If the required documents are uploaded and the information provided is accurate, your loan application will be processed in less than a minute.

What are the three levels of membership at ATL for Personal Loans?

The three levels of membership for Personal Loans at ATL are Silver, Gold, and Platinum. You get the advantage of a higher quantum of Personal Loan as you go to higher levels.

What is the system followed to upgrade the membership level?

  • ATL rewards good habits. If you have continued with ATL for a minimum of 12 months without any default in the repayment and serviced a minimum of 2 loans regularly and closed the loan on time, you get a Silver Membership.
  • A minimum of 12 months as a silver member with a minimum of 2 loans serviced regularly and closed on time, will take you to the Gold Level.
  • A minimum of 12 months as a gold member with a minimum of 2 loans serviced regularly and closed on time, will take you to the Platinum Level. At this level, you will get the maximum benefit for a lifetime.
  • At any of the levels, if you default even once, you will be reverted back to a lower level

Is it possible to get an extension of the loan repayment period for Personal Loans?

Yes, an extension is possible only twice and for a period from 1 day to 30 days. An extension charge will be collected each time the repayment period is extended.

Will a better credit score get a better rate of interest?

Yes, if you have a better credit score, you will be entitled to a better rate of interest.

What is the method adopted for credit assessment at ATL?

The risk of the asset is evaluated by making a credit assessment of the applicant. The basis for doing the credit assessment is the documents submitted at the time of registration. The background of the applicant is checked with the help of the income documents and the bank statements.

The factors considered for such credit assessment are:

  • The residence of the borrower and the period of continuous stay at a single address, whether rented or owned and the job experience with the present employer will evaluate the stability factor of the applicant.
  • The income and pattern of expenditure of the borrower will evaluate the ability of the applicant to service the loan.
  • The credit history of the applicant will give a picture of the applicant's intention. If the track record is good, his intentions are clean and clear.
  • The bank statement denotes the financial discipline of the applicant. The average balance maintained, the number of cheques bounces, etc., will give an idea about the financial discipline of the applicant.
  • All documents provided by the applicant are verified for genuineness

A different weightage is allotted to the above parameters by the in-house algorithm and a credit score is arrived at.

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