If you’re thinking of applying for a Personal Loan, approach a Fintech company like MyMoneyMantra to get the best deal.
Fintechs score over other financial institutions primarily for three reasons:
First, they have literally revolutionised the borrowing process – right from the stage of loan application till sanction and disbursal. Secondly, the sheer ease of the Personal Loan Application Process and the somewhat lenient eligibility parameters have made them the first choice for those seeking Low Interest Rate Personal Loans. Finally, the right blend of technological integration and supreme interfaces have also helped fin techs to reach out to a broader segment of borrowers.
As the name suggests, an instant loan Personal Loan, delivered instantly to the borrower within 24 hours of making an application. Most fintech companies specialise in giving such loans which conventional lenders like financial institutions and banks generally don’t offer.
Statistics published recently show that a majority of fintech companies offer a variety of loans including low interest rate Personal Loans. This has helped them in garnering the lion’s share of the market for Personal Loans. The principal reason behind this has been their extremely speedy application process, which makes turnaround time for loan applications minimal. A conventional lender usually takes a minimum of seven to eight days to disburse any Personal Loans.
An applicant who approaches a fintech for a Personal Loan stands to receive instant approval or get rejected based on their credit profile. Most fintech companies resort to risk-assessment algorithms for evaluating a prospective borrower’s real-time credit profile to approve or deny an application. These parameters include current monthly income, whether the current organisation is unlisted or listed, age and credit score.
The process of digital verification that most fintech companies have now adopted also gives them the cutting edge over traditional lenders. When you apply to a fintech like MyMoneyMantra for a Personal Loan, which subsequently gets sanctioned, the entire process can be done online. You don’t have to visit the lender to submit your documents, get the decision for your application and receive the disbursal of the loan amount.
The most important advantage that fintech companies give to their customers is that they disburse the loan on the same day (in many cases, if everything is aligned as per the lender’s requirement). While instant approvals are surely a distinct advantage, the crowning glory is that the funds are deposited in your bank account on that very day. This path-breaking development has helped fintech companies to gallop ahead in the highly competitive Personal Loan market as against traditional banks and financial institutions, which still resort to physical document collection and verification.
The flexibility of the loan amount and loan tenure is another advantage offered by fintech companies. You can find multiple offers from various banks and NBFCs (Non-Banking Financial Companies). You can borrow as little as
50,000 with tenure ranging between 12 months and 60 months. This is another primary reason why fintechs are more popular when it comes to taking a Personal Loan.
What’s more, as an employee of an unlisted company, you stand to get a loan from a fintech, which banks or financial institutions do not usually entertain. The latter’s database has a list of all companies that are listed, and they offer loans only if a prospective borrower works for any one of those listed companies. Fintechs, on the other hand, are more flexible about eligibility criteria and entertain borrowers from start-ups even that are somewhat established but unlisted. Moreover, even if you live in shared accommodation, it wouldn’t disqualify you from getting a loan from a fintech. Here again, a private bank won’t allow that. MyMoneyMantra, the most popular fintech company gives a minimum of 50,000 as a loan which may go up to 50 Lakhs. Interest rates start at 10.65%. Since the loan is unsecured, no collateral is required.
The loan will be disbursed to you within a few working days. MyMoneyMantra has multiple Personal Loan offer on its platform, such as – marriage loans, loans to purchase consumer durables like ACs and televisions, international and domestic travel loans, andloans for renovating your home. A credit score of 700 and above can help you get the low interest rate on your loan. Now, who would offer you more convenience when it comes to taking out a Personal Loan. MyMoneyMantra is here to stay.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.