Easy Personal Loan

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Easy Personal Loan
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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.

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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.

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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.

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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.

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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

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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.

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Thank You !!!