Friday, March 1, 2024
- Advertisment -
HomeFinanceComplete Guide for Online Loan in India

Complete Guide for Online Loan in India

What are Online loans?

 

In this modern world of digitalization, we can do everything as long as we have a smartphone and an internet connection. Online loan in India is today’s need through which we can borrow instant money without stepping out from our homes.  

Online lending is helpful when you are in instant need of money, like a medical emergency or last-minute wedding expenses. People with bad credit scores can also take advantage of online loans as it is not necessary to show your credit score for lending micro loans. In short, instant loans have benefits that normal loan processes do not offer to people. 

People nowadays can borrow money for short term from banks, NBFC (non-banking finance companies), and private lending firms as well with nominal interest rates.  

Highlights of online loans in India

 

Interest Rate

0% —28%

Loan Amount

1000–3,00,00,000

Eligibility age 

Salaried Individuals- 22-58 years

Self employed individuals—-25-65 years

Loan tenure

Upto 60 months

Types of Loans

  • Marriage Loan 

  • Online Loans 

  • Loan Without Documents 

  • Salary Advance Loan 

  • Mini Cash Loan Online 

  • Instant Loans 

  • Bad Credit Loans 

  • Quick Loans 

  • Emergency Loan 

  • Unsecured Loans 

  • Payday Loans 

  • Travel Loan 

  • Personal Loan 

  • Easy Loan

Other Eligibility Factors

Indian citizenship 

Regular income

CIBIL score

Online Loans App

SBI, PNB, Canara, Axis

Top companies offering online lending 

Dhani, TATA Capitals, and Mahindra  

Loans are very distinctive in categories, and people apply for them when in need or other  preferences. Here are the interest rates of various categories that you can choose from:

 

S.No

   

1.

Personal Loans

  • 11 % to 20% p.a

2.

Home Loans

  • 10 % to 15% p.a

3.

Educational Loans 

  • 6.85% p.a 

4.

Marriage Loans 

  • 10.25% p.a to 19% p.e 

Many banks have apps that help in getting online loans. In addition to that, various financial companies also lend money to people with lower interest rates. Including Tata Capitals, Dhani, India Lends, Bajaj Finance Ltd. and Mahindra. Banks like State Bank of India, Punjab National Bank, Axis Bank and Canara Bank have apps that offer online loans to people. But the formalities and procedures  to apply for the loan are hard and the chances of its approval is pretty low, especially when you do not have a good credit score.

If you are looking for a reliable company that offers quick and easy loans, then visit fin.in.com. Fin.in.com is a platform that helps people find online loans in India in the easiest way possible. 

Benefits of online loans over offline loans

There are various reasons for which people are applying for online loans in comparison to offline ones. Online loans are easily accessible as they do not require any detailed documentation and are very quick, which is a plus point. You get loans without any mortgage, which gives you financial stability as well. 

On the other hand, in offline loans, the credit score is a major factor in which your loan clearance depends, which many people don’t have. Tax advantage and flexible duration of returning money as some other perks of online money lending due to which the offline lending market is facing a setback

cUJ2KY1mrNejo252jhxmeq6yOV 7 g xnFx6PeIrz5ql51GX5czmE0jQFoS7pJMRXSwvXXg6 xJEBHjTK65qSLEJMsK5P30w2ycWWUUmvNCkk5QagkSyYozd CZNjA-BMH

 

Eligibility of Online loans

For Salaried Person:

  1. Age should be between 21 to 68

  2. They must have a minimum earning of Rs. 5000 and above as the amount disbursed in loan id 35% of the salary. The salary criteria may vary from city to city.

  3. Muse has a work experience of more than 1-3 years.

  4. And the years in c

 

Instant loans for self employed people

  1. Age should be within 21 to 65 years.

  2. They must have a minimum turnover of 15 lakhs in the firm.

  3. Must have a 3-4 years of business stability 

  4. Professional certificate

  5. They need to have a minimum profit of 2 lakhs after Tax.

  6. Some may also need relationship with bank

 

Documents required

Instant Loans for salaried people

  1. Identity proof—- PAN Card/ Adhar card/passport/voter ID/ driving licence/

  2. Residence proof

  3. Utility bill——-latest or less than 3 month old/ valid rent agreement 

  4. Salary slip for last 3 month

  5. Latest 3 month Bank statement 

Instant loans for self employed people

  1. KYC documents -proof of identity, dob proof, address proof

  2. Income proof( audited financial report for the past 2 years)

  3. Proof of office address

  4. Proof of business continuity

  5. Proof of residence or office ownership

Fees and other charges

  1. Prepayment charges -                             4 to 5 % 

  2. Loan processing charges                        0.20 to 0.50%

  3. Loan cancellation charges                       2.25 to 3%       

  4. EMI bounce charges                                Rs. 1200/- per bounce

  5. Repayment mode swap charges             vary from bank to bank

  6. Additional interest on late payment         2% per month  

 

How to avail online loan in India 

If you want instant money, you can apply for an online personal loan in India anytime, anywhere. Some many banks and companies offer online money borrowing services to their customers with minimal documentation and legalities. Online loan verification is also straightforward and gives instant loans when the person needs it the most. 

RBI on online Loan app in India

Online lending and borrowing money is pretty convenient for people, but somehow, people misuse the services for their profit. The number of frauds happening in the online money borrowing sector has forced RBI to take strict actions against those scammers and fraudsters.  

Here are some action that RBI considered as fraud based on the provisions of the Indian Penal Code:

  1. Criminal breach of trust 

  2. Manipulation of account books and copies or conversion of property

  3. Using unauthorized credit facilities for rewards

  4. Cash Shortages 

  5. Illegal transactions using foreign exchange 

  6. Cheating and forgery  

 

RBI takes strict action against all the frauds that come under the above mentioned ones and the punishments are based on the amount or cash that has been involved in the fraud. 

Frequently Asked Questions

Q1. How to get an online loan in india?

Ans. 

 

  1. To get an instant loan, enter your mobile number of the app and generate OTP. 

  2. The next step will be to fill an online form and give details as asked by the company.

  3. Upload the documents they have asked for income proof, PAN Card and others.

  4. Click on Submit. 

  5. After your account verification, your loan will be sanctioned.

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisement -

All Categories

- Advertisment -