What are the Benefits of Taking a Personal Loan from a Fintech Company?

Fintech companies are gaining global traction for various reasons. They offer loan products like an instant personal loan in a 100% digitised manner. The best one is backed by AI, ML and smart analytics-based credit scoring mechanisms. Determining credit worthiness depends on non-traditional data like social media footprint, monthly salary, and KYC details along with the credit score. . Moreover, digital companies are extremely customer-friendly and come with various benefits. Read on to know.

No Restrictions on Fund Usage

A personal loan from a digital lending company can be used for multiple purposes. You can borrow between ₹15,000 up to ₹4,00,000. You can use the amount for home renovations, expensive bill payments, a dream vacation, or buying a two-wheeler. This is unlike a home loan or a business loan which is meant for specific needs.

Fast Disbursal  

You can get an instant personal loan in under 8 minutes from a fintech company. This makes it ideal for catering to emergencies like a medical treatment expense or an urgent home repair.You can simply download the loan app on your Android or iOS devices to apply. This speeds up the process further. On the other hand, a bank takes at least 1-2 working days to disburse a loan. 

Zero Collateral

A personal loan from a digital lender is unsecured. No security or collaterals are required. This is one of the most attractive reasons instant personal loans are so popular in India. It is especially beneficial for young adults who do not have assets like properties, fixed deposits or government bonds. This reduces the risk of losing your valuable belongings. 

Small Loans

A fintech company offers personal loans for small-ticket needs as well. Any salaried millennial can borrow as less as ₹1,000 as a microloan for rental deposits, buying appliances, school fees or utility bills. It can also be used to pay off small debts. This makes it more efficient than the traditional loans, which are only disbursed for bigger expenses. You can request the amount anytime and anywhere and get it credited to your bank account. 

Online Verification

You do not have to visit the bank physically. Simply upload the documents online for the agents to verify and approve. The creditworthiness is also analysed through a Social Loan Quotient (SLQ). This makes the process quick and easy for everyone, including seniors. The whole process takes only a few minutes.

Minimal Documentation

Applicants will only need a PAN card, Aadhaar card, latest bank account statements as income proofs, selfie as a photo proof and permanent address proof. This eliminates hefty documentations, which might be challenging to arrange, especially during an emergency. 

Conclusion 

An instant personal loan from a digital lending company is given for flexible tenures starting from as low as three months up to 1.5 years. Visit the official website for an informed choice.